NEW YORK CITY — Canyon Capital Realty Advisors LLC has provided $120 million in senior construction financing to LSG 365 Bond Street LLC, an affiliate of Lightstone. The loan will be used for the ground-up development of a 12-story residential community in Brooklyn’s Gowanus neighborhood. Located at 365 Bond St., the multifamily property will feature 429 residential units, including 86 affordable housing units. Additionally, the project will include a public esplanade along the Gowanus Canal, which will provide a lighted walkway, public outdoor space and access to the canal. Meridian Capital Group advised Lightstone on the transaction.
YARDLEY, PA. — HFF has brokered the sale of Yardley Crossing, a multifamily community located along the Delaware River in Yardley. Additionally, HFF arranged Fannie Mae acquisition financing on behalf of the buyer, Relative Properties. Located at 1800 Kathy Dr., the 196-unit community features two- and three-bedroom townhome-style units and 12 one-bedroom flats. Community amenities include a swimming pool, basketball courts, playground, jogging and bike trails, clubhouse and recreation room. Zac Pierce, Mark Thomson and Jose Cruz of HFF represented the seller, Fairfield Belmondo LLC, in the transaction. Ryan Ade and James Conley led the HFF debt placement team to secure financing for the buyer.
EAST HARTFORD, CONN. — Marcus & Millichap has brokered the sale of a net-leased retail property located at 18 Main St. in East Hartford. Built in 2008, the property, which is occupied by a Wells Fargo bank branch, sold for $4.63 million at a 4.75 percent cap rate. Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap represented the seller, a Connecticut-based developer. Steven Siegel of Marcus & Millichap represented the buyer, a New York City private investor in a 1031 exchange, in the transaction.
CARLSTADT, N.J. — NAI Hanson represented landlord, Amor SGE LLC, in the lease of 33,000 square feet at its industrial building in Carlstadt. M4U Inc. will use the space, located at 50 Armor Ave., to expand its operations. The warehouse space features four loading docks, two drive-ins, 1,200 amps of power and ample parking. Jeff DeMagistris and Tom Vetter of NAI Hanson represented the owner in the transaction.
NEW YORK CITY — Mission Capital Advisors’ Debt & Equity Finance Group has arranged $21 million in first mortgage financing on behalf of Northwind Group for the acquisition of 66 Pearl Street in New York City. Northwind Group is purchasing the six-story, mixed-use residential property located in New York City’s Financial District for $30 million. The 43,546-square-foot building features 42 residential units, with 6,485 square feet of ground-floor retail. Jonathan More, Ari Hirt, Steve Buchwald and David Behmoaras represented the sponsor, Northwind Group, in arranging the financing with Sterling National Bank.
HYANNIS, MASS. —CBRE/New England’s Debt & Structured Finance team has secured $12 million in construction financing for the Fairfield Inn & Suites by Marriott in Hyannis. The loan from Cambridge Savings Bank allows the borrower, The Simon Konover Company, to redevelop a current two-story, 99-room Days Inn into a three-story, 125-room Fairfield Inn & Suites. Located at 867 Iyannough Road, the new hotel is expected to open in May 2015. Kyle Juszczyszyn, Carlos Febres-Mazzei, Chris Coutts and Taylor Shepard of CBRE/NE arranged the financing on behalf of the borrower.
NEW YORK CITY — Ariel Property Advisors has brokered the sales of two properties located in Upper Manhattan totaling $7.2 million. In the first transaction, a private developer purchased a development site at 1516-1532 Park Avenue in East Harlem for $3.8 million. Zoning for the property permits approximately 28,730 buildable square feet as-of-right for a mixed-use development, and approximately 35,419 buildable square feet with a community facility. Michael Tortorici, Victor Sozio, Shimon Shkury and Marko Agbaba of Ariel represented the seller, a private investor, and procured the buyer in the deal. In the second transaction, a private real estate investment group sold 422 St. Nicholas Avenue in Central Harlem for $3.35 million to a private real estate investment group. The 11,105-square-foot building consists of 10 units with nine three-bedroom units and one two-bedroom unit. Sozio, Tortorici and Shkury represented both parties in the transaction.
BOSTON — EagleBridge Capital has arranged $3.5 million in mortgage acquisition/construction financing for two condo units located in Boston. Ted Sidel and Brian Sheehan of EagleBridge Capital on behalf of Neelon Properties arranged a $1.8 million mortgage for a unit at 193 Beacon Street and a $1.7 million mortgage for a unit at 71 Marlborough Street in Boston’s Back Bay neighborhood. The Beacon Street property is a two-story, 2,062-square-foot unit with two bedrooms, two and one half-baths, hardwood floors, high ceilings, a patio and a garage. The Malborough Street unit a two-story, 1,753-square-foot duplex with three bedrooms, one and one-half bath, hardwood floors, high ceilings and two parking spaces. The lender was a leading financial institution.
NEW YORK CITY — TerraCRG has brokered the sale of a development site located at 949 Pacific St. in Brooklyn for $1.6 million or $385 per buildable square foot. Located on the border of Prospect Heights and Crown Heights, the site was delivered with a partially constructed property and active permits with approved plans for residential development. The plans include 4,120 gross square feet with four units, including three one-bedroom apartments and one duplex two-bedroom penthouse unit. Ofer Cohen, Melissa DiBella Warren, Dan Marks, Peter Matheos, Michael Hernandex and Joey Terzi of TerraCRG represented the seller in the transaction.
NEW YORK CITY — GFI Realty Services has arranged the sale of a four-building multifamily portfolio in Brooklyn’s Bay Ridge and Midwood neighborhoods for $60.3 million or $232,000 per unit. The properties include 465-476 84th Street in Bay Ridge, 2566 Ocean Avenue, 1745 East 12th Street and 1811 Quentin Road in Midwood. Daniel Shragaei and Yosef Katz of GFI represented both the buyer and the seller in the off-market transaction.