WORCESTER, MASS. — CBRE/New England’s Capital Markets team has secured $4.2 million in acquisition financing for Park Plaza Apartments, located at 507 Main St. in Worcester. Main Five Zero Seven LLC, an affiliate of Advanced Realty Management, purchased the 11-story, 90-unit apartment building and nearby parking lot for $5 million. Originally built in 1885 and renovated in the 1970s, the property features 11 studio apartments, 70 one-bedroom units and nine two-bedroom units. John Kelly of CBRE/NE’s Multi-Housing Debt & Structured Finance group arranged the financing on behalf of the buyer.
Northeast
NEW YORK CITY — TerraCRG has brokered the $2.3 million sale of a development site located at 1191 Ocean Ave. on the Flatbush/Ditmas Park border of Brooklyn. Situated between Farragut and Glenwood roads, the development site was delivered with approved plans for 24,455 square feet. The buyer plans to develop a seven-story, 27-unit residential building on the site. Ofer Cohen, Melissa DiBella, Dan Marks, Peter Matheos, Michael Hernandez and Joseph Terzi of TerraCRG negotiated the transaction.
NEW YORK CITY — The College Board has completed the sale of its headquarters building, which is located at 45 Columbus Ave. in New York. Fordham University purchased the nine-story, 65,303-square-foot building for $49.5 million. The buyer plans to use the office space for its administrative offices. The College Board is relocating its headquarters to a 165,000-square-foot space within Brookfield Place at 250 Vesey St. David Lebenstein and Graham Stephens of Cassidy Turley, along with Kirk Diamond and Tim Farley of Cassidy Turley’s Atlanta office, represented the seller, while Joe Morningstar of Hudson Realty Capital represented Fordham University in the transaction.
NEWARK, DEL. — Ingerman has started construction for Alder Creek, an affordable multifamily community in Newark. The 56-unit community will feature 13 newly constructed, two-story buildings with a mix of one-, two-, three- and four-bedroom units. Each residence will feature a private entrance, front porch, rear balcony or patio, and ample parking. Community amenities include laundry facilities, a fitness center, maintenance space and an after-school care center. Delaware State Housing Authority, the Delaware Department of Natural Resources and Environmental Control, and Capital One Bank are funding the community.
BORDENTOWN, N.J. — Aileron Capital Management has closed on a $10.2 million loan for the construction of a 101-room Holiday Inn Express in Bordentown. Structured as a SBA 504 loan, the $6.1 million first mortgage loan was provided by Aileron; Mercantile Capital and EnviroCap provided a $4.2 million interim second mortgage loan. Once the hotel is completed, the loan will be converted to long-term permanent financing.
WESTFIELD, N.J. — Marcus & Millichap has brokered the sale of a retail property located at 240-244 North Avenue West in Westfield. The three-story 10,563-square-foot building sold for $4.7 million. Citibank, Visage and Qtrade occupy the property. David Thurston of Marcus & Millichap’s New Jersey office marketed the asset on behalf of the seller, a limited liability company, and represented the buyer in the transaction.
NEW YORK CITY — TerraCRG has brokered the sale of 922 Prospect Place in the Crown Heights neighborhood of Brooklyn. The four-story multifamily building features eight residential units and an approximately 2,000-square-foot basement that may be used for storage or future duplex conversion. At the time of closing, six of the eight two-bedroom apartments were vacant. Michael Hernandez of TerraCRG negotiated the transaction.
NEW YORK CITY — Meridian Capital Group has negotiated $165 million in first mortgage and mezzanine financing for the purchase of 1412 Broadway in New York. Renovated in 2012, the 24-story property offers 378,000 square feet of office space and 22,500 square feet of retail space. Current tenants include Jones New York, Escada, Outerstuff LTD and Provident Bank. David Hayum and Tal Savariego of Meridian Capital Group arranged the five-year balance sheet financing, which features a competitive floating rate.
LAKEWOOD, N.J. — An affiliate of Lakewood-based Paramount Realty Services has received $23.8 million in acquisition financing for a seven-property retail portfolio totaling 99,675 square feet in Maryland, New Jersey and Pennsylvania. HFF arranged the seven-year, fixed-rate loan through Investors Bank. The portfolio includes Bricktown Center in Bricktown, N.J.; Brookhaven Plaza in Brookhaven, Pa.; Howell Plaza in Howell, N.J.; Sea Grit Plaza in Wall, N.J.; Philadelphia Plaza in Philadelphia; Exton Plaza in Exton, Pa.; and Owings Mills Plaza in Owings Mills, Md. At closing, the portfolio was 100 percent occupied by a variety of tenants, including Best Buy, Staples, WaWa, Jos. A. Bank, CVS/pharmacy and Santander Bank. Jon Mikula and Jim Cadranell of HFF represented the buyer in the transaction.
WALTHAM, MASS. — Boston Properties has inked a lease with Wolverine Worldwide for 150,000 square feet at its 10 CityPoint project in Waltham. The company plans to use the office space as headquarters for its Sperry Top-Sider, Saucony, Keds and Stride Rite brands. This lease will kick off construction for the 10 CityPoint project, which is the newest addition to Waltham’s CityPoint district. Located on Route 128 at the exit 27 interchange, 10 CityPoint will include street-level retail and restaurant space, as well as 230,000 square feet of high-performance workspace. John Boyle, Michael O’Leary and Kevin McNamara of Cassidy Turley, along with Randy Tarnow of Mohr Partners represented the tenant, while David Provost, Richard Monopoli and Matthew Murray provided in-house representation for Boston Properties in the transaction. In addition to the Wolverine lease, Boston Properties has signed leases with Posto and Bonefish Grill.