NEW YORK CITY — Meadow Partners has acquired Rocket Factory Lofts, an apartment building located at 100 South Fourth St. in the Williamsburg neighborhood of Brooklyn. The seven-story property, which is a converted manufacturing building, features 75 loft apartments in a mix of studio, one-bedroom and two-bedroom layouts. Each unit features oversized windows, exposed concrete beams and columns, spacious layouts, 14-foot ceilings and natural hardwood floors. The buyer plans to upgrade the apartments with new kitchens and bathrooms with high-quality finishes, renovate the lobby, and enhance the building entrance and communal roof deck.
Northeast
WEST HARTFORD, CONN. — HFF has brokered the sale of Boulevard Shops, a shopping center located at 463 Prospect Ave. in West Hartford. Englewood Cliffs, N.J.-based Lerner Properties purchased the 24,600-square-foot property for $10 million. Situated on 1.82 acres, the property is 93.5 percent occupied by a variety of tenants, including CVS/pharmacy, The UPS Store, H&R Block, Sprint and Santander Bank. HFF’s Boston retail investment sales team marketed the property for the seller, HPE Boulevard LLC, an affiliate of Hirschfield Properties LLC.
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.
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.