BOSTON — CBRE/New England has brokered the sale of 95 Border Street located on 1.32 acres in East Boston. Sisson Realty Trust sold the 23,000-square-foot industrial facility to Neighborhood of Affordable Housing (NOAH) for $1.6 million. NOAH plans to redevelop the site into Coppersmith Village, a transit-oriented residential community. Within walking distance to the MBTA Maverick Station and a planned water taxi station, the property will feature 56 rental apartments and 3,000 square feet of retail space, which is slated for restaurant use. Mark Reardon, David Corkey and Jake Borden of CBRE/New England represented the seller in the transaction.
Northeast
BRICK, N.J. — Brick-based Tryko Partners LLC has added five skilled nursing facilities, totaling 470 beds, to its Massachusetts portfolio. The company has acquired two properties from Ventas Inc. and entered into a lease contract to operate three additional assets that Ventas will continue to own. Tryko acquired the 88-bed Hammersmith House Nursing Care Center, which will be renamed Chestnut Woods Rehabilitation and Healthcare Center, in Saugus, Mass.; and the 87-bed Hillcrest Nursing and Rehabilitation Center, which will be renamed Valley Stream Rehabilitation and Healthcare Center, in Fitchburg, Mass. The Ventas-owned properties to be operated by Tryko include the 132-bed Blueberry Hill Skilled Nursing and Rehabilitation Center in Beverly, Mass.; the 82-bed River Terrace Rehabilitation and Healthcare in Lancaster, Mass.; and the 81-bed Oak Wood Rehabilitation and Nursing Center, which will be renamed Brookside Rehabilitation and Healthcare Center, in Webster, Mass. Financing for the two acquisition was provided by The PrivateBank, and Tryko is financing working capital for the three Ventas-owned properties through a regional bank with extensive healthcare lending experience.
CHELSEA, MASS. — NorthMarq Capital’s Boston office has secured a $34.4 million refinance for Parkside Commons Apartments located at 100 Stockton St. in Chelsea. The 238-unit multifamily property is owned by John M. Corcoran & Co. and Guardian Life Insurance Company and managed by Corcoran Management Company Inc. James Murphy of NorthMarq arranged the transaction, which is structured with a 7-year term with five years of interest only payments.
HANOVER, N.J. — Fairfield, N.J.-based Woodmont Properties has opened Woodmont Knolls at Hanover, a luxury apartment community situated on a 15-acre former industrial site along Cedar Knolls Road in Hanover. The property, which is more than 60 percent preleased, features 126 one- and two-bedroom flats and carriage homes. Community amenities include a clubhouse with sports bar and gaming system, strength and cardio center, billiards room, cyber café, dog park, picnic and barbeque area, and a swimming pool with a sundeck. Additionally, the community’s 15-acre setting includes walking paths and green space that runs along the Whippany River and has direct access to the historic Patriots Path, a 35-mile multi-use nature trail operated by Morris County, N.J.
NEW YORK CITY — Friedman-Roth Realty Services has brokered the sale of two adjacent four-story buildings in Midtown East for $11.1 million. Located at 988 and 990 Second Avenue, the 9,180-square-foot, triple-net leased properties feature five residential apartments and a sushi restaurant. Jim Mann and Lily Ren of Friedman-Roth represented the buyer, a private investor, and Richard Libbey of M.A. Salazar represented the seller, a long-time family investor, in the transaction.
BUTLER, PA. — Institutional Property Advisor (IPA), a brokerage division of Marcus & Millichap, has brokered the sale of Sunnyview Nursing and Rehabilitation Center in Butler. A Northeast-based healthcare property investment firm purchased the 240-bed nursing home from Butler County, Pa., for $20.5 million. Built in 1963, the property is situated on seven acres at 107 Sunnyview Circle. Joshua Jandris, Mark Myers and Charles Hilding of IPA, along with Matthew Gorman of Marcus & Millichap’s Philadelphia’s office, represented the seller in the transaction.
NEW YORK CITY — New York-based Sherwood Equities has topped out 500 West 21st Street, a condominium development located along the High Line in the heart of West Chelsea. Designed by Kohn Pederson Fox Associates, the 32-unit building will offer one-, two-, three- and four-bedroom residences set within a garden landscape with 40-foot trees and mature foliage. The property is slated for completion in spring 2015.
EXTER, N.H. — NorthMarq Capital’s Boston office has arranged $16.2 million in refinancing for 100 Domain Drive in Exter. The loan was structured with a 10-year term and 25-year amortization schedule. John Sullivan of NorthMarq arranged the financing for the undisclosed borrower through its relationship with a local bank. Liberty Mutal and Baur Performance Sport, among others, occupy the 263,914-square-foot office building.
NEW YORK CITY — TerraCRG has brokered the $1.9 million sale of an industrial portfolio located at 12-18 Commerce St. in Brooklyn’s Red Hook neighborhood. The 107- by 100-foot irregular lot comprises five buildings with an aggregate of approximately 8,024 above-grade square feet and a shared approximately 966-square-foot courtyard on the interior of the lot. Ofer Cohen, Melissa DiBella, Dan Marks, Peter Matheos and Michael Hernandez of TerraCRG arranged the transaction between two private investors.
SCHNECKSVILLE, PA. — NAI Summit represented Krause Family Partnership LLC in the disposition of 4089 Route 309 and 4080 Independence Drive in Schnecksville. Star Auto Real Estate LLC purchased the more than four-acre property for an undisclosed price. The buyer, which is in association with Global Motor Trade LLC, plans to use the property for an exotic car dealership. Jay Haines of NAI Summit represented the seller in the transaction.