WANTAGE, N.J. — Gebroe-Hammer Associates has arranged the sale of The Regency at Sussex, a garden-style multifamily complex located at 10 Layton Road in Wantage. The seller, a limited partnership that included private investor Michael Halpern, sold the property to an undisclosed buyer for $6.75 million. Built in 1975, the 100-unit multifamily property features a mix of one- and two-bedroom residences ranging in size from 850 to 950 square feet. The residential units feature spacious closets, eat-in kitchens and separate living and dining areas. Community amenitites include a playground and laundry facilities. Stephen Tragash of Gebroe-Hammer represented both parties in the transaction.
Northeast
NEW YORK CITY — American Realty Capital Hospitality Trust (ARC Hospitality) has entered into an agreement to acquire Equity Inns’ lodging portfolio for $1.93 billion. Subsidiaries of W2007 Grace I and WNT Holdings, which are both indirectly owned by one or more Whitehall Real Estate Funds, are selling the 126-hotel, 14,934-room portfolio. The portfolio is franchised by various global hotel brands, including Hilton Hotels & Resorts, Marriott International, Hyatt Hotels and InterContinential Hotels Group, and includes numerous well-known hotel flags, including Hampton Inn, Hilton Garden Inn, Homewood Suites, Embassy Suites, Courtyard, Residence Inn, Hyatt Place and Holiday Inn. When complete, the acquisition will increase ARC Hospitality’s portfolio to 132 hotels totaling 16,115 rooms. Closing of the acquisition is subject to customary franchisor and lender approvals and the deal is expected to close in fourth quarter 2014. RCS Capital acted as financial advisor to the buyer, while Goldman Sachs & Co. and Deutsche Bank Securities advised the sellers. It is anticipated that Deutsche Bank Securities and Goldman Sachs & Co. will provide financing in connection with the acquisition.
NEW YORK CITY — Delshah Capital has acquired 221 West 17th Street, a loft warehouse building in Chelsea, from Doreen Interiors for $26.4 million. Along with its development partner, On The Level Enterprises, Delshah plans to redevelop the 33,000-square-foot property into a residential condominium building with ground-floor retail space. The redevelopment will include the addition of four floors to create a 10-story multifamily property.
THORNWOOD, N.Y. — CBRE Group’s Westchester/Connecticut office has brokered the sale of two buildings and 97 acres at Thornwood Conference Center in Thornwood. Legion of Christ Inc. sold the assets to EF Academy International Boarding Schools for an undisclosed price. The buyer plans to use the site to expand its main campus in Tarrytown, N.Y. The two buildings total 410,000 square feet and feature a full-service cafeteria and dining room, 300-seat auditorium and conference center, dormitory-style rooms, landscaped courtyard, indoor recreation center, tennis courts and jogging trails. William Cuddy Jr. and Budd Wiesenberg of CBRE represented the seller in the transaction.
JERSEY CITY, N.J. — NAI James E. Hanson has brokered the sale of 106 Harbor Drive, a single-tenant warehouse facility in Jersey City. CenterPoint Harbor LLC acquired the 54,000-square-foot property for $4.6 million. Additionally, the new owners executed a 10-year lease for the property with Iron Mountain Information Management. Tom Ryan and Barry Cohorsky of NAI James E. Hanson represented the seller, a family investor, in the sale. Ryan and Cohorsky also represented the new owner in the lease transaction.
NEW YORK CITY — Meridian Capital Group has arranged $4.4 million in refinancing for 247 Audubon Avenue, a six-story, 42-unit multifamily property in Manhattan’s Hudson Heights neighborhood. The 5-year loan features a 3.25 percent fixed rate and was provided by a regional balance sheet lender. Judah Hammer of Meridian Capital Group arranged the transaction.
WALTHAM, MASS. — PCCP LLC has provided a $98 million construction loan for the development of Moody & Main, a transit-oriented multifamily project in Waltham. Located at the intersection of Moody and Main streets, the property will offer 269 residential units, 27,595 square feet of ground-floor retail space, a rooftop deck and an outdoor patio/courtyard area, as well as a fitness center, library, game room and clubroom. Additionally, the apartment units will feature washer/dryers, dishwashers, walk-in closets, stainless steel appliances, European-style cabinetry and solid-stone countertops. The property is located within minutes of the I-95/Route 128 office corridor and is a one-block walk from the Waltham MBTA commuter rail station and bus stop. Developed and owned by Northland Investment Corp., the property’s first phase of apartments is slated for occupancy in summer 2015.
NEW YORK CITY — Kalmon Dolgin Affiliates has arranged the sale of 49 Dupont Street, a 100,000-square-foot property located in the Greenpoint district of Brooklyn. Dupont Street Realty LLC purchased the property from 49 Dupont Realty Corp. for $23.3 million. The buyer plans to develop the currently vacant property into a 400-unit residential apartment building with 200 parking spaces. The property offers 230,000 buildable square feet and views of the Greenpoint waterfront. Berel Nagel of Kalmon Dolgin Affiliates represented both the buyer and seller in the transaction.
SOUTH BRUNSWICK, EDISON, SECAUCUS AND TOTOWA, N.J. — G.S. Wilcox & Co. has arranged financing totaling $44.8 million across multiple transactions in New Jersey. Thrivent Financial for Lutherans funded two loans totaling $16.3 million for two industrial properties in South Brunswick. The company provided a $6.4 million loan for a 193,000-square-foot property and a $9.9 million loan for a 256,000-square-foot property. The loans carry an eight-year, fixed-rate term and a 20-year amortization. Additionally, Thrivent provided $9.4 million in refinancing for a 134,000-square-foot industrial building in Edison. The 10-year loan has a fixed-rate and a 20-year amortization. Great West Financial provided a $10.5 million, seven-year fixed-rate loan for a 170,000-square-foot warehouse in Secaucus and a $6.7 million, 10-year fixed-rate loan for a 177,000-square-foot warehouse in South Brunswick. In addition, Advantus funded a $2 million, 15-year fixed-rate loan for an 86,000-square-foot mixed-use retail/industrial property in Totowa. Gretchen Wilcox and Al Raymond of G.S. Wilcox & Co. arranged the financing for the undisclosed borrowers.
SOUTH BRUNSWICK, N.J. — Colliers International has brokered the of lease of 209,106 square feet of distribution and office space at 329 Herrod Blvd. in South Brunswick. Piramal Glass USA will relocate to the property from its current warehouse facility in May’s Landing, N.J. The property features 28-foot ceiling heights, T-5 lighting, 26 tailgate doors and a fully fenced truck court with abundant trailer parking. Jim Scott, Marc Isdaner and John Kainer of Colliers International represented Piramal Glass in the transaction. The landlord is Liberty Property Trust.