EAST MORICHES, N.Y. — The New York office of Berkadia Commercial Mortgage has arranged a $34 million loan for Walden Pond Apartments, a multifamily property located in Long Island’s East Moriches. Situated on 38 acres, the property offers 324 one- and two-bedroom units, tennis courts, a pool and a fitness center. The property was 97 percent occupied at loan closing. John DiCrocco of Berkadia secured the 10-year, fixed-rate loan through Berkadia’s Freddie Mac program.
Northeast
HANOVER, N.H. — Capital One Specialty Healthcare Real Estate, part of Capital One Bank’s Commercial Real Estate Group, has provided an $8.8 million HUD 232/223(a)(7) loan to refinance Wheelock Terrace in Hanover. Constructed in 2000, the assisted living facility consists of a three-story building on a well-landscaped, 11-acre site. The property is owned by Terrace Communities, which owns assisted living communities in New Hampshire, Vermont, Maine and Florida. Carolyn Whatley of Capital One Bank originated the non-recourse, fixed-rate loan, which features a 35-year amortization schedule.
MEDFORD, MASS. — Boston-based EagleBridge Capital has arranged $6.3 million in acquisition and construction financing for the Residences at St. Francis Condominiums, an under-construction multifamily property located at One St. Clare Road in Medford. The property features 18 condominiums ranging in size from 651-square-foot, one-bedroom units to 1,835-square-foot, three-bedroom units. Nine of the units will be three-story townhouses with private roof decks. Additionally, the units will feature granite countertops, painted solid oak custom cabinets, stainless steel appliances, hardwood floors in the living areas and ceramic tile in the bathrooms and kitchens. The property also offers 36 parking spaces.
YONKERS, N.Y. — NAI Friedland has rebranded itself as Friedland Realty Advisors and hired a new president and CEO. Under the leadership of Ayall Schanzer, the full-service commercial real estate firm has refreshed its brand by launching a new name, logo and website. Schanzer, a former Manhattan assistant district attorney and chief strategy officer of Salient Management Co., will oversee the firm’s strategic direction and day-to-day operations. The firm plans to enhance operating efficiencies and deepen relationships with stakeholders, as well as upgrade technology assets to better showcase properties and aid the tenants, investors and communities that they serve.
NEW YORK CITY — Madison Realty Capital (MRC) has purchased 361 East 50th, a six-story, mixed-use building located in Manhattan’s Midtown East section. The off-market transaction was valued at $40.2 million. The 55,501-square-foot property has been family-owned by the seller since it was built in the 1940s. The property features 43 residential units, seven commercial units and an additional 45,549 square feet of air rights for further residential development. The residential mix includes large studios, one-bedroom and two-bedroom apartments, as well as a five-bedroom, five-bath penthouse on the top floor. The commercial space is currently 100 percent occupied and features six street-level retail units with storage space in the basement and one second-floor office unit. MRC plans to pursue an intensive capital expenditure program to reposition and modernize the property.
HATFIELD AND HOLMES, PA. — Wolfson Group has redeveloped two retail centers in Pennsylvania. The company revived Hilltown Crossing, a 354,458-square-foot community shopping center in Hatfield. Wolfson invested $6 million to upgrade the entire center, which is located at Route 309 at Orvilla Road, with new storefront facades, additional signage and other improvements. Current tenants include Walmart Supercenter, Dollar Tree, Sovereign Bank, PLCB Wine & Spirits, Verizon Wireless, Frankford Cleaners, Hair Cuttery, Osaka Japanese Restaurant, McDonald’s and Renzo Gracie. Additionally a new Burlington Coat Factory will open in this fall. Wolfson Group also redeveloped MacDade Mall, located at 2600 MacDade Blvd. in Holmes. The 274,500-square-foot mall is now 97 percent leased. The company invested $10 million to renovate the property, which was originally opened in 1969. The mall is occupied by Big Kmart, ACME, Marshalls, Ross Dress For Less, TD Bank, Citizens Bank, Retro Fitness, McLaughlin’s Beverage, Hair Cuttery, Ruby Tuesday, Ambiance Nails, SONIC and Burger King.
KINGSTON AND DANVILLE, N.H. — Marcus & Millichap has brokered the sale of the Kingston & Route 111 Portfolio, a two-property self-storage portfolio located in Kingston and Danville. The assets sold for $6.4 million. Kingston Self-Storage is located at 164 Route 125 in Kingston and Route 111 Self Storage is located at 220 Kingston Road in Danville. The portfolio features 13 storage buildings with 111,300 net rentable square feet totaling 875 storage units ranging in size from 25 to 300 square feet. Michael Mele of Marcus & Millichap marketed the property on behalf of the Massachusetts-based seller, while Nicholas Walker of Marcus & Millichap procured the buyer, a Massachusetts-based limited liability company. Sunlite Realty Corp., New Hampshire broker of record, assisted in the closing.
FORT LEE, N.J. — James Campbell Co. has invested more than $2 million in capital improvements for the company’s 217,000-square-foot office property located at 2200 Fletcher Ave. in Fort Lee. The renovation will include a new roof and cooler tower, significant parking garage upgrades, and a modernization of the atrium lobby and common areas on each of the building’s seven floors. Designed by DMR Architects, the new interior space will feature “living walls” that reflect the ownership’s commitment to sustainability, an updated color scheme and other features to enhance the tenant environment. The property is currently 90 percent leased to a variety of tenants, including Merrill Lynch, Telemundo and MetLife. Cushman & Wakefield, which serves as exclusive leasing agent and onsite property manager for the property, will oversee the capital improvements project. The property’s leasing team includes Richard Baumstein, Marc Graham and Christian Politan of Cushman & Wakefield, and Bob Stark and Charlene LeMoine, also of Cushman & Wakefield, oversee property management for the building.
LANCASTER, N.Y. — Coldwell Banker Commercial Meridian has brokered the acquisition of a modern warehouse and manufacturing facility located on 28 acres in Lancaster. Winnomotive Properties, a Canadian company that manufacturers roll-up doors for emergency vehicles, purchased the property for $1.1 million. The property was formerly used as a Honda four wheeler distribution facility. Eric Tudor and Patricia Collins of Coldwell Banker Commercial Meridian represented the buyer, while Gunner Tronolone of MJ Peterson Commercial represented the seller in the transaction.
MORRISTOWN, N.J. — G.S. Wilcox & Co. has arranged $73.7 million in financing for multiple properties across the Northeast. The firm arranged a $16.52 million loan for a 306,847-square-foot grocery-anchored shopping center in North Brunswick, N.J., and $16.26 million loan for a 265,986-square-foot shopping center in Franklin Township, N.J. The $16.26 million loan features a 10-year fixed-rate term and a 25-year amortization schedule. Also in New Jersey, G.S. Wilcox negotiated a $15.32 million loan for single-story 406,000-square-foot office/warehouse facility in Carteret. The property currently has 101,150 square feet of vacant office space. The loan has a 30-month term with extension options and interest-only payments. The firm also arranged $1.6 million for a 40,040-square-foot multi-tenant industrial building in Runnemede, N.J., through a correspondent life insurance company. Additionally, G.S. Wilcox secured $24 million in construction financing for a 59,582-square-foot office building in Queens, N.Y. The loan features a two-year construction period and eight years of additional term. Gretchen Wilcox, David Fryer and Al Raymond of G.S. Wilcox arranged the financing for all the transactions.