PLAINFIELD, N.J. — Brick, N.J.-based Tryko Partners has acquired Liberty Village, an affordable apartment building located at 205 Liberty St. in Plainfield. The building features 96 Section 8 Homeowners Assistance Program residences, which range in size from one to four bedrooms. The buyer plans to renovate the property, including parking lots and sidewalks, adding a laundry facility and community rooms, as well as upgrading the electrical infrastructure throughout the property. Tryko secured financing for the acquisition through Community Preservation Corp. Terms of the transaction were not released.
Northeast
LYNDHURST, N.J. — HFF has arranged $51.5 million in financing for Vermalla Lyndhurst, a Class A multifamily community in Lyndhurst. Completed in early 2014, the property features 296 apartment units in one-, two- and three-bedroom floorplans ranging in size from 827 to 1,918 square feet. The units feature hardwood floors, quartz countertops, energy-efficient stainless steel appliances, in-residence washers and dryers and nine-foot ceilings. The community amenities include an 8,000-square-foot clubhouse, outdoor heated pool, fire pit, cyber café, fitness center, media lounge, billiards room and a 4,000-square-foot dog park. Thomas Didio and Michael Lachs of HFF secured the fixed-rate loan through a life insurance company for the borrower, Russo Development.
WARWICK, R.I. — Fantini & Gorga has arranged $27.5 million in permanent first mortgage financing for the Cowesett Hills Apartment community in Warwick. The borrower was Cowesett Hills Apartments LLC, an affiliate of Rhode Island-based The Picerne Real Estate Group. Situated on 68 acres of land at 3595 Post Road, the community features 456 apartment units. John Gorga and Jason Cunnane of Fantini & Gorga secured the financing through a national insurance company.
PHILADELPHIA — Meridian Capital Group has arranged a $21.7 million loan on behalf of Pantzer Properties for the acquisition of a multifamily property in Philadelphia. Located at 1601 Sansom St., the 13-story property features 80 units with 11,192 square feet of retail space. The units were previously leased and operated by Oakwood Corporate Housing as a short-term furnished corporate rental facility. The five-year loan, provided by a local balance sheet lender, features a competitive fixed-rate of 3.13 percent and interest-only payment for the first two years followed by a 30-year amortization schedule. Drew Anderman, Alan Blank and David Bollag of Meridian’s New York City headquarters negotiated the transaction.
WORCESTER, WESTBOROUGH AND STOUGHTON, MASS. — Ranaan Katz has added to its RK Centers portfolio with the acquisition of three retail properties in Massachusetts. In the first transaction, RK Centers purchased the 386,853-square-foot Worcester Crossing for $49 million from Madison Partners. Located along Route 146 in Worcester, the retail center is anchored by Walmart and Sam’s Club. RK Centers also acquired the 185,279-square-foot Westborough Speedway Plaza from Regency Centers for $18.7 million. Anchored by Stop & Shop and Burlington Coat Factory, the center is located along Route 9 in Westborough. In the final transaction, the company purchased an 89,126-square-foot single-tenant triple-net leased Kohl’s location in Stoughton. Stoughton Marketplace DST sold the property for $20 million.
NEW YORK CITY — Chesapeake Lodging Trust has received $60 million in refinancing for the 122-room Holiday Inn New York City Midtown – 31st Street and the 185-room Hyatt Place New York Midtown South. The term loan was refinanced with a new 10-year, $90 million fixed-rate mortgage loan secured by the two previously mentioned hotels. Provided by Goldman Sachs Mortgage Co., the loan carries a fixed interest rate of 4.3 percent per annum. Additionally, the loan features two years interest only and a 30-year amortization schedule.
NEW YORK CITY — Besen & Associates has brokered the sale of a four-property multifamily portfolio located in Manhattan’s Inwood section for $18.4 million or $145,000 per unit. Located at 150-152, 158-160 and 170 Vermilyea Ave., the 111,420-square-foot, 129-unit portfolio features five studio units, 35 one-bedroom, 69 two-bedroom and 20 three-bedroom apartments. Morris Arlos, Greg Corbin and Amit Doshi of Besen & Associates represented the seller and procured the buyer, a local private investor, in the transaction.
BRYN MAWR, PA. — Bryn Mawr-based WP Realty has completed the disposition of four retail centers in metro Boston. The portfolio consists of the 71,210-square-foot Cushing Plaza in Cohasset, Mass.; the 104,923-square-foot Shaw’s Plaza in Easton, Mass.; the 57,181-square-foot Shaw’s Plaza in Hanover, Mass.; and the 45,882-square-foot Hannaford Bros. in Waltham, Mass. The portfolio was 97 percent leased to variety of tenants, including Shaw’s, Hannaford Bros., Walgreens, Rite Aid, Bank of America and Citizen’s Bank.
ORONO, MAINE — Orion Student Housing has acquired Orchard Trails in Orono. Located at Four Empire Dr., the 144-unit student housing complex is located near the University of Maine campus. Orchard Trails Housing LLC sold the property for an undisclosed price. Dan Greenstein of CBRE | The Boulus Company, in conjunction with Simon Butler and Biria St. John of CBRE’s Boston and Ryan Reid of CBRE Dallas, arranged the transaction.
WESTPORT, CONN. — Building and Land Technology (BLT) has acquired Nyala Farms Corporate Center in Westport for $130 million. Situated on 53 acres at 60 Nyala Farms Road, the property offers 372,207 square feet of Class A office space. The office park is currently home to Terex, Bridgewater Associates, Morgan Stanley and RBC, among others. With this acquisition, BLT now owns more than 5 million square feet of office space in Connecticut.