NEW YORK CITY — Rosewood Realty Group has brokered the sale of 795 Flatbush Avenue in Brooklyn’s Flatbush neighborhood. Built in 1931, the three-story, 5,000-square-foot walk-up apartment building sold for $1.2 million. The property, which has 3,400 square feet of air rights, features four apartments and one commercial unit. Michael Kerwin of Rosewood Realty Group represented the buyer, 795 Flatbush Realty LLC, and the seller, Tanya And Angels LLC, in the transaction.
BOSTON — HFF has arranged $24.6 million in refinancing for 250 Summer Street in Boston’s Seaport district. Originally built in 1903, the eight-story, 104,709-square-foot office building is 100 percent leased to a variety of tenants, including Morrison Mahoney LLP. HFF secured the long-term, fixed-rate loan through Eastern Bank for the borrower, a partnership between Synergy Investments and Independencia Asset Management. Greg LaBine of HFF led the team that represented the borrower.
WATERBURY, CONN. — WinnDevelopment, the development arm of WinnCompanies, in partnership with Boston Financial Investment Management (BFIM) has acquired Watertown Crossing in Waterbury. Located near Route 8 and Interstate 84, the 108-unit affordable housing community comprises 18 residential townhome buildings with a mix of one-, two-, three- and four-bedroom townhome-style units. Following the acquisition from Tinman Realty, the community will undergo renovations that include in-unit upgrades to kitchens and baths; repaired siding; new windows, doors and roofing; as well as energy-efficient upgrades to the property’s HVAC systems. In addition to unit upgrades, Winn will complete site improvements, including the construction of a new 2,500-square-foot community clubhouse with a community kitchen, laundry facilities, fitness center and management office. WinnResidential, the property management arm of WinnCompanies, has managed the property since 2001 and the community continues to maintain nearly 100 percent occupancy. The project is receiving equity financing from BFIM and construction-to-permanent financing from the Connecticut Housing Finance Agency. Winn plans to begin construction immediately with completion slated for summer 2015. The Architectural Team is providing architectural services and Keith Construction is serving as general contractor for the redevelopment project.
WOODBRIDGE, N.J. — Advance Realty and F. Greek Development have broken ground for the construction of a 190,000-square-foot refrigerated warehouse and distribution center at 275 Blair Road in Woodbridge. Situated on a 9.33-acre site, the property will be fully leased to Preferred Freezer Services, a nationwide operator of temperature-controlled warehouses. The joint-venture partnership of Advance Realty and F. Greek Development is developing the built-to-suit warehouse, which is slated for completion in April 2015.
TEWKSBURY, MASS. — Tritower Financial Group has acquired Ames Pond Corporate Center in Tewksbury, a northern suburb of Boston, for $15 million. The two-building, 154,000-square-foot office property is fully leased. The sellers, Leggat McCall and Dead River Properties, originally purchased the property in 2009 from ASB Capital and completed a series of upgrades to the buildings. David Pergola and Brian Doherty of Cassidy Turley represented the sellers in the transaction.
PHILADELPHIA — Fairfield, Conn.-based HJ Sims, a privately held investment bank and brokerage firm, has expanded its senior living finance practice by opening a location in Philadelphia. The firm has hired Jim Bodine to its senior living finance team for the new office. Bodine specializes in senior living and healthcare finance and has more than 25 years of investment banking experience. HJ Sims specializes in structuring and underwriting senior living and long-term care financings, including tax-exempt and taxable bonds, mezzanine loans, equity, seed money, bank financing and FHA-insured loans. The firm also provides financial advisory services for capital planning, restructuring, and mergers and acquisitions.
SECAUCUS, N.J. — HFF has closed the $29 million sale of the leasehold interest at One Emerson Lane, a 340,000-square-foot light industrial property in Secaucus. Situated on 18.64 acres and constructed in 1978, the vacant property features 35,712 square feet of two-story office space. Michael Nachamkin and Steve Simonelli of HFF represented the seller, Trinity Place Holdings, in the transaction.
NEW YORK CITY — Madison Realty Capital has closed on a $23.5 million first mortgage loan to Heritage Equity Partners for the acquisition of a development site in Brooklyn’s Crown Heights. The borrower plans to redevelop the 31,943-square-foot property at 564 St Johns Place, which is currently operating as a rental parking facility, into an eight-story residential building. When complete, the 172-unit development will offer a mix of 26 studios, 110 one-bedroom, 32 two-bedroom and four three-bedroom units, as well as 86 on-site parking spaces.
NEW YORK CITY — Ariel Property Advisors has arranged the sale of a development site at 92 Fulton Street in Lower Manhattan. The 25-foot wide vacant lot offers 29,890 buildable square feet, including air rights. A private investor purchased the property from a developer for $10 million. Michael Tortorici, Howard Raber, Shimon Shkury, Victor Sozio and Randy Modell of Ariel Property Advisors represented the seller and procured the buyer in the transaction.
NEW YORK CITY — American Realty Capital New York City REIT’s operating partnership has entered into an agreement to acquire a 12,327-square-foot commercial condominium unit at The Hit Factory in Manhattan’s Midtown West neighborhood. Sagamore 54th Avenue St. Investments LLC and Sagamore Arizona LLC are selling the property for $7.3 million, exclusive of closing costs. The property is currently 100 percent leased to Gibson Guitar Corp.