HORSHAM, PA. — Berkadia Commercial Mortgage has arranged $146 million for a 19-property portfolio of seniors housing properties located across 10 states. The borrower, Brookdale Senior Living, received a seven-year, fixed-rate loan that will be used to refinance the properties. The financing features a 4.76 percent interest rate and 60 percent loan-to-value ratio, as well as a 30-year amortization schedule. Additionally, as the first-ever Freddie Mac Seniors Housing Early Index Lock transaction, the loan provides protection against potential increases in interest rates. The Early Index Lock program allows borrowers to lock the Index up to 90 days before closing to hopefully eliminate any risk associated with the Index; however, borrowers cannot lock the spread, which will continue to fluctuate until it is locked before closing.The properties refinanced under the loan are located in Arizona, California, Colorado, Florida, Indiana, Kansas, Michigan, Pennsylvania, Texas and Washington. Combined the 90-percent occupied properties offer 1,170 units: 770 assisted living units, 205 memory care units and 195 independent living units. Christopher Fenton and Heidi Brunet of Berkadia’s Seniors Housing and Healthcare group secured the financing.
NEW YORK CITY — Starwood Capital Group has purchased a 78,000-square-foot retail building located at 150 West 34th Street in New York City. Situated along Manhattan’s 34th Street retail corridor, the property is currently 100 percent leased to Old Navy. The building features three above-ground floors and one below-grade floor, as well as 225,000 square feet of air rights that provide valuable development potential. Starwood Capital acquired the property through a controlled affiliate and terms of the transaction were not disclosed.
NEW YORK CITY — New York-based HAP Investments is breaking ground for the development of HAP 5, a residential building at 329 Pleasant Ave. in East Harlem. Designed by Karim Rashid, the eight-story building will offer 20 apartment units. The project is located near City University of New York’s Hunter College Silberman School of Social Work and popular commercial, retail and entertainment stores, including Manhattan’s biggest shopping mall. HAP Investments has been very active in Upper Manhattan and East Harlem with a variety of properties; most recently, the company entered into a contract to purchase a development site at Journal Square in Jersey City, N.J.
HACKENSACK, N.J. — New Boston Fund has sold an office-and-flex building located at 80 Commerce Way in Hackensack to Canaan Korean Community Church for an undisclosed price. The 30,000-square-foot building includes warehouse and showroom space and can accommodate multiple tenants. New Boston Fund purchased the property along with the adjacent building, 60 Commerce Way, in partnership with Prism Capital Partners in 2005. The partnership sold 60 Commerce Way in early 2010.
NEW YORK CITY — Eastern Union Funding has arranged a $3 million loan for two stores in Brooklyn’s Bushwick neighborhood. Located at 22-28 Wyckoff Ave., the single-tenant buildings are occupied by a wine store and an organic grocery store. Customers Bank provided the loan, which features a 4 percent interest rate on a five-year term with no pre-payment penalty after the first year. Jeffrey Seidenfeld of Eastern Union arranged the loan on behalf of the borrower, Jacob Sacks of Cayuga Capital.
PARSIPANNY, N.J. —Mack-Cali Realty Corp. has completed the disposition of a commercial office property located within Mack-Cali Business Campus in Parsipanny. Griffin Capital Corp. purchased the property for $96.6 million. Buyer Griffin Capital is assuming responsibility for approximately $7 million in tenant improvement allowances and commission obligations. Located at 22 Sylvan Way, the three-story, 249,409-square-foot, Class A office building was developed in 2009 and achieved LEED Silver certification. The property is long-term, net-leased to Wyndham Worldwide Corp. as the company’s headquarters. Jose Cruz and Kevin O’Hearn of HFF represented Mack-Cali in the transaction.
ATTLEBORO, MASS. — Fantini & Gorga has arranged a $12 million financing package for the development of Renaissance Station in Attleboro. Located at the corner of Wall and Main streets, the transit-oriented, mixed-use development will include a six-story residential tower with 80 apartments on five floors and a first-floor commercial space. The residential tower will feature a mix of modified loft-style apartments with one- and two-bedrooms, common rooms and a fitness center. The project is slated for completion in spring 2015. The borrower is Renaissance Station LLC, an affiliate of Crugnale Properties LLC. RESKON Group is serving as project manager and Annino Inc. is providing architectural services.
CHESTER, PA. — Widener University has selected IMC Construction for the development of a new residence hall in on its campus in Chester. Located at 15th and Porter streets, the 200-bed residence hall will also offer food service and classroom space on the first floor to create a living/learning community. The property is being designed by Conshohocken, Pa.-based Kimmel Bogrette Architecture + Site and will be built according to LEED standards.
WAPPINGERS FALLS, N.Y. — Sterling Properties has opened the first building, featuring 27 apartment units, at RiverBend East at Wappingers Falls, a multifamily community in Wappingers Falls. Located minutes from the original RiverBend at Wappingers Falls, the property will offer 54 one- and two-bedroom apartments featuring nine-foot ceilings, designer kitchens, ceramic bathrooms, one-car garages, balconies and an in-unit washer/dryer. Additionally, the community will feature a clubroom, fitness studio and an outdoor pool.
WESTWOOD, N.J. — Gebroe-Hammer Associates has arranged the $4.3 million sale of a two-building multifamily community in Westwood. Located at 542-544 Fourth Ave., the three-story, 27-unit complex offers a mix of apartments, including one studio, 23 one-bedroom and three two-bedroom layouts. The property traded for approximately $160,000 per unit. Ken Uranowitz, Greg Pine and Nicholas Nicolaou of Gebroe-Hammer represented the undisclosed seller in the transaction. The buyer was also not disclosed.