NEW YORK CITY — Madison Realty Capital (MRC) has provided a $7.5 million first-mortgage loan to finance the completion and opening of a 60-room boutique hotel in the Bushwick neighborhood of Brooklyn. The partially complete 23,719-square-foot hotel collateralized the loan, which is located at 19 Bogart St. In addition to 60 hotel rooms, the property will feature four ground-floor retail units. Proceeds from the loan will be used to retire existing debt, fund remaining construction costs and cover closing expenses.
KING OF PRUSSIA, PA. — A partnership led by Vantage Properties LLC signed an agreement to acquire the 650-unit Marquis Apartments in King of Prussia from Marquis Associates LP for approximately $70 million. Vantage will undertake a comprehensive, multi-million dollar transformation of the five-building, Class A property, which will be completed in phases by the end of 2016. Planned improvements include full renovations of the apartments, amenities and common areas, as well as landscaping, entryways and other outdoor enhancements. Stephen Varenhorst of Varenhorst Architects and David Rubin of Land Collective, will design the buildings and landscape, respectively.
ORANGE, CONN. — Institutional Property Advisors (IPA) has arranged the $35.3 million sale of Grand Reserve Orange, a 168-unit apartment complex in Orange, a western suburb of New Haven. The sales price equates to $210,000 per unit. Steve Witten and Victor Nolletti, executive directors at IPA, advised the seller, Behringer Harvard Orange LLC. FF Realty II LLC was the buyer. Built in 2005 on more than nine acres, the 161,670-square-foot luxury apartment community is located at 75 Prindle Hill Road. Grand Reserve Orange includes six detached, three-story buildings. The property features 112 one-bedroom, 28 two-bedroom and 28 three-bedroom, garden-style apartments. Community amenities include a clubhouse with resident lounge, scenic boardwalk over a wetland preserve, heated resort-style outdoor swimming pool and state-of-the-art fitness center.
SMITHFIELD, R.I. — Washington Trust’s commercial real estate group has provided $7.2 million in financing to Linear Retail Smithfield LLC for tenant improvements to Smithfield Commons in metro Providence. The 35,130-square-foot shopping center is located at 400 Putnam Pike in Smithfield. During the past several years, the building has been renovated to provide space to new tenants such as Starbucks Coffee and Sienna Restaurant. Other major tenants include: Papa Gino’s, Concentra, Verizon Wireless, Sprint, H&R Block, UPS and Sovereign Bank.
HASBROUCK HEIGHTS, N.J. — Gebroe-Hammer Associates has arranged the $2.5 million sale of Grandview Apartments, a 20-unit, garden-style community in Hasbrouck Heights. Grandview Apartments is a three-story brick building featuring a mix of studio, one- and two-bedroom apartments. The complex includes 12 garages and 12 off-site parking spaces, as well as on-site laundry facilities. Situated eight miles from the George Washington Bridge, Grandview Apartments is located near the N.J. Transit train and bus stations. Ken Uranowitz, Greg Pine and Debbie Pomerantz of Gebroe-Hammer Associates represented the seller and identified the buyer in the transaction.
NEW YORK CITY — HFF has arranged the $50 million sale of a three-property office portfolio totaling 372,544 square feet in various Long Island locations. A joint venture between Investcorp International Inc. and Lincoln Equities Group LLC purchased the portfolio, which includes 666 Old Country Road in Garden City (120,238 square feet); 114 Old Country Road (114,356 square feet); and 100 Merrick Road in Rockville Centre (137,950 square feet). The portfolio has undergone more than $5 million in capital improvements since 2003 and is 93 percent leased. HFF also arranged acquisition financing for the buyers. Jose Cruz, Andrew Scandalios, Kevin O’Hearn, Jeff Julien and Jackie Ferrer led the HFF team representing the seller. Mike Tepedino and Michael Gigliotti led HFF’s debt placement team in the transaction.
BOSTON — CBRE/New England’s capital markets team has arranged the $21.5 million sale of Harrison Court Apartments, a 71-unit apartment building in Boston. Alumni Capital Partners LLC sold the property to an undisclosed buyer. Simon Butler, executive vice president and partner, and Biria St. John, executive vice president and partner, represented the seller, a venture between RF Walsh Co. and Kenney Development, and procured the buyer. Harrison Court is a Class B apartment building that was previously master-leased to Boston University. The buyer plans to upgrade 60 apartments and convert approximately 10,000 square feet of office space to 11 additional apartments and community space. Fulton Properties, a subsidiary of Kenney Development Inc., will oversee the redevelopment and repositioning of the property.
NEW YORK CITY — Marcus & Millichap has arranged the sale of 24-26 Covert St., a 16-unit apartment property in Brooklyn, for $2.4 million. The sales price equates to $154 per square foot or $150,000 per unit. Shaun Riney, Derek Bestreich and Lucien Sproviero, investment specialists in Marcus & Millichap’s Brooklyn office, marketed the property on behalf of the seller and represented the buyer, both private investors.
LAWRENCEVILLE, N.J. — Sirius XM Radio Inc. has renewed its 27,500-square-foot lease at Princeton Pike Corporate Center in Lawrenceville. Prism Capital Partners LLC, in a joint venture partnership owns the eight-building, 800,000-square-foot, Class A office park. Sirius XM Radio has operated at 989 Lenox Drive since 2008. Bob Morford from Morford & Dodds Realty Co. represented the firm in its long-term renewal transaction. The Prism Partners joint venture partnership acquired Princeton Pike Corporate Center earlier this year. Constructed on 100 acres between 1984 and the early 1990s, the complex features buildings with central atriums, cafés and fitness centers. The office complex was 90 percent leased at the time of the transaction.
DANBURY, CONN. — Meridian Capital Group has arranged an $85 million loan for the refinancing of Matrix Corporate Center, a 1.1 million-square-foot office property in Danbury. Tal Bar-Or and Michael Ottomanelli of Meridian Capital Group arranged the CMBS loan on behalf of Matrix Realty Group. The five-year loan features a fixed interest rate of 4.6 percent. The Matrix Corporate Center is the largest office building in Danbury, accounting for 30 percent of total Class A office space in that market, according to New York City-based Meridian. Constructed in 1981, the property underwent a more than $10 million renovation in 2012 resulting in upgraded common areas and new façade. Tenants at the building, which is located at 39 Old Ridgebury Road, include General Motors, Boehringer Ingelheim and Praxair Inc.