NEW YORK CITY — Madison Realty Capital (MRC) has provided $37 million in financing for a 92-unit residential conversion project in the Williamsburg neighborhood of Brooklyn. MRC provided financing to the borrower to complete redevelopment of two properties — a church and the adjacent school building, formerly owned by the Roman Catholic Diocese of Brooklyn — and retire existing debt on the property. The 92-unit, 78,773-square-foot project will convert the church building into 38 residential units, while the school building will be repositioned as a 54-unit apartment complex. Rushmore Capital Partners advised on the transaction.
NEW YORK CITY — Marcus & Millichap has arranged the $5.4 million sale of 192 Grand St., a 5,849-square-foot multifamily property in Manhattan. Peter Von Der Ahe, Scott Edelstein and Michael Helpern, investment specialists in Marcus & Millichap’s Manhattan office, represented the buyer and seller, both private investors. The property is located at 192 Grand St. between Mulberry and Mott streets in Manhattan’s Little Italy. A local family privately owned the four-story building for more than 50 years. This building features four residential units and one commercial restaurant space.
FRANKLIN, MASS. — The Stubblebine Co./CORFAC International and R.W. Holmes has arranged a long-term 28,656-square-foot lease renewal at 40 Kenwood Circle in Franklin. New England Chapel, an Evangelical Christian Church, will complete a renovation of the administrative areas and classrooms and chapel areas. James Stubblebine and Alan Ringuette of The Stubblebine Co. and John Eysenbach of R.W. Holmes represented Chris Paine and New England Chapel.
NEW YORK CITY — Acadia Strategic Opportunity Fund II, a subsidiary of Acadia Realty Trust, has sold Fordham Place, a 262,000-square-foot mixed-use property in the Bronx, for $133.9 million. Retail Properties of America Inc., a publicly traded REIT based in Chicago, purchased the fully leased property. Sears, Best Buy and Walgreens, along with a mix of government service and not-for-profit office tenants occupy the property. Fordham Place was redeveloped in 2009 and is LEED Gold certified. Jeffrey Dunne and David Gavin of CBRE’s New York Institutional Group represented Acadia in the transaction.
EAST RUTHERFORD AND EDISON, N.J. — PCCP has provided two senior loans totaling $57.5 million to a private East Coast-based real estate firm for the recapitalization of two New Jersey hotels. The hotels include the Hilton Meadowlands in East Rutherford and the Sheraton Edison in Edison. PCCP provided a $41 million loan for the recapitalization and repositioning of the Hilton Meadowlands & Conference Center (formerly the Sheraton Meadowlands), a 427-room, full-service hotel located less than a mile from MetLife Stadium, the site of the 2014 Super Bowl. The company also provided a $16.5 million loan to refinance an existing senior loan on the Sheraton Edison, a 276-room, full-service hotel located within the Raritan Center corporate park in Edison, which is made up of nearly 350 companies and more than 13 million square feet of industrial and office space.
BOSTON — Jones Lang LaSalle has arranged the $20.7 million sale of an industrial property within Devens Industrial Park in Boston. Jones Lang LaSalle represented O’Reilly Auto Parts, one of the nation’s top auto parts suppliers, in the purchase of 15 Independence Drive from Hackman Capital Partners, Oak Tree Capital and Calare Properties. The Class A warehouse property spans 370,545 square feet and includes 30-foot clear heights and 57 loading docks. Rick Schuhwerk, executive vice president, Tony Coskren, vice president and Brian Pinch, associate at Jones Lang LaSalle, have executed 605,545 square feet of transactions in the Devens Industrial Park in the past three months.
GEORGETOWN, MASS. — Fantini & Gorga has arranged $3.1 million in first mortgage financing for a 21,418-square-foot mixed-use property in Georgetown, a northern suburb of Boston. Keith Wentzel, managing director at Fatini & Gorga, arranged the acquisition financing for a New Jersey-based investment group, which was funded by a Massachusetts-based community bank. A CVS/pharmacy anchors the property, while the office spaces are leased to a variety of medical practices and professional services. The non-recourse loan includes a fixed interest rate of approximately 4 percent and a 30-year amortization schedule.
NEW YORK CITY — Newcastle Investment Corp. has agreed to acquire a 52-property portfolio of seniors housing properties from affiliates of Holiday Retirement for approximately $1 billion. The 5,885-unit portfolio includes communities located across 24 states and was 91 percent occupied as of the end of the third quarter. The deal is expected to close in December. New York City-based Newcastle plans to invest approximately $300 million of equity to acquire the Holiday Retirement Portfolio and to fund the remainder of the purchase with non-recourse mortgage debt. Holiday will continue to manage the communities to be acquired by Newcastle, which have been split into two identical triple-net master leases. Lake Oswego, Ore.-based Holiday Retirement operates 333 independent living properties around the country.
NEW ROCHELLE, N.Y. — AvalonBay Communities has sold its Avalon on the Sound East apartment tower in New Rochelle to The DSF Group for $210 million. The sale marks the largest multifamily property sale recorded in Westchester County, according to HFF, which arranged the transaction. HFF marketed the 588-unit, 39-story building on behalf of Arlington, Va.-based AvalonBay. The sales price equates to approximately $357,000 per unit. Avalon on the Sound East is located at 40 Memorial Highway within a block of the Metro-North Railroad’s New Rochelle train station and less than a mile from Interstate 95. The high-rise building features one-, two- and three-bedroom units, and 7,607 square feet of ground-floor retail. Amenities include a 24-hour fitness center, outdoor heated pool, rooftop resident lounge, community room, game room, garage parking and 24-hour concierge service in the building. Jose Cruz and Scandalios, Kevin O’Hearn, Jeffrey Julien and Rob Hinckley of HFF arranged the transaction.
RAHWAY, N.J. — Law firm Feinstein, Raiss, Kelin and Booker LLC (FRKB) has represented JS Management in securing $11.3 million in refinancing for a nine-building multifamily portfolio in Rahway. JS Management worked on behalf of affiliated ownership entities Feld Properties, Nests Properties and Dunk Properties. Englewood Cliffs-based ConnectOne Bank provided the financing. The portfolio includes properties located throughout the city of Rahway on Bond, Hamilton, West Grand and West Main streets and East Grand and New Brunswick avenues. Michael Strauss, loan officer, and David Wigfield, attorney at Scura, Mealey, Wigfield & Heyer LLP, represented ConnectOne Bank in the transaction. Michael Donini of Madison Title Agency also assisted in the transaction.