PAWTUCKET, R. I. — Washington Trust Commercial Real Estate Group has provided a $4.5 million commercial mortgage loan to Blackstone Place Limited Partnership for the acquisition of Blackstone Place, a 38,000-square-foot retail building located at 727 East Ave. in Pawtucket. The retail space is currently occupied by Rite Aid, Hillside Avenue Family & Community Medicine and Dunkin’ Donuts.
AUBURN, N.Y. — Towne Center Shopping Plaza, located at 315 Genesse St. in Auburn, has sold for $2.2 million to Clinton Hill Auburn Town Center Equities LLC. The Libby Corp. built the 86,000-square-foot plaza in 2000. The plaza was formerly the home of P & C Grocery until its closing, when the parent company of P & C declared bankruptcy in 2009. The property was then foreclosed by T.D. Bank, and Bouck Real Estate was assigned to handle management of the property. Current tenants in the plaza include Advance Auto Parts and Family Dollar.
NEWARK, N.J. — Hollister Construction Services has completed construction on the New Jersey Scott Flamm Center for Afterschool Development, located at 33 Washington St. in Newark. Hollister completed an interior renovation of the 9,000-square-foot space, which will serve as the headquarters for the All Stars Project in New Jersey. Doug Balder designed the new headquarters, which includes a performance space seating for 125, a leadership conference center and workshop and production and volunteer spaces. The architect was Posen Architects. The All Stars Project provides opportunities for disadvantaged children through paid summer internships.
NEW YORK CITY — Winick Realty Group has been hired by Columbia University to market retail space at 2884 Broadway, between 112th and 113th streets. Formerly occupied by Card-O-Mat, the space is 1,240 square feet on the ground floor with 13-foot ceilings. The retail center is located between two subway stops near the main gate to the campus, and just two storefronts away from the legendary Tom’s Restaurant made famous by the television show Seinfeld.
LONG ISLAND, N.Y. — Harrison Street Real Estate Capital has purchased seven Class A seniors housing properties, located in Nassau and Suffolk counties, for $380 million. The seven assets total 1,047 beds, 80 percent of which are designated for assisted living and the rest for patients with memory care needs. Across the portfolio, residents pay an average of $4,200 per month to rent assisted living units and $5,500 for memory care units. The firm also formed a joint venture with the Engel Burman Group, which developed the assets. Engel Burman made an equity investment in the joint venture and will continue to manage the properties.
PITTSBURGH, PA. — HFF has secured a $58 million loan for McCandless Crossing, a 385,000-square-foot, mixed-use development in Pittsburgh. HFF worked on behalf of the borrower, AdVenture Champion Partnership, to secure the three-year construction loan through Dollar Bank. Proceeds from the loan were used for construction of the fourth and final phase of the development and to refinance the existing bridge loan secured by Phase I and Phase II. McCandless Crossing is located at the intersection of McKnight Road and Duncan Avenue. Construction began in 2010, and the property is a four-phase development with the existing three phases leased to tenants such as Lowe’s, CVS/Pharmacy, LA Fitness and Fidelity Bank. The fourth phase is 50 percent pre-leased with construction slated for completion this year.
SYRACUSE, N.Y. — NorthMarq Capital has arranged the $5.7 million mortgage refinancing of One Franklin Square Apartments, a 141-unit, market-rate multifamily property located at 460 North Franklin Street in Syracuse. Financing was based on a 10-year term with two years of interest-only payments, then a 30-year amortization schedule. The borrower was 460 North Franklin Street Associates LLC. Robert Ranieri, senior vice president and managing director of NorthMarq, arranged the loan through the company’s seller-servicer relationship with Freddie Mac.
BOSTON — Apparel maker Life is good has signed a 21,682-square-foot office lease at 51 Melcher St. in Boston’s Innovation District. The nine-story building is owned and operated by Synergy Investments and is being renovated with a new lobby, roof, windows, elevators, power feeds, HVAC and technology systems. Dan Collins and Steve James of NAI Hunneman represented Life is good in the transaction. Bill Crean and Kevin Kennedy of CBRE represented Synergy Investments.
EASTON, PA. — Tryko Partners LLC has acquired New Eastwood Care & Rehabilitation Center, a skilled nursing facility, for $6.3 million. Located at 2125 Fairview Ave. in Easton, about 15 miles east of Allentown, the two-story nursing home includes 97 beds. Tryko Partners plans to renovate and upgrade New Eastwood’s therapy gym, rehabilitation rooms and common areas. The firm will also complete cosmetic upgrades in patient rooms. Chicago-based The Private Bank provided financing to Tryko Partners for the New Eastwood acquisition. The New Eastwood purchase marks Tryko Partners’ continued expansion and investment emphasis in the skilled nursing sector. The company currently owns or manages more than 1,500 skilled nursing beds.
NEW YORK CITY — The Feil Organzation has invested more than $5 million in renovations to a major lobby and entryway renovation at 7 Penn Plaza and lobby renovation at 488 Madison Ave. in New York City. Built in 1921, 7 Penn Plaza is an 18-story office building, which now features a grand entryway with a 16-foot entrance, modern reception desk, granite finishes, modernized elevators and updated corridors and restrooms. Built in 1949, 488 Madison Avenue is a 23-story office building. The renovation of the 447,000-square-foot building includes a new lobby with gray limestone, elevators framed with satin-finished stainless steel, and eco-friendly LED lighting. The Feil Organization owns and manages the two properties. Goldstein, Hill & West Architects LLP was the architect for this project.