FLORHAM PARK, N.J. — HFF has arranged a $72 million loan for the refinancing of The Vanguard, a 196-unit luxury apartment complex in Florham Park, located about 30 miles west of New York City. The loan was arranged on behalf of Hoboken, N.J.-based Ironstate Development. HFF placed the 10-year, fixed-rate loan with a life insurance company.
OYSTER BAY, N.Y. — Red Mortgage Capital has closed a $19.5 million FHA 232/223 loan to refinance the Oyster Bay Manor House, an assisted living and dementia care facility located in Oyster Bay. The low interest rate achieved through the FHA insurance program reduces the owner’s debt-service obligations and provides 30-year fully amortizing, nonrecourse debt. Oyster Bay Manor House will use $1.2 million of the $19.5 million for renovations to common areas throughout the building.
PHILADELPHIA — 7400 Apartments, a 196-unit apartment complex, has sold to a private investor for $9.7 million. The multifamily property is located at 7400 Roosevelt Blvd. in Philadelphia. Ken Wellar and Corey Lonberger of Marcus & Millichap represented the seller in this deal.
WARWICK, R.I. — Hersha Hospitality Trust has sold its 92-room Courtyard by Marriott hotel for $7.1 million. The property, which was acquired by Hersha in August 2005, was sold to a joint venture. The hotel is located at 55 Jefferson Park Road in Warwick, about 12 miles south of Providence. The sale of the property removes another secondary market asset from Hersha’s portfolio, according to a statement released by the trust.`
NEWTON, MASS. — Hospice of Good Shepherd has acquired a 10,000-square-foot office building for $2.8 million. Good Shepherd purchased the building for $283 per square foot, the highest price paid for a stand alone office building in Newton in more than a decade. The office property located is at 90 Wells Ave. in the Wells Avenue Office Park. Jeremy Freid,z Adam T. Meixner, Michael d’Hemecourt and Jordan B. Sneider of Boston Realty Advisors represented the seller, 94 Wells Ave, LLC. Taber Keally of Donahue and Associates represented the buyer.
WESTPORT, CONN. — The Silverman Group has acquired Westport Corporate Office Park, a 120,121-square foot Class A office property, for $16 million. The office complex features two ponds with walking trails and is located in Westport, about 60 miles south of Hartford. Cushman & Wakefield represented the seller, Minneapolis-based Allianz Life Insurance Co. of North America, in the sale to Short Hills, N.J.-based Silverman Group.
NORTON, MASS. — Paradigm Industrial Partners 1 has purchased a 209,000-square-foot warehouse located at 176 S. Washington St. for $12.4 million. Paradigm purchased the property from APCA Property Fund I, which acquired the property in 2007. Paradigm purchased the warehouse for its client, Bodek & Rhodes, which will lease the building. The industrial property is located in Norton, about 25 miles north of Providence, R.I.
GARDEN CITY, N.Y. — BBS Architects and Engineers has completed a $7.6 million gymnasium renovation and expansion project for the Garden City Union Free School District. The project included a new 13,700-square-foot gymnasium, fitness room and locker room addition. The new one-story gymnasium also includes a new lobby, three classrooms in the old gym space and a new bus and parent drop-off and pick-up areas. BBS served as the architect, interior designer and MEP (mechanical, electrical and plumbing) engineer. The team also included construction manager TG Nickel & Associates, structural engineer Ysrael A. Seinuk and civil engineer Greenman-Pedersen Inc.
NEW HAVEN, CONN. — LILEEE Association LLC has sold an 18,500-square-foot industrial facility for $575,000 to locally based Olde Ways LLC. The property, which is located at 1050 Sherman Ave. in New Haven, features 5,000 square feet of office space and 14-foot ceilings. Hamden, Conn.-based Press/Cuozzo Realtors arranged the sale.
BRICK, N.J. — A 3,500-square-foot Verizon Wireless retail store is under construction in Brick, about 66 miles south of New York. The store is a freestanding building being developed by Piscataway, N.J.-based Edgewood Properties. Livingston-based Jarmel Kizel Architects and Engineers will provide architecture design and engineering services.
