BEVERLY, MASS. — NorthMarq Capital has arranged a $23.7 million loan for Colonial Gardens, a 173-unit independent living facility located at 105 Cherry Hill Drive in Beverly, about 25 miles north of Boston. The property was recently completed and is 98 percent occupied. It is owned and operated by Hawthorne Retirement Group.
AVON, CONN. — Gaia Real Estate has purchased 163 units of the 188-unit Avon Place, a condominium property located in Avon, about 10 miles west of Hartford, for $22 million. Avon Place is made up of three residential buildings situated on 46 acres. Jeff Dunne, Christopher Leonard and Michael Stone of CBRE represented the seller, Equity Residential, in the condo interest sale.
SPRING VALLEY AND SCHENECTADY, N.Y. — Marcus & Millichap has arranged the sale of two apartment properties in New York for a combined total of $4 million. The first, Juliann Garden Apartments, is a 52-unit apartment complex located in Spring Valley, about 35 miles north of New York City. The multifamily property, which is located at 9 Park Ave., includes 24 on-bedroom units, 18 two-bedroom units and two three-bedroom units. The buyer and seller were private investors. The second property, Union Street Apartments, is a 10-unit apartment building located in Schenectady, about 15 miles north of Albany. The multifamily property, which is located at 4 Union St., features two studios, six one-bedroom units, and two two-bedroom units. The seller was a financial institution and the buyer was a private investor.
NEW YORK CITY — The Speyer Legacy School has signed a long-term lease for 85,000 square feet at the intersection of 400 W. 59th St. and 935 Ninth Ave. in Manhattan. The school for intellectually advanced students, grades K-8, will relocate from its current location at 15 W. 86th St. to a two-building campus owned by The Brodsky Organization. Students will begin classes at the new location in the fall. Josh Kuriloff, Jodi Roberts and Andrew Braver of Cushman & Wakefield represented the landlord. Alex Jinishian and Phil Amarante of Colliers International represented the tenant in the deal.
TEANECK, N.J. — Treetop Development has signed a long-term lease for 4,200 square feet at Glenpointe Centre in Teaneck. Treetop, a real estate company known for renovating and developing value-driven residential properties, will relocate its headquarters to Glenpointe from its present location in Newark, N.J. Glenpointe Center has 650,000 square feet of Class A office space and is located about 15 miles from New York City. Cushman & Wakefield arranged the lease. Yitzi Karasick of the Homer Group represented Treetop in the deal.
MALVERN, PA. — The Vanguard Group has hired Liberty Property Trust to develop a 200,000-square-foot office building for $55 million. The six-story office property will be located at Great Valley Corporate Center in Malvern, which is about 26 miles west of Philadelphia. Construction for the project is slated to begin in March and finish in 2014. The building was designed by D2CA Architects and is expected to achieve certification. Studio Bryan Hanes is the landscape architect, and Bala Consulting Engineers is the project engineer.
WOODCLIFF LAKE, N.J. — AAG Management Inc. has sold 500 Chestnut Ridge Road, a 70,000-square-foot, grocery-anchored retail center, for $29 million. The shopping center, which is located in Woodcliff Lake, was renovated in 2011 and is fully leased. A & P Supermarket anchors the property and other tenants include Luxury Nail & Spa, A+ Cleaners, Wine & Liquors and Marco Polo’s. Jose Cruz and Andrew Scandalios of HFF represented the seller. The buyer was a private entity.
PROVIDENCE, R.I. — CBRE/New England has arranged a $14.9 million, 10-year, interest-only loan for 15 LaSalle Square, the new home to Pawtucket, R.I.-based Hasbro Inc. The Class A office building spans 135,908 square feet and is located in downtown Providence. The loan was arranged on behalf of the buyer, Inland Real Estate Acquisitions, through Niagara Bank. CBRE/NE arranged the sale of the property in December on behalf of the seller, Berkeley Investments, to Inland for $29.8 million. *
QUEENSBURY, N.Y. — Beech Street Capital LLC has closed a $7.8 million Fannie Mae DUS loan to refinance the Whispering Pines Apartments, a 190-unit complex in Queensbury. The fixed-rate loan has a 10-year term with 9.5 years yield maintenance and a 30-year amortizing schedule. Whispering Pines was built in 1970 and was recently renovated by the owner. The borrower refinanced this asset to cover the cost of improvements to the apartment property. Kristen Croxton and Greg Reed of Beech Street arranged the deal.
PHILADELPHIA — Private equity real estate fund manager BPG Properties LTD has changed its name to Equus Capital Partners LTD. The firm’s new name, Equus, is derived from the Latin word for “horse” and chosen “because the horse symbolizes strength, agility, dependability and hard work, all of which have been hallmarks of the firm’s culture and performance since its inception,” according to a statement released by Equus. No changes will be made in the firm’s operation as a result of its new name. Equus Capital Partners has more than $4.5 billion in assets under management across 11 value-add investment funds.
