MONROE TOWNSHIP, N.J. — A joint venture between Chelsea Senior Living and Focus Healthcare Partners and Artemis Real Estate Partners has acquired The Residence at Forsgate for $7.1 million via a court-ordered receivership sale. The 69,000-square-foot assisted living facility was developed in 1996 and was 64 percent occupied at the time of sale. The three-story property has 89 units of assisted living and a separate 28-unit memory care wing.
NEW YORK CITY — 130 Seventh Avenue South, a vacant single-story retail building, has sold for $6.1 million in New York City. The building, which is located at the corner of Seventh Avenue and West 10th St., was previously occupied by Veranda, a Mediterranean restaurant. Keystone Group purchased the property and plans to develop a high-end, mixed-use building on this site. Besen & Associates represented the buyer and seller in the deal.
MALVERN, PA. — IMC Construction has completed construction of the $85 million Endo Health Solutions world headquarters in Malvern. Located within the Atwater Corporate Center, the 320,000-square-foot facility was developed by Chambers Street Properties in a joint venture with Trammell Crow Co. The facility includes two five-story buildings overlooking Quarry Lake with a two-story building connector and one-story parking deck with 420 parking spaces. The project broke ground in January 2012.
NORTH EAST, MD. — A joint venture between The Dolben Co. Inc and Klein Enterprises has secured $31.4 million in construction financing for The Apartments at Charlestown. The 332-unit multifamily property is set within the larger Charlestown Crossing Planned Unit Development, a community of townhomes, single-family homes and future retail stores. The total project cost is $42.2 million with the construction loan from Cleveland-based KeyBank and $10.8 million of equity. Construction is under way with the first units expected to be complete by the end of the first quarter.
BOOTHWYN, PA. — Marcus & Millichap has arranged the acquisition of Chichester Square, a 29,025-square-foot retail property, for $4.1 million. The shopping center, which is located along Chichester Avenue in Boothwyn, was 83 percent occupied. Dean Zang and Mark Taylor of Marcus & Millichap represented the seller, a partnership of RPC Real Estate, and the buyer, an affiliate of Westport, Conn.-based Paragon Realty Group LLC.
Scotch Plains, N.J. — Covington Realty Partners has acquired an Advance Auto Parts building for $2.9 million. The 6,240-square-foot retail building is located at 445 Terrill Road in Scotch Plains, about 25 miles west of Staten Island, N.Y. Lew Finkelstein and CJ Huter of The Goldstein Group represented the seller, RGK Development Inc., in this deal.
CAMDEN, N.J. —Philadelphia-based Binswanger has been named as the exclusive listing agent by Beneficial Mutual Savings Bank for the sale of The Wilson Building, a 12-story office building. The 73,000-square-foot property was constructed in 1926 and was once the home of Camden’s leading law firms. The Wilson Building is located at 130 N. Broadway in Camden.
A tight retail market, rising rents, and record low interest rates led to a jump in New York City multifamily investment sales in 2012. Multifamily building sales in New York City rose to $7.3 billion in 2012, a 45 percent increase compared to 2011, according to Ariel Property Advisors’ Multifamily 2012 Year in Review: New York City. There were 639 multifamily transactions comprised of 965 buildings in 2012, a year-over-year increase of 36 percent and 42 percent, respectively. The fourth quarter was particularly robust as investors rushed to close deals before tax increases took effect. In 2012, we also saw prices for multifamily buildings in prime New York City locations return to pre-financial crisis levels. In Manhattan, cap rates averaged below 4.75 percent and value-added assets traded at below 4 percent. Manhattan multifamily buildings operating at market rental rates even saw prices climb above $1,000 per square foot. One example of this was 105 West 29th Street, where a sale closed in June for $280 million, or $1,056 per square foot. This same institutional investor paid $475 million, or $498 per square foot, in January 2010 for a portfolio comprised of similar core assets at 415 East 53rd Street, 777 …
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.
