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.
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.