NEWARK, DEL. — NorthMarq Capital has arranged a $7.1 million loan for the refinancing of Southgate Apartments, an off-campus student housing property at 24 Marvin Dr. in Newark. The 150-unit building is located near the University of Delaware. Joseph Sweeney of NorthMarq negotiated the 10-year loan, which includes a 30-year amortization schedule, through Freddie Mac. The borrower is Southgate Realty Associates.
BARNEGAT, N.J. — Walters Homes, a New Jersey-based developer, has broken ground on Laurel Oaks Apartments, an affordable housing community in Barnegat. Situated between Barnegat Boulevard and Rose Hill Road, the project will feature 94 apartment homes in four buildings. Amenities will include a playground, basketball court, fitness center and on-site parking. The income-restricted housing project is slated to open in the summer of 2013.
BRIDGEPORT, N.J. — A partnership between Hillwood Investment Properties and Brookfield Asset Management has acquired a 600,000-square-foot distribution building at Pureland Industrial Park in Bridgeport. The property was developed in 1991 and includes 42-by-42 foot column spacing and potential for future rail access. The building is located at 200 Birch Creek, less than two miles from Exit 10 off Interstate 295.
WATERBURY, CONN. — VBF LLC has acquired a mixed-use property at 380 West Main St. in Waterbury for $1.4 million. The property, originally constructed as the Waterbury Hotel in 1910, was converted to apartment use in the 1980s. The building includes 49 apartments and six retail stores totaling 13,300 square feet. The apartments were 95 percent occupied and the retail space was fully occupied at the time of sale. Rick Chozick and Steve Pappas Chozick Realty represented the seller, Rational Real Estate IV LLC in the transaction. They also procured the buyer.
WILMINGTON, DEL. — PCCP has arranged a $30 million senior loan for the recapitalization of Justison Landing, a 241-unit apartment property at 321 Justison St. in Wilmington. Buccini-Pollin Group constructed the property in 2008 along the Christina River. The borrower is a joint venture led by New York City-based AllianceBernstein U.S. Real Estate Partners.
NEW YORK CITY — A partnership between Naftali Group and Praedium Group has acquired four contiguous apartment buildings at 176, 178,180 and 182 West 82nd St. in New York City for $17 million. The vacant buildings contain 24 apartments within a total of 34,000 square feet of space. The new owners plan to convert the buildings into luxury condominiums, with construction expected to begin early next year. Abraham Aderet, Iris Rossano and Amit Doshi of Besen & Associates represented both parties in the transaction.
NEW YORK CITY — GreenBush Realty has purchased a mixed-use property at 626 Manhattan Ave. in the Greenpoint neighborhood of New York City for $3.3 million. The 4,050-square-foot building is fully occupied and tenants include a deli and pizza parlor on the ground floor. The previous owners recently upgraded the property. Deborah Gutoff, Gabriel Saffioti and Paul Nigido of Eastern Consolidated represented the seller, 626 Manhattan Ave. Corp., in the transaction. They also procured the buyer.
CHESTER, N.J. — American Realty Capital Properties has closed on its purchase of the French's Mustard headquarters building in Chester for $10 million. The 32,000-square-foot building is fully leased to Reckitt Benckiser Group, the parent company of French's Mustard. The company has 5.7 years remaining on its lease.
PHILADELPHIA — The Pennsylvania Real Estate Investment Trust has completed the refinancing of three of its malls in New Jersey and Delaware. The three loans total $402 million at an average interest rate of 4.06 percent. The loans replaced mortgage balances totaling $316.7 million, which together carried an average rate of 5.30 percent. The loans are secured by Cherry Hill Mall, a 1.3 million-square-foot center in Cherry Hill, N.J.; Cumberland Mall, a 944,000-square-foot center in Vineland, N.J.; and Christina Center, a 303,000-square-foot center in Newark, Del.
KING OF PRUSSIA, PA. — A new $30 million full-service hotel is slated to open this fall at 480 North Gulph Rd. in King of Prussia. The Sheraton Valley Forge will feature 180 guest rooms, 25,000 square feet of meeting space and a 10,000-square-foot ballroom. The property will also include a landscaped courtyard, pool, outdoor fire pit, fitness center and a complimentary shuttle. Philadelphia-based Wurzak Hotel Group owns the property.
