HAVERSTRAW, N.Y. — Marcus & Millichap Capital Corp. has arranged a $22.5 million loan for the refinancing of Parkside Apartments in Haverstraw. The 110-unit Parkside is part of a master-planned development on the Hudson River named Harbors at Haverstraw. The building is currently 70 percent occupied. Steven Rock of Marcus & Millichap's Manhattan office arranged the 5-year loan.
WILMINGTON, MASS. — The Federated Cos. has completed the sale of a 12-acre development site in Wilmington. Braintree, Mass.-based EA Fish Development acquired the site for $4.1 million. The land is located at the intersection of Route 38 and 62, adjacent to the Wilmington Commuter Rail station. The site is fully entitled for a mixed-income rental community consisting of 108 units and an enclosed 35 space parking garage. The Federated Cos. has completed demolition of the existing industrial building and the land is ready for immediate construction.
EDISON, N.J. — An affiliate of Angelo, Gordon & Co. has secured $11 million in acquisition financing for a research and development facility in Edison. The 99,260-square-foot facility is located at 2121 State Route 27. The building is fully occupied by Revlon Consumer Products Corp., which uses the space as its worldwide research and development center for all of its brands. HFF arranged the 10-year, fixed rate securitized loan through Morgan Stanley Mortgage Capital Holdings LLC.
FREEHOLD, N.J. — UMH Properties has agreed to purchase 11 manufactured home communities in Pennsylvania and New York for $28.2 million. Ten of the communities are located in Pennsylvania and one is in New York. The transaction is expected to close in the third quarter of this year. The properties total 966 sites on 200 acres. The average occupancy for the communities is 92 percent. UMH Properties is a publicly owned REIT based in Freehold.
NEW YORK CITY — A brick multifamily building located at 155 Newton St. in Greenpoint has sold for $2.1 million. The 7,257-square-foot building includes eight apartment units. The units have recently been renovated along with the building's mechanical systems. Mark Lively, Brock Emmetsberger and Brendan Maddigan of Massey Knakal Realty Services represented the buyer, a local owner, in the transaction. They also represented the seller.
SEWICKLEY, WEXFORD PENN. — Cabot, Penn.-based Concordia Lutheran Ministries has purchased two seniors housing communities in Pennsylvania for $7.8 million. The properties include Pristine Pines, a 56-unit community in the Pittsburgh suburb of Sewickley, and a 28-unit community in Wexford. The Sewickley community included the sale of several adjacent acres on which Concordia plans a large expansion. Benjamin Fireston and Jacob Gehl of Marcus & Millichap's Chicago office represented the seller, a private equity fund with offices in New York and Dallas. They also secured the buyer.
NEEDHAM, MASS. — Construction has begun on a new data and office building for Digital Realty Trust, a data center provider, in Needham. The facility is located at 105 Cabot St. and will comprise 130,335 square feet. Jones Lang LaSalle will serve as the leasing agent. The project is slated for completion in the second quarter of 2013.
NEW YORK CITY — A partnership has acquired a 300,000-square-foot building located at 1775 Grand Concourse in the Bronx. The buyers include James Houlihan of Houlihan Parnes Realtors and Sam Jemal, Joseph Jemal and David Jemal of JJ Operating Corp. Recently, the property was rezoned and approved for parking on the lower level and for office use on floors 4-8. Each floor contains 40,000 square feet, and about 220,000 square feet will be available for lease. Verizon will occupy two levels of the building. The partnership plans to invest $5 million in building renovations, including new lobby elevators and retail fronts. The purchase price was undisclosed.
NEW YORK CITY — Marcus & Millichap Real Estate Investment Services has arranged the $700,000 sale of an 8-unit apartment building in Brooklyn. The property is located at 248 Stockholm St. Erik Lundberg of Marcus & Millichap's Brooklyn office represented the seller, a private investor. He also represented the buyer, a private investor.
NEW YORK CITY — Madison Realty Capital has closed a $14.5 million bridge loan for a 90,000-square-foot condominium construction project in Kew Gardens.The project includes 52 residential units, an 8,224-square-foot community center and a 52-space parking garage. The financing provided by MRC enables the borrower to recapitalize and complete the project.