NEW YORK CITY — Concern for Independent Living, a nonprofit supportive housing provider, has opened the 65-unit Rochester Avenue Apartments in the Crown Heights section of Brooklyn in New York City. The nonprofit repositioned the former St. Mary's Hospital facility to house the apartment community. The cost to redevelop the property was $24.56 million, and the property's financing included $10 million in federal low-income housing tax credits, a $13 million NYS Office of Mental Health grant, a $900,000 grant from the Federal Home Loan Bank of New York in partnership with Astoria Federal Savings, a $6.5 million Bank of America Merrill Lynch construction loan and $13 million in permanent financing from CPC.
WEST NEW YORK, N.J. — Love Funding has provided $54.4 million in refinancing for the 688-unit Parkview Towers, an apartment community in West New York. Laura Saull-Smith of Love Funding's Washington, D.C., office arranged the loan through HUD on behalf of the borrower, Parkview Towers LLC. The loan extends the property's contract for Section 8 status for 20 more years.
LOWER NAZARETH TOWNSHIP, PA. — Griffin Land & Nurseries has broken ground on the 531,000-square-foot Lehigh Valley Tradeport, a warehouse and distribution park located on Fritch Drive in Lower Nazareth Township. The park will feature a 228,000-square-foot warehouse building and a 303,000-square-foot distribution building. Bill Wolfe and Sean Bleiler of CB Richard Ellis' Lehigh Valley, Pa., office will lease the property. Completion is slated for spring 2012.
NEW BRUNSWICK, N.J. — WNC & Associates has provided $10 million in financing for the $103 million development of New Brunswick Wellness Plaza, a 1.6-acre retail development in downtown New Brunswick. The development will include a 49,000-square foot The Fresh Grocer, a 62,000-square-foot RWJ Fitness & Wellness Center and a 1,275-space parking structure. Financing was provided through Wells Fargo's New Market Tax Credit for the development. The development is part of an effort to rehabilitate New Brunswick, a city that the U.S. Department of Agriculture has deemed a a food desert. Ferren Urban Renewal Associates is the developer, which is partnership between New Brunswick Development Corp. and Pennrose Properties.
PITTSBURGH — Marcus & Millichap has facilitated the $2.85 million sale of a 5,104-square-foot IHOP, located at 4656 Browns Hill Rd. in Pittsburgh. Jamie Medress and Mark Ruble of Marcus & Millichap's Phoenix office represented the seller, a partnership. John Brigel of Marcus & Millichap's Tampa, Fla., office represented the buyer, a limited liability company.
MILFORD, MASS. — Love Funding has provided $7.86 million financing for the 87-bed Whitcomb House, an assisted-living community located at 245 W. St. in Milford. Leonard Lucas of Love's Boston office arranged the 35-year, self-amortizing loan through HUD.
NEW YORK CITY — The 17-unit 939 Sterling Place, an apartment building located in New York City's Brooklyn neighborhood, has been sold for $1.83 million. Derek Bestreich and Shaun Riney of Marcus & Millichap's Brooklyn office represented the seller, a private investor, and procured the buyer, a limited liability company, in the transaction.
RAHWAY, N.J. — A private investor has purchased the 136-unit River Place at Rahway, a multifamily property located at 190 Lewis St. in Rahway, for $26.25 million. Joseph Brecher and David Schwarz of Livingston, N.J.-based Gebroe-Hammer Associates represented the seller, a New Jersey-based builder and developer, and procured the buyer.
YONKERS, N.Y. — New York City-based Time Equities has purchased the 10,000-square-foot 180 McLean Avenue, a retail property in Yonkers (currently leased to Duane Reade) for $3.45 million. Time Equities was self-represented by Amy Ziff, and Gelcor Real Estate and CB Richard Ellis represented the undisclosed seller.
NEW YORK CITY — New York City-based Massey Knakal has brokered the $1.57 million sale of a 10,495-square-foot redevelopment property, located at 79 W. 127th St. in New York City's central Harlem neighborhood. Robert Shapiro and Lev Kimyagarov of Massey Knakal represented the undisclosed seller in the transaction. The five-story property has previously been in disrepair due to a fire.