KUTZTOWN, PA. — Apex at Kutztown, a 184-unit, 552-bed student housing community located adjacent to Kutztown University in Kutztown, has traded for $30 million. The seller and developer, Apex at Kutztown L.P., built the facility in 2008 and sold the property to Bruce E. Toll's BET Investments. Each unit features fully furnished individual bedroom suites with private bathrooms and living rooms. Amenities includes a clubhouse, a study lounge, a tanning bed, a pool table, a hot tub and an outdoor patio with a grill. Joe Verdejo and Jim Sheehan of NorthMarq's investment sales team arranged the transaction. “The property is a real game changer for student housing in Kutztown,” said Sheehan, senior vice president of investment sales with NorthMarq, in a statement. He added that a resort-like atmosphere, tremendous amenities, electronic security for each bedroom suite and high capacity Internet and cable television services for each student is becoming a national trend.
UNIONVILLE, CONN. — Ed Graf and Ted Sannella of Houlihan-Parnes Realtors have arranged first mortgage refinancing of $5.6 million for The River Edge Shopping Center, located at 45 S. Main St. in Unionville. The 2.23-acre shopping center consists of a two-story retail and office building containing 51,628 square feet. Houlihan-Parnes is a real estate investment company based in White Plains, N.Y.
NEW YORK CITY — Lazard, a financial advisory and asset management firm, has renewed its office lease at 30 Rockefeller Plaza, effective June 2012. Lazard currently occupies 370,000 square feet, and the new, 21-year lease includes an additional 60,000 square feet of available workspace. John Cushman, Tara Stacom and Cynthia Foster of Cushman & Wakefield advised Lazard, and Swanke Hayden Connell Architects has been retained to redesign the workspace.
NEW YORK CITY — Massey Knakal has brokered the sale of a 144-unit apartment building located in the Kew Gardens neighborhood of Queens for $19.52 million. The nine-story, elevator-served building is located at 82-67 Austin St. The unit mix includes 92 rent-stabilized units, 48 market-rate units, and four rent-controlled units. The property traded at a 5.2 percent cap rate. The Massey Knakal team of Brian Sarath and Paul Massey, Jr., arranged the deal on behalf of the two undisclosed parties.
WAYNE, N.J. — Prism Capital Partners has sold an office building located at 1655 Valley Rd. in Wayne to a private real estate investment firm for $14.2 million. The four-story, 163,000-square-foot office property was constructed in 1987 and is currently occupied by UPS. Newmark Knight Frank arranged the deal.
UNIONVILLE, CONN. — Houlihan-Parnes Realtors has secured a $5.6 million first mortgage for the refinancing of The River Edge Shopping Center in Unionville. The 51,628-square-foot retail and office property is located at 45 S. Main Street. Its tenant roster includes CVS/pharmacy, Verizon Wireless, People's Choice Pizza and Quest Diagnostics. The loan carries a 5-year term with a 5.25 percent fixed interest rate and a 30-year amortization schedule. Ed Graf and Ted Sannella of Houlihan-Parnes arranged the deal on behalf of the undisclosed borrower. The lender's name also was not released.
GARDEN CITY, N.Y. — Metropolitan Realty Associates (MRA) has inked a deal with BJ's Wholesale Club for 121,000 square feet at the newly renamed Garden City Square, a 335,000-square-foot mixed-use property located at 711 Stewart Ave. in Garden City. The warehouse retailer expects to open the new location in October 2012. John Hanlon of RIPCO Realty represented BJ's in lease negotiations. Matthew Wallerstein provided in-house representation for MRA, which purchased the formerly distressed property last May for $15 million. Vacancy at the time was 71 percent.
BETHLEHEM, PA. — The Solomon Organization has procured a $27.85 million loan to refinance three of its multifamily properties in Bethlehem. The portfolio comprises the 176-unit Meadows at Leigh, the 156-unit Hills at Leigh and the 80-unit Waters Edge. All three properties have been upgraded in the past five years. The loan carries a fixed interest rate, a 7-year term, a 30-year amortization schedule, 2 years of interest-only payments and 6.5 years of yield maintenance. Beech Street Capital arranged the loan through Freddie Mac. Meridian Capital Group originated the financing.
DERBY, CONN. — Cronheim Mortgage has secured $9 million in acquisition financing for a Derby retail center. The 168,803-square-foot property is anchored by Lowe's Home Improvement Warehouse. Additional tenants include Dollar Tree, Dunkin' Donuts, Webster Bank and Burger King. The loan carries a 19-year, self-liquidating term with a 4.85 percent interest rate. Andrew Stewart and Anna Westhoff of Cronheim arranged the loan between the two undisclosed parties.
CLIFTON, N.J. — NorthMarq Capital has arranged a $3.1 million first mortgage that will refinance Middle Village Apartments, a 160-unit property located at 24 Day St. in Clifton. The loan carries a 15-year, fully amortizing term along with flexible prepayment terms and an option for a line of credit. Robert Ranieri of NorthMarq arranged the financing between the borrower, Middle Village Associates, and the lender, North Jersey Community Bank.