BRONX, N.Y. — The 56-unit, six-story Fordham Village, located at 355 East 194th St. in the Bronx, is now open. The affordable housing development is for veterans who are homeless or at a risk of homelessness. Amenities include a glass-walled community room, garden, computer center and access to trained staff who will provide professional counseling services. This is the first phase in The Jericho Project's Veterans Initiative that will eventually serve 200 veterans. The NYC Department of Housing Preservation and Development provided $7.84 million through it's Supportive Housing Loan Program and an additional $6 million through Low-Income Housing Tax Credit Equity. The New York State Energy Research and Development Authority provided $106,000, and $118,000 in developer equity was provided by Jericho.
Northeast
BOSTON — Boston-based Synergy Investment & Development has sold the 50,673-square-foot Church Green Building, located at 101 Summer St. in Boston, to a Synergy/Independencia joint venture for $11.5 million. Bill Crean, Kevin Kennedy and Andrea Matteson of CB Richard Ellis' Boston office arranged the repositioning.
COATESVILLE, PA. — A 14,000-square-foot ground lease, located at 800 East Lincoln Highway in Coatesville, has been sold for $2.81 million in an off-market transaction. Walgreens Pharmacy recently signed a 25-year ground lease for the site and the previously existing 14,000-square-foot building has been demolished to make way for the construction of the pharmacy. The buyer, a charitable trust from the Western U.S. acquired the property in a cash transaction. Chris Datz and Anthony Sembello of Pintzuk Brown Realty Group assisted the seller, a partnership lead by Scott Homel, also of Pintzuk Brown Realty Group.
MELROSE, MASS. — Wood Partners is developing the 212-unit Alta Stone Place, a renovated mill and podium-style project in Melrose. The project involves the redevelopment and renovation of the four-story brick and wood beam building that was formerly the Boston Rubber Shoe Company facility, as well as the construction of two new four-story, wood-frame buildings and a three-story building containing a 6,500-square-foot clubhouse. Bargmann Hendrie + Archetype is the architect for the project and Allen & Major Associates is the civil engineer. Construction will begin in June with the first units ready by next spring.
EAST GREENWICH, R.I. — Liner Retail Properties has purchased the 41,233-square-foot East Greenwich Commons, located at 507-563 Main St. in East Greenwich, for $8 million. The two-building property, anchored by CVS/Pharmacy, includes a Starbucks, Webster Bank, Kon Asian Bistro, Tio Matteos Mexican Grille and more. Geoff Millerd of Cushman & Wakefield's Commercial Real Estate Solutions in Seattle represented the seller and procured Linear Retail as the buyer.
BRONX, N. Y. — Daffy's has opened a 28,000-square-foot store in the 1 million-square-foot Bay Plaza Shopping Center in the Bronx. Tenants of the center include Barnes & Noble, JC Penney, Old Navy, Marshall's, P.C. Richards, Kmart AMC Theaters and more. New Rochelle, N.Y.-based Welco Realty negotiated the lease on behalf of the landlord, Prestige Properties & Development Co.
MANSFIELD, MASS. — Behringer Harvard has acquired the 200-unit West Village, a luxury apartment community located at 792 West Dr. in Mansfield. The 28.6-acre site features seven, three-story buildings. Amenities include gas barbecue grills, a club room with fireplace and television, a fitness center, a business center and a resort-style swimming pool and spa. The purchase was made through a joint venture between Behringer Harvard Multifamily REIT I and PGGM Private Real Estate Fund.
NEW YORK CITY — Woodbridge, N.J.-based Helios Capital has completed the sale of a $2.69 million non-performing loan for a 30-unit, 18,613-square-foot multifamily building in Manhattan's Upper East Side. Josh Malka of Helios Capital represented the buyer, an affiliate of Brick Realty Capital. The lender was a regional bank in the New York area.
NEW YORK CITY — A joint venture between Brack Capital Real Estate (BCRE) and InterContinental Hotels Group (IHG) has completed the $46 million acquisition of 180 Orchard St. in New York City's Lower East Side from the developer, Morris Platt. The partnership was arranged by Joe Ferrera of Brunello Hospitality. The team plans to develop the multi-use property to include a 290-room Hotel Indigo with a retail component, restaurant, bar, fitness center and outdoor pool. BCRE will own 51 percent of the shares while IHG will own the remaining 49 percent. The hotel is scheduled to open in 2013.
BENSALEM, PA. —Joseph Brecher of Livingston, N.J.-based Gebroe-Hammer Associates has closed on the $15.5 million sale of the 192-unit Hamilton Court East, located at 3455 East St. in Bensalem. The 15-buildling complex has been recently renovated with upgrades to its kitchens, baths, windows, roofs, HVAC units and parking areas. Brecher represented the seller, 3455 East Real Estate Trust, and procured the buyer, a private investor.