CLIFTON, N.J. — A joint venture between Hudson Realty Capital and Parkwood Development has acquired the $33 million note secured by 109 partially completed senior housing units in Clifton. The units are part of the third phase of the 270-unit Winthrop Court senior housing community, which is located within the Cambridge Crossings master-planned community. The partnership immediately foreclosed on the note and plans to complete and sell the remaining condos.
PHILADELPHIA — Local student housing developer Campus Apartments has broken ground for the construction of a new hotel in Philadelphia's University City submarket. The new Homewood Suites by Hilton will be located at 4109 Wanut St., within close proximity to the University of Pennsylvania and Children's Hospital of Philadelphia. It will contain 136 extended-stay suites that will feature full kitchens, dining tables and separate work areas with phone and Internet access. The $50 million project will also feature a fitness center, an indoor pool, a convenience store, and dining and meeting spaces. It will seek LEED certification. Completion is slated for spring 2012. Alesker & Dundon Architects is designing the project, and L.F. Driscoll Co. will serve as general contractor.
NEW YORK CITY — Massey Knakal Realty Services has brokered the sale of three Manhattan apartment buildings for $11.5 million. The buildings contain a total of 69 apartments and are located at 118 and 120-122 E. 4th St. in the East Village. The units comprise a mix of studios and one-bedrooms; 40 of the units are rent stabilized and the other 29 are free market. Massey Knakal's John Ciraulo, Joe Sitt and Craig Waggner arranged the deal between the undisclosed buyer and the seller, Bruce Mittenberg of Bread & Butter Realty LLC. The property traded at a 5.78 percent cap rate.
WARRENDALE, PA. — Keystone Property Group has announced plans to construct two new office buildings within its Keystone Summit Corporate Park in Warrendale. The Class A buildings could total up to 150,000 square feet and will target users seeking 20,000 contiguous square feet and above. A construction timetable was not released. Keystone Summit currently contains five buildings totaling 573,744 square feet. Occupancy is currently 100 percent.
BOSTON — Northwood Investors has secured a $75 million acquisition loan for the Radisson Boston Hotel. Constructed in 1972, the 23-story hotel is located at 200 Stuart St. in Boston's Theatre District. The hotel features the 260-seat bistro Rustic Kitchen, a 120-seat café, 20,000 square feet of meeting space, the 490-seat Stuart Street Playhouse and an 8,000-square-foot auditorium. The loan carries a 4-year term with an adjustable-to-fixed interest rate. The lender was Wells Fargo Bank. Northwood plans to use part of the proceeds to convert the hotel into an independent property. Daniel Peek of HFF's Miami office and Riaz Cassum of the firm's Boston office arranged the loan.
WHIPPANY, N.J. — HEI Hotels & Resorts has completed Phase I of a $20 million renovation to the Hanover Marriott, a 353-room hotel located at 1401 Route 10 E in Whippany. The first phase of construction included upgrades to the hotel's common areas and systems. Auto-dimming systems that adjust interior lights based on the amount of natural light were installed. Water-efficient fixtures were installed, and mechanical and HVAC systems now have sensor controls. Phase II construction will upgrade the hotel's guest rooms with flat-screen televisions, new furniture and luxury bedding.
FOXBOROUGH, MASS. — Parsons Commercial Group has arranged the build-to-suit sale of a 6.87-acre property located at 67 Green St. in Foxborough. Local manufacturer Maltz Sales Co. acquired the site from East Weymouth, Mass.-based Construction Planners. In addition, Maltz has hired Construction Planners to construct a 30,000-square-foot industrial building on the site for use as Maltz' new headquarters. Matthew Morgan of Parsons represented the buyer in the land purchase, and Arlon Brown, also of Parsons, represented the seller.
NEW YORK CITY — SL Green Realty Corp. has reached an agreement to take full control of the leasehold and fee interests in three Midtown Manhattan properties. The company acquired the interests from Gramercy Capital Corp. for a combined $390.8 million, which includes the assumption of $265.6 million in debt. SL Green acquired a 45 percent joint venture interest in the leasehold and fee interests in 885 Third Avenue, also known as the Lipstick Building, as well as 2 Herald Square. The company acquired its interest in the first property for $39.3 million and assumed $120.4 million in debt. SL Green acquired its interest in the second property for $25.6 million and assumed $86.1 million in debt. The deal brings its leasehold stake in both buildings to 100 percent. Finally, SL Green purchased the entire leased fee interest in 292 Madison Avenue for $19.2 million. The company also assumed $59.1 million in debt.
QUINCY, MASS. — LNR has announced that a new senior housing facility will be developed within the SoutField master-planned community. William B. Rice Eventide Home will build a new independent living and skilled nursing facility on 9.4 acres within SouthField Highlands, the community's first residential neighborhood. It will contain 192 independent living units and 46 beds of skilled nursing housing. Rogerson Communities is serving as developer for the project, and locally based Shesky Architects is designing it. Construction for the $45 to $50 million project is expected to begin in 2012. Formerly the South Weymouth Naval Air Station, SouthField will feature, at full build-out, 2 million square feet of commercial space, 2,850 units of housing, a movie studio, a golf course and an indoor/outdoor sports and recreation complex.
SALISBURY, MD. — Salisbury-based Marshall Hotels & Resorts has received assignments for three distressed hotel properties in the Northeast. The company has been named receiver for the Four Points by Sheraton Hotel & Suites Allentown Airport, a 145-room hotel located in Allentown, Pa., as well as the Holiday Inn Danbury, a 114-room hotel located in Danbury, Conn. It also has been named operator for the Holiday Inn Buffalo Amherst Hotel, a 199-room hotel located in Buffalo, N.Y., which is currently in receivership.