MIDDLETOWN, R.I. — Fantini & Gorga has arranged for a $7.2 million first mortgage for the East Bay Village Apartments, a 240-unit complex located in Middletown. The apartment community is located at 969 W. Main Road (Route 114), approximately 2 miles north of Downtown Newport. The property includes a total of 10 three-story buildings with 240 studio, one- and two-bedroom units. The units include all electric kitchens, intercom entry systems, walk-in closets, air conditioning, ceiling fans, breakfast bars, garbage disposals and cable TV/high-speed Internet hook-ups. Some complex amenities include on-site management, a pool, laundry facilities in each building, free storage areas, a tennis court, a volleyball court and extensively landscaped grounds. The borrower, Middletown Associates, is owned and managed by affiliates of Picerne Investment Corporation.
Northeast
PISCATAWAY, N.J. — Denholtz Associates has recently completed a 2-year, 20,300-square-foot lease renewal with Advance Telecom Resources at 141 Ethel Road West in Piscataway. Located in Piscataway Corporate Center, 141 Ethel Road West is a multi-tenant flex building designed for offices, hi-tech, and distribution, Conveniently situated between Route 1 and I-287, the property is close to Rutgers University, the Edison Train Station and is easily accessible to the area's restaurants, malls, banks, golf courses, and hotels. The building features flex units with high ceilings, tailboard doors, wide bays, and ample parking. David Zimmel, of Zimmel Associates, represented both the tenant and landlord in this transaction.
HARTFORD, CONN. — Arbor Commercial Funding has secured a $905,500 loan under the Fannie Mae DUS Multifamily Affordable Housing product line for Mansfield Apartments, a 60-unit complex in Hartford. The 10-year loan amortizes on a 25-year schedule and carries a note rate of 5.95 percent. The loan was originated by John Edwards of Arbor’s full-service Boston lending office.
HICKSVILLE, N.Y. — Keith Braddish, Jason Gaccione and Rayna Karaivanov of CBRE Capital Markets in New York City along with Bruce Nelson of the CBRE Private Client Group in Woodbury have completed a $7.3 million fixed-rate first mortgage to refinance the existing senior debt on Woodbury Shopping Center. The retail center is located at 404-442 South Oyster Bay Rd. in Hicksville. The 69,174-square-foot neighborhood shopping center is anchored by credit-rated Staples, T.J. Maxx and Walgreens. Other in-line tenants include Bagel Boss of Hicksville, Sneaker Circle, Nu American Cleaners and Woodbury Kosher Meats. The center will also be the future home of Bank of Smithtown. The non-recourse loan, funded by a regional bank, was structured with a 7-year term on a 30-year amortization schedule at a fixed interest rate of 6.5 percent.
PENNSAUKEN, N.J. — The Flynn Company has negotiated a 6-year, 33,500-square-foot lease at 9265 Commerce Highway in Pennsauken. The industrial space is being leased by The L.L. Clean Company, which does business as Towels By Doctor Joe. The space is owned and managed by The Bloom Organization. Dan Close of The Flynn Company was the sole broker in the transaction. The Landlord was represented in house.
MIDDLETOWN, R.I. — Fantini & Gorga has arranged for a $7.2 million first mortgage for the East Bay Village Apartments, a 240-unit complex located in Middletown. The apartment community is located at 969 W. Main Road (Route 114), approximately 2 miles north of Downtown Newport. The property includes a total of 10 three-story buildings with 240 studio, one- and two-bedroom units. The units include all electric kitchens, intercom entry systems, walk-in closets, air conditioning, ceiling fans, breakfast bars, garbage disposals and cable TV/high-speed Internet hook-ups. Some complex amenities include on-site management, a pool, laundry facilities in each building, free storage areas, a tennis court, a volleyball court and extensively landscaped grounds. The borrower, Middletown Associates, is owned and managed by affiliates of Picerne Investment Corporation.
PISCATAWAY, N.J. — Denholtz Associates has recently completed a 2-year, 20,300-square-foot lease renewal with Advance Telecom Resources at 141 Ethel Road West in Piscataway. Located in Piscataway Corporate Center, 141 Ethel Road West is a multi-tenant flex building designed for offices, hi-tech, and distribution, Conveniently situated between Route 1 and I-287, the property is close to Rutgers University, the Edison Train Station and is easily accessible to the area's restaurants, malls, banks, golf courses, and hotels. The building features flex units with high ceilings, tailboard doors, wide bays, and ample parking. David Zimmel, of Zimmel Associates, represented both the tenant and landlord in this transaction.
HARTFORD, CONN. — Arbor Commercial Funding has secured a $905,500 loan under the Fannie Mae DUS Multifamily Affordable Housing product line for Mansfield Apartments, a 60-unit complex in Hartford. The 10-year loan amortizes on a 25-year schedule and carries a note rate of 5.95 percent. The loan was originated by John Edwards of Arbor’s full-service Boston lending office.
BROOME COUNTY, N.Y. — Sunbury, Pa.-based Weis Markets has purchased 11 Giant Markets stores in Broome County, including locations in Johnson City, Endwell, Endicott, Vestal and Binghamton. All 11 stores were closed for conversion and are set to reopen Tuesday, August 25 at 7 a.m. A grand opening will be held on August 30, and five of the locations will convert to 24-hour schedules.
MILTON, VT. — Jamaica, Vt.-based Jamaica Cottage Shop has partnered with newly developed Vermont Eco Cottage to open its newest display/retail yard at 530 Route 7 South in Milton. The retail outlet will feature Jamaica Cottage Shop’s original designs for outdoor sheds, including garden sheds, storage sheds, potting solutions, firewood storage, chicken coops, camping and hunting cabin retreats. The display area will house building examples that can be ordered as pre-cut shed kits or fully assembled buildings. Jamaica Cottage Shop supports local landowners, foresters, loggers and sawmills by using native Vermont hemlock and pine lumber.