BOXBOROUGH, MASS. — Assabet Machine Corp. has purchased a 19,800-square-foot flex building located at 1145 Massachusetts Ave. in Boxborough from GCC Realty Trust for approximately $752,000. Micah Stubblebine of The Stubblebine Company/CORFAC International represented the buyer. David Bergeron and Roy Hirshland of T3 Advisors represented the seller.
PORTLAND, MAINE — The Federated Companies has acquired the first mortgage for a distressed student housing community from KeyBank for $9.2 million. The property is Bayside Village, which is located at 132 Marginal Way near the University of Southern Maine at Portland. Constructed in 2008, the community contains 100 four-bedroom apartments in a five-story building. In addition to acquiring the first mortgage, Federated negotiated with the property's mezzanine lender to relinquish the property's second mortgage and receive a deed in lieu at closing. Federeated plans to stabilize the property in the near term.
STATE COLLEGE, PA. — Berger Rental Communities has procured $31.4 million in Fannie Mae DUS financing for Toftress Apartments, a six-property, 541-unit multifamily community located in State College. The properties were constructed between 1970 and 1984, and they are operated as a single community. The loan carries a fixed interest rate, a 10-year term with 9.5 years of yield maintenance, and a 30-year amortization schedule. Beech Street Capital arranged the transaction and Meridian Capital Group originated it.
NEW YORK — Arbor Commercial Funding has closed a total of $12.54 million in Fannie Mae DUS loans for five multifamily communities located throughout New York. Alexander Kaushanksy of Arbor's New York City office originated the loans, which all carry 10-year terms and 30-year amortization schedules. A $6.4 million loan was secured for Crooke-Woodruff Apartments, a 107-unit property located in Brooklyn, New York City. A $2.12 million loan was secured for Bushwick Avenue Apartments, a 12-unit property located in Brooklyn. A $1.69 million loan was secured for Mountainbrow Village, a 57-unit property located in Corning. A $1.2 million loan was secured for 148-152 Elm Street in Yonkers. Finally, a $1.13 million loan was secured for 1145 Dean Street Apartments, a 10-unit property located in Brooklyn.
BILLERICA, MASS — EMD Serono has opened its new $75 million research center in the Boston suburb of Billerica. The 140,000-square-foot facility features 115,000 square feet of lab and office space, which comprises chemistry and screening labs, biology and cell culture labs, general lab support space, offices, and conference rooms. The project is seeking LEED-Gold certification. Ellenzweig was the project architect and Jones Lang LaSalle was the construction manager.
BLOOMFIELD, CONN. — DeLaurentis Management Corp. has purchased Filley Pond Plaza, a 58,643-square-foot shopping center located at 38-40 Tunxis Ave. in Bloomfield, for $4 million. Colliers International represented DeLaurentis as well as the seller, Tunxis Fund LLC.
NEW YORK CITY — The Battery Park City Authority has signed a lease agreement with a joint venture between the Poulakakos family and The Dermot Company at Pier A, a redevelopment project located in Lower Manhattan between Battery Park City and Battery Park. The joint venture will open a restaurant with an oyster bar and outdoor seating, an event venue and a visitor's center in the building. Stalco Construction is currently redeveloping the pier's 36,000-square-foot building, which will contain a mix of restaurants, event space, a coffee shop and a visitor's center. H3 Hardy Collaboration designed the project.
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.