ACTON, MASS. — CB Richard Ellis/New England (CBRE) has brokered the sale of Spring Hill Commons, a 105-unit apartment community located in Acton. The community comprises four buildings situated at 421 Great Rd. It contains a mix of one- and two-bedroom units and was approximately 94 percent occupied at the time of the sale. CBRE's Paul Donahue, Travis D'Amato and Bill Moylan represented the seller, Chicago-based Equity Residential, and procured the buyer, Needham, Mass.-based Universal Realty. The acquisition price was not disclosed.
MORRIS COUNTY, N.J. — NorthMarq Capital has secured $8 million in permanent financing for a 222-unit, garden-style apartment community located in Morris County. The loan carries a 15-year term; a 6.12 percent fixed interest rate and is self-liquidating. Mark Scott of NorthMarq's New Jersey office arranged the deal through a regional bank.
NEW YORK CITY — Massey Knakal Realty Service has completed the sale of 1001 Avenue H, a 38-unit, walk-up apartment building located in the Flatbush neighborhood of Brooklyn, New York City, for $3.16 million. The building traded at a 6.4 percent capitalization rate. Eric Greenfield of Massey Knakal negotiated the transaction between the two undisclosed parties.
MOUNT VERNON, N.Y. — Houlihan-Parnes Realtors has arranged $1 million in first-mortgage financing for two apartment buildings located in Mount Vernon. The two five-story buildings are located at 239-253 W. First St. The properties contain a total of 44 apartments and eight retail spaces. Jeremiah Houlihan of Houlihan-Parnes secured the loan, which contains a 10-year term at a market interest rate. The lender is a Long Island-based savings bank.
DEVON, PA. — Bryn Mawr, Pa.-based WP Realty has acquired Devon Village, a shopping center located in Devon. The property is situated on Lancaster Ave. and comprises an approximately 70,000-square-foot shopping center anchored by Whole Foods Market. WP also owns a 2.2-acre parcel adjacent to Devon Village that is zoned for commercial use. The seller and the acquisition price were not disclosed.
PHILADELPHIA — Onyx Equities has completed two leases at Red Lion Plaza, a 224,269-square-foot shopping center located at Red Lion Road and Roosevelt Boulevard in Philadelphia. Planet Fitness and Wit or Witout Cheesesteaks will occupy a total of 30,258 square feet, bringing the center to 100 percent occupancy. Jed Masloff and Jim Creed of Fameco Real Estate represented Onyx in both lease transactions. Randy Hope of Metro Commercial represented Rhino Red Lion dba Planet Fitness. Additional tenants at Red Lion Plaza include American Signature Furniture, Best Buy, Staples and Pep Boys.
LYNN, MASS. — Arbor Commercial Funding has arranged $1.87 million in Fannie Mae DUS funds for Mayflower Apartments, a 48-unit multifamily community located in Lynn. Edward Petti of Arbor's New York City office originated the loan, which contains a 10-year term, a 30-year amortization schedule and a 6.18 percent interest rate. The borrower is using the funds to complete a 1031 exchange.
NEW YORK CITY — Construction has topped out for the new W New York – Downtown Hotel & Residences located at 123 Washington St. in Manhattan, New York City. Upon completion, the 58-story, 400,000-square-foot building will contain a 217-room W Hotel and the W Residences, which will contain 223 residential condominiums. The hotel will feature a full-service restaurant and bar with an outdoor cafe, a spa and treatment rooms, meeting rooms, and a fitness center. Condo residents will have a private amenities floor that will contain fitness and lounge facilities as well as a rooftop, landscaped terrace. The hotel is expected to open in early 2010. The Moinian Group is developing the W New York – Downtown, with architecture services provided by Gwathmey Siegel & Associates Architects. SHVO is handling sales for the property. The project is situated at the southern edge of the World Trade Center Memorial Site and is one block away from the new Freedom Tower that is currently under construction. The W is the first new hotel and residential tower, and only the second project overall, to be constructed in Lower Manhattan since 9/11.
NEW YORK CITY — Rosen Associates Management Corp. has completed the sale of 30 West 70th Street in New York City for $30 million. The property contains 38 units and traded at a 4 percent capitalization rate. The buyer is a wholly owned subsidiary of an international investment holding company and the seller is an estate. Seth Kestenbaum and David Rosen of Rosen Associates were the sole brokers in the transaction.
STAMFORD, CONN. — Metro Green Apartments, a 50-unit affordable housing project located in Stamford, has opened. The project is situated on Henry Street and is part of Metro Green, a transit-oriented development (TOD) that is being master developed by Malkin Properties. Malkin has partnered with Jonathan Rose Cos. to develop Metro Green Apartments as well as the rest of the TOD's residential component. At full build-out, Metro Green will consist of 238 mixed-income residential units and a 350,000-square-foot, Class A office tower. Metro Green Apartments will be seeking the Gold-level certification under LEED – New Construction. Metro Green's residential component is also serving as a pilot project for the new LEED – Neighborhood Design program, and the office tower will be pursuing Platinum-level certification under LEED – Core & Shell.