WILLISTON, VT. — Redstone has arranged the sale of a 10,645-square-foot commercial building located at 45 Avenue D in Williston. Linda Letourneau of Redstone represented the seller, 45 Avenue D LLC. Greg Dirmaier of JL Davis Realty represented the buyer, Morin Avenue D LLC. The acquisition price was not disclosed.
PHILADELPHIA — LaSalle Hotel Properties has acquired two Philadelphia hotels from HEI Hotels & Resorts. The first property is the Westin Philadelphia, an 18-story hotel located at 99 S. 17th St. Amenities include a business center, a fitness center, an indoor pool, a sauna, 17,424 square feet of meeting space and the Citygrange restaurant. The second property is the Embassy Suites Philadelphia – Center City. Amenities at this hotel include a business center, an indoor swimming pool, meeting space and a T.G.I. Friday's restaurant. Hodges Ward Elliot brokered the deal between the two parties. HEI will continue to provide management services.
JACKSON, N.J. — Community Investment Strategies (CIS) has announced plans to develop a new affordable housing community in Jackson. Known as Windsor Crescent, the project will consist of 14 three-story buildings spread across 20 acres. It will contain 112 units in a mix of two-bedroom, garden-style units and two- and three-bedroom, townhome-style units. Amenities will include a community building, a playground and an education center. Funding for the project is coming in part from the federal Tax Credit Assistance Program and an equity investment from Boston Capital.
HYANNIS, MASS. — Arbor Commercial Funding has arranged $1.47 million in Fannie Mae DUS financing for 357 Main, a 21-unit multifamily property located in Hyannis. The loan carries a 5.97 percent interest rate, a 10-year term and a 30-year amortization schedule. John Kelly of Arbor's Boston office originated the financing.
NEW YORK CITY — BCN Development has entered into contract to acquire a 50,000-square-foot office building located at 45 E. 33rd St. in New York City. The buyer plans to add six stories and 43,000 square feet onto the existing building and convert it into luxury condominiums. The seller and current occupant is Workman Circle, which will vacate the building. The deal is expected to close in the fall, and construction will commence in January.
NEWARK, N.J. — McGowan Builders has completed construction for The Leaguers' new headquarters at 405-425 University Ave. in Newark. The $23.5 million project consisted of the construction of a two-story, 100,000-square-foot building with an underground parking garage. The second level of the building houses the executive and administrative offices of The Leaguers, and the first level contains the organization's Head Start pre-school. The building also has the ability to be expanded. Wilson Woodridge and EI Associates provided design services for the project.
WASHINGTON, PA. — Marcus & Millichap has brokered the sale of a net-leased bank branch building in Washington for $1.92 million. The 14,000-square-foot property is located at 200 W. Beau St. Its occupant is First Niagara Bank, which is under a new 10-year, 8-month lease. Thomas Gorman, Matthew Gorman and Michael Shover of Marcus & Millichap's Philadelphia office represented the seller, a locally based developer. Judson Kauffman and Glen Kunofsky of Marcus & Millichap's Manhattan office secured the buyer, a limited liability company.
FALL RIVER, MASS. — HealthFirst, a nonprofit, walk-in medical clinic serving the Fall River community, has tapped Skanska USA to build its new health center. The project will consist of the conversion of a 78,000-square-foot former textile plant into a state-of-the-art health center. The project is primarily being funded from an $11.5 million grant from the U.S. Department of Health Resources and Service Administration. Completion is slated for 2011. HealthFirst currently operates out of a 10,000-square-foot space at 102 County St.
ELIZABETHTOWN, PA. — Marcus & Millichap has brokered the sale of Campus View Apartments, a 32-unit community located in Elizabethtown, for $1.7 million. The property is situated adjacent to Elizabethtown College at 955 Campus Road. It comprises 24 garden-style units and eight townhome-style units. All contain two bedrooms. Occupancy was approximately 94 percent at the time of closing. The buyer was a limited partnership completing a 1031 exchange. Zachary Pierce and Ken Wellar of Marcus & Millichap's Philadelphia office procured the buyer and represented the seller, another undisclosed limited partnership. The property traded at an 8.25 percent cap rate.
NEW YORK CITY — Beech Street Capital has secured $13 million in Fannie Mae DUS funds for the refinancing of Alpine Gardens Apartments in Queens. The property consists of four six-story buildings containing a total of 216 units. The loan carries a fixed interest rate, a 10-year term with 4 years of interest-only payments, 9.5 years of yield maintenance and a 30-year amortization schedule. Beech Street Capital arranged the loan, and Meridian Capital Group originated it.