BERKELEY HEIGHTS, N.J. — Advanced Health Media has entered into a long-term lease for a 123,082-square-foot office building located in Berkeley Heights. The Class A building is located at 420 Mountain Ave. AHM will consolidate two of its nearby offices into the new location beginning in mid-2011. Bryn Cinque and Jim Bailey represented AHM in lease negotiations. Bill Brown of Cushman & Wakefield represented the landlord, Vision Equities.
NEW YORK CITY — Massey Knakal Realty Services has brokered the sale of a development site located at 35-39 Cooper Square in Manhattan's East Village for $8.5 million. The lot size is 4,833 square feet, is zoned for mixed-use development and can accommodate 28,998 buildable square feet. Joe Sitt of Massey Knakal's Special Asset Strategy Group handled the transaction between the two undisclosed parties.
NEW YORK CITY — A joint venture between Highgate Holdings and Rockpoint Group has acquired the Milford Plaza Hotel from an affiliate of Ogden CAP Properties. The hotel, constructed in the 1920's, is located in Manhattan's Theatre District, less than a block from Times Square. The new buyer plans to redevelop the property. Construction will include an upgrade to the infrastructure and public spaces, a renovation of the guest rooms, and the addition of a restaurant and retail space on the building's ground floor. Hodges Ward Elliott was the exclusive broker in the deal.
NEW YORK CITY — Stellar Management has acquired Tivoli Towers, a 33-story, 320-unit affordable housing property located in the Crown Heights neighborhood of Brooklyn. The buyer plans to maintain the building's status as affordable housing under the Michell-Lama housing program for a minimum of 30 additional years. Stellar also plans to complete an approximately $15 million renovation to the property — its first since the 1970s. Upgrades will include new elevators, kitchen and bathroom upgrades, improvements to common areas, and repairs to the roof, façade and parking garages. The New York City Housing Development Corp. is providing acquisition and construction financing.
COATESVILLE, PA. — Marcus & Millichap's Philadelphia office has completed the sale of Millview Apartments, a 350-unit multifamily community located in Coatesville, for $34.5 million. Developed in 2005, the community is situated on 33.5 acres at 100 Cobblestone Drive. Its unit mix includes 250 two-bedroom units and 100 one-bedroom units. The Marcus & Millichap team of Ridge MacLaren, Mark Thomson, Clarke Talone and Andrew Townsend represented the seller, a local developer, and the buyer, a newly formed partnership.
NEW YORK CITY — The groundbreaking has occurred for the new Lower Eastside Girls Club Center for Community. The project is located at the intersection of Avenue D and East 7th Street on the Lower Eastside of Manhattan. The 12-story project includes the 30,000-square-foot Girls Club Center on the bottom three floors and 78 mixed-income apartment units on the upper nine floors. The Girls Club will include classrooms, a planetarium, a library, art and dance studios, a broadcasting station, a fitness center, a photography and digital media center, environmental learning labs and technology workshops. The third-floor terrace will feature a green roof, and the bottom floor will feature a gift shop and café on the bottom floor as well as the Sweet Things Bakery. The project is seeking LEED-Gold certification. Completion is expected in mid-2012. The developer is The Dermot Company, and the project architect is Cutsogeorge Tooman & Allen Architects.
PLAINFIELD, N.J. — Gebroe-Hammer Associates (GHA) has brokered the sales of two distressed multifamily portfolios for a total of $22.1 million. The first deal involved the approximately $16.1 million sale of a 268-unit portfolio. The properties are all located in Plainfield and include 108 units at Netherwood Village, 102 units at Watchung Gardens and 58 units at Greenbrook Village. Steven Tenenbaum of GHA arranged the deal as Bankruptcy Court-approved broker. The buyer was a private investor. The second deal involved the approximately $6 million sale of a 141-unit portfolio, also located in Plainfield. The properties include Cornell Apartments, Pingry Arms and Executive Arms. GHA's Joel Schwartz arranged the sale on behalf of the seller, which is in Chapter 11 bankruptcy. The buyer is Plainfield Park LLC, which had owned the portfolio several years prior.
NEW JERSEY — KeyBank Real Estate Capital has secured a total of $106.7 million in Freddie Mac funds for seven senior housing properties in New Jersey. In the first deal, KeyBank originated a $100 million loan for a portfolio of six properties on behalf of a joint venture between an affiliate of The Carlyle Group and Fanwood, N.J.-based Chelsea Senior Living. The properties are located in East Brunswick, Fanwood, Manalapan, Montville, Tinton Falls and Warren. In addition, KeyBank provided a $6.75 million loan for Metuchen Senior Apartments in Metuchen. The borrower was Gary Kline. Terms of the loans were not disclosed.
NEW YORK CITY — Marcus & Millichap has arranged the sale of a 1,916-square-foot retail building located at 1714 86th St. in Brooklyn, New York City. The property traded for $700,000, or $365 per square foot. Jeb Hollingsworth and Matthew Fotis of Marcus & Millichap's Brooklyn office represented the seller and the buyer, both private investors.
MANCHESTER AND DEWITT, N.Y. — Arbor Commercial Funding has arranged a total of $10.12 million in Fannie Mae DUS funding for two New York multifamily communities. A $5.48 million loan was secured for Clover Crossings Apartments, a 72-unit community located in Manchester. A $4.64 million loan was secured for Maplewood Apartments in DeWitt. Both loans carry 10-year terms and 30-year amortization schedules. Ronen Abergel of Arbor's New York City office originated the loans.