ALDAN, PA. — Walker & Dunlop has arranged a $13.9 million loan for the acquisition of a multifamily portfolio in Aldan. Landsdowne and Gladstone Towers are three Class B communities containing a total of 350 units. The loan carries a 10-year term and a 30-year amortization schedule. John Street of Allied Mortgage & Realty Corp. originated the loan,. Charlie Mentzer led the Walker & Dunlop team that arranged the financing on behalf of the undisclosed borrower.
CLIFTON, N.J. — A joint venture between KABR Real Estate Investment Partners and Capstone Realty Group has acquired the $15.2 million note secured by the former headquarters of Linens 'n Things. The three-building, 155,000-square-foot office campus is located at 2-6 Brighton Road in Clifton. The all-cash purchase was made for 40 cents on the dollar. Concurrent with the closing, the joint venture sold the 55,000-square-foot building located at 6 Brighton Road to NJ Physicians LLC, which plans to convert it into medical office space. KABR and Capstone have rebranded the campus as Allwood Atrium Office Center and are launching a leasing campaign. Newmark Knight Frank negotiated the sale through the property's special servicer, LNR Partners.
WALLINGFORD, CONN. — Servpro has acquired an 11,780-square-foot industrial building located at 1254 Broad St. in Wallingford for an undisclosed amount. The company will relocate to the new facility from a property in nearby Meriden. Peter Shiue of the New Haven, Conn., office of Colliers Dow & Condon was the sole broker in the deal. The seller's name was not released.
NEW CANAAN, CONN. — NorthMarq has arranged the acquisition of an office building located at 65 Locust Ave. in New Canaan for $4.5 million. The property was 80 percent leased at the time of closing. Following the closing, the undisclosed buyer secured new leases for the property that will bring it to 95 percent occupancy by year-end. Deanna Polizzo and Ernest DesRochers of NorthMarq's New York Metro office arranged the deal as well as secured $3.5 million in acquisition financing with the help of NorthMarq Capital.
NEW YORK CITY — Massey Knakal Realty Services has completed the sale of two Manhattan multifamily buildings for a total of $12.7 million. The first property, which is located at 237 E. 53rd St., contains three retail spaces on the street level and 18 apartments. The second property, which is located at 239 E. 53rd St., contains three retail spaces and 17 apartments. The properties traded at a 5.9 percent cap rate. Massey Knakal's Clint Olsen and Paul Massey, Jr., arranged the deal on behalf of the two undisclosed parties.
PHILADELPHIA — Construction will begin in November for 20 LEED-Plaintum multifamily units in Philadelphia's Francisville neighborhood. The first of the 20 modular buildings, which will be known as The Vineyards at 16th and Ridge, will be a 4,830-square-foot, three-family structure that will feature, among other sustainable amenities, a 500-square-foot green roof. The residences are being built to surround the 20,000-square-foot Francis Village Marketplace. Spearheading the project is the 16th and Ridge Avenue Property Owners Association, which is led by developer Anthony Miles. The association's partner is the Francisville Neighborhood Development Corp.
NEW YORK CITY — The Houston office of Holliday Fenoglio Fowler (HFF) has brokered the sale of a self-storage portfolio in New York City. The two properties include a 1,343-unit property located at 395 Brook Ave. in the Bronx and a 861-unit property located at 2887 Atlantic Ave. in Brooklyn. The HFF team of Aaron Swerdlin, Doug McCarron and Barbara Guffey represented the seller, Storage Deluxe. U-Stor-It was the buyer and acquired the portfolio free and clear of debt.
ALLENTOWN AND BETHLEHEM, PA. — 1st Service Solutions has arranged the assumption of a $6.7 million CMBS loan to assist in the purchase of a self-storage portfolio in Pennsylvania. The buyer, a regional self-storage provider, will assume a $3 million and $3.7 million conduit loan for the acquisition of properties in Allentown and Bethlehem, respectively. Sperry Van Ness' Nicholas Malagisi, along with Costas Hrousis and Shawn Donahue of Veraxia Commercial Real Estate Solutions (formerly of Sperry Van Ness), brokered the acquisition.
EXETER TOWNSHIP, PA. — A joint venture between Toronto-based RioCan Real Estate Investment Trust and Port Washington, N.Y.-based Cedar Shopping Centers has closed on the $53 million acquisition of Exeter Commons shopping center in Exeter Township. The 361,000-square-foot center was completed in 2009. Its anchors include a 171,000-square-foot Lowe's Home Improvement Warehouse and an 82,000-square-foot Giant Food Stores, both of which are under 20-year leases. Other tenants include Staples, Petco, Famous Footwear, Five Below, Sleepy's, Five Guys Burgers & Fries, Hallmark, Red Robin, Affinity Bank and Sonic. Occupancy was 98 percent at the time of closing. The purchase was funded, in part, by a $30 million loan provided by New York Life Insurance Co. The loan carries a 10-year term, a 30-year amortization schedule and a 5.3 percent interest rate. Brad Nathanson of Marcus & Millichap's National Retail Group represented the undisclosed seller in the deal and procured the buyer.
HIGHLAND PARK, N.J. — Gebroe-Hammer Associates (GHA) has completed the sale of a 46-unit multifamily community in Highland Park for $4.92 million. The two-story complex is located at 481 S. 2nd Ave. It features 26 one-bedroom units and 20 two-bedroom units. A majority of the units have been recently renovated. Occupancy was 95 percent at the time of the sale. The undisclosed buyer plans to complete renovations to the remaining units to bring rents up to market levels. Joseph Brecher of GHA represented the buyer as well as the seller, Lighthouse Highland Park LLC.