LONDONBERRY, N.H. — Tinkham Realty has brokered the trade of two development sites in Londonberry. The buyer in both deals was Concord, N.H.-based Pillsbury Realty Development. The first site totals 9 acres and is located at 2 Ash St. It is zoned for industrial development. The second site totals 38 acres and is located at 34 Hovey Road. It is currently zoned for agricultural/residential use, but Pillsbury plans to develop it in conjunction with the first site. The combined purchase price for the two sites is approximately $2.1 million. Judy Tinkham of Tinkham Realty represented Pillsbury and procured the sellers, both of which were family partnerships.
NEW YORK CITY — Hudson Realty Capital has secured $2.8 million in first-mortgage financing for an 8.9-acre industrial park located in Staten Island. The loan will be used to assist in the acquisition of the property's existing first mortgage. The property contains five three-story warehouse buildings totaling 165,150 square feet. The borrower and lender were not disclosed.
NEWARK, N.J. — TreeTop Development has acquired a three-property portfolio of apartment buildings in Newark from the U.S. Department of Housing and Urban Development. In the first deal, TreeTop partnered with New York City-based Latus Partners to acquire the 258-unit Aspen River Park in the city's Ironbound district. The new owners plan to complete $1.5 million in capital improvements. The other two properties are the 88-unit Aspen Temple, which is located at the corner of South 10th and 11th streets, and 135 Prince Street, which is located adjacent to Society Hill.
NEW YORK CITY — United American Land is developing a new mixed-use project at the corner of Fulton and Bridge streets in Brooklyn, near the entrance to the Fulton Street Mall. Known as 505 Fulton Street, the project will consist of the construction of a new two-story building totaling 130,000 square feet and the renovation of an adjacent landmark structure. H&M has already signed on as the anchor tenant for one of the buildings. Coldwell Banker Commercial Hunter Phoenix is serving as owner's representative, Greenberg Farrow is the project architect, and the general contractor is OTCA/BDD-JV.
BROOKLAWN, N.J. — Gebroe-Hammer Associates (GHA) has brokered the sale of Brooklawn Court Apartments in Brooklawn. The property traded for $3.1 million in an all-cash deal. Brooklawn Court comprises 54 two-bedroom units in three two-story, garden-style buildings that are located at 301-501 Browning Road. Occupancy was 97 percent at the time of closing. Joel Schwartz of GHA represented the seller, Brooklawn LLC, and procured the undisclosed buyer.
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.