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Northeast

NortheastOffice

LEAGUERS HQ COMPLETE IN NEWARK

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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.

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NortheastRetail

MARCUS & MILLICHAP BROKES SALE OF PA. BANK BRANCH

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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.

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HealthcareNortheast

SKANSKA TO REHAB TEXTILE PLANT INTO HEALTH CENTER

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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.

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MultifamilyNortheast

MARCUS & MILLICHAP BROKERS 1031 STUDENT HOUSING SALE

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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.

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MultifamilyNortheast

ALPINE GARDENS APARTMENTS REFINANCED IN QUEENS

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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.

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MultifamilyNortheast

BECK STREET CAPITAL SELLS APARTMENT BUILDING FOR $6.8 MILLION

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NEW YORK CITY — Beck Street Capital has disposed of an apartment building in Manhattan's Greenwich Village neighborhood for $6.8 million. The five-story property, which is located at 19 Greenwich Ave., contains 12 apartments and a ground-floor restaurant space. James Nelson of Massey Knakal Realty Services represented Beck Street in the deal. Rosa Murphy of Halstead Property represented the foreign buyer.

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NortheastRetail

FANTINI & GORGA ARRANGES REFINANCING OF MASS. SHOPPING CENTER

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NORTH READING, MASS. — Fantini & Gorga has secured a $6.21 million permanent loan for the refinancing of a North Reading shopping center. North Reading Plaza is a 155,000-square-foot retail center located along Route 28. Its anchors include Walmart and Marshalls, and additional tenants include Dollar Tree and Citizens Bank. John Gorga and Derek Coulombe of Fantini & Gorga arranged the loan on behalf of the borrower, North Reading Plaza LLC, through a regional commercial bank.

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MultifamilyNortheast

KEYBANK SECURES $10 MILLION TO REFINANCE TWO APARTMENTS

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PHILADELPHIA AND HAMDEN, CONN. — KeyBank Real Estate Capital has secured approximately $10 million to refinance two Northeast apartment communities. In the first deal, KeyBank arranged $4.7 million in Freddie Mac funds for Bryn Mawr Suites, a 104-unit apartment community located in Philadelphia. The borrower was Bryn Mawr Suites LP. In the second deal, Keybank secured $5.3 million in Freddie Mac funds for Chesnut Hill Apartments, a 97-unit community located in Hamden. The borrower was Chestnut Hill East LLC. Terms of the loan were not disclosed.

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NortheastSeniors Housing

WALKER & DUNLOP SECURES $10.5 MILLION FOR MASS. SENIOR FACILITY

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NEWTON, MASS. — Walker & Dunlop has secured a $10.5 million permanent loan for an assisted care facility in Newton. The loan carries a fixed 7-year term with 2 years of interest-only payments, a 30-year amortization schedule, a 52 percent loan-to-value ratio and a 2.26x debt-service coverage ratio. The property, known as Evans Park at Newton Corner, is a 121-bed, Class A facility. It was originally built as the Newton Public Library in 1904 and converted to a senior living facility in 1994. It provides assisted living and Alzheimer's care, and was 93 percent leased at the time of closing. The loan was added to an existing Fannie Mae master credit facility.

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MultifamilyNortheast

37 AFFORDABLE APARTMENTS COMING TO THE BRONX

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NEW YORK CITY — POKO Partners, in partnership with the New York City Housing Partnership, has broken ground for a $13 million affordable housing project in the Bronx. The project will include the construction of 37 affordable apartments at 1434-1438 Morris Ave. Completion is scheduled for early 2012. The project architect is GF 55 Architects. Financing for the project was provided by a variety of capital subsidy programs and grants as well as loans from the NYC Department of Housing Preservation Development, Community Preservation Corp., The Bank of New York Mellon, First Sterling Financial and the Bronx Borough President's Office.

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