MIDDLETOWN, R.I. — Fantini & Gorga has arranged for a $7.2 million first mortgage for the East Bay Village Apartments, a 240-unit complex located in Middletown. The apartment community is located at 969 W. Main Road (Route 114), approximately 2 miles north of Downtown Newport. The property includes a total of 10 three-story buildings with 240 studio, one- and two-bedroom units. The units include all electric kitchens, intercom entry systems, walk-in closets, air conditioning, ceiling fans, breakfast bars, garbage disposals and cable TV/high-speed Internet hook-ups. Some complex amenities include on-site management, a pool, laundry facilities in each building, free storage areas, a tennis court, a volleyball court and extensively landscaped grounds. The borrower, Middletown Associates, is owned and managed by affiliates of Picerne Investment Corporation.
Northeast
PISCATAWAY, N.J. — Denholtz Associates has recently completed a 2-year, 20,300-square-foot lease renewal with Advance Telecom Resources at 141 Ethel Road West in Piscataway. Located in Piscataway Corporate Center, 141 Ethel Road West is a multi-tenant flex building designed for offices, hi-tech, and distribution, Conveniently situated between Route 1 and I-287, the property is close to Rutgers University, the Edison Train Station and is easily accessible to the area's restaurants, malls, banks, golf courses, and hotels. The building features flex units with high ceilings, tailboard doors, wide bays, and ample parking. David Zimmel, of Zimmel Associates, represented both the tenant and landlord in this transaction.
HARTFORD, CONN. — Arbor Commercial Funding has secured a $905,500 loan under the Fannie Mae DUS Multifamily Affordable Housing product line for Mansfield Apartments, a 60-unit complex in Hartford. The 10-year loan amortizes on a 25-year schedule and carries a note rate of 5.95 percent. The loan was originated by John Edwards of Arbor’s full-service Boston lending office.
BROOME COUNTY, N.Y. — Sunbury, Pa.-based Weis Markets has purchased 11 Giant Markets stores in Broome County, including locations in Johnson City, Endwell, Endicott, Vestal and Binghamton. All 11 stores were closed for conversion and are set to reopen Tuesday, August 25 at 7 a.m. A grand opening will be held on August 30, and five of the locations will convert to 24-hour schedules.
MILTON, VT. — Jamaica, Vt.-based Jamaica Cottage Shop has partnered with newly developed Vermont Eco Cottage to open its newest display/retail yard at 530 Route 7 South in Milton. The retail outlet will feature Jamaica Cottage Shop’s original designs for outdoor sheds, including garden sheds, storage sheds, potting solutions, firewood storage, chicken coops, camping and hunting cabin retreats. The display area will house building examples that can be ordered as pre-cut shed kits or fully assembled buildings. Jamaica Cottage Shop supports local landowners, foresters, loggers and sawmills by using native Vermont hemlock and pine lumber.
JERICHO, N.Y. — Long Island, N.Y.-based Metropolitan Realty Associates has moved its headquarters from Garden City, N.Y., to 500 N. Broadway in Jericho. Established in 2002, Metropolitan Realty owns more than 700,000 square feet of office space on Long Island, including the Business and Research Center at Garden City in Garden City, N.Y.; Sunrise Business Center in Great River, N.Y.; and the Jericho Atrium in Jericho, N.Y.
NEWARK, DEL. — The U.S. Army has purchased a 193,460-square-foot industrial property from Main PW LP for an undisclosed amount. The facility is spread across 20 acres at 1001 Ogletown Rd. in Newark. GVA Smith Mack represented the buyer, and M. Neil Kilian of NAI Emory Hill represented the seller.
CRANBERRY TOWNSHIP, PA. — Marcus & Millichap has represented two undisclosed parties in the $5.5 million sale of a 25,198-square-foot property net-leased to Chick-fil-A and Olive Garden. The property is located at 1678-1716 Route 228 in Cranberry Township. Jack Hopkins of Marcus & Millichap represented the seller, and the firm’s John Susank represented the buyer.
SYRACUSE, N.Y. — Michael James of NorthMarq Capital has secured $3.5 million in financing for a 74,000-square-foot Syracuse office building. Located at 225 Greenfield Parkway, the property houses Brookfield Renewable Power. The 10-year loan, which carries a 25-year amortization schedule, was financed by a federal credit union.
CANTON, MASS. — Vermont Pure Holdings, a bottled water distributor, has singed a lease with an undisclosed landlord for 23,966 square feet of office space in the Shawmut Business Park. The building is located at 95 Shawmut Rd. in Canton. Matthew Morgan of Framingham, Mass.-based Parsons Commercial Group represented the tenant.