Northeast

MORRISTOWN, N.J. — Construction is advancing for two residential buildings located within a $500 million mixed-use project located in Morristown that is being developed by Rosewood. The first project, 40 Park, is a seven-story residential condominium building. It features 73 units, including 13 penthouses that range in price from $400,000 to more than $2.3 million. The retail component of the project, The Shops on the Green, contains more than 70,000 square feet of street-level retail space. The 40 Park building serves as the anchor for two adjacent buildings: The Metropolitan, a seven-story, 130-unit rental apartment building; and The Lofts, a 30-unit condominium property. The second project is The Highlands at Morristown Station. The transit-oriented development features 219 apartment units and 8,000 square feet of retail space, all located near the Morristown Train Station. Cushman & Wakefield is serving as the exclusive leasing agent for the retail component of both projects. The leasing team consists of Rick Rizzuto, Michael Stone and Jim Postell, all of the firm’s Morristown office. 40 Park is being developed by Roseland Property Group, Woodmont Properties and Epstein Land Co. Completion of 40 Park’s The Shops on the Green is scheduled for spring 2010. Completion for the …

ABINGTON, MASS. — Boston-based Fantini & Gorga (F&G) has secured $30.7 million in fixed-rate, first-mortgage financing for Abington Woods, a 180-unit multifamily property located in Abington. Situated on 36 acres along Route 18, The Class A community comprises 16 buildings containing 180 two-bedroom units. Community amenities include a clubhouse that features a media room, a fitness center and an indoor swimming pool with a retractable roof. The property was constructed in early 2008. The loan was originated F&G’s Tim O’Donnell, George Fantini, Jr., and Derek Coulombe. The lender was one of F&G’s correspondent life insurance companies. Terms of the financing were not disclosed.

BALDWINSVILLE AND CONKLIN, N.Y. — Syracuse, N.Y.-based CB Richard Ellis/Syracuse (CBRE) has brokered two sales totaling $16.5 million. In Baldwinsville, CBRE completed the sale of Golden Legacy Senior Community, a 144-unit, age-restricted multifamily property located at Seven Legacy Dr. The 12-acre property comprises six three-story, elevator-served buildings. The units total 1,000 square feet each and contain two bedrooms. Each unit features a patio or balcony, and laundry facilities are located on each floor. Community amenities include a swimming pool, a community center and 53 garages. CBRE’s Michael Finn and Bill Anninos negotiated the sale. The buyer was Midway Investors LLC and the seller was Golden Legacy LLC. In Conklin, Bill Anninos, along with Leonard DiMicelli of CB Richard Ellis/New York City, brokered the purchase of a 162,000-square-foot warehouse/distribution facility for $5 million. The property is located at 136 Carlin Rd., and is occupied by LexisNexis, which will remain at the facility. CBRE represented the buyer, Reed Elsevier, of which LexisNexis is a member. The seller, The Tribune Company, was represented by Cushman & Wakefield.

WATERBURY, CONN. — Marcus & Millichap has completed the sale of River’s Edge Apartment Homes, a 156-unit multifamily community located at 35 Sharon Rd. in Waterbury, for $10.6 million, or $67,949 per unit. The Class A, gated apartment community was constructed in 1974. Situated on 10.51 acres, it comprises seven detached buildings. The units consist of six studios, 67 one-bedroom flats and 83 two-bedroom flats. Units range in size from 400 square feet to 1,220 square feet, and each residence includes a private deck or patio. Steve Witten and Victor Nolletti of Marcus & Millichap’s New Haven, Conn., office represented the buyer, Paredim Acquisition LLC, as well as the seller, ERP Operating Limited Partnership. Acquisition financing was provided by Fannie Mae.