EAST SANDWICH, MASS. — Norwell, Mass.-based Acella Construction Corp. has completed construction of a new 16,000-square-foot dormitory for Riverview School in East Sandwich. Known as the Janse-Butler House, the facility will accommodate 36 middle and high school students, as well as six staff members. The dorm will also be handicap accessible. CMG Architects provided design services for the project. Riverview School is a coeducational, residential school situated on a 16-acre campus that houses 180 students with complex language, learning and cognitive disabilities.
HILTON, N.Y. — The Rose Hill Group of Western New York (RHG) has arranged an $8 million bridge loan for Hilton East Assisted Living, a 175-bed senior housing facility located in Hilton. The property had a more than 90 percent occupancy rate at the time of closing. Thomas Grzebinski of RHG arranged the loan on behalf of the Rochester, N.Y.-based borrower through a regional bank. Terms of the financing were not disclosed.
MANCHESTER, CONN. — Chozick Realty has negotiated the sale of Mansion Apartments, a 15-unit multifamily community located at 20-28 Otis St. in Manchester, for $1.26 million. The property comprises seven two- and three-bedroom units located in a mansion construction in 1886, as well as eight two-bedroom townhomes constructed in 1972. The mansion includes the original woodworking, working fireplaces with hand-carved mantels, original etched brass door hardware, electrified gaslights and canvas ceilings. It has been upgraded with new HVAC systems, plumbing and electrical service. Rick Chozick of Chozick Realty represented the buyer, Otis Manch LLC. The seller, Stephen Grimaldi, was represented by Michele Lizee of Century 21 Alaimo. The community traded at a price of $84,000 per unit.
GARDEN CITY, N.Y. — The Long Island office of CB Richard Ellis (CBRE) has negotiated the purchase of The Atria, a six-story, Class A office tower located at 900 Stewart Ave. in Garden City, for $38 million. The 235,000-square-foot building is fully occupied by JPMorgan Chase, which has the option to return 80,000 square feet of the building within the next 18 months. CBRE’s Philip Heilpern, Richard Karson, Martin Lomazow and Paul Leone represented the buyer, CAF Realty; Cushman & Wakefield represented the seller, BREOF BNK2 Atria LLC, which is an affiliate of Brookfield Asset Management.
SARATOGA SPRINGS, N.Y. — Pyramid Brokerage Co. has completed the sale of Hannaford Plaza, an approximately 179,909-square-foot retail center located at 79-95 Weibel Ave. in Saratoga Springs, for $23 million. The property was fully occupied at the time of closing by Kohl’s, Hannaford Brothers and Tractor Supply. Joyce MacKnight of Pyramid’s Syracuse, N.Y., office, along with Peter Struzzi and Shaun O’Rourke of the company’s Albany, N.Y., office negotiated the transaction. The buyer is Saratoga Retail Partners, a subsidiary of Albany-based Nigro Cos.; the seller is Centro Properties.
NEW YORK CITY — New York City-based Aragon Construction has begun the renovation of the former Clearview Chelsea West Cinemas, located at 333 W. 23rd St. in New York City. The three-story, two-screen theater will serve as the cultural center for the School of Visual Arts (SVA). Construction will include the renovation of the existing basement; the upgrading of the theater’s mechanical systems, electrical systems and fire alarms; new screens and draperies; the installation of a state-of-the-art audio system; expanded stages; redesigned lighting; and the construction of a new lobby. Aragon is working on the renovation in conjunction with Laurence G. Jones Architects. Upon completion in January 2009, SVA will use the facility to host film screenings, lectures and other cultural programs.
PHILADELPHIA — NorthMarq Capital has arranged a $21.5 million loan for the refinancing of a 180,000-square-foot office condo unit within The Packard Building, a 26-story mixed-use tower located at the corner of 15th and Chestnut streets in the Center City neighborhood of Philadelphia. The condo unit consisted of the first 12 floors of the building, which contains office space on floors two through 12, and retail space on the basement, ground floor and mezzanine levels. Major tenants include The Defender’s Association of Philadelphia, Philadelphia Municipal Authority and a new Del Frisco’s Double Eagle Steakhouse that is presently under construction. Tom Graf and Bruce Whipple of NorthMarq’s New York City office arranged the financing on behalf of the borrower, Chest-Pac Associates, through the lender, CWCapital. Terms of the loan include a 5-year term with a 30-year amortization schedule. The Packard Building contains ground-level retail space, 11 floors of office space, and residential condominiums on floors 13 through 26.
NEWTON, N.J. — Livingston, N.J.-based Gebroe-Hammer Associates (GHA) has brokered the sale of Town Square Garden, a 41-unit multifamily community located at 54 Mill St. in Newton, for $3.67 million. The property consists of a two-story, Class A building containing 19 one-bedroom, 18 two-bedroom and four three-bedroom units. Stephen Tragash and Elliot Schechter of GHA represented the seller, Town Square Gardens LLC, and procured the undisclosed buyer. The new owner plans to complete extensive capital improvements to the property.
MALVERN, PA. — King of Prussia, Pa.-based O’Neill Properties Group has announced plans for a 180,000-square-foot office building, to be located within the developer’s Uptown Worthington mixed-use project. Known as Worthington Financial Center, the building is being designed to achieve LEED certification. Sustainable features include the use of recycled and reclaimed building materials as well as energy-efficient heating, cooling and lighting systems. Berwyn, Pa.-based Turner Investment Partners will serve as the building’s first tenant, taking more than 63,000 square feet in the fourth quarter of 2010. Uptown Worthington is scheduled for completion in fall 2009. Once built-out, the project will total 2 million square feet, including 490,000 square feet devoted to Class A office space. Additional components include retail, restaurants, entertainment venues, hotels and residences.
ALBANY, N.Y. — The grand opening has been held for TownePlace Suites / Albany Empire State, a 106-suite, extended-stay hotel located at 22 Holland Ave. in Albany. The seven-story building features an indoor pool, complimentary wired and wireless Internet access, and 400 square feet of meeting space. Each of the two-room suites features separate living and sleeping areas, a fully equipped kitchen, and a work station. The hotel is owned by Lake Ronkonkoma, N.Y.-based True North Development Group and will be managed by Interstate Hotels & Resorts.