SOMERSET, N.J. — Chicago-based Wrightwood Capital has provided $6.75 million in acquisition financing for the Somerset Estates apartment community in Somerset. Located at 271 Franklin Blvd., the property contains 395 one-, two- and three-bedroom units in 57 two-story buildings. The borrower, Fieldstone Properties, plans to implement a capital improvements plan, including upgrades to the kitchens and bathrooms, and the conversion of some two-bedroom units into three-bedroom units, in an effort to raise rents to market levels. The loan carries a 5-year term, and was sourced through Emmet Delany of Capital & Venture Resources.
NEW YORK CITY — Eastern Consolidated has arranged the sale of two adjacent multifamily buildings, located at 303-305 E. 53rd St. in New York City, for $8 million. The two four-story structures were jointly built on the same lot and total 33,440 square feet. The ground floor is occupied by Top Tune Entertainment, a restaurant and lounge, while the second floor is occupied by Japanese Karaoke, a bar and lounge. Residential tenants occupy the third and fourth floors of the buildings. Charlotte Fu of Eastern Consolidated, represented the buyer, locally based Edro Realty, and procured the seller, 303-305 Building LLC. The property traded at a 6 percent cap rate. The air rights to the properties are currently leased to the neighboring Connaught Tower cooperative.
NORTH CONWAY, N.H. — Marcus & Millichap has arranged the sale of The North Conway Property, a 14,000-square-foot, net-leased drug store located in North Conway, for $6.3 million. Ben Sgambati, Michael Lombardi and Todd Tremblay, represented the seller; the buyer was secured and represented by Sgambati and Lombardi. Both parties were undisclosed. The property sold at a cap rate of 6.45 percent.
NEW YORK CITY — Brooklyn, New York City-based Kalmon Dolgin Affiliates (KDA) has completed the sale of a 14,000-square-foot shopping center located at 953 Cypress Ave. in the Ridgewood neighborhood of Queens, for $1.85 million. The two-story property contains 12,500 square feet of retail space on the first floor, and 1,500 square feet of office space on the second floor. The property currently contains a furniture store, a discount merchandise outlet and a money transfer business. Dmitri Gourianov of KDA represented the buyer, My Ridgewood Realty, and the seller, the Costarelli family. The purchase included 11,000 square feet of air rights for future development.
HACKENSACK, N.J. — New York City-based Meridian Capital Group has secured $16 million in acquisition financing for The Carlyle, a 13-story residential building located at 380 Prospect Avenue in Hackensack. The Class A multifamily property contains 128 units; property amenities include a 24-hour doorman, an outdoor swimming pool and underground parking. Terms of the loan include a 5.5 percent fixed rate for a 7-year term, with 3 years interest-only payments. Avi Weinstock and Chaim Tessler of Meridian’s New York office arranged the financing on behalf of the borrower, AKS Management. The lender was undisclosed.
MERRIMAC, MASS. — Winchester, Mass.-based Klemmer Associates, along with Colliers Houston, has brokered the sale of an 87,700-square-foot industrial building located at 51 E. Main St. in Merrimac, for $2.3 million. Klemmer Associates and Colliers Houston represented the undisclosed seller. The buyer, James F. Mullen Co., was represented by Peter Richardson of Jones Lang LaSalle.
BASKING RIDGE, N.J. — The grand opening has been held for Hotel Indigo Basking Ridge, a four-story, 112-room boutique hotel located at 80 Allen Road in Basking Ridge. The hotel was acquired last year, and a subsequent multi-million dollar renovation was launched. Amenities in the hotel include a state-of-the-art fitness and relaxation center, a gourmet café and a business center. Michael Sonnabend and Paul Fried of New York City-based AFC Realty Capital helped secure $20 million in acquisition and construction financing for the project, and invested in the ownership of the property. The hotel’s reopening marks the brand’s first owner-operated hotel to open in the state.
NEW YORK CITY — GFI Realty Services has negotiated the sale of 1667 and 1690 Clay Ave., two five-story apartment buildings located in the Bronx, New York City, for $3.8 million. The two walk-up buildings contain 43 apartment units and two retail stores. The transaction was negotiated by Colin Rower of GFI Realty Services. The buyer was Chad Kurland of Titan Capital, and the seller was the Gershnov family, which sold the property as part of a reverse 1031 exchange.
COVENTRY, R.I. — Fantini & Gorga has arranged $8 million in construction financing for Coventry Crossing, a three-building, 21,000-square-foot retail center located in Coventry. The property is situated on 5.7 acres directly across from the 200-acre, master-planned Centre of New England project. Coventry Crossing is currently under development by Hecht Development; tenants already signed include CVS/pharmacy, Webster Bank and Dunkin Donuts. Terms of the financing were not disclosed.
IRONDEQUOIT, MASSENA AND SARANAC LAKE, N.Y. — Bryn Mawr, Pa.-based WP Realty has sold a three-property portfolio of New York shopping centers to Erez Capital Fund. The first is Irondequoit Plaza, a 216,000-square-foot community shopping center located in Irondequoit. The property is anchored by a 90,000-square-foot Wegmans and a 27,000-square-foot Big Lots. Additional tenants in the 99 percent-leased center include Dollar General, Dollar Tree, Citizens Bank and Dunkin Donuts. The second property is St. Lawrence Plaza, a 166,000-square-foot community shopping center located on Highway 37 in Massena. The property, which is 99 percent occupied, is anchored by a 68,160-square-foot BJ’s Wholesale Club, a 56,717-square-foot Hannaford Brothers and a 25,370-square-foot OfficeMax. The last property is Saranac Lake Plaza, a recently redeveloped, 68,000-square-foot shopping center located in Saranac Lake. The property is tenanted by Ace Hardware, Grand Union Supermarket, Dollar Tree and Advance Auto. The center was fully occupied at the time of closing.