SOMERSET, PA. — The Mumford Company has completed the $7.2 million sale of the Hampton Inn of Somerset in Somerset. The 111-room hotel was sold by affiliates of Virginia Inn Management to Whispering Hospitality. David Mumford and Tom Sommer of the Mumford Co. represented the seller in the transaction. The new owner plan to renovate the hotel.
MANCHESTER, CONN. — Leonard Lucas of Love Funding’s Boston office has placed $6.28 million in financing for the acquisition of the Crestfield Rehabilitation Center in Manchester. The facility, also known as Fenwood Manor, features a 95-bed skilled nursing center for sub-acute care and a 60-bed intermediate care facility. The undisclosed Connecticut-based borrower purchased the facility for $5.4 million.
WARMINSTER, PA. — Equity Retail Brokers has completed the sale of a 1.5-acre bank site located at 157 York Rd. in Warminster. Viriva Community Credit Union plans to open a bank on the parcel by October 2008. Ken McEvoy of Equity Retail negotiated the acquisition. The sale price was undisclosed.
NEW YORK CITY — Swig Equities is set to construct Nobu Hotel and Residences, a new luxury mixed-use development in the financial district in Lower Manhattan, New York City. Located at 45 Broad St., the 62-story glass tower will include 13,000 square feet of retail on the second floor, Nobu restaurant on the third floor, a 128-room Nobu hotel and 77 condominium units on floors 41 through 62. David Rockwell of the Rockwell Group designed the facility. The mixed-use project is set to meet LEED certification upon completion.
MANHEIM TOWNSHIP, PA. — The Solomon Organization has purchased Mayfair Manor at Grandview Heights in Manheim Township. The multifamily facility features 60 units ranging from two- to three-bedroom residences. Located at 845 Pleasure Rd., the community offers convenient access to Routes 30 and 222. The seller and sale price were undisclosed.
PHILADELPHIA — Vince Jolly of SSH Real Estate has brokered the $25.5 million sale of 714 Market St., a 212,000-square-foot office building in Philadelphia. Liberty Resources acquired the building from 714 Holdings LLP. Liberty was the facility’s largest tenant, leasing 60,000 square feet in the building. Jolly represented Liberty Resources, and Cushman & Wakefield represented the seller in the sale. Andrew Noll of Citizens Bank handled the financing for the purchase.
EDISON, N.J. — Ivy Equities has sold Raritan Plaza III in Edison to The Silverman Group of Short Hills, N.J. The 182,616-square-foot Class A office building is located on 13.5 acres at 105 Fieldcrest Ave. The six-story building was 97 percent occupied by 27 tenants at the time of the sale. Gary Gabriel, Andrew Merin, David Bernhaut and Jose Cruz orchestrated the sale. The sale price was undisclosed.
NEW YORK — Cantor Fitzgerald, L.P. has launched a new real estate group, Cantor Real Estate, LLC. Andrew Stark, who will be the executive managing director of the firm, will head the new group up. Cantor Real Estate will create a real estate opportunity fund as an investment vehicle for Cantor partners and other investors. The fund will focus on opportunistic investments in various real estate sectors and dislocated assets. Prior to joining Cantor, Stark was the president of the Northeast and Mid-Atlantic regions of WCI Communities.
ROCHESTER, N.Y. — Sam Bearns of NorthMarq Capital has closed a $2.7 million loan for a PriceRite Grocery Store in Rochester. The non-recourse, 10-year loan has a 25-year amortization schedule and exceeded 80 percent loan-to-value. The fixed-rate loan was locked in at the low 7 percent range. The loan was placed through the firm’s relationship with a national real estate commercial credit company. The borrower was undisclosed.
PLYMOUTH, MASS. — Equibase Capital Group has arranged a $1.35 million bridge loan for Abbot Real Estate Development. The company plans to use the funds for the acquisition, zoning and redevelopment of a vacant Wal-Mart in Plymouth. The 5.8-acre property will be redeveloped into Abbott Residences at Cordage Park, a 150-unit apartment complex.
