WINDSOR, CONN. — Chozick Realty has completed the sale of Williamsburg Apartments, a 140-unit multifamily community located in Windsor, for $19.22 million. Situated on 15.72 acres at 250 Bloomfield Ave., the property comprises 10 buildings in a mix of 32 one-bedroom units and 108 two-bedroom units. Property amenities include a clubhouse and a swimming pool. The community is 98 percent occupied. Rick Chozick of Chozick Realty represented the seller, Williamsburg Associates, as well as the buyer, Windsor Castle.
WESTWOOD, N.J. — The Hampshire Companies has acquired a 33,000-square-foot medical office building located at 400 Old Hook Rd. in Westwood. Situated on 1.23 acres, the facility was 80 percent occupied at the time of closing. The building is located less than a mile from the former Pascack Valley Hospital, which is currently being converted into a medical school. Cushman & Wakefield represented Hampshire in the transaction. The property was acquired from Life Key Ventures on behalf of Hampshire Partners Fund VII, Hampshire’s institutional real estate investment fund. The acquisition price was not disclosed.
NEW YORK CITY — Corus Bank has secured a $27.5 million construction loan for Irving Place, an 11-story luxury condominium building located in the Gramercy Park neighborhood of Manhattan, New York City. The project will comprise 9 residential units totaling approximately 31,000 square feet of residential space. The borrower was Madison Equities. Terms of the loan were not disclosed.
NEW YORK CITY — San Francisco-based Shorenstein Properties has acquired a 94 percent controlling interest in the entity that owns two Manhattan, New York City, high-rise towers. The first property is Park Avenue Tower, a 36-story office tower located at 65 E. 55th St. The building contains 615,857 square feet, and is currently 97 leased to a tenant roster that includes Paul Hastings, Davidson Kemper Capital Management, King Street Capital Management and Oak Hill Capital Management. The second property is 850 Third Avenue, a 21-story, 613,664-square-foot office tower. Major tenants at the building, which is 92 percent leased, include Discovery Communications, Shearman & Sterling and Citibank. Shorenstein acquired the interest for an undisclosed amount on behalf of its investment fund, Shorenstein Realty Investors Nine LP.
MORRIS COUNTY, N.J. — Parsippany, N.J.-based Woodmount Properties has commenced the final phase of development for the 75-acre Commerce Center mixed-use project in Morris County. Phase III construction will consist of The Offices at Commerce Center, a 59,000-square-foot medical office building. The property will be built as condominiums, offering tenants the opportunity to own or lease their space. Rotwein & Blake is serving as project architect. Clancey Realty Group will market the property. Commerce Property already contains a fully operational, 150,000-square-foot FedEx facility, as well as a 108-room Hilton Homewood Suites that is under construction and scheduled for completion in early 2009.
BOSTON — Boston-based Fantini & Gorga has arranged $59.7 million in debt and preferred equity placement for 50 West Broadway, a 139-unit, transit-oriented multifamily project located in Boston. The rental apartment community will be located at the site of the former Cardinal Cushing Central High School; it will consist of 139 residential units, street-front retail space and structured parking. Buildings will range in height from two to six stories, and two courtyards will provide more than 9,000 square feet of open space. Twenty percent of the units will be positioned as affordable housing. A joint venture between John M. Corcoran & Co. (JMC) and The Brennan Group is developing the project. JMC will also be responsible for the leasing and management of the building. John Moriarty Associates will serve as general contractor. VMY Vitols Architects and Arrowstreet are serving as project architects. Completion is expected in the fourth quarter of 2009.
BLOOMSBURG, PA. — Marcus & Millichap has completed the sale of Warhurst Apartments, a 16-unit student housing community located in Bloomsburg, for $1.35 million. The property comprises four buildings, and was fully occupied at the time of closing. Joseph Elia of Marcus & Millichap’s Philadelphia office represented the undisclosed sellers; Hadjer Ahner and Christine Gordon of Keller Williams represented the buyer, Souderton, Pa.-based The Greystone Organization.
RIDGEWOOD, N.J. — Ridgewood-based Poskanzer Skott Architects (PSA) has been selected to provide design services for the adaptive reuse of the former Fairway Dodge auto dealership located in Ridgewood. Once complete, the renovated building will contain 12,000 square feet of Class A retail space; half of the building will be occupied by Coldwell Banker’s local office, and the other half is still being marketed. David Hirschman Realty Co. is serving as the owner’s representative and broker for the project.
EDISON, N.J. — Philadelphia-based AMC Delaney Group had sold Edison Commons, a 150,000-square-foot shopping center located in Edison, for $28.35 million. The property is situated on Lincoln Highway near the New Jersey Turnpike. The property was acquired by a subsidiary of MCC Realty Investments. Metro Commercial Real Estate and CB Richard Ellis brokered the transaction.
NEW YORK CITY — GE Real Estate has provided $62 million in fixed-rate financing for the 226-room Marriott Courtyard located near the corner of 92nd Street and 1st Avenue in the Upper East Side of Manhattan, New York City. The hotel features an indoor swimming pool and whirlpool, a health club, and a business center. The borrower was Madison 92nd Street Associates, an affiliate of Madison Equities and NYRE Management. Cooper Horowitz and Wall Street Realty Capital brokered the deal. Terms of the loan were not disclosed.