NORTH SMITHFIELD, R.I. — The DSF Group recently completed the conversion of an industrial revolution-era mill in North Smithfield. The mill, which was originally constructed in 1806, is now The Halstead at Slatersville Mill, a four-building, 224-unit multifamily complex. Amenities include a fitness center, a private screening room, a business center, a resort style swimming pool and walking and biking trails along the Branch River.
Northeast
NEW YORK CITY — Eastern Consolidated has completed the $27.5 million sale of a four-building residential portfolio. Located at 1343-1347 Second Ave. and 242 E. 71st St. in Manhattan, New York City, the portfolio totals 50 apartment units and eight commercial spaces. The property also includes 48,975 square feet of air rights that will allow the new owner to construct a ground-up residential development of 82,120 square feet with 16,424 square feet of commercial space. Brian Ezratty, Deborah Gutoff and Martin Ezratty of Eastern Consolidated represented the seller, the estate of Dr. Manuel Stapen, and Gutoff and Azita Aghravi, also of Eastern Consolidated, procured the undisclosed buyer.
BOSTON — Channel Center Holdings, a joint venture comprised of an affiliate of Commonwealth Ventures and GEAM Value Add Realty Partners, sells 40 Channel Center in Boston. The five-story building was purchased by a joint venture partnership of Spalding Tougias Architects and Superior Dining Group. Spalding Tougias will occupy one floor of the 26,000-square-foot building and Superior Dining will operate a full-service restaurant within the entire street-level space. Renovation work has begun on the interior of the building, which is slated for occupancy in late March.
LIVERPOOL, N.Y. — Mark Rupprecht and Alan Gramet of Syracuse office of CB Richard Ellis have brokered the $3.7 million sale of the Clay Medical Center in Liverpool. The 36,000-square-foot medical office building is located at 8100 Oswego Rd. The facility was purchased by Parkview II Mezz from CMC Limited Partnership. Financing was provided by Wells Fargo Bank.
NEW HAVEN, CONN. — New Haven Mayor John SeStefano, Jr. has announced the formation of the Economic Development Corporation (EDC) of New Haven. The new EDC will operate to attract new businesses to the area and help maintain existing companies. In addition, the EDC will work to ensure that New Haven is well positioned for future growth and long-term prosperity. Michele Whelley has been appointed the CEO. She comes to New Haven with more than 20 years of experience in economic development in both the private and public sectors.
NEW YORK CITY — In a joint venture, Paramount Group and Sherwood Equities have acquired 440 Ninth Avenue in Manhattan, New York City. The 18-story, 398,000-square-foot facility was purchased from SL Green Realty for an undisclosed price. Located between 34th and 35th streets, the facility is fully leased to tenants such as B & H Photo, Duane Reade and eEmerge. Paramount and Sherwood represented themselves in-house and the seller was represented by Cushman & Wakefield in the transaction.
ROBBINSVILLE, N.J. — Matrix Development Group recently completed the 148,000-square-foot expansion of Lifetime Brands lease at its Northeast Business Park facility in Robbinsville. Lifetime Brands, which is a designer, developer and marketer of many kitchen and home goods, now occupies 700,000 square feet of space. The Northeast Business Park a 10-building campus located at Exit 7A of the New Jersey Turnpike.
TOMS RIVER, N.J. — Boston Capital Finance has provided $10.75 million in construction financing for the development of Toms River Crescent Apartments in Toms River. Upon completion, the facility will include 15 buildings that contain 60 two-bedroom, one-bath garden style units; 24 two-bedroom, two-bath townhome style units; and 36 three-bedroom, two-bath townhome style units. The multifamily development will provide much need affordable housing in the area. The community will also feature a 1,750-square-foot community building. Boston Capital also provided the tax credit equity for the development. The general partner is Community Investment Strategies.
ITHACA, N.Y. — Stephen York of Arbor Commercial Funding has originated a $2.12 million loan for the acquisition of Vista Circle Apartments, a 58-unit complex in Ithaca. The loan was provided to an undisclosed borrower. Funding was provided by Fannie Mae’s DUS 3Max Express program.
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