AUBURN, MASS. — Boston-based mortgage banking firm EagleBridge Capital has arranged a $10.8 million loan for the refinancing of an 82-room Hampton Inn hotel in Auburn, located just outside of Worcester in Central Massachusetts. Rooms contain king or double queen beds, microwaves, refrigerators and coffeemakers, and amenities include an indoor pool, fitness room, meeting room, business center and complimentary breakfast. Ted Sidel of EagleBridge Capital arranged the 10-year loan, which carries a fixed interest rate and a 30-year amortization schedule. The borrower and direct lender were not disclosed.
HOLMDEL, N.J. — Locally based developer Walters has completed the lease-up of Cornerstone at Holmdel, a 50-unit affordable housing project in Central New Jersey. The property consists of three buildings at 461 Middle Road that house one-, two- and three-bedroom units that are reserved for renters earning 60 percent or less of the area median income. Amenities include a fitness center, playground, outdoor grilling and dining stations and an onsite social services coordinator. Walters completed Cornerstone at Holmdel last summer, and the property is now fully occupied.
NEW YORK CITY — TileBar has signed a 34,000-square-foot office lease in Manhattan’s Flatiron District. The provider of bathroom, kitchen and flooring products will occupy the entire third and fourth floors at 53 West 23rd Street, bringing the building to full occupancy. Locally based brokerage firm Adams & Co. represented both TileBar and the undisclosed landlord in the lease negotiations.
BOSTON — MassDevelopment has provided $45.2 million in tax-exempt bond financing for a 96-unit affordable housing project that will be located at 127 Amory St. in the Jamaica Plain area of Boston. Developed in partnership with the Boston Housing Authority, the building will offer 12 three-bedroom units, 51 two-bedroom units and 33 one-bedroom units, the majority of which (86 residences) will be reserved for households earning between 30 and 80 percent of the area median income. The other 10 units will be set aside for formerly homeless individuals or families. The building will also have 3,800 square feet of community space and a central green area. The borrower is an affiliate of The Community Builders Inc. Eastern Bank purchased the bond. The capital stack also includes $40 million in federal Low-Income Housing Tax Credits and a $15 million construction loan from Cambridge Savings Bank.
FORT LEE, N.J. — Locally based brokerage firm The Goldstein Group has negotiated the $37 million sale of Washington Bridge Plaza, a 47,000-square-foot retail center located in the Northern New Jersey community of Fort Lee. Walgreens anchors the center. Other tenants include Dollar Tree, Jersey Mike’s, Kung Fu Tea, The Gyro Project, Bon Epi, Fort Lee Vision, Binghamton Bagel & Deli, Belle Journee Bakery, Pho Today, Punta Cana, 101 Chicken and Kura Revolving Sushi. C.J. Huter, Marc Palestina and Lew Finkelstein of The Goldstein Group represented the buyer in the transaction. Baruch Herman of Booth Street Realty represented the seller. Both parties were limited liability companies.
SPRINGFIELD, VT. — Eastern Union has arranged $9.4 million in construction-to-permanent financing for a mixed-use redevelopment project in Springfield, located in Windsor County near the Vermont-New Hampshire border. The site at 100 River St. is the original home of the historic Fellows Gear Shaper Co. mill complex and currently houses a 187,030-square-foot commercial building that is home to six tenants. The borrower, San Diego-based Integrity Community Partners LLC, will use the financing to redevelop the property to feature a 43,000-square-foot self-storage facility and 55,000 square feet of retail space. Marc Tropp, David Merkin, Ben Alpert and Ary Katzenstein of Eastern Union originated the loan through Bank of New Hampshire.
WAPPINGERS FALLS, N.Y. — Kaplan Career Academy has signed a 15-year, 38,500-square-foot lease in Wappingers Falls, about 85 miles north of New York City. The school, which is part of the Greenburgh North-Castle Union Free School District, will relocate from nearby New Windsor to the building at 29 Marshall Road. The new space will serve as the new home for the Special Act School, which serves students with disabilities. Stephen Powers, Alexander Smith and Kate Whitman of OPEN Impact Real Estate represented Kaplan Career Academy in the lease negotiations. Thylan Associates represented the undisclosed landlord.
SALEM, N.H. — Three new retailers will join the tenant roster at Tuscan Village, a 170-acre mixed-use development in Salem that is a redevelopment of the former Rockingham Park horseracing complex. Grocer Whole Foods Market, eyewear provider Warby Parker and ice cream maker Salt & Straw will all open new stores at Tuscan Village in 2025. Square footages of spaces were not disclosed.
SLEEPY HOLLOW, N.Y. — Walker & Dunlop has arranged the $237 million refinancing of Edge-on-Hudson, a 70-acre mixed-use property located north of New York City in Sleepy Hollow. The financing also covers The Daymark, a five-story condo building within the riverfront property. At full build-out, Edge-on-Hudson will feature 1,177 residential units, including townhomes, condos and apartments, as well as 135,000 square feet of retail space, 35,000 square feet of office space, a 140-room boutique hotel and more than 16 acres of parkland. The Daymark, located on a southwestern parcel of the site, offers 100 condos in one-, two- and three-bedroom floor plans. About 70 units are under contract, and the first move-ins are scheduled for September. Jonathan Schwartz, Aaron Appel, Keith Kurland, Adam Schwartz, Sean Reimer, Dustin Stolly, Jordan Casella, Christopher de Raet and Stanley Cayre of Walker & Dunlop arranged the financing through Hudson Bay Capital. The borrower is a partnership between King Street Capital Management and Biddle Real Estate Ventures. The latter entity is the co-master developer of Edge-on-Hudson along with New Jersey-based PCD Development.
NEW YORK CITY — Locally based developer Slate Property Group and Queens Future LLC, which is a joint venture between Mets owner Steve Cohen and Hard Rock International, have formed a partnership to develop a 450-unit affordable housing project. The site at 54-19 100th St. is located adjacent to an existing affordable housing complex in the borough’s Corona neighborhood and currently houses a parking lot. Queens Future will provide financial support to a to-be-named nonprofit organization that will work with Slate to develop and manage the property. Units will feature a range of floor plans and income restrictions, and the property will have community and amenity space, including an improved outdoor area and a new children’s playground for the surrounding buildings.