BRIDGEPORT, CONN. — Northeast Private Client Group (NEPCG) has brokered the $39.6 million sale of The Rhodium Portfolio, a collection of 13 multifamily buildings totaling 437 units in the southern coastal Connecticut community of Bridgeport. The buildings, which are located in a variety of neighborhoods across the city, house a mix of studio, one-, two- and three-bedroom apartments. Brad Balletto of NEPCG represented the buyer and seller, both of which requested anonymity, in the transaction.
ATTLEBORO, MASS. — MassHousing and HarborOne Bank have jointly provided $11.3 million in financing for a project that will convert a former mill in Attleboro, about 40 miles south of Boston, into a 43-unit residential complex. The building was originally constructed in 1908 and formerly housed the manufacturing operations of Pcraft Jewelry. The financing included construction debt, a bridge loan and state and federal tax credit equity. All units will be rented at market rates. A construction timeline was not disclosed.
CLIFTON, N.J. — New Jersey-based Prism Capital Partners has broken ground on Hackensack Meridian Health Ambulatory Care Center, an 80,000-square-foot healthcare project in Clifton, about 20 miles west of New York City. Gensler designed the four-story building, which will be located at the corner of Metro Boulevard and Route 3 on Prism’s ON3 healthcare and life sciences campus. The facility will include a surgical center, multiple specialty practice areas and a 400-space parking garage. Completion is slated for the third quarter of 2024.
DUNCANNON, PA. — New Jersey-based brokerage firm The Kislak Co. Inc. has negotiated the $3 million sale of a property in Duncannon, a northern suburb of Harrisburg, that consists of 31 residential units and 47 self-storage units. Arbor Manor Apartments & Storage was originally built on 5.5 acres in 1980. Matt Wolf of Kislak represented the buyer and seller, both of which requested anonymity, in the transaction.
NEW YORK CITY — Walker & Dunlop has arranged $81.7 million in financing for the development of three affordable housing projects totaling 179 units in The Bronx. The financing consists of $50.8 million in construction debt that was provided by CIT and $30.9 million in limited partnership equity with CBRE Investment Management. Aaron Appel, Mo Beler, Jonathan Schwartz, Adam Schwartz, Keith Kurland and Michael Ianno of Walker & Dunlop arranged the financing on behalf of the borrower, a partnership between Spaxel LLC and Atalaya Capital Management. Information on specific income restrictions and a construction schedule were not disclosed.
CHESHIRE, CONN. — Regional investment firm Treetop Cos. has acquired CentConn Logistics, a 527,000-square-foot warehouse in Cheshire, located roughly midway between Hartford and New Haven. The sales price was $39 million. The site is fully entitled and approved for 238,668 square feet of new development. Brian Schulz, Kevin Welsh, Cory Gubner, Art Ross and Brad Soules of Newmark represented Treetop and the seller, DRA Advisors, in the transaction. Ari Schwartzbard and Thomas Lubeck, also with Newmark, arranged an undisclosed amount of acquisition financing through an undisclosed life company on behalf of Treetop.
SADDLE BROOK, N.J. — Atlanta-based hospitality brokerage firm Hodges Ward Elliott has negotiated the sale of Marriott Saddle Brook, a 241-room hotel in Northern New Jersey. The hotel opened in 1967 and offers an indoor pool, fitness center, 8,000 square feet of meeting and event space and an onsite restaurant and bar. B.J. Patel, Jay Morrow and Coby Campbell of Hodges Ward Elliott represented the undisclosed seller in the transaction. The buyer, which was also undisclosed, plans to implement a value-add program.
HOLYOKE, MASS. — Northeast Private Client Group (NEPCG) has brokered the sale of a portfolio of five multifamily buildings totaling 109 units in the western Massachusetts community of Holyoke. The buildings offer a mix of floor plans as well as retail spaces. Taylor Perun, Alex Burr and Cameron Formica of NEPCG represented the buyer and seller, both of which requested anonymity, in the transaction.
MAHWAH, N.J. — Locally based investment firm The STRO Cos. has purchased an 81,000-square-foot industrial property located at 300 Route 17 in the Northern New Jersey community of Mahwah. The property was fully leased to seven tenants at the time of sale. Marc Duval, Jordan Avanzato, Howard Weinberg, Nicholas Stefans, Jason Lundy and Jose Cruz of JLL represented the undisclosed seller in the transaction.
HOBOKEN, N.J. — Wells Fargo has provided a $150 million permanent loan for 7 Seventy House, a market-rate apartment community in Hoboken. According to Apartments.com, the property was built in 2019 and totals 382 units that feature studio, one-, two- and three-bedroom floor plans. The community also houses 24,667 square feet of ground-floor commercial space and amenities such as a pool, fitness center, leasing office, game room, rooftop terrace, children’s play area and a dog run. Ten percent of the units are reserved for households earning 80 percent or less of the area median income. Shane Hogan and Andrew Cohen of Wells Fargo originated the loan, which was structured with a five-year term and fixed interest rate, on behalf of the borrower, Boston-based Intercontinental Real Estate Corp. Wells Fargo also provided the original construction debt for the project, which this loan retires.