NEW YORK CITY — Wavecrest Equities has acquired a portfolio of five multifamily buildings totaling 180 units in the Little Italy area of The Bronx for $28 million. The portfolio includes two retail spaces. Ben Khakshoor and Alex Fuchs of locally based brokerage firm Rosewood Realty Group represented Wavecrest Equities, which also assumed two existing loans totaling $20 million, and the undisclosed seller in the transaction. The deal traded at a cap rate of 5.85 percent.
BOGOTA, N.J. — Los Angeles-based Thorofare Capital has provided a $26.6 million loan for the refinancing of a 220,000-square-foot industrial property in the Northern New Jersey community of Bogota. According to LoopNet Inc., the property at 24 River Road was originally constructed on 10 acres in 1910. David Perlman, Edward Prosser and Henry Johnson of Thorofare Capital originated the debt on behalf of the undisclosed borrower, which will use a portion of the proceeds to fund capital improvements.
NASHUA, N.H. — Berkadia has negotiated the sale of a 118-room Residence Inn hotel in Nashua, located in southern New Hampshire. The hotel offers a fitness center, indoor pool and complimentary breakfast. Denny Meikleham and John Kluh of Berkadia, along with Jeffrey White of Aries Commercial Real Estate, represented the seller, an entity doing business as Nashua TS Lodging LLC, in the deal. The buyer was also not disclosed.
BRIDGEPORT, CONN. — Coldwell Banker Commercial has brokered the sale of a 68,750-square-foot industrial property located at 1100 Boston Ave. in the southern coastal Connecticut city of Bridgeport. The site spans 3.7 acres. Chris O’Hara of Coldwell Banker represented the buyer, Soda Stop Plus Thrift & Bottle Return Center, in the transaction. Bradley Soules of Newmark represented the seller.
NEW YORK CITY — An unspecified, New York City agency has signed a 640,000-square-foot office lease at 110 William St. in downtown Manhattan. The 20-year lease essentially brings the 32-story, 928,000-square-foot building, which was originally constructed in 1960, to full occupancy. Hal Stein and Daniel Appel of Newmark, along with Todd Stracci of JLL, represented the landlord, a joint venture between Pacific Oak Capital Advisors and Savanna, in the lease negotiations. Robert Giglio of Cushman & Wakefield and Ellen Israel of JRT Realty Group represented the tenant.
QUAKERTOWN, PA. — The James Balliet Property Group, a division of brokerage firm Keller Williams Real Estate, has negotiated the sale of Richland Plaza, a 225,000-square-foot shopping center located in the Lehigh Valley city of Quakertown. Velocity Venture Partners acquired the property for $16.7 million and plans to implement a redevelopment, specific details of which were not disclosed. Tenants at the center, which is situated on 20 acres, include Wells Fargo, Ollie’s Bargain Outlet and Pearle Vision Center. James Balliet represented the seller, APS Associates, in the transaction.
WHIPPANY, N.J. — Coldwell Banker Realty New Homes has begun leasing 34 Eden, an 81-unit apartment complex located in the Northern New Jersey community of Whippany. Units come in one-, two- and three-bedroom formats and range in size from 690 to 1,500 square feet. Amenities include a pool, fitness center, resident lounge, business center and a pet wash station. The first move-ins will begin in August. Rents start at roughly $3,000 per month for a one-bedroom apartment. The owner/developer was not disclosed.
PROVIDENCE, R.I. — New York City-based Dwight Capital has provided a $19.5 million HUD-insured loan for the refinancing of 580 South Water, a 69-unit apartment complex in Providence. The riverfront property offers one- and two-bedroom units and amenities such as a fitness center, lounge area/workspace and a rooftop lounge. Josh Hoffman and Jonathan Pomper of Dwight Capital originated the financing through HUD’s 223(f) program. The borrower was not disclosed.
FARMINGTON, N.H. — Marcus & Millichap has brokered the sale of Farmington Self Storage, a 35-unit facility located near the New Hampshire-Maine border. The facility was built on 3.3 acres in 1995 and totals 7,647 net rentable square feet. Luke Dawley, Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the undisclosed seller in the transaction. The buyer, which was also undisclosed, plans to expand the facility by about 14,000 net rentable square feet. Occupancy was 100 percent at the time of sale.
PHILADELPHIA — Walker & Dunlop Inc. has arranged $40 million in limited partner equity and $135 million in construction financing for 5000 Richmond Street, a 750,000-square-foot, last-mile distribution facility in Philadelphia. The project will include two Class A buildings each with clear heights of 40 feet, a total of 112 loading dock doors, 206 trailer parking stalls and 759 car parking stalls. The site is within a Qualified Opportunity Zone and benefits from a long-term tax abatement from the city. The development will be situated six miles from Center City and offer immediate access to I-95, I-276 and I-476, which connect to New York City and Washington, D.C. Vacancy in the metro Philadelphia industrial market ticked up slightly in the first quarter to 4.4 percent, according to CBRE. But the market remains undersupplied, leading rents to gain upward momentum, states the brokerage. Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland, Mo Beler, Michael Diaz and Michael Ianno of Walker & Dunlop represented the borrower, DH Property Holdings LLC (DHPH). Barings provided the construction financing. “This multi-year effort began with our team sourcing limited partner capital to help DHPH acquire the land in the depths of COVID, and culminated in a …