NEW YORK CITY — The Kaufman Organization has acquired 875 Avenue of the Americas, a 26-story, 265,000-square-foot office building in Manhattan’s NoMad neighborhood, for $92.5 million. The building was originally constructed in 1926. Chris Varjan of Lee & Associates led a team that represented the seller, which had owned the property since 1975, in the transaction.
PEABODY, MASS. — Marcus & Millichap has brokered the sale of Andover Street Self Storage, a 1,100-unit facility located on the northern outskirts of Boston in Peabody. The facility spans 76,396 net rentable square feet. Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was not disclosed. Thomas Shihadeh of Marcus & Millichap assisted in closing the deal as the broker of record.
MYSTIC, CONN. — New York City-based Dwight Capital has provided a $34 million HUD-insured construction loan for the second phase of Harbor Heights, a 123-unit multifamily project in Mystic, located in southern coastal Connecticut. Harbor Heights II will feature one four-story building with one-, two- and three-bedroom units on a 5.8-acre site. Amenities will include a pool, fitness center, business center, dog park and outdoor grilling and dining stations. Daniel Malka and Jacob Gauptman of Dwight Capital originated the debt, which was structured with a 40-year term and a fixed interest rate, through HUD’s 221(d)(4) program. The borrower was not disclosed.
PHILADELPHIA — Marquis Health Consulting Services has launched the first phase of a $25 million renovation at Fountain View at Logan Square, a 420,000-square-foot seniors housing community in Philadelphia’s Center City district. The three-year repositioning follows an ownership change and rebranding at Fountain View, formerly known as The Watermark. Designed by ML Group, the project will upgrade the lobby, hallways, apartments and dining room, as well as reconfigure amenity spaces. New features will include an auditorium with space for live entertainment, a makers’ room, theater, piano bar and a sky lounge. Lastly, the development team will add a juice bar and fitness center with a sauna and is exploring possible additions of a pool, outdoor deck and pickleball courts.
NEW YORK CITY — Sunrise Senior Living, in partnership with Hines and Welltower (NYSE: WELL), has completed The Apsley, a 156-unit project on Manhattan’s Upper West Side. Designed by SLCE Architects, the 19-story building is located at 2330 Broadway between 84th and 85th streets and features 80 assisted living and 76 memory care units. Rents start at $15,000 per month for studios, $21,500 for one-bedroom suites and $24,000 for two-bedroom suites.
NEW YORK CITY — Locally based financial intermediary Eastern Union has arranged a $62.2 million construction loan for a 162,000-square-foot mixed-use project that will be located in the Prospect Lefferts Gardens neighborhood of Brooklyn. The site at 1730 Bedford Ave. is two blocks from Prospect Park. Plans for the project currently call for 57 apartments and more than 60,000 square feet of retail/commercial space. German discount grocer Lidl has already committed to the project with a 33,000-square-foot store. Invictus Real Estate Partners provided the loan. The borrower is Seventh Street Development Group. Abraham Bergman and Yossi Orzel of Eastern Union originated the financing.
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.