BRIDGEPORT, CONN. — Eastern Union has arranged a $28 million acquisition loan for a portfolio of 13 multifamily properties totaling 437 units in Bridgeport, located in southern coastal Connecticut. Motti Blau, Mendy Pfeifer, Hershy Fried and Dov Bakon of Eastern Union originated the 10-year loan, which was structured with a 5.25 percent fixed interest rate, a 30-year amortization schedule and five years of interest-only payments. KeyBank provided the financing. The borrower was not disclosed.
HARTFORD, CONN. — Marcus & Millichap has brokered the sale of a 28-unit apartment building located at 385 Main St. in downtown Hartford. The five-story building houses 25 one-bedroom residences and three two-bedroom units. Eric Pentore, Ross Friedel and Wes Klockner of Marcus & Millichap represented the seller, a Connecticut-based private investor, in the transaction. The trio also procured the buyer. Both parties requested anonymity.
TREVOSE, PA. — NAI Mertz has negotiated the sale of a 25,080-square-foot industrial building that sits on a 1.3-acre parcel in Trevose, a northeastern suburb of Philadelphia. Fraser Optics, which manufactures binoculars and associated products, occupies the entirety of the facility at 210 Andrews Road. Jeff Licht and Jared Licht of NAI Mertz represented the seller, a limited liability company, in the transaction.
WHITE PLAINS, N.Y. — CBRE has brokered the sale of The Source, a 262,000-square-foot shopping center located north of New York City in White Plains. According to The Wall Street Journal, the sales price was $112 million, and the seller was UBS Realty Investors. Whole Foods Market anchors the center, which is situated adjacent to Westchester Mall. Other tenants include Dick’s Sporting Goods, Raymour & Flanigan, The Cheesecake Factory and the New York State Department of Motor Vehicles. Jeffrey Dunne, David Gavin, Steve Bardsley and Travis Langer of CBRE represented the seller in the transaction. The buyer was Houston-based Hines. The Source was 99 percent leased at the time of sale.
ELLINGTON, CONN. — An affiliate of Connecticut-based Cornerstone Properties has sold Valley Farms Shopping Center, a 99,936-square-foot retail property in Ellington, a northeastern suburb of Hartford, for $27.7 million. Big Y World Class Market anchors the center, which was originally built in 2007 on a 30-acre site that has land for potential expansion. Other tenants include McDonald’s and Liquor World. Tom Boyle of locally based brokerage firm Chozick Realty represented the seller and procured the undisclosed buyer in the transaction.
BAYONNE, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $9.9 million sale of a development site in the Northern New Jersey community of Bayonne that is approved for multifamily development. The site is an assemblage of six lots, and the undisclosed buyer plans to construct a six-story, 197-unit complex. Units will come in studio, one- and two-bedroom floor plans, and the property will feature 4,300 square feet of amenity space and parking for 245 cars. Davis Briones of Kislak represented the seller, an affiliate of RAM Development, in the off-market transaction. Briones also procured the buyer.
STOW, MASS. — Massachusetts-based developer Habitech Acquisitions has acquired 37.3 acres in Stow, about 30 miles west of Boston, with plans to construct a 141-unit active adult community. Known as The Cottages at Wandering Pond, the project will feature a recreation area with walking trails, as well as a clubhouse, pool, activity lawn and a pickleball court. Jake Parsons of SVN | Parsons Commercial Group | Boston represented the seller, EFMC Associates, in the land deal and procured Habitech Acquisitions as the buyer. A construction timeline was not disclosed.
NEW YORK CITY — Property management firm Brown Harris Stevens has signed a 20,062-square-foot office lease at 100-104 Fifth Ave. in Manhattan’s Union Square neighborhood. The complex consists of 17- and 20-story buildings that were originally constructed between 1906 and 1911. Michael Kaufman and Grant Greenspan of The Kaufman Organization represented the landlord, Clarion Partners, in the lease negotiations. Paul Amrich and Alexander Golod of CBRE represented the tenant.
MOUNT HOLLY, N.J. — Dwight Mortgage Trust, the mortgage REIT affiliate of New York City-based Dwight Capital, has provided a $26 million bridge loan for the refinancing of Phase II of Mi-Place at West Rancocas, located in the Southern New Jersey community of Mount Holly. Completed in 2022, Mi-Place at West Rancocas consists of four three-story walk-up buildings with 96 units, two two-story townhome buildings with 12 units and a recreation center. Amenities include a pool, fitness center, game room, resident lounge and outdoor grilling and dining areas. The borrower and developer is Fernmoor Homes.
NEW YORK CITY — JLL has negotiated the $23 million sale of an industrial property in the Long Island City area of Queens. The site currently houses a 55,000-square-foot warehouse and is zoned for an additional 320,000 square feet of new development. The existing facility features a clear height of 17 feet, three overhead drive-in doors and private office space. Michael Mazzara, Ethan Stanton, Winfield Clifford, Stephen Palmese and Brendan Maddigan of JLL represented the seller, New York City-based Titan Contracting Corp., in the transaction. The buyer was San Francisco-based Terreno Realty Corp. A construction timeline for the next phase of development was not disclosed.