PENNSYLVANIA — VIUM Capital has provided a $14.3 million bridge-to-HUD loan for the refinancing of a 144-unit seniors housing community in Pennsylvania. The name and address of the property, which provides independent living, assisted living and memory care services, were not disclosed. The undisclosed borrower will use a portion of the proceeds to fund a change in unit mix and other capital upgrades.
SOMERSET, N.J. — Cushman & Wakefield has brokered the $12.9 million sale of Franklin Court, a 42,116-square-foot retail center located in the Northern New Jersey community of Somerset. Tenants at the property include Walgreens and KFC. Andrew Schwartz, Jordan Sobel, Seth Pollack and Andre Balthazard of Cushman & Wakefield represented the seller, Adoni Property Group, and procured the buyer, LJL Realty Co., in the transaction.
NEW YORK CITY — JLL has arranged a $176 million construction loan for a 360-unit multifamily project that will be located at 420 Carroll St. in Brooklyn’s Gowanus neighborhood. Designed by FX Collaborative and Studio Mainer, the transit-served, waterfront building will rise 20 stories and include roughly 27,500 square feet of retail and commercial space. In addition, 25 percent of the units will be reserved as affordable housing. Christopher Peck, Nicco Lupo, Jeff Julien, Rob Hinckley and Jonathan Faxon of JLL arranged the loan through Bank OZK on behalf of the developer, a joint venture led by The Domain Cos. Completion is slated for December 2024.
NEW YORK CITY — ACORE Capital has provided a $127.5 million loan for the refinancing of 77 Water Street, a 26-story office building in Manhattan’s Financial District. Grant Frankel, Ethan Pond and Tanner McNeil of Eastdil Secured arranged the loan on behalf of the borrower, a partnership between Sage Realty and Principal Real Estate Investors that will use a portion of the proceeds to fund capital improvements. William Kaufman Co., the parent company of Sage Realty, originally constructed the 614,000-square-foot building in 1970.
LENOX, MASS. — Denver-based Mission Hill Hospitality, a division of private equity firm KSL Capital Partners, has acquired two select-service hotels totaling 171 rooms in the western Massachusetts city of Lenox. Courtyard Lenox Berkshires totals 92 rooms and was built on 6.7 acres in 2017. The Hampton Inn & Suites Berkshires-Lenox comprises 79 rooms and was constructed on a 6.6-acre site in 2008. Alan Suzuki, Matthew Enright and Emily Zhang of JLL represented the locally based seller, Toole Cos., in the transaction.
PEABODY, MASS. — Locally based brokerage firm Atlantic Capital Partners has negotiated the sale of a 95,886-square-foot, single-tenant retail building in the northern Boston suburb of Peabody that is fully leased to Texas-based home improvement retailer At Home. The property is located just west of North Shore Mall and adjacent to a grocery-anchored shopping center. Justin Smith, Chris Peterson, Sam Koonce and Cole Van Gelder of Atlantic Capital Partners represented the buyer and seller, both of which requested anonymity, in the transaction.
PITTSBURGH — Austin, Texas-based Whole Foods Market has opened a 54,667-square-foot store at 5700 Penn Ave. in Pittsburgh’s East Liberty neighborhood. The store will feature full-service meat and seafood counters, an artisanal cheesemaking department, coffee bar, prepared foods section and a selection of more than 250 craft beers and 700 wines. The store, which is a relocation of a market at 5880 Centre Ave. that served the community for more than 20 years, officially opened on Wednesday, Aug. 10.
BOSTON — Electra America Hospitality Group (EAHG) has acquired the 225-room Loews Boston Hotel in the heart of Boston’s Back Bay neighborhood. The purchase price was undisclosed. The buyer plans to rebrand the upscale asset as Hotel AKA Back Bay, marking hospitality operator AKA’s debut in the city. Built in 1925 and located at 154 Berkeley St., the historic stone and masonry building served as the headquarters of the Boston Police Department from 1926 to 1990. The property is situated near many of Boston’s cultural attractions as well as its colleges and universities. The new owner plans to invest roughly $20 million in design upgrades and renovations, which will be undertaken while the hotel remains open. The 222 guestrooms, two suites and penthouse suite will undergo a soft design update. The lobby will feature a library with an intimate seating area. Additional enhancements include a second-floor fitness center, spa, theater and a newly imagined rooftop. Renovations will also be made to the hotel’s restaurant, Precinct Kitchen+Bar, which serves classic American dishes and New England seafood. The restaurant will feature a whiskey cellar, wine tasting room and a new private dining room with a spiral staircase. The acquisition marks EAHG’s sixth …
SOMERVILLE, MASS. — JLL has arranged a $230 million construction loan for 15 McGrath Highway, a 262,000-square-foot life sciences project that will be located in the northern Boston suburb of Somerville. The nine-story, transit-served facility will include commercial space and below-grade parking. Completion is slated for late 2024. Brett Paulsrud, Henry Schaffer and Mike Shepard of JLL arranged the nonrecourse loan on behalf of the borrower, a partnership between DLJ Real Estate Capital Partners, Leggat McCall Properties and Deutsche Finance America. Oxford Properties Group provided the financing.
MANCHESTER, N.H. — An affiliate of Boston-based DSF Group has sold Halstead Manchester, a 640-unit apartment community located in the southern part of The Granite State, for $164.6 million. Originally built between 1981 and 1985, the market-rate property comprises 16 three-story buildings and two single-story amenity buildings on a 41-acre site. According to Apartments.com, Halstead Manchester offers one- and two-bedroom units that range in size from 650 to 1,100 square feet. Biria St. John, Simon Butler and John McLaughlin of CBRE represented DSF Group in the transaction. The buyer was not disclosed.