NEWTOWN, CONN. — A partnership between an affiliate of Benchmark Senior Living and National Development has purchased Church Hill Village, a 71-unit seniors housing property in Newtown, located in southern Connecticut’s Fairfield County. The facility offers independent living, assisted living and memory care services. Amenities include several dining venues, a creative studio, entertainment room, hair salon, physical therapy room and a putting green. Webster Bank financed the acquisition. The seller and sales price were not disclosed. The new ownership has rebranded the facility as Benchmark at Newtown.
LACEY, N.J. — New Jersey-based developer Walters has completed Cornerstone at Lacey III, a 70-unit affordable housing project located near the Jersey Shore. The building is part of the larger development that consists of 23 buildings totaling 188 units in one-, two- and three-bedroom floor plans. Residences are reserved for households earning 60 percent or less of the area median income. Amenities include a clubhouse with computer workstations, fitness center, children’s tot lot, barbecue and picnic area and a basketball half court. Residents also have access to a staffed social services coordinator upon request.
MILFORD, MASS. — Realterm, a Maryland-based investment manager focused on the transportation industry, has acquired a 7.2-acre industrial outdoor storage (IOS) facility in Milford, a southwestern suburb of Boston. The facility features a 14,240-square-foot maintenance building with nine drive-in shop doors, including four drive-through bays, a drive-through wash bay and a fueling station. At the time of sale, the facility was leased to moving company Ryder and trailer rental service PLM Fleet. The seller and sales price were not disclosed.
NEW YORK CITY — Newmark has arranged a $230 million loan for the refinancing of 520-524 Broadway, a mixed-use property totaling 235,000 square feet in the SoHo district of Lower Manhattan. The property consists of two buildings that were both constructed in the early 1900s and that feature a combined 180,000 square feet of office space and 55,000 square feet of retail space that is leased to tenants such as Balthazar and Lululemon, with Abercrombie & Fitch soon to join the roster. Jordan Roeschlaub and Nick Scribani of Newmark arranged the debt through Barings on behalf of the owner, Northwood Investors, a firm with about a dozen offices across the United States and the United Kingdom.
NEW YORK CITY — Merchants Capital has provided $25.2 million in financing for Westbeth Artists Housing, a 384-unit affordable housing property located in the West Village area of Lower Manhattan. The historic property, which was originally constructed for Western Electric in 1868, is known as “artist housing,” via its inclusion of 46 affordable artistic workspaces that can be used as rehearsal studios or for arts programming and exhibitions. Financing proceeds will be used to recapitalize the property’s debt structure and fund capital improvements such as new roofs, elevators, windows and radiators, as well as restoration of the historic façade and full renovation of 32 apartments. The borrower was not disclosed.
BENSALEM, PA. — Hanley Investment Group Real Estate Advisors has arranged the $12.5 million sale of Bensalem Crossings, a 67,215-square-foot shopping center located roughly 19 miles north of Philadelphia. Bensalem Crossings was fully leased at the time of sale, with ShopRite and CVS occupying 93 percent of the space. Kevin Fryman, Bill Asher and Jeff Lefko of Hanley, in association with ParaSell Inc., represented the seller, Adler Realty Investments Inc., in the transaction. The team also procured the buyer, an undisclosed, Southern California-based private investor.
PEEKSKILL, N.Y. — MAG Capital Partners has purchased a two-building, 104,220-square-foot industrial facility in Peekskill, about 50 miles north of Manhattan, in a sale-leaseback. The site spans approximately 6 acres along the Hudson River and houses the headquarters operations of White Plains Linen, which in 2019 expanded its services to include e-commerce fulfillment of similar products. STREAM Capital Partners’ Daniel Macks, Jonathan Wolfe and Joe DiGennaro represented the seller in the transaction.
MANCHESTER, N.H. — Colliers has brokered the $3.4 million sale of a portfolio of three multifamily buildings totaling 21 apartments in Manchester, located near the Massachusetts-New Hampshire border. The portfolio offers one-, two- and three-bedroom units, as well as one commercial space, and was fully occupied at the time of sale. Andrew Robbins of Colliers represented the seller, Select Capital LLC, in the transaction and procured the buyer, White Barn Real Estate LLC.
NEW YORK CITY — ACRES Capital has provided a $30.5 million bridge loan for the refinancing of The Mill, a 90-unit apartment building located at 1614–1626 Madison St. in the Ridgewood area of Queens. The building rises seven stories and was constructed in 2017. Information on floor plans was not disclosed. According to StreetEasy, The Mill offers amenities such as a business center, package room, resident lounge with a pool and ping pong tables, laundry room and a rooftop terrace. The borrower was locally based investment firm Essex Capital.
ATLANTIC CITY, N.J. — Texas-based hospitality owner-operator NewcrestImage has opened the 105-room Seahaus Hotel in Atlantic City. The boutique hotel, which occupies a full city block along the city’s boardwalk and includes 6,600 square feet of retail space, will be operated as part of Marriott’s Tribute Portfolio family of brands. In addition to multiple onsite food-and-beverage options, the hotel offers a fitness center, live weekend entertainment and customized golf, boating and wellness options through local vendor partners.