GREENFIELD, MASS. — Northeast Private Client Group (NEPCG) has brokered the $12.7 million sale of Pine Ridge Estates, a 108-unit multifamily community in Greenfield, located in the northwestern part of the state. Built on 4.5 acres in 1972, the property features one- and two-bedroom units, as well as a fitness center and onsite laundry facilities. Brad Carlson, Taylor Perun and Drew Kirkland of NEPCG represented the seller and procured the buyer in the transaction. The asset traded at a cap rate of 5.6 percent.
CONCORD, N.H. — New Hampshire-based investment firm Brady Sullivan Properties has acquired One Granite Place, an office park that consists of two interconnected mid-rise buildings that are situated on a 181-acre wooded campus. The new ownership plans to implement a value-add program at the 114,000-square-foot South Tower, which was vacant at the time of sale. The seller and sales price were not disclosed.
NEW YORK CITY — BHI, the U.S. division of Israeli financial institution Bank Hapoalim, has provided a $102.7 million construction loan for the development of a multifamily project at 1165 Madison Ave. on Manhattan’s Upper East Side. Naftali Group is developing the 62,700-square-foot project, which will offer 12 for-sale condos and 3,750 square feet of retail space. Robert A.M. Stern Architects is designing the project. Completion is slated for May 2023.
NEW YORK CITY — Locally based brokerage firm Brax Realty has negotiated the $52.5 million sale of a 65,000-square-foot office building located at 260 Fifth Ave. in between 28th and 29th streets in Manhattan’s NoMad District. The 12-story building was mostly vacant at the time of sale. Michael Ferrara of Brax Realty represented the seller in the transaction. Andrew Zang and Greg Albert of Savills represented the buyer. Both parties requested anonymity.
NEW YORK CITY — Ariel Property Advisors has brokered the $3.5 million sale of a 2,700-square-foot retail and residential building in the Kips Bay area of Manhattan that consists of one retail space leased to Dunkin’ and two residential units. Howard Raber, Sean Kelly and Jack Moran of Ariel Property Advisors represented the undisclosed seller in the deal. The buyer and sales price were also not disclosed.
WESTBOROUGH, MASS. — KPM Analytics America, a Massachusetts-based manufacturer of agricultural instruments, has signed a 29,402-square-foot office lease at 8 Technology Drive in Westborough, about 35 miles west of Boston. Cushman & Wakefield represented the landlord, Feris Development Group, in the lease negotiations. John Eysenbach of R.W. Holmes Realty represented the tenant.
NEW YORK CITY — San Francisco-based developer DivcoWest has acquired a 220,000-square-foot building at 325 Hudson St. in Lower Manhattan that can support office, data center and life sciences users. According to multiple news outlets, including the New York Business Journal, the sales price was $135 million. The property is located adjacent to Disney’s 1.2 million-square-foot headquarters building and is surrounded on three sides by Google’s campus. Building amenities include a conference center, tenant meeting rooms and storage space. The seller was not disclosed.
PHILADELPHIA — A partnership between National Real Estate Development LLC and The KRE Group will develop 200 Spring Garden, a 355-unit multifamily project that will be located in the East Callowhill Overlay District of Philadelphia. The project represents the first phase of a larger master-planned community. Amenities will include a pool, multiple grilling stations, community gardens and a private outdoor dog run. Construction is expected to begin in the second quarter of next year and to last 24 to 28 months.
NEW HAVEN, CONN. — KeyBank has provided $37.5 million in financing to Community Preservation Partners (CPP) and Hampstead Development Partners for the acquisition and renovation of an affordable seniors housing property in New Haven. Originally built in 1973, Fairbank Apartments, a Section 8 property situated on one acre of land, consists of 121 units (106 one-bedroom and 15 two-bedroom) and one ground-level retail bay in a nine-story building. KeyBank operates a branch out of the retail space. KeyBank’s Community Development Lending and Investment (CDLI) and KeyBank Real Estate Capital’s (KBREC’s) Commercial Mortgage Group (CMG) worked together to provide $12.5 million of low-income housing tax credit equity, a $6 million equity bridge loan, an approximately $19 million public bond offering and $19 million of Fannie Mae tax-exempt bond collateral. Robbie Lynn of KBREC’s CMG team, and Victoria O’Brien and John-Paul Vachon of Key Community Development Corp. structured the financing.
MORRISTOWN, N.J. — JLL has arranged two loans totaling $16.8 million for the refinancing of a portfolio of three industrial properties that are located in the Lehigh Valley cities of Upper Macungie and Allentown and the coastal New Jersey city of Toms River. The portfolio totals 258,123 square feet across six buildings. Jon Mikula, Michael Klein, Michael Pagniucci and Carlos Silva of JLL placed the nonrecourse, fixed-rate loans with Minnesota Life Insurance Co. on behalf of the borrower, Denholtz Properties.