PHILADELPHIA — Nashville-based Southern Land Co. has acquired land at 1620 Sansom St. in the Rittenhouse neighborhood of Philadelphia for the development of a $180 million multifamily building. The property will rise 28 stories and will feature 306 units and 32,000 square feet of commercial space. Ken Wellar, Corey Lonberger and Mark Duszak of Rittenhouse Realty Advisors brokered the $24.5 million sale of the land.
NEW HAVEN, CONN. — Institutional Property Advisors, a division of Marcus & Millichap, has negotiated the sale of Westville Village Apartments, a 294-unit multifamily community in New Haven. Built on eight acres in 2008, the property offers amenities such as a clubhouse, fitness center, game room and outdoor courtyards. Victor Nolletti, Eric Pentore and Wes Klockner of IPA represented the seller and procured the buyer in the transaction. Both parties requested anonymity.
LOWELL AND BILLERICA, MASS. — A partnership between Marcus Partners and Rhino Capital Advisors has acquired a 180,000-square-foot industrial portfolio in metro Boston. The portfolio consists of two buildings, one in Lowell and the other in Billerica, both of which are northern suburbs of Boston. The sales price was $13.5 million. The seller was not disclosed. Brett Paulsrud, Amy Lousararian and Madeline Joyce of JLL arranged $9.1 million in fixed-rate acquisition financing through Webster Five Cents Savings Bank for the deal.
NEW YORK CITY — NorthMarq has provided a $44.5 million Freddie Mac loan for the refinancing of Briarwood Gardens, a 514-unit multifamily property located in the Jamaica area of Queens. The property was built in the 1950s and offers studio, one- and two-bedroom units, as well as a playground, dog park and onsite laundry facilities. Robert Ranieri of NorthMarq originated the fixed-rate loan. The borrower was not disclosed.
NEW YORK CITY — Marcus & Millichap Capital Corp. (MMCC) has arranged a $34.4 million bridge loan for the refinancing of a 117-unit apartment building in the Williamsburg neighborhood of Brooklyn. The property, which includes 4,000 square feet of commercial space, was originally built as a pencil factory and was converted to multifamily in 2012. A private lender provided the five-year loan, which was structured with a 3.65 percent interest rate, three years of interest-only payments and a 75 percent loan-to-value ratio. Steven Rock of MMCC originated the debt. The borrower was not disclosed.
NEW YORK CITY — Mortgage banking company Merchants Capital has arranged a $51 million construction loan and $28.4 million in Freddie Mac Low-Income Housing Tax Credits (LIHTC) to fund the redevelopment of Manhattan’s historic Park 79 hotel into an affordable housing property for seniors. The borrower and project developer, Fairstead, will oversee renovations that will reconfigure the seven-story building into 77 apartments along with multiple community spaces, including an indoor/outdoor community room, dining room and meeting rooms. Additional rehabilitation will be done throughout the building, including creation of a common dining and recreation room, social services offices and an outdoor garden area. Upon completion, the property will employ two full-time social service coordinators to work alongside residents in organizing community programming events. The hotel originally opened in 1899 as “The Indiana.” The redevelopment is expected to be complete in 2022.
HAMILTON, N.J. — CBRE has negotiated the sale of Kuser Industrial Center, a 145,950-square-foot industrial property located just outside of Trenton in Hamilton, for $29.6 million. The property is under construction and is expected to be complete in February. Brian Fiumara, Michael Hines, Brad Ruppel and Lauren Dawicki of CBRE represented the seller, Scannell Properties, in the transaction. The buyer was Cohen Asset Management. CBRE will also handling leasing of the property.
BALA CYNWYD, PA. — Locally based investment firm Keystone Property Group has sold a 132,986-square-foot office building located at 150 Monument Road in Bala Cynwyd, a northeastern suburb of Philadelphia. The six-story building is situated on 6.5 acres and recently underwent a full renovation. Brett Segal and Doug Rodio of JLL represented Keystone Property Group in the transaction. The buyer, FLD Group, purchased the asset for an undisclosed price.
EAST HARTFORD, CONN. — Connecticut-based Goman + York has brokered the sale of a 57,000-square-foot property formerly known as William Seely School that is located near the junction of I-95 and State Routes 12 and 184 in East Hartford. The new owner, Connecticut-based DonMar Development, plans to redevelop the 14-acre property into a 280-unit apartment community. Goman + York represented the seller, the Town of Groton, in the transaction. A construction timeline for the redevelopment was not disclosed.
SOUTH BRUNSWICK, N.J. — An undisclosed wholesale distributor of home furnishings and housewares has signed a 192,000-square-foot industrial lease in South Brunswick, located in between Trenton and Newark. San Francisco-based Terreno Realty Corp. (NYSE: TRNO) owns the property. The lease term is 10 years.
