PATERSON, N.J. — Marcus & Millichap has arranged the $7.9 million sale of 61 Park Avenue, a 36-unit residential property located in the western New York suburb of Paterson. The newly constructed building consists of 24 one-bedroom units, 12 two-bedroom units and two commercial spaces. Richard Gatto, Daniel Aviles, Fahri Ozturk and Casey Egan of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors who requested anonymity.
NEW YORK CITY — Westbridge Realty Group has brokered the $1.4 million sale of a multifamily building located at 2412 Webster Ave. in The Bronx. The property spans 9,240 square feet and totals eight units. Steven Westreich of Westbridge Realty represented the seller 2412 Webster Associates Inc., and procured the buyer, YSLW Webster LLC.
HOBOKEN, N.J. — A partnership between locally based developer Bijou Properties and Intercontinental Real Estate Corp. has completed 7Seventy House, a 424-unit multifamily project in Hoboken. The property features studio, one- and two-bedroom units that are furnished with quartz countertops, tile backsplashes, custom cabinetry, stainless steel appliances and individual washers and dryers. Amenities include a pool, bocce court, coworking lounge, game room and a dog park, with many of the amenity spaces offering views of the Manhattan skyline. MHS Architects designed the 14-story building, which also houses 24,000 square feet of ground-floor retail space and is now 70 percent leased.
NEW YORK CITY — Newmark Knight Frank (NKF) has arranged an $18 million CMBS loan for the refinancing of a 53-unit apartment building located at 364 Lincoln Place in Brooklyn. Dustin Stolly and Jordan Roeschlaub of NKF placed the 10-year loan with JP Morgan on behalf of the undisclosed sponsor, which acquired the property in 2015 and implemented a value-add program.
FAIRPORT, N.Y. — Lancaster Pollard, a division of ORIX Real Estate Capital, has provided $17.2 million in financing for Aaron Manor Rehabilitation and Nursing Center, a 142-bed skilled nursing facility in the Rochester suburb of Fairport. The FHA 232/223(f) loan will refinance several types of acquisition loans into a single payment structure. The new financing is nonrecourse and features a fixed interest rate. The current owner bought the property in 2018 and improved the operations and financial performance at the facility. Miles Kingston of Lancaster Pollard handled the debt origination.
LOWER GWYNEDD, PA. — Marcus & Millichap has brokered the sale of Gwynedd Office Park, a 50,427-square-foot property located in the Philadelphia suburb of Lower Gwynedd. The sales price was $6.8 million. Gwynedd Office Park, which was 98 percent leased at the time of sale, was built on 6.3 acres in 1980 and renovated in 2019. Craig Dunkle of Marcus & Millichap represented the buyer, and Craig Fernsler of KW Commercial Real Estate and Joshua Levin of Levin Commercial Real Estate represented the seller. Both parties were limited liability companies that requested anonymity.
HUNTINGDON VALLEY, PA. — Locally based brokerage firm Roddy Inc. has negotiated the sale of a 21,600-square-foot warehouse located at 1670 Republic Road in Huntingdon Valley, about 20 miles north of Philadelphia. The property is situated on 1.4 acres and features 18-foot clear heights, two tailgate loading doors and 2,600 square feet of office space. Sean Dunkin of Roddy Inc. represented the sellers, a duo of private investors, in the transaction. The buyer was Republic Holdings LLC, an affiliate of Precision Mechanical Contracting, a Pennsylvania-based provider of refrigeration services.
SPRINGFIELD, MASS. — CBRE has arranged the sale of Pynchon Terrace and Edgewater Apartments, a pair of multifamily assets in Springfield, Massachusetts, for $76 million. Pynchon Terrace was built in 1971, renovated in 2006 and totals 250 units in three- and four-bedroom floor plans. Edgewater Apartments was constructed in the mid-1970s, renovated in 2006 and features 362 units that comprise a mix of one- and two-bedroom apartments and three- and four-bedroom townhomes. Simon Butler, Biria St. John, John McLaughlin, Jeff Kunitz and Mike Canori of CBRE represented the seller, Silver Street Development Corp., in the transaction. The team also procured the buyer, Los Angeles-based investment firm BLVD Capital.
LOPATCONG, N.J. — Development and management firm Larken Associates has begun leasing Autumn Ridge, a 198-unit apartment community in Lopatcong, located near the New Jersey-Pennsylvania border. The 14-building property consists of 148 multifamily residences and 50 units that are reserved for renters age 55 and older. Floor plans feature one-, two- and three-bedroom units that are equipped with quartz countertops, stainless steel appliances, vinyl plank flooring and individual washers and dryers. Amenities include a pool, package concierge system, game area, conference room, fitness center, playground and a lounge with a dry bar. The first units are expected to be available for occupancy later this year.
AUBURN, MASS. — Pennrose has received financing for the redevelopment of the Mary D. Stone school building in Auburn, a suburb of Worcester. The project will involve the repurposing of the three-story, 1920s-era property into a 55-unit affordable seniors housing community. Plans call for the renovation of the historic school, demolition of some later-built wings and construction of new units in studio, one- and two-bedroom formats. The property sits on 1.3 acres, and construction is set to begin before the end of the month. Eighty percent of the units will be reserved for seniors earning up to 60 percent of area median income. The remaining units will have market-rate rents. As part of the development plan, Pennrose has contributed $25,000 to the Town of Auburn for new equipment for the public playground on the property.