BROOKLYN, N.Y. — JLL has negotiated the $41 million sale of 151 Kent Avenue, a family-owned multifamily property in Brooklyn. The building, which features 46 loft-style units, was fully occupied at the time of sale and is located near several waterfront parks and employment centers. Brendan Maddigan and Ethan Stanton of JLL represented the seller in the transaction. The buyer was a local liability company that was not represented by an outside brokerage firm. Additional terms of sale were not disclosed.
NEW JERSEY — Greystone has provided a $24 million Fannie Mae loan to refinance a 138-unit assisted living facility in New Jersey. D.J. Elefant of Greystone’s New York office originated the transaction on behalf of Sage Healthcare Partners. Neal Raburn of Greystone’s Atlanta office provided support in structuring, underwriting and closing the transaction. The name and location of the property were not disclosed. The loan carries a 10-year term and 30-year amortization schedule with an interest-only payment period of two years. Greystone originally provided a bridge loan to the borrower to acquire the facility in 2017 and make investments to increase its overall value. The permanent loan enables the borrower to refinance out of the bridge loan and continue with its ongoing facility improvements.
WATCHUNG, N.J. — Cinemark Holdings Inc. (NYSE: CNK) has opened a 10-screen theater at 1670 Route 22 East in Watchung, N.J., located about 30 miles west of New York City. The theater will feature wall-to-wall screens, oversized recliners, reserved seating services and a party room for private events. The venue will be the third in the state for Cinemark, which currently operates 546 theaters across 41 states and various Latin American countries.
NEW YORK CITY — SL Green Realty Corp. has signed First Republic Bank to a 211,521-square-foot lease at 460 W. 34th St. in the Hudson Yards neighborhood on Manhattan’s west side. First Republic Bank will occupy a portion of the ground and mezzanine floors with two new retail bank branches, as well as the entire second through sixth floors for its corporate office space. The lease term is 15 years. SL Green, which is self-described as the largest office landlord in New York City, had previously entered into a contract to purchase a majority and controlling interest in the building and is scheduled to close on the acquisition in May. Media outlets reported at the time that the acquisition values the 20-story office building at $440 million. SL Green plans to redevelop the 638,000-square-foot, Class A office tower with work to commence immediately following the acquisition. According to SL Green, the transaction marks the company’s first major investment in the Hudson Yards neighborhood. The building, located at the intersection of Hudson Yards and Manhattan West, was once known as the Master Printers Building. The redevelopment plans will honor that industrial heritage, according to SL Green. The project will include relocation …
CANANDAIGUA, N.Y. — Acres Capital Corp. has provided a $37 million bridge loan to complete the construction and stabilization of the Canandaigua Finger Lakes Resort, a Hilton-branded resort in Canandaigua. Located at 205 Lakeshore Drive, the property will include 109 guest rooms, 44 residential condominium units, a restaurant and a 13,000-square-foot conference space. Mark Fogel of Acres provided the financing to developers Robert Murphy and David Genecco. Hospitality management firm Hay Creek Hotels and Restaurants will handle the design, development and operations of the resort.
PHILADELPHIA — HFF has brokered the sale of The Commonwealth, a 15-story, 98-unit apartment building in Philadelphia. The sales price was undisclosed. Located at 1201 Chestnut St., the high-rise was built in 1906 and was fully renovated in 2012. The residential component is currently 99 percent occupied and the retail component is fully leased to 7-Eleven and Mitchell & Ness Nostalgia Co., which is the American sports clothing company’s only brick-and-mortar location. Mark Thomson, Carl Fiebig and Francis Coyne of HFF represented the seller, global real estate investment manager Invesco Real Estate, in the transaction. The buyer was a joint venture partnership between The Carlyle Group and Alterra Property Group.
CORAOPOLIS, PA. — Tapestry Senior Living has announced it will open Tapestry Moon Township in June. Located in Coraopolis, approximately 12 miles northwest of Pittsburgh, the community will offer 93 units of memory care and 131 units of assisted living. The community is currently accepting deposits ahead of its upcoming opening.
NEW YORK CITY — Brax Realty has brokered the $6.6 million sale of an apartment building in the Hell’s Kitchen neighborhood of Manhattan. Located at 439 W. 46th St., the 9,390-square-foot property contains 20 apartments and has an additional 6,527 square feet of air rights available. Alan Stenson of Brax Realty represented the seller, Peter Gonedes, in the transaction. The buyer was a private international investor.
PITTSBURGH — CBRE has arranged a 112,481-square-foot, full-building office lease at Park Place Corporate Center Two in Pittsburgh on behalf of the owner, FAC Park Place Two LLC. Located at 2000 Commerce Drive, the property was fully renovated in 2010. Nick Francic of JLL represented the tenant, energy company Williams Field Services Group, in the transaction.
NEW YORK CITY — Hodges Ward Elliot has brokered the $88 million sale of two multifamily buildings in the Bronx. The 10-story properties span a combined 400,000 square feet and are located at 2001-2045 Story Ave. in the Castle Hill section of the Bronx. Daniel Parker, Paul Gillen and Ariel Tambor of Hodges Ward Elliot represented the seller, Related Fund Management, in the transaction. The buyer was Abraham Fruchthandler.