NEW YORK CITY — Madison Realty Capital and Bluestone Group have provided a $32 million loan to refinance a mixed-use rental property in Brooklyn. Located at 271 Lenox Road, the 15-story property includes 55 rental units, 9,000 square feet of ground-floor commercial space and a parking garage. Madison Realty Capital provided a $28 million first mortgage loan to borrower, New York City-based real estate development firm Hello Living, and arranged a $4 million mezzanine loan from Bluestone Group. Terms of the financing were not disclosed.
NEW YORK CITY — Cushman & Wakefield has arranged the $10.8 million sale of an 8,076-square-foot mixed-use building in the NoLita neighborhood of Manhattan. Located at 51 Spring St., the six-story property is comprised of 15 residential apartments and two retail spaces. The retail component of the space is currently leased to two restaurants through December 2021. Robert Burton, Robert Shapiro, Bobby Carrozzo and Jordan Sutton of Cushman & Wakefield represented the undisclosed seller in the transaction. The buyer was a partnership between Javeri Capital and DNA Development.
ACTON, MASS. — SVN | Parsons Commercial has negotiated the sale of a two-story retail strip center in Acton. The sales price was undisclosed. Located at 452 Great Road, the property sits on nearly two acres of land. The buyer, Surfloft LLC, will occupy a portion of the building, which will be the new site for its retail store, Surfside Pools and Sport Loft Ski Shop. Marci Alvarado and Jake Parsons ofSVN | Parsons Commercial represented Surfloft LLC in the transaction. Avison Young represented the seller, Worker’s Credit Union.
GREENSBURG, PA. — Marcus & Millichap has arranged the $1 million sale of a 2,160-square-foot net-leased retail property in Greensburg. Located at 800 E. Pittsburgh St., the property is occupied by KeyBank. Jeremie Johnson and Nathan D. Whalen of Marcus & Millichap’s Indianapolis office represented the seller, a private investor, in the transaction. The buyer was a local investor.
SOMERS POINT, N.J. — Berkadia has provided an $18.5 million loan to refinance Bayview Court, a 202-unit apartment community in Somers Point. Located at 555 Shore Road, the property was built in the 1960s. Jim Badolato of Berkadia’s Philadelphia office arranged the financing for the borrower, The Streamwood Co. Terms of the Freddie Mac loan included an 11-year fixed rate term under the lease-up program, which enables borrowers to lock in a rate and fund a loan before the collateral is fully stabilized. The Freddie Mac Optigo loan offers an 11-year fixed rate term under the lease-up program, which enables borrowers to lock in a rate and fund a loan before the collateral is fully stabilized. The property was 75 percent occupied at closing with steady leasing velocity.
STONEHAM, MASS. — Wood Partners has begun construction of Langwood Commons, a 261-unit multifamily community in Stoneham. The three-building community is scheduled to open in March 2020. The site is located adjacent to the 2,200-acre Middlesex Fells Reservation, known locally as The Fells, a year-round outdoor space that provides outlets for hiking and biking. Wood Partners broke ground on the project in November 2018. It is the company’s 12th project in the greater Boston area.
FLORHAM PARK, N.J. — Commercial-stage cell therapeutics company Celularity has signed a full-building, 147,215-square-foot office lease in Florham Park. The property is part of a two-building office campus at 170-180 Park Ave. that totals 368,780 square feet. The lease marks the largest new office lease in New Jersey for the first quarter of 2019. James Postell, Matt McDonough and Dan Ligorner of Transwestern Commercial Services represented the building owner in the transaction. Charlie Hatfield and Ryan Healy of Colliers International represented Celularity in the transaction.
OAKDALE, CONN. — Lyman Real Estate has negotiated the sale of a 23-acre vacant land parcel in the Montville village of Oakdale. Located at 105 Cottage Road, the property has frontage on Gardener Lake. Ron Lyman of Lyman Real Estate represented both the undisclosed buyer and the seller, Saint Thomas More School Endowment & Development, in the transaction.
NORWOOD, MASS — Marcus & Millichap has arranged the sale of Extra Space Storage, an 83,271-square-foot self-storage facility in Norwood. The sales price was undisclosed. Located at 1450 Boston Providence Turnpike, the facility opened in 2016 and is currently 85 percent occupied. The property consists of 1,011 climate-controlled units. Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller, a limited liability company. The buyer was also a limited liability company.
JERSEY CITY, N.J. — HFF has arranged the $263.8 million sale of Soho Lofts, a 377-unit, luxury apartment community in Jersey City. Located at 273 16th St., the property was completed in 2018 and consists of studio through three-bedroom units as well as eight townhouses. The property also includes 17,300 square feet of ground-floor retail and 375 parking spaces. The property features resort-style amenities that include an infinity edge pool, poolside cabanas, fireside seating with outdoor TV, cinema room, fitness center, 10-person sauna, demonstration kitchen, arcade lounge with billiards and shuffleboard, tech lounge, children’s playroom and dog grooming rooms. Jose Cruz, Michael Oliver, Kevin O’Hearn, Stephen Simonelli, Jordan Avanzato and Mark Mahasky of HFF represented the seller, AEW, in the transaction. The buyer was Mack-Cali Corp.