HARTFORD, CONN. — Chozick Realty has arranged the $14.3 million sale of Willington Oaks, a 128-unit student housing complex at the University of Connecticut in Hartford. The property includes 64 one-bedroom flats and 64 two-bedroom townhouses. Willington Oaks has recently undergone extensive updates including new boilers, roofs, windows, septic systems and connection to municipal water. The property routinely maintains occupancy close to 100 percent. Rick Chozick and Steve Pappas of Chozick Realty represented the seller, Willington Oaks LLC, in the transaction. The buyer was TC NY Associates LLC.
NEW YORK CITY — Cushman & Wakefield has arranged a $75 million refinancing for The Lane at Boerum Place, a 133,387-square-foot residential and retail building in Brooklyn. Located at 415 Red Hook Lane, Rumble Boxing anchors the 108-unit project’s retail component. The residential component of the newly constructed, 21-story property is fully leased. Amenities include central air, a bike room and co-working lounge, as well as washers and dryers in all units. Gideon Gil, Alexander Hernandez, Noble Carpenter III and Zachary Kraft secured financing on behalf of the borrower, Quinlan Development Group & Lonicera Partners. TD Bank provided the financing.
HARRINGTON PARK, N.J. — NAI James Hanson has brokered the $6.6 million sale of an office building in Harrington Park. Located at 200 Old Hook Road, the asset is the former headquarters of water service company United Water, which vacated the building in 2014. The property was constructed in 1977. Andrew Somple and Greg James of NAI James Hanson represented the seller, SUEZ Water, formerly United Water, in the transaction. Allegro Senior Living acquired the property and plans to reposition the property as a senior living facility. The location will be Allegro’s first facility in New Jersey. Allegro and joint venture partner, United Way, have received approvals to construct 83 independent living apartments and 92 assisted living units, of which 25 are memory care units.
PORTLAND, MAINE — AAM 15 Management has acquired the Embassy Suites of Portland, Maine, a 119-room hotel in Portland. The price was undisclosed. Located nearby the Portland Jetport, the hotel includes a full-service restaurant and lobby bar, as well as 2,000 square feet of meeting and event space. The hotel’s lobby was recently renovated. AAM 15 plans to further improve the remaining public space, guest rooms, exterior, pool and fitness. The seller was not disclosed.
BEACON FALLS, CONN. — Institutional Property Advisors has arranged the $28.5 million sale of Beacon Mill Village, an eight-building, 188-unit multifamily property in Beacon Falls. Located at Two North Main St., the property was originally constructed between 1851 and 1911 as a mill. The buildings were converted to apartment units in 1988. Victor Nolletti, Eric Pentore of IPA and Was Klockner of Marcus & Millichap represented the undisclosed seller in the transaction. The buyer was also undisclosed.
NEW YORK CITY — Ready Capital Corp. (NYSE: RC) and Owens Realty Mortgage Inc. (NYSE: ORM) have officially completed their merger. As of March 29, ORM ceased to be publicly traded on the New York Stock Exchange. The newly combined company will conduct business under the name Ready Capital Corp. and will continue to trade on the NYSE under the symbol RC. In addition, pursuant to the merger agreement, the size of Ready Capital’s board of directors has increased from six to seven members. Gilbert E. Nathan, an independent director of ORM, was appointed to Ready Capital’s board of directors. Ready Capital specializes in small- to medium-sized balance commercial loans. Maryland-based Owens Realty Mortgage is a specialty finance mortgage company that provides customized, short-term acquisition and transition capital to small balance and middle-market investors.
CANONSBURG, PA. — BHI and Contemporary Healthcare Capital have arranged $9.5 million in acquisition financing for a 118-bed skilled nursing facility. The property is located in Canonsburg, approximately 18 miles southwest of downtown Pittsburgh. The borrower is Townview Realty LLC. BHI provided a $7.9 million senior loan that includes a $600,000 line of credit. The lender also has guaranteed a $2.1 million earnout feature based on pre-determined performance metrics. Contemporary Healthcare provided the $1.6 million mezzanine portion of the financing. Proceeds of the loans were used for the acquisition and operation of the facility, as well as to pay customary closing costs. This was the first joint loan transaction between BHI and CHC.
PHILADELPHIA — Colliers International, in conjunction with Max Spann Auctioneers, has negotiated the $6.5 million sale of an industrial facility in the Nicetown-Tioga section of Philadelphia. Located at 2450 Hunting Park Ave., the property is the former home of metal fabricator Budd Co. The site has been vacant for more than a decade. The property is comprised of six buildings totaling 1,871,911 square feet. Rich Weitzman of Colliers represented the undisclosed seller in the transaction. The buyer was New York-based private equity and development firm Plymouth Group.
SENECA FALLS, N.Y. — NorthMarq has secured $2.7 million in acquisition financing for Liberty Center Plaza, an 80,846-square-foot retail property in Seneca Falls. The property’s major tenants include Tractor Supply Company and The Salvation Army. Robert Ranieri of NorthMarq secured the financing on behalf of the undisclosed borrower. Terms of the financing include a seven-year fixed term with a 25-year amortization schedule. The lender was undisclosed.
NEW YORK CITY — JLL has negotiated the $50 million sale of a waterfront development site in the South Williamsburg neighborhood of Brooklyn. Located at 500 Kent Ave., the nearly three-acre site carries up to 230,500 buildable square feet. The property is located in a M3-1 zoning district, which allows for the development site to be designated for retail, office, light manufacturing or mixed-use. The lot is adjacent to the Brooklyn Navy Yard and the Brooklyn tech triangle. JLL represented the seller, Con Edison, in the transaction. The buyer was undisclosed.