PHILADELPHIA — Counter Capital Management LLC, a joint venture between Connecticut-based Dalzell Capital Partners LLC and Florida-based Morning Calm Management, has acquired a 29-unit apartment building located at 1501 Locust St. in the Center City neighborhood of Philadelphia. The sales price was $19.1 million. The property was originally built in 1947 as a 10-story office building. In 2010, it was converted into a 29-unit apartment building with 5,000 square feet of commercial space. Units average 1,009 square feet and feature granite countertops, stainless steel appliances, European cabinetry and washers and dryers. The new ownership will invest in a capital improvement program that upgrades the lighting and paint jobs, as well as implements keyless entry systems and smart thermostats to each unit. The seller was not disclosed.
CONNECTICUT — Carnegie Capital has arranged an $8 million loan for the refinancing of a 90-bed skilled nursing facility in Connecticut. The loan includes funding for a capital expenditure project that will add 10 assisted living beds at the community. Further details on the name and location of the facility, as well as the lender, were not disclosed. J.D. Stettin of Carnegie Capital sourced and structured the loan with an interest rate of approximately 5.5 percent, a five-year term and flexible exit options. The transaction represents a loan-to-value ratio of 75 percent.
NEW HAVEN, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Cambridge Oxford Apartments, an 84-unit multifamily asset in New Haven. The property was originally built between 1860 and 1926 and fully renovated in 2001 to feature hardwood floors, high ceilings and contemporary amenities. The location puts Cambridge Oxford Apartments close to Yale University’s campus and an array of retail and restaurant destinations. The buyer is an affiliate of Paredim Partners LLC. Additional terms of sale were not disclosed.
WILMINGTON, DEL. — Capital One has provided a $68 million loan for the redevelopment of a portion of the former office campus of pharmaceutical firm AstraZeneca in Wilmington, Delaware. The borrower, Brandywine Investment Group II, acquired the site in 2017 in a sale-leaseback deal and will use the new proceeds to fund construction of a 1,373-space parking garage, as well as to fund tenant improvements and leasing commissions. The loan, which features a five-year term and an adjustable interest rate, also provides working capital for pre-development costs for the remainder of the project. Current plans for the new project, known as Avenue North, call for about 350 apartments, 150,000 square feet of retail space, 100,000 square feet of office space and a 200-room hotel. Jeff Wallace of Capital One originated the transaction on behalf of Brandywine Investment Group II, an affiliate of local developer Delle Donne & Associates.
MUHLENBERG TOWNSHIP, PA. — An affiliate of Radnor-based Endurance Real Estate Group and Philadelphia-based Brasler Properties has acquired Berks61, an 18.4-acre industrial land site in Pennsylvania located just outside of Reading. Shortly after acquiring the property, the new ownership secured a build-to-suit agreement with CarbonLITE Holdings LLC, a producer of plastic resins, for the construction of a 270,000-square-foot warehouse and manufacturing facility. The tilt-wall, rail-served building will feature 36-foot clear heights, an ESFR sprinkler system and three drive-in doors. Mark Chubb of Colliers International represented CarbonLITE in the deal. John Van Buskirk, Joel Kreider and Ed Skonecki of Lee & Associates represented the landlord. The partnership also has another project, this one speculative, under development in Berks County that will deliver two buildings totaling approximately 328,000 square feet.
CLOSTER, N.J. — JLL’s Capital Markets team has closed an $11 million loan for the refinancing of Reuten Corporate Park, a 156,782-square-foot industrial and office development in Closter, located across the Hudson River from Yonkers. The property, which spans five buildings with 95,528 square feet of industrial space and 61,254 square feet of office space, was 99 percent leased at the time of sale. Tenants include logistics firm Nippon Express and Rayence, a distributor of flat panel detectors for X-ray equipment. Aaron Niedermayer, Michael Diaz, Chris Byrns and Brendan Collins of JLL placed the loan with M&T Bank on behalf of the borrower, Reuten Associates, which originally developed the property in the mid-1980s.
WHITINSVILLE, MASS. — The Stubblebine Co., a CORFAC member and brokerage firm based in the Boston area, has negotiated a 78,000-square-foot industrial lease at 355 Main St. in Whitinsville, located south of Worcester. The lease represents an expansion of the current footprint of the tenant, Core-Mark, a Fortune 400 distributor and marketer of consumer goods. David Stubblebine and James Stubblebine of The Stubblebine Co. represented the landlord, WRT Management, in the lease negotiations. The 355,000-square-foot building is situated on 26 acres and features an ESFR sprinkler system and T-5 lighting.
PLYMOUTH MEETING, PA. — Commercial finance and investment advisory firm Virtua Credit has arranged a $14 million loan for the refinancing of the 136-room Hampton Inn by Hilton in Plymouth Meeting, located north of Philadelphia. Built in 1999 and renovated in 2017, the five-story hotel offers an outdoor pool, fitness center, onsite laundry facilities, meeting spaces and 204 parking spaces. The borrower and direct lender were not disclosed.
LONG BRANCH, N.J. — Extell Development Co. has topped out The Lofts Pier Village, a 245-unit multifamily project located in the Jersey Shore area. The property will feature condominiums available in one-, two-, three- and four-bedroom formats with floor-to-ceiling windows, open layouts and private outdoor terraces. Amenities will include a pool, private 1.5-acre park, lounge area with fire pits and grills, fitness center with men’s and women’s locker rooms, children’s play area, as well as package reception and bike storage services. Prices run from $569,000 to $2.4 million, with the first sales expected to close later this year. ShorePoint Architecture designed the community.
BOSTON — HFF has negotiated the sale of Meadow Glen, a 291,860-square-foot retail center located near downtown Boston. A Wegmans grocery store anchors the property, which was redeveloped in 2017 and now houses other tenants such as Dick’s Sporting Goods, Marshalls and Petco. Coleman Benedict, Riaz Cassum, Jim Koury and Ben Sayles of HFF marketed the property on behalf of the seller, a private partnership. The team also procured the buyer, global investment manager DWS Group. The sales price was not disclosed. Meadow Glen, which was fully leased at the time of sale, is one of only six retail centers in Boston that is anchored by a Wegmans.