BETHLEHEM, PA. — Markward Group has arranged the $2.2 million sale of an eight-acre development site in Bethlehem. The property is located at 4700-4720 Bath Pike. Matt Macdonald of Markward Group represented the seller, the Kunsman Family, in the transaction. The buyer was Columbia Wegman Hanover LLC., which plans to develop a senior living community on the property.
DENVILLE, N.J. — Marcus & Millichap has arranged the $1.8 million sale of a 12,770-square-foot retail property in Denville. Located at 424 W. Main St., the fully occupied property is situated on 1.4 acres. Michael Lombardi and Scott Plasky of Marcus & Millichap’s New Jersey office represented the seller, a private investor, in the transaction. The buyer was also a private investor.
KING OF PRUSSIA, PA. — Morgan Properties, a Pennsylvania-based investment and management firm, has acquired a portfolio of 10 apartment communities totaling 4,130 units in the metro areas of Philadelphia and Northern Virginia. The sales price was not disclosed, but The Philadelphia Inquirer reports that the portfolio fetched a price of $890.5 million. The Philadelphia assets consist of seven properties totaling 2,346 units, which makes the transaction the largest multifamily acquisition in the city’s history. Two communities, Stonegate at Devon and Villas at Bryn Mawr, account for 947 units. The remaining five properties are located in the suburban submarkets of Conshohocken, West Chester, Downington, Jeffersonville and Bensalem. The portfolio’s Northern Virginia assets comprise three communities and 1,784 units. The bulk of those residences (1,387) are housed within a single property — Mount Vernon Square in Alexandria — while the other two are located in Fairfax and Sterling, both near Dulles International Airport. Morgan Properties, which is based in King of Prussia, Pa., will invest a combined $20 million in renovations and upgrades to the 10 Class B properties. Capital improvement plans will focus on both unit interiors and amenity spaces. “This acquisition is a game-changer for our organization,” says principal Jason …
NEW YORK CITY — HFF has arranged a $39.6 million construction loan for a 10-story, 34,364-square-foot boutique office building in Manhattan’s meatpacking district. Located at 76 8th Ave., the property will feature ground-floor retail, nine floors of office space and a common roof deck area for tenants. HFF secured financing on behalf of the borrower, Noviprop LLC and co-developer Plus Development. The lender was G4 Capital Partners. The project is scheduled for completion in summer 2020.
MOONACHIE, N.J. — Liberty Property Trust has acquired an industrial facility in Moonachie for $39.6 million. Located at 115 Moonachie Ave., the 168,800-square-foot property is fully leased and features 28-foot clear heights. Tom Monahan, Stephen D’Amato, Larry Schiffenhaus, Brian Fiumara of CBRE represented Liberty in the transaction. The seller was undisclosed.
STONINGTON, CONN. — KeyBank Real Estate Capital has provided a $23 million construction loan for the development of Harbor Heights Apartments, a multifamily property in Stonington. Once completed, the property will include 121 units in a four-story building. Jeff Rodman of KeyBank secured the fixed-rate financing with a 40-year amortization schedule on behalf of the undisclosed borrower.
MANCHESTER, CONN. — Cornerstone Realty Capital has arranged a $4.8 million loan to refinance Manchester Green, a 72-unit apartment complex in Manchester. Located approximately nine miles east of Hartford, the property consists of four buildings with a mix of one- and two-bedroom units. All units feature hardwood floors, modern kitchen and bathroom finishes as well as basement storage. Paul Natalizio of Cornerstone secured financing on behalf of the undisclosed borrower. A local bank provided the loan.
NEWARK, N.J. — Marcus & Millichap has negotiated the $4.2 million sale of a mixed-use property in Newark. Located at 569 and 571-577 Broad St., the 22,575-square-foot property consists of ground-floor retail as well as office space and two apartment units on the second floor. Alan Cafiero, Ben Sgambati, David Cafiero and Kevin Taub of Marcus & Millichap’s New Jersey office represented the seller, a private investor, in the transaction. The buyer was also a private investor.
BOSTON — M&T Bank has arranged a $105 million construction loan for the development of 138-unit residential condominium project in Boston. Located at 100 Shawmut Ave., the 67,733-square-foot property is currently a vacant, class B office building. The redevelopment will incorporate the existing six-story structure with an expansion of a new 142,000-square-foot building that will rise an additional seven stories. The building’s 1930s façade will remain as is. The development will also include 110 parking spaces. M&T Bank secured the financing on behalf of borrower, The Davis Cos., through a syndicated senior construction loan from four local banks. The banks included Berkshire Bank, HarborOne Bank, Needham Bank, and Bank of New England. Terms of the financing were not disclosed.
NEW YORK CITY — Madison Realty Capital has provided a $30.5 million loan to refinance the GEM Hotel, a luxury boutique hotel in Manhattan’s Chelsea neighborhood. Located at 300 W. 22nd St., the five-story building was originally constructed in 1912 as a residential property and converted to a hotel in 2007. Aaron Appel of JLL arranged the financing on behalf of the borrower, Icon Realty Management, which plans to reposition the hotel with an expanded marketing strategy and updated branding.