HERSHEY, PA. — HREC Investment Advisors has brokered the sale of a 110-room Hampton Inn & Suites located in Hershey, an eastern suburb of Harrisburg. Kenan Patel and Kevin Hanley of HREC handled the sale on behalf of the buyer and seller, both of which requested anonymity. Greg Porter of HREC arranged an acquisition loan for the transaction that carried a 10-year term, a 72.6 percent loan-to-cost ratio and a fixed interest rate of 4.35 percent.
MORGANTOWN, PA. — Penn National Gaming Inc., an owner-operator of gaming and racing facilities, has received licensing approval from the Pennsylvania Gaming Control Board and will soon begin construction on a $111 million casino in Morgantown. The property will be built on 36 acres at the intersection of I-76, I-176 and State Route 10 and located roughly midway between Philadelphia and Harrisburg. The casino will span 80,000 square feet and offer 750 slot machines and 30 game tables, a sports book, restaurant, food hall and entertainment lounge. The project, which carries an 18-month construction schedule, is expected to create 250 new jobs at the casino and 275 construction jobs.
EAST WINDSOR, N.J. — Dermody Properties has acquired a 615,000-square-foot logistics center in East Windsor, a northern suburb of Trenton. Built in 1998 and expanded in 2003, the 51.5-acre property features a clear height of 36 feet, 41 dock-high doors, 413 automobile parking spots and 28 trailer parking spots. Dermody, an investment firm based in Reno, Nevada, plans to upgrade the building and make the space available for occupancy by 2020. CBRE is handling leasing of the center.
CHERRY HILL, N.J. — JLL has negotiated the $17.4 million sale of Colwick Business Center, a 172,500-square-foot office park located outside Philadelphia in Cherry Hill. The three-building property was 90 percent leased at the time of sale. An undisclosed Brooklyn-based firm acquired the portfolio from a joint venture between Endurance Real Estate Group and Blue Vista Capital Management. Brett Grifo, Jim Galbally, John Plower and Chad Orcutt of JLL brokered the deal.
LITTLE FERRY, N.J. — NorthMarq Capital has provided $44.4 million in Freddie Mac loans for the refinancing of a three-property multifamily portfolio totaling 516 units in Little Ferry, located across from Upper Manhattan. The properties include Gilbert Manor, North Village I and North Village II. Robert Ranieri of NorthMarq’s White Plains, New York, office arranged the loans, which were structured with seven-year terms, two years of interest-only payments and 30-year amortization schedules on behalf of the undisclosed borrower.
KING OF PRUSSIA, PA. — Marcus & Millichap has relocated its office in the western Philadelphia suburb of Wynnewood to 200 N. Warner Road in King of Prussia. Sean Beuche, regional manager of Marcus & Millichap’s Philadelphia office, will oversee the new operation, which is currently manned by eight agents.
BOSTON — Citizens Commercial Banking has provided a $435 million construction loan for a 500,000-square-foot office and retail project in Boston’s Seaport District. The new building at 111 Harbor Way will feature two floors of retail space and 15 floors of office space that Amazon will fully occupy. Construction of the project is scheduled for completion by 2021. The borrower, a partnership between locally based investment firm WS Development and Canada’s Public Sector Pension Investment Board, officially broke ground on the building May 28. The partnership is the lead developer of the Boston Seaport, a 23-acre waterfront project that will eventually span 7.6 million square feet of residential, retail, office and hospitality space. The project also includes 8.8 acres of open public space. Citizens, a Rhode Island-based lender with more than $160 billion in assets under management, is also the lead arranger and administrative agent for the loan, which officially closed June 7. — Taylor Williams
BOSTON — A joint venture between Jefferson Apartment Group (JAG) and LaSalle Investment Management has acquired CityView at Longwood, a 289-unit multifamily high-rise in Boston, for roughly $180 million. The property is located within a block of the MBTA Green Line and within a mile of the Fenway area. The new ownership plans to implement a value-add program. Planned updates to the property include a reimagined common area on the penthouse level that will feature more than 8,000 square feet of lounge space, a community kitchen, fitness center and an indoor/outdoor roof deck. Additional new amenities will include a pet spa and resident storage space. Unit renovations will include the additions of granite countertops, updated appliances, new cabinets, sophisticated light fixtures, new flooring and tile backsplashes. The seller was Equity Residential.
WESTBOROUGH, MASS. — CBRE has brokered the $130 million sale of Fountainhead Apartments, a 562-unit community in Westborough, located east of Worcester. The market-rate community is situated on 20 acres near Interstates 90, 290 and 495 and comprises three eight-story buildings. Originally built in phases between 1971 and 1973, Fountainhead offers one-, two- and three-bedroom units averaging 1,157 square feet. Amenities include a pool, fitness center, basketball court and a tennis court. Simon Butler and Biria St. John of CBRE represented the seller, Northland Fountainhead LLC, an affiliate of Massachusetts-based Northland Investment Corp., in the transaction. The buyer was an affiliate of FPA Multifamily LLC.
NEW YORK CITY — JLL has arranged $70 million in acquisition and construction financing for a new multifamily project that will be located at 308 Livingston St. in Brooklyn. In addition to the construction financing, the developer, Lonicera Partners, sourced preferred equity from Twining Properties and a major institutional investor to develop the 23-story project, which is in the pre-construction phase. Lonicera will demolish the existing five buildings on the site make way for a development containing 160 apartments, including 48 affordable housing units, as well as 9,460 square feet of retail space. Amenities will include a sky lounge, common dining room, entertainment lounge, fitness center and coworking office space. Jonathan Schwartz, Aaron Appel, Keith Kurlan, Adam Schwartz and Mark Fisher of JLL arranged the financing through Santander Bank and City National Bank on behalf of Lonicera.