MONTVALE, N.J. — Northeast Capital Group has acquired a 93,916-square-foot office property in Montvale for $9.9 million. Located at 3 Paragon Drive, the property is currently 96 percent leased to two tenants, Pentax of America and Turner Construction Co. The property is on a nine-acre site. Michael Klein and Porter Terry of HFF represented Northeast Capital Group in securing acquisition financing through Valley National Bank. The seller was undisclosed.
MALDEN, MASS. — Cornerstone Realty Capital has arranged the $3.4 million refinancing for a two-property portfolio in Malden. The two properties include a nine-unit apartment building and a two-story industrial building on Maplewood Street. The industrial facility was renovated in 2004 and includes seven commercial units. Andrew Saccone of Cornerstone secured the fixed-rate financing on behalf of an undisclosed borrower. Terms of the financing included an interest-only payment period followed by a 25-year amortization schedule. The lender was undisclosed.
FAIRVIEW, N.J. — J.P. Management has acquired the Fairview, a 12-story apartment property in Fairview for $43 million. Located at 371 Bergen Boulevard, the property consists of 146 units and was fully renovated in 2017. Amenities at the property include a swimming pool, fitness center, covered parking and views of the New York City skyline. Jose Cruz, Stephen Simonelli, Kevin O’Hearn, Michael Oliver, Jordan Avanzato and Ryan Robertson of HFF represented the seller, Roizman Development Inc., in the transaction.
AUDUBON, PENN. — NKF Capital Markets has brokered the $20 million sale of a 136,918-square-foot office building in Audubon. Located at 1001 Adams Ave., the property is currently fully occupied by Optum 360, a UnitedHealth Company. Amenities at the property include a full-service cafeteria, on-site fitness center with showers, outside patio dining and video conferencing facilities. Mike Margolis, Dave Dolan, Dave Garonzik and Jeff Mack of NKF Capital Markets represented the seller, Delaware Valley Real Estate Investment Fund, in the transaction. The buyer was Blue Stone Capital.
TORONTO — Avison Young has entered into a definitive agreement to acquire GVA, the largest full-service, commercial real estate firm in the United Kingdom. Based in London, GVA employs approximately 1,500 people across 15 offices in the U.K., Ireland and Poland. Toronto-based Avison Young has about 2,700 employees across its 85 global offices. The deal, which is expected to close during the first quarter of 2019, follows a $250 million (in Canadian dollars) preferred equity investment by Canadian institutional fund manager CDPQ in Avison Young’s strategic growth plan. Credit Suisse and KPMG LLP are acting as Avison Young’s financial advisors. BofA Merrill Lynch is acting as financial advisor to GVA’s parent company, Apleona Ltd., a portfolio company owned by global private-equity firm EQT.
NEW YORK CITY — Greystone has provided an $8.2 million Fannie Mae loan to refinance a three-property multifamily portfolio in Queens. The portfolio consists of three, rent-stabilized properties totaling 52 units. The properties are located at 177-50 South Conduit Ave., 176-20 and 177-16 South Conduit Ave. Amenities at the properties include on-site laundry, covered parking and community rooms as well as video security. Terms of the financing included a 10-year term and a 30-year amortization schedule. The borrower was undisclosed.
PLYMOUTH, MASS. — Fantini & Gorga has arranged a $3 million loan for the purchase of a gas station ground lease in Plymouth. Located at 7 Home Depot Drive, the property is currently occupied by a Shell gas station. The property also includes a car wash and convenience store. Casimir Groblewski and Jon Garcia of Fantini & Gorga secured the financing for the borrower, 7 Home Depot Drive LLC, through a Massachusetts based financial institution. Terms of the loan were undisclosed. The seller was Balder LLC.
BOSTON — NKF Capital Markets has brokered the $222 million sale of a 304,178-square-foot office building in Boston. Located at 200 State St., the property is currently 96 percent leased to a 21-tenant roster that includes Beacon Health Options, TD Bank, FTI Consulting, Beacon Capital Partners and TIFF Investment Management. Edward Maher, Matthew Pullen and James Tribble of NKF’s Boston Capital Markets team represented the seller, GLL Real Estate Partners, in the transaction. The buyer was Carr Properties.
CAMBRIDGE, MASS. — CBRE has secured a $120.2 million loan for the refinancing of Zinc Apartments, a 392-unit multifamily property in Cambridge. Located at 22 Water St., the high-rise community features an outdoor resident lounge, a 15,000-square-foot garden terrace, fitness center and 24-hour concierge service. Nate Sittema and Kristen Reilley of CBRE represented the borrower, Greystar Real Estate Partners, in securing a 10-year, fixed-rate loan through Freddie Mac.
NEW YORK CITY — HREC Capital Markets Group has arranged the $7.4 million refinancing of the leasehold interest in the Look Hotel Red Hook in Brooklyn. Located at 17 Seabring St. in the Red Hook neighborhood of Brooklyn, the property is adjacent to the Brooklyn Cruise Terminal. The hotel was recently renovated and upgraded to the Choice Hotels’ boutique Ascend Collection. Greg Porter and Mike Armstrong of HREC represented the borrower, Brooklyn Hotel Group, in securing a floating-rate, non-recourse loan from a private New York-based investment company.
