HOBOKEN, N.J. — HFF has arranged $10.8 million in acquisition financing for a 30-unit apartment property in Hoboken. Located at 204 Grand St., the six-story property was built in 2000 and consists of five one-bedroom and 25 two-bedroom units. The property was fully occupied at closing. Jamie Leachman, Drake Greer and Michael Klein of HFF secured a four-year, floating-rate loan for the borrower, Spirit Bascom Ventures, through lender Citizens Bank.
ROCHELLE PARK, N.J. — Tulfra Real Estate has secured a $10.3 million construction loan for a self-storage facility in Rochelle Park. Located at 120 W. Passaic St., the planned 100,0000-square-foot property will include 823 units. The lender was First Bank of Hamilton. Terms of the financing were not disclosed. The new self-storage facility will be managed by CubeSmart.
BELLEVILLE, N.J. — Marcus & Millichap has arranged the $1.6 million sale of an apartment building in Belleville. Located at 242 Mill St., the property consists of 15 units and 11 parking spaces. Kevin Taub of Marcus & Millichap’s New Jersey office represented the seller, a limited liability company, in the transaction. The buyer was also a limited liability company.
Rhode Island — Talonvest has arranged a $17.4 million acquisition loan for a self-storage portfolio in Rhode Island. The three properties consist of 1,416 storage units across 177,575 square feet. Erich Pryor, Jim Davies, Tom Sherlock, and Terra Hendrich of Talonvest represented the borrower, Rosewood Property Co. in the transaction. The lender was a national bank. Terms of the financing included a 10-year, fixed-rate loan with interest-only payments for the full loan term. The three metro Rhode Island properties expand Rosewood’s portfolio to 48 self-storage properties across 12 states.
MAYNARD, MASS. — Capital Group Properties and SRS Real Estate Partners have announced that Market Basket Supermarket will be the anchor grocery store for the Maynard Crossing mixed-use project in Maynard. The 306,000-square-foot development is slated to open in the first quarter of 2020. The project will also include The Vue at Maynard Crossing, a 180-unit apartment complex developed by LeCesse Development as well as a 143-unit independent living community for seniors developed by Hawthorn Retirement Group. The project will also feature multiple restaurants, retail shops, fitness options and medical offices. Maynard is approximately 25 miles west of downtown Boston.
STOWE, VT. — Real estate investment, development and management firm AWH Partners has acquired the Topnotch Resort and Spa in Stowe. The sales price was undisclosed. Set on 100 acres of woodland and the foot of Mount Mansfield, Topnotch Resort includes 68 guestrooms, a 35,000-square-foot spa and two full-service restaurants. The resort also features four indoor and six outdoor tennis courts as well as a whirlpool/Jacuzzi and two outdoor pools with mountain views. The property was named by U.S. News & World Reportas best hotel in Vermont of 2017. AWH’s hospitality management company is now managing the resort.
JERSEY CITY, N.J. — HFF has brokered the sale of a 134,500-square-foot vacant industrial facility in Jersey City. The sales price was undisclosed. Located at 21 Caven Point Ave., the five-acre property is seven miles from New York City and nine miles from Port Newark-Elizabeth Marine Terminal and Newark Liberty International Airport. The facility includes a solar panel system and 13 docks. Michael Oliver, Jose Cruz, Marc Duval, Jordan Avanzato, Kevin O’Hearn and Steve Simonelli of HFF represented the private seller in the transaction. The Avidan Group and Elberon Development Group purchased the property.
NEW YORK CITY — Marcus & Millichap has negotiated the $2.6 million sale of a 6,000-square-foot mixed-use property in Brooklyn. The four-story property was built in 1920 and is located at 206 Bushwick Ave. Shaun Riney and Michael Salvatico of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, in the transaction. The buyer was also a private investor.
NEW YORK CITY — Ashford Hospitality Trust Inc. (NYSE: AHT) has acquired the Embassy Suites by Hilton New York Midtown Manhattan for $195 million, or $629,000 per room. The 41-story, 310-room hotel is located on 37th Street between 5th and 6th avenues, near Bryant Park and Times Square. While the seller was not disclosed, The Real Deal reports that AIG Global Real Estate owned the majority stake in the property. This is Ashford’s first direct hotel investment in New York City. According to data analytics firm STR, the number of hotel rooms in Manhattan that opened in 2018 was down 32 percent from 2017. Furthermore, for the first time since 2013, demand outpaced supply in both 2017 and 2018. “The hotel is a high-quality, well-positioned asset that we expect will benefit from the positive trends occurring in the dynamic Manhattan market,” says Douglas Kessler, Ashford’s president and CEO. “Having recently opened in 2018, the property is still ramping up operations, and we believe there is significant growth and upside to occur.” Indeed, Ashford reports that there are several new development projects in Midtown that are expected to fuel growth in the area. On a trailing three-month basis ending Dec. 31, 2018, the …
HAUPPAUGE, N.Y. — HFF has arranged the $16 million sale of a two-building, 131,223-square-foot office complex in Hauppauge, Long Island. Located at 330 and 350 Motor Parkway, the property was originally built in 1971 and renovated between 2012 and 2016. The complex is currently 94 percent leased. Amenities include a full-service cafeteria, fitness center with locker rooms, shared conference rooms and tenant storage areas. Jose Cruz, Kevin O’Hearn, Andrew Scandalios, Stephen Simonelli and Michael Oliver of HFF represented the sellers, KABR Group and Capstone Realty Group, in the transaction. The buyer was Long Island-based Valley East Management.