ALLENTOWN, PA. — HREC Investment Advisors has negotiated the sale of the Wingate by Wyndham, a 105-room hotel in Allentown. The sales price was undisclosed. Ketan Patel and Mark von Dwingelo of HREC represented the seller, JPMCC 2007-LDP12 Spring Street Limited Partnership, in the transaction. The buyer was Humboldt Hotel LLC. The property is located directly off the Pennsylvania Turnpike, approximately 60 miles north of Philadelphia and 71 miles south of Scranton.
LONG ISLAND, N.Y. — Meridian Capital Group has secured a $19.2 million refinancing for a portfolio comprised of industrial, mixed-use, and retail properties in Long Island. Bryan Kallenberg of Meridian arranged the seven-year loan, provided by a balance sheet lender to the borrower, Sanders Equities. The loan terms included a fixed interest rate of four percent and a 30-year amortization schedule. Located in Long Island’s Nassau County, the portfolio consists of six industrial, one mixed-use, and one retail property. Tenants include Wine.com, Sprint, Cintas, and Nassau Candy.
LAKE PLACID, N.Y. — Wright Investments has acquired the Hotel North Woods, a six-story, 92-room hotel in Lake Placid. The sales price was undisclosed. The hotel is located at 2520 Main St., approximately two miles from Lake Placid Airport. It is located near area attractions such as the Olympic Center, Whiteface Mountain, U.S. Olympic Museum, High Falls Gorge, and X-Country Ski Center. Marcus & Millichap represented both Wright Investments and the seller, a private real estate investment group.
NEW YORK CITY — New York-based Extell Development Co. has received $530 million in financing for the development of Brooklyn Point, a 68-story residential condo tower under construction in Brooklyn. The property is located within City Point, a development featuring 600,000 square feet of dining and retail. The financing consists of a $425 million senior construction loan, led by M&T Bank, and a $105 million mezzanine loan from New York-based RXR Realty. Designed by Kohn Pedersen Fox, the building will offer studio, one-, two- and three-bedroom units for sale. The property will feature 40,000 square feet of amenities, including rooftop and indoor pools, a fitness center, cocktail lounge, chef’s demonstration kitchen, game room, rock climbing wall, children’s playroom and screening/performance room. The ninth floor will offer a landscaped terrace with a putting green, fire pit and bar. “We were overwhelmed with interest in the building as soon as we opened the doors to our sales gallery,” says Ari Alowan Goldstein, senior vice president at Extell Development Co. “Our strong sales velocity is an indicator of pent-up demand for high-quality ownership opportunities in this extremely desirable neighborhood.” Pricing for studio to three-bedroom residences will start at $850,000. Purchasers will benefit from …
WHITE PLAINS, N.Y. — Marcus & Millichap has brokered the $45 million sale of a 104-unit, three-building multifamily portfolio in White Plains. The portfolio includes The Dylan, a four-story apartment building located at 42 Waller Ave.; La Gianna, a five-story property located at 10 Dekalb Ave.; and The Reed, a three-story property located at 115 N. Broadway. Amenities at the recently built apartment communities include modern finishes, programmable thermostat control, hardwood floors and a washer and dryer in each unit. Marcus & Millichap represented the sellers, Manhattan-based residential development company the Daten Group and development partner Lighthouse Living. The buyer is a Westchester-based developer.
HUDSON, MASS. — CBRE has arranged the sale of Matrix Hudson, a 176-unit apartment community in Hudson. The property sold for $44.2 million. Matrix Hudson was completed in 2017 and consists of three five-story apartment buildings. Simon Butler and Biria St. John of CBRE/New England represented the seller, Madison Place Hudson LLC., in the transaction. The buyer was PP Hudson Investors LLC.
SYRACUSE, N.Y. — MLK Real Estate Capital has secured a $15 million bridge loan for the recapitalization of a 1 million-square-foot, 90-acre industrial property in Syracuse. Ryan Goldstein of MLK represented the borrower, a family office and local operator in securing funding through an undisclosed lender. The borrower intends to use the loan proceeds to recapitalize equity in the deal and fund additional capital improvements and tenant improvements. The improvements will enable the borrowers to restructure in-place leases, attract new tenants to the property and build new structures on undeveloped areas of the property.
NEW YORK CITY — HFF has negotiated the sale of the Hampton Inn NY-JFK, a 216-room hotel near John F. Kennedy Airport in New York. Completed in 2001, the 13-story hotel underwent renovations in 2015 and features 1,250 square feet of meeting space as well as a fitness center. HFF represented the undisclosed seller in the transaction and arranged a three-year, floating-rate acquisition loan for the buyer, which was also undisclosed.
EDISON, N.J. — Gordon Logistics has signed a 269,424-square-foot industrial lease at 180 Raritan Center Parkway in Edison. The logistics provider to food and beverage wholesalers and distributors will occupy the majority of the 354,000-square-foot warehouse facility. Scott Belfer, Lou Belfer and Nicholas Nitti of CBRE arranged the lease on behalf of building ownership, NJIND Raritan Center LLC.
NEW YORK CITY — A joint venture between Deutsche Finance America and BLG Capital have acquired the upper floors of 685 Fifth Ave., an office tower known as the “Gucci Building” in Midtown Manhattan. Other purchasing partners include developer Michael Shvo, The Wings Group and Latner Partners. The sellers are GGP and Thor Equities. The purchase price was $135 million, according to the New York Post. The buyers raised $155 million of equity for the acquisition and will seek approximately $100 million of debt financing to fully capitalize the project. The partnership is also looking at the potential for redevelopment, according to Sven Neubauer, chief investment officer for Deutsche Finance Group. Built in 1926, the 20-story building features more than 100,000 square feet of office space. Coach, Stuart Weitzman and Tag Heuer occupy the multi-level retail space at the property. GGP will continue to own the first through fourth floors. In its second-quarter results released on July 31, the company disclosed the refinancing of a consolidated floating-rate loan of $340 million for 685 Fifth Ave. Deutsche Finance America is a subsidiary of Germany-based Deutsche Finance Group. BLG Capital is a division of Bilgili Group, which focuses on hotel and lifestyle investments. — Kristin …