NEW YORK CITY — MCR has sold 18 Marriott and Hilton assets to American Hotel Income Properties REIT for $407.4 million. The sale encompassed 2,187 rooms, which sold for roughly $186,000 each. The assets are in Maryland, New Jersey, New York, Connecticut and Pennsylvania. MCR is the seventh largest hotel owner-operator in the country and operates hotels under 10 brands.
PHILADELPHIA — HFF has arranged $65 million in preferred equity and construction financing for the development of The Hamilton, a 10-story apartment building located at 440 N. 15th St. in Philadelphia. Radnor Property Group is developing the 279-unit property, which is slated for completion in 2018. The Hamilton will feature studio, one- and two-bedroom layouts. HFF arranged a $48.5 million construction loan from Santander Commercial Real Estate and $16.5 million in preferred equity from an insurance company for the developer. Ryan Ade, Rob Hinckley, David Giancola and Michael Pagniucci of HFF arranged the financing for the borrower.
NEW YORK CITY — Greystone has provided $22.1 million in Freddie Mac financing for a 12-property multifamily portfolio in Brooklyn. The borrower is Yoel Goldman. The refinanced properties, which all contain between five and 12 units, all received five-year, fixed-rate Freddie Mac Small Balance Loans that include an additional 15 years and one-year of interest-only payments. The borrower received $9.6 million in cash-out proceeds and plans to invest capital into each property. The properties include 165 Central Ave.; 1358 Dekalb Ave.; 145 Driggs Ave.; 136 Kingsland Ave.; 146 Skillman St.; 161, 191 and 163 Troutman St.; 54 Lewis Ave.; 11 Gunther Place; 1136 Willoughby Ave.; and 189 Menahan St. Anthony Cristi of Greystone originated the loans.
FRANKLIN, MASS. — Transwestern Consulting Group (TCG) has arranged the sale of an industrial building located at 130 Constitution Blvd. in Franklin. Novaya Real Estate Ventures sold the property to Albert Milstein, Barry Kirschenbaum and Sanford Bokor of $6.4 million. The property features 59,970 square feet of industrial space. John Lashar, Chris Skeffington and Roy Sandeman of TCG represented the seller and assisted in sourcing the buyer in deal.
ASHFORD AND MANSFIELD, CONN. — Northeast Private Client Group has brokered the sale of a three-building, 91-unit apartment portfolio located in Ashford and Mansfield. Harvest Properties sold the portfolio to Axela Group for $5.2 million, or $57,000 per unit. The portfolio includes the 24-unit Mar-Lea Park Apartments, located at 57-69 Varga Road in Ashford, and the 34-unit Woodlawn Apartments, located at 80 Bicknell Road in Ashford. Bradley Balletto and Edward Jordan of Northeast Private Client Group represented the seller and sourced the buyer in the deal.
DEERFIELD, ILL. — The merger between Walgreens Boots Alliance Inc. (NASDAQ: WBA) and Rite Aid Corp. (NYSE: RAD) has been terminated. Instead, Walgreens will purchase 2,186 stores and three distribution centers from Rite Aid for $5.2 billion. The previous merger agreement was unveiled in October 2015. In December 2016, Fred’s Pharmacy signed an agreement with Walgreens and Rite Aid to purchase 865 stores. Both of these agreements have been terminated, and Walgreens will pay Rite Aid the $325 million termination fee. Deerfield-based Walgreens will begin acquiring stores and related assets on a phased basis over a period of approximately six months, and intends to convert acquired stores to the Walgreens brand over time. Walgreens expects synergies from the new transaction to be in excess of $400 million.
NEWBERRY, S.C. — Samsung plans to open a $380 million home appliance manufacturing plant in Newberry, roughly halfway between Greenville and Columbia, S.C. The project is expected to produce 954 jobs, including craftsmen, operators, engineers and other technical and non-technical positions, by 2020. Samsung already operates a call center in Greenville that supports 800 full time and contracted jobs. The Newberry plant is the latest in a series of investments over the past 18 months totaling $10 billion that will expand Samsung’s U.S. holdings and operations.
MIAMI — Rose & Berg Realty, a New-York-based private real estate company, has unveiled plans to develop The Gateway at Wynwood, a 12-story, 200,000-square-foot office building located at 2916 N. Miami Ave. in Miami’s Wynwood neighborhood. The building will have eight floors of office space above four floors of covered parking. In addition, The Gateway at Wynwood will include approximately 25,000 square feet of retail space being marketed by RKF. Kobi Karp Architecture and Interior Design is the architect of the project, and Jack Lowell, Adriana Rosillo and Noa Figari of Colliers International will handle the leasing of the building’s office space.
FAYETTEVILLE, ARK. — Strategic Student & Senior Housing Trust Inc., a REIT focusing on student housing and seniors housing acquisitions and sponsored by SmartStop Asset Management LLC, has purchased a student housing community near the University of Arkansas for $57 million. Known as The District, the 592-bed community is located at 376 W. Watson St. in Fayetteville, roughly a half-mile from the university’s campus. The 198-unit property includes one-, two-, three- and four-bedroom, fully furnished floor plans. Completed in 2016, the LEED Gold-certified community features a business center, study rooms, pool, spa, courtyard, fitness facility and a yoga room. Asset Campus Housing will manage the property, which was 95 percent preleased at the time of sale for the 2017-2018 academic year.
MARIETTA AND COLLEGE PARK, GA. — Grandbridge Real Estate Capital has secured a $29.5 million first mortgage loan for Ivy Common Apartments, a 344-unit multifamily community in Marietta, and an $18 million first mortgage loan for the Parc at 1875, a 352-unit property in College Park. Alan Tapie and Thomas Wiedeman of Grandbridge arranged the 10-year, interest-only loans with 30-year amortization schedules through Freddie Mac’s Capped ARM loan product. The deals closed with interest rates in the low 3 percent range. Ivy Commons is located at 3555 Austel Road S.W. in Marietta, roughly 20 miles north of Atlanta, and features tennis courts, a pool and a fitness center. The Parc at 1875 is located at 1875 E. Pleasant Hill Road in College Park, and features a fitness center, playground, tennis court and a pool.