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FRANKLIN AND ACTON, MASS. — Marcus & Millichap has brokered the sale of two upscale senior housing communities located in Massachusetts for $43 million. The first community is Forge Hill Senior Living, an independent and assisted living community located in Franklin. The facility contains 104 units. The second property is the Inn at Robbins Brook, a 90-unit community located in Acton. The facility provides assisted-living care and was constructed in 2000. The deal was brokered by Mike Pardoll of Marcus & Millichap's National Senior Housing Group in Charlotte, N.C., and Christopher Hyldahl of Marcus & Millichap's West Los Angeles office. The pair represented both the seller, an affiliate of Westport, Conn.-based Westport Capital Partners, and the buyer, a Boston-based investment real estate firm. Additional representation was provided by Todd Tremblay of Marcus & Millichap's Boston office. The properties commanded a price of $221,650 per unit, which equates to approximately $300 per square foot. — Coleman Wood

YONKERS, N.Y. — Berkadia Commercial Mortgage has originated $100 million in construction financing for a new pediatric hospital in Yonkers. The loan will be used to finance the new $125 million location for Elizabeth Seton Pediatric Center. The loan carries a 5.22 percent interest rate and a 30-year term. Payments will be interest-only during the construction period and switch to a 30-year amortization schedule upon completion. The financing was originated by Bradley Grainger of Berkadia's Syracuse, N.Y., office through the HUD/FHA program. Berkadia claims that the loan is the largest HUD 232-insured loan ever closed. The new Elizabeth Seton Pediatric Center will be built on 6.5 acres within South Westchester Executive Park. It will contain 137 beds over four stories. Its 165,000 square feet will serve as a pediatric residential nursing facility and an affiliated school that provides a full range of healthcare service to medically fragile children. Upon completion of the project, which is anticipated in 2012, the hospital will move from its current location in Manhattan's Chelsea neighborhood, where it was established in 1987 by the Sisters of Charity of New York. — Coleman Wood

WASHINGTON, D.C. — Groundbreaking has occurred for Rhode Island Station, a $107 million transit-oriented project located in northeast Washington, D.C. Developed by a joint venture between Urban Atlantic and A&R Development Corp., the mixed-use project will consist of 274 apartments and 70,000 square feet of ground-floor retail built around the Rhode Island Avenue Metro Station on the train's Red Line. The multifamily component of the 8.5-acre site will consist of Class A apartments, 20 percent of which will be designated as affordable housing. Luxury amenities will include a swimming pool. The retail component will contain a mix of retail, restaurants, neighborhood convenience stores and a satellite office for the District of Columbia Department of Motor Vehicles. Ten percent of the retail space will be reserved for local businesses. Finally, two private parking garages will be built for apartment residents, and a third garage will be built to provide parking for Metro patrons. The Metro garage is expected to be complete by summer 2011. The retail and residential components will be open by spring 2012. Bozzuto Construction is serving as general contractor, and Asadoorian Retail Solutions is providing retail leasing services. — Coleman Wood

GREENBURGH, N.Y. — ALMA Realty Corp. has acquired a 207,968-square-foot office building located in Greenburgh. The three-story, Class B building is situated on 3.64 acres at 10 County Center Road, within walking distance of downtown White Plains. Current tenants include Verizon, Westchester County Child Care and Westchester County Social Services. Cushman & Wakefield arranged the transaction between ALMA and the seller, SSK VP County Seller LLC. The brokerage team included Thomas O'Leary and Michael Gordon of Cushman & Wakefield's Stanford, Conn., office; Andrew Merin, David Bernhaut and H. Gary Gabriel of the firm's East Rutherford, N.J., office; and Edward Weiss, Joseph Cabrera and Robert Thuss, Jr., of its Midtown Manhattan office. The acquisition price was not released. — Coleman Wood

CHAPEL HILL, N.C. — The multifamily component of the Meadowmont of Chapel Hill master-planned community has traded for $37 million, the highest per unit price ever for the Chapel Hill market. The Apartments at Meadowmont contains 258 garden-style units. It was 96 percent occupied at the time of closing and has had strong performance since being developed in 2001 by the seller, Charlotte-based developer Crosland. Dean Smith and Blake Okland of the Charlotte office of Apartment Realty Advisors (ARA) represented Crosland in the sale to Greensboro, N.C.-based Bell Partners. The deal was financed through ARA's recently launched debt platform, ARA Finance. Equity was arranged through Bell Partners' latest investment fund. “The Chapel Hill market is one of the highest barrier-to-entry markets in the Southeast,” said Smith in a statement. “Only 827 units have been added to the market since 2000, largely due to the local planning department's desire to fiercely protect the college town's charm and infrastructure.” Smith adds that the existence of three major research universities, two university hospital systems, state government offices and Research Triangle Park create a diverse and stable employment base that is able to provide a hedge against market downturns and create a top-tier market …

NEW ROCHELLE, N.Y., AND WESTWOOD AND RIVER VALE, N.J. — CB Richard Ellis (CBRE) has brokered two multifamily sales in New York and New Jersey for a total of $149.5 million. Hartz Mountain Industries was the buyer in both deals, which were completed to satisfy a 1031 exchange. The first deal is 255 Huguenot Street, a 25-story, high-rise apartment tower located in downtown New Rochelle. It features 412 units. Amenities include a fitness center, an indoor basketball court, an outdoor swimming pool and a gated entrance with controlled access. “Hartz Mountain has acquired, in 255 Huguenot Street, a trophy-quality, Class A apartment community immediately adjacent to the Amtrak/Metro North rail station and the many retail amenities in downtown New Rochelle,” said Jeff Dunne of CBRE's New York Institutional Group, who represented Hartz Mountain along with Christopher Leonard and Brian Shulz, also of the Institutional Group. The second deal included a portfolio of four, mostly garden-style communities located in New Jersey's Bergen County. The 103-unit Coventry Square Apartments, the 71-unit Stanford Court and the 56-unit The Madison are located in Westwood. The fourth property is the 47-unit Village on the Green, which is located in River Vale. James Gunning and Donna …

ORLANDO — Apartment Realty Advisors (ARA) has brokered the sale of a luxury garden apartment and townhome community in Orlando for $43.25 million. The Estates at Park Avenue is located at 2801 Biltmore Park Drive within the MetroWest master-planned community. It was 93 percent occupied at the time of the sale. The Class A community consists of 170 townhomes and 262 garden-style apartments. Amenities include vaulted ceilings for some of the garden units and direct-acces garages for almost half of the townhomes. Community amenities include a resort-style swimming pool. Kevin Judd of ARA's Orlando office, Patrick Dufour of the firm's Tampa, Fla., office and Richard Donnellan of its Boca Raton, Fla., office represented the seller, an institutional fund advised by Prudential Real Estate Advisors. The buyer was also not disclosed. “This sale represents one of the few institutional-quality, non-distressed properties to trade over the last 18 months,” said Judd in a statement. “The quality of the asset and its location in one of Orlando's most desirable, core submarkets enabled ARA to secure over 30 written offers.” Judd added, “The Estates at Park Avenue was the last rental project built within MetroWest, and no land is available for future multifamily development. …

NEW YORK CITY — SL Green Realty Corp. has entered into agreements for three major office deals in Midtown Manhattan. First, the company will acquire 125 Park Avenue, a 26-story office tower, for $330 million. The building contains 651,000 square feet of Class A space that is 99 percent occupied by tenants such as Meredith Corp., FGIC Holdings, Reed Elsevier, Newmark Knight Frank and Canon Business Solutions, among others. In addition, SL Green has agreed to sell its 45 percent, non-managing interest in 1221 Avenue of the Americas to the Canada Pension Plan Investment Board (CPPIB) for $576 million. The REIT first acquired an ownership interest in the tower in 2003. Finally, SL Green has formed a joint venture with CPPIB for the ownership of 600 Lexington Avenue. CPPIB will purchase a 45 percent stake in 36-story, 303,515-square-foot tower. Last month, SL Green agreed to purchase the property for $193 million. Occupancy is currently 93.6 percent. The 600 Lexington Avenue and 1221 Avenue of the Americas deals are expected to close this month, and the 125 Park Avenue deal is expected to close in the third quarter. SL Green plans to use the proceeds from the two sales to fund …

SAN FRANCISCO — The SFJAZZ Board of Trustees has announced plans to construct a permanent home for the San Francisco-based jazz organization. The SFJAZZ Center is a $60 million project that will be located at 205 Franklin St. within the city's Hayes Valley neighborhood. The project will consist of the construction of a 35,000-square-foot structure with a transparent façade. The building will contain an auditorium with flexible seating for 350 to 700 people, an 80-seat multipurpose room, three rehearsal spaces, a digital learning lab, and a sidewalk-level restaurant/café. The center will also contain advanced performance recording and digital broadcasting equipment. In addition to performances, the new SFJAZZ Center will host educational lectures, panel discussions, clinics, professional development workshops and provide rehearsal space for musicians. It will be applying for LEED-Gold certification. “The SFJAZZ Center represents a major transformation for SFJAZZ,” said Srinija Srinivasan, chair of the SFJAZZ Board of Trustees, in a statement. “It's more than a new home for the organization; it represents a place where the world of jazz music and education can be expressed and enjoyed in all its diversity, by all its global characters. The SFJAZZ Center is our way of giving it the home it …