ELIZABETH, N.J. — Valley National Bank has provided a $6.8 million acquisition loan for a 22,000-square-foot apartment building in Elizabeth. Located at 737-745 N. Broad St., the property was built in 2017 and consists of a mix of one- and two-bedroom units. Nate Lowy of Juniper Capital Group represented both the undisclosed borrower and Valley National Bank in the transaction. Terms of the financing included a five-year loan at a 4.25 percent interest rate.
JERSEY CITY, N.J. — Developer LMC has topped out The Lively, an 18-story mixed-use apartment community in Jersey City. Located at 321 Warren St., the property will include 180 apartment units, 1,343 square feet of ground-floor retail space and a 14,200-square-foot theater. Amenities will include a 24-hour concierge, fitness center and roof deck lounge with pool as well as views of the Manhattan skyline. The community will consist of studio, one-, two- and three-bedroom units. Fogarty Finger is serving as architect and interior designer on the project. The Lively is expected to open this summer.
ENGLEWOOD, N.J. — Marcus & Millichap has negotiated the $13.5 million sale of the Crowne Plaza Hotel in Englewood. Located at 401 South Van Brunt St., the 113,202-square-foot hotel is set on more than five acres. Alan Cafiero, Ben Sgambati and Michael DeVita of Marcus & Millichap’s New Jersey office represented the seller, a private investor, in the transaction. The buyer was also a private investor.
MORRIS PLAINS, N.J. — CBRE has negotiated the $26.7 million sale of a retail center in Morris Plains. Located at 245 Littleton Road, a 67,449-square-foot Stop & Shop anchors the center. The property is leased to Stop & Shop through 2031. Jeffrey Dunne, David Gavin, Jeremy Neuer and Travis Langer of CBRE represented the seller, JDA Development Co., in the transaction. The buyer was Oak Street Real Estate Capital.
CROMWELL, CONN. — Covenant Retirement Communities, a nonprofit, faith-based seniors housing owner-operator, will break ground Feb. 21 on a $48 million expansion at Covenant Village of Cromwell, located just south of Hartford. The community originally opened in 1964. The expansion project will add 54 new apartments and a town center with three dining venues, lobbies, a game room, art studio, wellness center and event center. Approximately 87 percent of the units have already been pre-sold. The development team for the expansion includes general contractor C.E. Floyd Co., architecture firm THW Design, landscape architect Milone & Macbroom, project manager JFW Inc. and law firm Dowley & Associates. Construction is scheduled to begin in March with an anticipated completion in the fall of 2020. A ministry of the Evangelical Covenant Church, Covenant Retirement Communities serves 5,000 residents at 16 retirement communities throughout the United States.
MANCHESTER, N.H. — CBRE has negotiated the $88.5 million sale of a 640-unit apartment portfolio in Manchester. The properties include Hilltop Ridge and The Highlands at Washington Park, which were both built in the early 1980s. Biria St. John and Simon Butler of CBRE represented the sellers, Hilltop Apartments LLC and WPN Property LLC, in the transaction. The buyer was an affiliate of The DSF Group. Brian Eisendrath, Cameron Chalfant and John Kelly of CBRE’s Capital Markets team secured financing for the buyer through an agency execution. DSF plans to operate the properties as one community in order to gain operational efficiencies. Both of the buildings have new roofs, exterior siding and windows.
CPHILADELPHIA — Comcast Spectacor and the Cordish Cos. have announced plans to develop Pattison Place, an $80 million office tower inside the Philadelphia Sports Complex. Designed by Beyer Blinder Belle and BLT Architects, the 200,000-square-foot Pattison Place will feature a 4,000-square-foot lobby with 35-foot ceiling heights and 20,000 square feet of ground-floor retail. The 12-foot floor-to-ceiling windows in the building will also provide views of the Philadelphia skyline, surrounding sports complex and neighboring Navy Yard. Pattison Place is expected to create 1,670 new jobs and generate $295 million in economic benefits to Philadelphia and Pennsylvania over a 30-year period, according to Cordish.
YORK, PA. — KeyBank has provided a total of $17.8 million to refinance two healthcare facilities in York. The properties are Autumn House East, a five-building, 141-bed healthcare facility; and Autumn House West, a three-building, 132-bed assisted living and memory care facility. The properties were built in 1958 with renovations each decade. Patrick Shearer of KeyBank’s Commercial Mortgage Group arranged the fixed-rate loans with 30-year amortization schedules on behalf of borrower Persimmon Ventures LLC and Big Bay Ventures LLC. The facilities operate as licensed personal care homes and are leased and operated by Cardinal Senior Management LLC.
MAHWAH, N.J. — CBRE has arranged the $10.2M sale and leaseback of an office property in Mahwah. Located at 1111 Macarthur Blvd., the two-story, 140,420-square-foot building was constructed in 1979 and fully renovated in 1990. Thomas Mallaney, Randy Eigen and Conor Dolan of CBRE represented the seller, Seiko Holdings Corp. in the sale and leaseback. The buyer was 1111 MacArthur Boulevard LLC. Seiko has agreed to lease 18,400 square feet at the property. Nuance Communications, a U.S.-based multinational software technology corporation already occupies 27,317 square feet of space at the property under a long-term lease.
HUDSON, MASS. — Cornerstone Realty Capital has secured a $2.2 million loan to refinance a 32-unit mixed-use property in Hudson. Located on Main Street, the property consists of 28 residential and four commercial units. Patrick Brady of Cornerstone secured the fixed-rate financing with 12 months of interest-only payments on behalf of the undisclosed borrower. An agency lender provided the financing.
