BOSTON — Colliers International has negotiated the $41 million sale of an office property located at 148 State St. in Boston. Colliers also arranged $26.7 million in acquisition financing for property, which is the corporate headquarters of Public Consulting Group (PCG), a public sector management and technology consulting firm. Colliers marketed the property on behalf of the seller, an entity controlled by principals of PCG, and procured the buyer, a joint venture controlled by Harbor Trading USA. Totaling 64,500 square feet, 148 State St. is a Class B office asset anchored by PCG, which occupies 87 percent of the building on floors two through 11. The Ginger Man, a craft beer bar, occupies the remaining 9,000 square feet. Colliers International’s Doug Jacoby, Scott Dragos, Tony Hayes, Tim Mulhall and Dan Hines led the sales team. Colliers’ Jeff Black secured the 10-year, fixed-rate loan through Blue Hills Bank.
NEW YORK CITY — Equicap has secured a $5.8 million construction loan for a mixed-use development in the Williamsburg neighborhood of Brooklyn. The site is located directly above an L train subway stop and within walking distance to the JMZ trains. The developer obtained approval from the MTA for the project. The property will feature five condo units and one ground-floor retail space.
ATLANTA — PMZ Realty Capital has closed an $82.5 million loan for Embassy Suites by Hilton Atlanta at Centennial Park, a 321-room hotel located at 267 Marietta St. in downtown Atlanta. Situated near Centennial Olympic Park in Atlanta’s Luckie-Marietta district, the hotel features 16,000 square feet of meeting space and an outdoor pool and spa. The borrower, Legacy Property Group, is using the floating-rate financing to retire existing debt on the hotel, which has recently undergone a $10 million facelift. This is the fourth loan that PMZ Realty Capital has closed for Legacy.
BIRMINGHAM, ALA. — Capital One Multifamily has arranged a $27.1 million Fannie Mae loan for 4700 Colonnade, a 215-unit apartment community located in Birmingham. Built in May 2016, 4700 Colonnade was 97 percent occupied at closing. Chad Thomas Hagwood of Capital One Multifamily originated the 10-year, fixed-rate loan with two years of interest-only payments followed by a 30-year amortization schedule. The borrower, an affiliate of Kore LLC, is using the financing to retire construction debt and return proceeds.
PENNSVILLE, N.J. — Eastern Union Funding’s David Singer has arranged a $10.5 million loan for AJH Management Co.’s purchase of Laura’s Glen, a 197-unit apartment community in Pennsville. Eastern Union, working with Greystone, secured a 30-year term with the GSE lender. Matt Wilheimer of The Kislak Co. represented the seller in the transaction.
EVERETT, MASS. — Natixis has provided a $38 million floating-rate loan on Wellington Parkside Apartments for Boston-based Taurus Investment Holdings. Proceeds from the loan will fund the acquisition and lease-up of the 190-unit, Class A multifamily property. Wellington Parkside Apartments is located in Everett, four miles north of the Boston central business district and one mile from the site of the Wynn Boston Harbor Casino. Taurus has retained Boston-based The Dolben Co. to handle leasing and management of the property. John Kelly of CBRE’s Boston office arranged the financing.
CEDARHURST, N.Y. — Meridian Capital Group has secured $2.6 million in financing for the refinance of a cooperative property in Cedarhurst. The 10-year loan, provided by a regional bank, features a fixed rate of 3.5 percent and full-term interest-only payments. Judah Hammer and Michael Ryback of Meridian’s New York City headquarters negotiated the transaction. The property, located at 272-300 Cedarhurst Ave., includes 47 units.
NORTH MIAMI, FLA. — Walker & Dunlop has arranged two loans totaling $94.7 million for the acquisition of Avesta Biscayne, a 402-unit multifamily community located in North Miami. Situated on 11 acres, the Class B property features two pools, a newly renovated fitness center, tennis court and a dog park. Alison Williams and Matt Baldwin of Walker & Dunlop’s Tampa office arranged the financing on behalf of the borrower, Avesta Communities. The financing included a six-month, $48.4 million, floating-rate bridge loan followed by a 10-year, $46.3 million, floating-rate loan through Freddie Mac’s Green Up program. Avesta Communities is planning major interior and exterior renovations at Avesta Biscayne for both maintenance and common area amenity upgrades.
AUSTIN, TEXAS — KeyBank Real Estate Capital has arranged $6.5 million in acquisition financing for Western Trails Senior Apartments, a garden-style apartment community in Austin, on behalf of Harmony Housing, a nonprofit organization that provides multifamily housing throughout the country. Located at 2422 Western Trails Blvd., the 99-unit property features a mix of studio, one- and two-bedroom apartments, laundry facilities, a fitness center and a hair salon.
MOORESTOWN, N.J. — Thorofare Capital has funded a $5.7 million fixed-rate bridge loan for the acquisition and renovation of a 219,304-square-foot industrial property in Moorestown. Irvine, Calif.-based Phoenix Investment Funds purchased the asset at auction. The vacant warehouse and distribution facility is located at 540 Glen Ave., about 10 miles from downtown Philadelphia. The building sits on a 13-acre lot and features 15,000 square feet of office space, 24-foot clear heights, 29 loading docks and trailer parking. The property is near the New Jersey Turnpike and Interstate 295. The bridge loan includes reserves for immediate repairs and debt service/operating shortfalls, as well as a future funding facility to cover costs associated with tenant improvements and leasing commissions. The one-year, non-recourse, interest-only bridge loan includes an extension option subject to performance hurdles.