THOMPSON, N.Y. — Montreign Operating Co., an indirect subsidiary of Empire Resorts, has closed a $35 million increase to its Term B loans, which are part of a senior secured first lien term loan facility. Montreign and its subsidiaries will use the proceeds of the loans to fund development of the Resorts World Catskills casino, as well as an entertainment village and golf course being developed at the site of the destination resort in Thompson. Following the closing of the additional $35 million Term B loans, the term loan facility now provides an aggregate of $520 million senior secured first lien term loans, consisting of $70 million of Term A loans and $450 million of Term B loans. Upon completion in March 2018, the resort will include an 18-story casino, hotel and entertainment complex with a 100,000-square-foot casino floor, over 100 table games, 2,150 slot machines, a poker room and private gaming salons. Guest amenities will include 332 all-suite hotel rooms, of which there are 12 penthouse suites, eight garden suites, seven two-story villas, two indoor pools, a spa and fitness center.
HACKENSACK, N.J. — HFF has secured $49.6 million in financing for Meridia Metro, a six-story, 222-unit multifamily property in Hackensack. HFF worked on behalf of the borrower, Capodagli Property Co. to place the fixed-rate loan through MetLife Real Estate. Meridia Metro is located at the intersection of State and Warren streets near Routes 4 and 17 and Interstate 80. The transit-oriented property is also located near New Jersey Transit train stations at Essex Street and Anderson Street, along with the Newark Liberty International Airport. Completed in 2016, Meridia Metro features one- and two-bedroom units with amenities such as stainless steel appliances, granite countertops, hardwood floors and walk-in closets. Community amenities include a fitness center, rooftop terrace, social room with poker and pool tables, pet grooming room and grade-level parking garage. Jon Mikula and Michael Klein led the HFF debt placement team representing the borrower.
CLIFTON, N.J. — Marcus & Millichap has completed the $4.5 million sale of 3 East, a 21,600-square-foot office property located at 95 Main Ave. in Clifton. Fahri Ozturk of Marcus & Millichap’s New Jersey office marketed the property on behalf of the seller. Fahri Ozturk also secured and represented the buyer, a private investor. The property is located near Route 21, Garden State Parkway and the New Jersey turnpike. 3 East features two 10,800-square-foot floors serviced by an elevator and 78 parking spaces.
EAST RUTHERFORD, N.J. — Triple Five Cos. and the Ghermezian family, developers of the American Dream Meadowlands project, have secured $1.6 billion in private construction financing for the project, which is under construction and scheduled to open in March 2019. J.P.Morgan led the construction financing and Goldman Sachs led a tax-exempt bond offering. The project will include DreamWorks Water Park and the Nickelodeon Universe Theme Park, both of which will be fully enclosed and open year-round. Other attractions will include the Big Snow Indoor Ski & Snowboard Park, a 1,350-seat Cirque Du Soleil theater, movie theaters by Cinemax, Sea Life Aquarium, Legoland Discovery Center, an 18-hole miniature golf course and an ice rink. Retailers will include Saks Fifth Avenue and Hermes.
WESTFIELD, N.J. — Redwood Realty Advisors has negotiated the $3.5 million sale of a multifamily development site in Westfield. The site will be developed into a three-story apartment project known as “The Parker,” featuring 26 market-rate units and five affordable rentals. Westfield Auto Wash formerly occupied the location at the corner of West Broad Street. Redwood’s Jeremy Wernick represented both the seller, Jeff Zoraian, and the buyer, a New Jersey-based multifamily developer, in the transaction.
HANOVER, N.J. — RD Management and JMF Properties will develop BJ’s Shopping Center, a retail project, in Hanover. BJ’s Wholesale Club will occupy 89,770 square feet of the center, with almost 28,000 square feet available for leasing. The site will share a traffic light with the Mennen Sports Arena, located directly across from the center on Hanover Avenue. Nearby retailers include Walmart, TJ Maxx, Home Goods, ShopRite and Acme/SavOn Drugs.
FORT LEE, N.J. — PMZ Realty Capital has arranged a $23.7 million construction loan for Hyatt Place Fort Lee. The 168-room property will offer rooms including work desks, refrigerators, coffee makers and an in-room safe. The hotel also features complimentary breakfast.
EAST ORANGE, N.J. — Gebroe-Hammer Associates has arranged the $11.3 million sale of 44 apartment units at 75 Prospect St. in East Orange. The property is known as Castle on Prospect. Gebroe-Hammer’s David Oropeza represented the seller and procured the buyer, a longtime East Orange investor, in the transaction. Built in the late 1920s, the property includes three two bedroom/one bath units, three two bedroom/two bath units, 21 three bedroom/two bath units, 17 four bedroom/three bath units and one five bedroom/four bath unit.
FORT LEE, N.J. — Marcus & Millichap has brokered the $4.5 million sale of 201 Main St., a 9,500-square-foot retail property located Fort Lee. Greg Babaian, Michael Lombardi and Steven Schiavello of Marcus & Millichap’s New Jersey office marketed the property on behalf of the seller, a private investor. The team also secured and represented the buyer, another private investor.
FREEHOLD, N.J. — Bussel Realty Corp. (BRC) has arranged the $7.5 million sale of Fairfield Industrial Park, a nine-building park totaling 165,000 square feet located at 912 Route 33 in Freehold. Jordan Metz and Eduard Skutelsky of BRC represented an unnamed seller in the transaction. Imperial Real Estate represented the buyer, Fairfield Industrial Park LLC. The property includes 20 tenants and the new owners plan capital improvements at the industrial park.