NEW YORK CITY — Meridian Capital Group has arranged $49 million in refinancing for 232 Madison Ave., a 16-story office building in Midtown Manhattan. Jeff Weinberg and Rael Gervis of Meridian secured the refinancing on behalf of an undisclosed borrower. The five-year loan, which a savings bank provided, features two years of interest-only payments. The 132,000-square-foot building is located on the corner of Madison Avenue and East 37th Street.
ATHENS, PA. — An affiliate of Phoenix Investors has acquired a 402,000-square-foot industrial and office building located at 101 N. Main St. in Athens, about two miles from the New York state line. The sales price was not disclosed. The property, which was built in 1910, is a vacant former Ingersoll Rand manufacturing plant. Phoenix intends to fully renovate the facility. Phoenix Investors is a national private commercial real estate firm headquartered in Milwaukee.
NEWTON, MASS. — Cornerstone Realty Capital has arranged $14 million in financing for the acquisition and redevelopment of Langley Terrace, a 66-unit multifamily community located at 392-404 Langley Road in Newton. The property currently features three apartment buildings and one duplex, which will be leveled for the construction of an additional three-floor, 20-unit apartment building. When complete, the property will include four apartment buildings and 89 parking spaces. Amenities will include a courtyard, grilling areas, fitness center and storage areas for bikes. Construction and renovations are expected to be completed by June 2019.
VERNON, CONN., WELLS, MAINE. — Fantini & Gorga has secured a $2.1 million refinancing for two newly constructed Dollar General Stores in Wells and Vernon. The properties are leased on an initial long-term triple net basis to Dollar General. The Vernon location opened in July of 2017 and the Wells location opened in January of 2018. Chris Miller and Lindsay Feig of Fantini & Gorga represented the New England-based client and arranged the financing with a regional financial institution. Terms of the non-recourse loan included a thirty-year amortization schedule.
NEW YORK CITY — JLL has arranged $251 million in equity and debt for CBSK Ironstate for the acquisition and development of 646 11th Ave., a condominium development planned for the Hell’s Kitchen neighborhood of Manhattan. JLL raised $70 million in equity from an institutional investor and secured $181 million in construction financing from Deutsche Bank AG. The 12-story condominium development will feature 161,000 net sellable residential square feet, 40,000 rentable square feet of pre-sold retail space, 8,000 square feet of residential amenity space and 60 for-sale storage units.
SECAUCUS, N.J. — CBRE has brokered the sale of 425 Meadowlands Parkway, a 111,106-square-foot office building in Secaucus, as well as the leaseback of approximately 45,000 square feet of office space currently occupied by the seller. CBRE represented the seller, Meadowlands Parkway Associates, in the transaction. The buyer was CPR Meadowlands Parkway LLC. The deal also involved a lease buyout of tenant Capital One.
NEW YORK CITY — Meridian Capital Group has secured $35 million in construction financing for a mixed-use condominium property on Manhattan’s Upper East Side. The borrower is Adellco LLC. The 24-month loan, provided by a balance sheet lender, features interest-only payments, a prime-based floating rate, and a one-year extension option. Once completed, 27 East 79th St. will feature eight two- to five-bedroom residences as well as a duplex townhouse with a private garden and a triplex penthouse. Retail space will also be available.
ROCHELLE PARK, N.J. — Cushman & Wakefield has arranged the sale of 395 W. Passaic St., a four-story, 107,969-square-foot office building in Rochelle Park. The sales price was not disclosed. Cushman & Wakefield represented the sellers, Garrison Investment Group and Onyx Equities, in the transaction. They buyer was Ramaa Management. The three-acre property was 80 percent leased to eight tenants at the time of sale.
MOUNT OLIVE, N.J. — HFF has arranged a $28.5 million refinancing for 350 Clark Drive, a three-building industrial warehouse facility in Mount Olive. The 443,030-square-foot facility was originally constructed to house the headquarters of Calvin Klein Cosmetics and is now 97 percent leased to office and industrial tenants. The property features 24- to 30-foot clear heights, 26 loading docks, two drive-in doors and 20,000 square feet of freezer space. HFF represented the borrower, Commercial Realty Group, to place a 10-year, fixed-rate loan with John Hancock Real Estate Finance Group.
NEW CASTLE, DEL. — MacKenzie Commercial Real Estate Services has arranged the sale of 2160 New Castle Avenue, a 35,500-square-foot commercial property on 5.7 acres in New Castle, five miles south of Wilmington. The sales price was not disclosed. The seller, Rommel Harley-Davidson, is an operator of multiple Harley-Davidson dealerships throughout the Mid-Atlantic region. Rommel Harley-Davidson will transition the New Castle operations to a recently announced new dealership to be built in Middletown. Chris Bennett and Chris Walsh of MacKenzie represented the seller in the transaction. Sean Langford of MacKenzie represented the buyer, a Baltimore-based private investment group. The buyer plans to redevelop the site to include multiple pad sites, one of which will contain a Royal Farms convenience store.