NEW YORK CITY — Progress Capital has secured a $4.1 million construction-to-permanent loan for the development of three attached, four-story mixed-use buildings in the Mott Haven section of the Bronx. Located at 139-141 Alexander Ave., each building will consist of seven residential units and a ground-level retail space. Brad Domenico of Progress Capital represented the borrower, Maddd Equities, in securing the financing through an undisclosed lender. The loan includes an initial 18-month interest-only period followed by a seven-year permanent mortgage.
NEW YORK CITY — Creative workspace provider Spaces has signed a 15-year, 110,989-square-foot lease at the Chrysler Building in New York City. Jim Wenk and Kirill Azovtsev of JLL represented Spaces in the transaction. Building owner Tishman Speyer was represented in-house by Gregory Conen and Robert Weller. Spaces will occupy the seventh through the ninth floors at the 1.2 million-square-foot Chrysler Building, which is located at 405 Lexington Ave. in Midtown Manhattan. The company currently operates three workspaces in New York with three more set to open by the end of this year.
MATAWAN, N.J. — CBRE has brokered the $19.7 million sale of a 133,678-square-foot office building in Matawan. Located at 100 Matawan Road, the Class A office building is currently 85 percent leased. More than $1.6 million in capital improvements have been made to the property since 2015. Jeffrey Dunne, Jeremy Neuer, Travis Langer and Zachary McHale of CBRE Institutional Properties represented the seller, a partnership led by Denholtz Associates, in the transaction. The buyer was Signature Acquisitions.
NEWBURGH, N.Y. — Cronheim Mortgage has arranged a $27 million refinancing for a 504,875-square-foot industrial facility in Newburgh. The property is currently fully leased to wholesale grocery supply company C&S Corp. Features at the facility include ceiling heights of 40 feet, one drive-in dock and 89 tailgate loading docks. The building was constructed in 1990. The loan was placed with American General Life Insurance Co. and The United States Life Insurance Co. The borrower is an affiliate of Purchase, N.Y.-based National Realty & Development Corp.
NEW YORK CITY — Cushman & Wakefield and Rudder Property Group have negotiated the $9.5 million sale of an 11,750-square-foot office cooperative in Manhattan’s Hudson Yards neighborhood. Located at 450 West 31st St., the property includes the entire 12th floor of the building as well as the penthouse. The cooperative also includes a 4,750-square-foot private terrace and a basement storage area. Carri Lyon of Cushman & Wakefield, along with Michael Rudder and Michael Heller of Rudder Property Group, represented the seller, Studio 450. Todd Korren of Avison Young represented the buyer, Melkonian Capital Management.
MILFORD, CONN. — NorthMarq Capital has secured a $6.7 million refinancing for Robert Treat Apartments, a 124-unit multifamily community in Milford. The property is located at 30-60 Robert Treat Drive, eight miles northeast of Bridgeport. Robert Ranieri of NorthMarq arranged a fixed-rate loan with a 10-year, interest-only term on behalf of the borrower, Robert Treat Associates LLC. The lender was Freddie Mac.
LIVINGSTON, N.J. — Marcus & Millichap has brokered the $5.9 million sale of a 7,840-square foot retail property in Livingston. The property, which is located at 1 W. Mount Pleasant Ave., is currently fully occupied by Starbucks, Verizon Wireless and Haven Savings Bank. Alan Cafiero, Ben Sgambati, David Cafiero and Michael DeVit of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was also a private investor.
NEW YORK — Columbia Property Trust Inc. (NYSE: CXP) and Normandy Real Estate Partners LLC plan to form a joint venture to develop 799 Broadway, a 12-story boutique office building in Manhattan’s Midtown South neighborhood. The $300 million, ground-up project will be located at the corner of 11th Street and Broadway, at the convergence of Union Square and Greenwich Village. The loft-style building will total 182,000 square feet and will feature floor plates ranging from 3,600 to 22,000 square feet. Other features will include 15-foot ceilings, floor-to-ceiling glass and private terraces. “We look forward to working with Columbia to jointly develop a Class A, loft-style creative building in this ideal location,” said Jeffrey Gronning, founder and partner of Normandy Real Estate Partners. “With its high-end amenities and features, this unique building will be ideally suited for tenants seeking a creative and collaborative environment and should benefit from the limited supply of newly developed properties in this neighborhood.” Chicago-based architecture firm Perkins+Will is designing the building, which is slated for completion in the second half of 2020. Once completed, 799 Broadway will join Columbia’s existing Manhattan portfolio, which includes 218 W. 18th St., 249 W. 17th St., 114 5th Ave., 229 …
WEST HARTFORD, CONN. — NKF Capital Markets has secured a $19.5 million acquisition loan for Cove West Hartford, a 200-unit apartment community in West Hartford. Dustin Stolly, Jordan Roeschlaub and Daniel Fromm of NKF secured financing on behalf of CS Acquisitions Group through an equity investor. The six-building complex is located approximately two miles from downtown Hartford. The seller was not disclosed.
PHILADELPHIA — IMC Construction has broken ground on Station Square, a $35 million apartment building on Philadelphia’s Main Line. Located at 37 North Valley Road in Paoli, the property is adjacent to the Paoli train station. The four-story, 256,000-square-foot building will include 153 units as well as a fitness center, co-working space and outdoor pool. The project, which Linden Lane Capital Partners is developing, is scheduled for completion in spring 2020.