NEW YORK CITY — Ready Capital Structured Finance has closed a $4.7 million loan for a retail condo located in Manhattan’s Financial District for an undisclosed borrower. The borrower plans to renovate the ground floor and basement space of the 4,900-square-foot property and re-lease the property at market rental rates. The non-recourse, interest-only loan features a 24-month term with one extension option and flexible pre-payment. Additionally, the loan is inclusive of a facility to provide for capital expenditures, leasing costs, interest and carry reserves, as well as an equity earn out if certain performance metrics are achieved.
EAST GRANBY, CONN. — Sentry Commercial has brokered the sale of a multi-tenant industrial complex located at 25-27 and 29 Kripes Road in East Granby. Torrington, Conn.-based Gen IV LLC acquired the property from Airport Business Center III. Situated on 8.3 acres, the 65,691-square-foot property is a portion of Airport Business Center, a five-building industrial park developed by the seller in 1984. Sentry Commercial was the sole broker in the transaction.
NEW YORK CITY — Fortis Property Group has received a $297 million construction loan to develop River Park, a three-building mixed-use project in the Cobble Hill neighborhood of Brooklyn. The 325,000-square-foot project will feature 172 luxury condominium units, 66,900 square feet of community space and 328 parking spaces. Fortis acquired 18 buildings on three adjacent sites that formerly housed the Long Island College Hospital (LICH) medical campus. The company purchased LICH in 2015 for $240 million from the State University of New York. Fortis financed the first phase of the acquisition with a $107.25 million bridge loan from Madison Realty Capital (MRC). The new loan proceeds from MRC will be used to retire the previous bridge loan and complete construction of the three luxury residential condominium buildings. This includes a waterfront tower at 350 Hicks St. (“1 River Park”); a high-rise condominium tower at 95 Pacific St. (“2 River Park”); and a contextual condominium building at 349 Henry St./112 Pacific St. (“5 River Park”). River Park 1, 2 and 5 will anchor the new Brooklyn Waterfront District. Rogers Partners is designing the properties. Brooklyn-based Fortis Property Group is a real estate investment, operations and development company. It has acquired, developed …
Eastern Pennsylvania’s industrial markets continue to thrive due to low vacancy rates, increased barriers to entry, demand by occupiers and the institutional capital community’s ever-increasing appetite for industrial product. While the specific submarkets have unique nuances associated with the local economic drivers, highway networks, taxation, and labor base, the overall demand by tenants and the capital community alike is driven by elementary economic rules of supply versus demand met by supply chain demand drivers. In a world that is buying a higher percentage of its goods online each and every year, this geography offers the unique ability to reach almost half of the U.S. population within a one-day truck drive and better one-day or two-day delivery service from the two major providers, UPS and FedEx. This thriving market is technically four distinct submarkets inclusive of the Lehigh Valley, Northeastern, Central and Southeastern Pennsylvania. For those less familiar with the nomenclature of this geography, it’s easiest to think of the Lehigh Valley as the general vicinity of Easton through Bethlehem and Allentown and along I-78 past Hamburg. Central Pennsylvania is the region inclusive of Harrisburg, York, Carlisle, Chambersburg, Greencastle and Lancaster. Northeastern Pennsylvania is the combination of the MSAs including Pottsville, …
NORWALK, CONN. — Marcus Partners has completed the disposition of Cross Street Medical Center, located at 40 Cross St. in Norwalk. Anchor Health Properties acquired the property for $23 million. Norwalk Surgery Center/Norwalk Hospital, St. Vincent’s MultiSpecialty Group, WestMed (formerly Norwalk Medical Group) and the Center for Advanced Pediatrics anchor the 71,401-square-foot building. Frank Nelson, Michael Greeley and Danielle DeMarco of Newmark Knight Frank represented the seller in the deal.
NEW YORK CITY — Capital One has provided a $145 million, seven-year, floating-rate loan to Jamestown Properties to refinance 88 Leonard Street, an apartment building located in Manhattan. Capital One Municipal Funding purchased $112.5 million in tax-exempt bonds, and Capital One purchased $32.5 million in taxable bonds that were issued by the New York State Housing Finance Agency to finance the property. Paul Kesicki of Capital One closed the transaction. Constructed in 2007, the 21-story building features 352 apartment units, 11,000 square feet of ground-floor retail space and an attached 249-car parking garage. Community amenities include a roof deck on the 14th floor, a second-floor terrace with outdoor fireplace and whirlpool, and a full suite of concierge services. Units feature upscale appliances, granite countertops and wood cabinetry.
NEW YORK CITY — Trinity Place Holdings has entered into an option agreement to acquire a newly built apartment building, located at 237 11th St. in Brooklyn’s Park Slope neighborhood, for $81 million. The 12-story building features 105 apartment units and 6,264 square feet of retail space, which is leased to Starbucks Coffee. On-site amenities include a courtyard garden, party room, fitness center, tenant lounge, bicycle storage room, parking and a landscaped rooftop terrace. The transaction, which is subject to customary closing conditions, is expected to close in the first quarter of 2018. The name of the seller was not released.
VERNON, CONN. — Sentry Commercial has brokered the sale of an industrial facility located at 77 Industrial Park Road in Vernon. Tradewinds Investments acquired the property from Mel-Pet Realty for $1.3 million. The 52,000-square-foot facility is occupied by multiple tenants. Sentry Commercial was the sole broker in the transaction.
NEWTON, MASS. — Chesapeake Lodging Trust has completed a multi-million renovation at Boston Marriott Newton, located at 2345 Commonwealth Ave. in Newton. The large-scale renovation program included upgrades to all 430 guest rooms, including the bi-level presidential suite, the lobby, guest corridors, all meetings rooms and the 9,000-square-foot Grand Ballroom. All guest rooms feature a 50-inch flat screen television, a workstation, Wi-Fi access, mini refrigerators, in-room safes and coffee makers. The hotel also features a newly redesigned Concierge Lounge on the seventh floor that caters to business travelers. Atlanta-based Design Directions International led the hotel’s renovations. TPG Hotels & Resorts, an affiliate of Procaccianti Cos., operates the hotel, which is owned by Chesapeake Lodging.
BETHLEHEM, PA. — Cronheim Mortgage has secured $117.5 million in permanent and construction financing for Madison Farms, a mixed-use development in Bethlehem, located north of Philadelphia and west of New York City. The development, upon completion, will feature 152,000 square feet of retail anchored by a 67,400-square-foot ShopRite; a two-story, Class A medical office building occupied by the Lehigh Valley Health Network; and 570 luxury one- and two-bedroom residential units across 15 buildings. Tenants at the property’s retail center include Starbucks Coffee, Chipotle Mexican Grill, Provident Bank, Pure Barre, Pet Valu and Supercuts. The residential property features a 6,500-square-foot clubhouse with a billiards room, multimedia center, fitness center, golf simulator and business center, as well as an outdoor deck with a pool, barbecues and fire pits. The financing — provided by American General Life Insurance Co. — consists of two separate loans placed on behalf of Madison Farms Retail and Madison Farms Residential with 20-year terms and 30-year amortization schedules. For Madison Farms Retail, Cronheim arranged $32 million in permanent financing. For Madison Farms Residential, the company secured an $85.5 million credit facility with two years of interest-only payments. This loan provides permanent financing for the 294-unit first phase of residential development, …