NEWTON, N.J. — Contemporary Healthcare Capital has closed $13.3 million in senior and mezzanine loans to refinance a 128-bed skilled nursing facility in Newton. The mezzanine loan was $1.9 million and the senior loan was a $10 million secured buy with $1.4 million cash secured. The borrower was an owner-operator that serves New York and New Jersey. Newton is located in the northwest portion of the state, approximately 60 miles west of New York City. Contemporary’s senior lending partner on the transaction was Commercial Bank of Harrogate, Tenn.
STERLING, MASS. — Kelleher & Sadowsky has negotiated the sale of 16 Chocksett Road, an industrial facility in Sterling. The asset traded for $5.1 million. Donald Mancini and Jim Egan of Kelleher & Sadowsky represented the seller, The Cycles 2003 Realty Trust, in the transaction. The Stubblebine Company/CORFAC International represented the buyer, Biomedical Polymers, a global manufacturer of plastic products for research and medical diagnostic laboratories. The property includes four loading docks and 7,000 square feet of office space on 7.7 acres.
NEW YORK CITY — Cushman & Wakefield has brokered an 8,307-square-foot medical building in the Far Rockaway neighborhood of Queens. The property, 29-15 Far Rockaway Blvd., sold for $1.4 million, or $168.50 per square foot. Dan Abbondandolo of Cushman & Wakefield represented the seller, The Jobel LLC, in the transaction. The buyer was Rockaway Partners. The building sits on a half-acre lot and includes a 27-car parking lot. It is currently occupied on a triple-net lease basis by Rockaway Medical Officewith a lease that runs through December 2018.
NEW YORK CITY —Howard Hughes Corp. has acquired 250 Water St. in Lower Manhattan for $180 million. The one-acre site is currently used as a parking lot and encompasses a full city block. The seller was Peck Slip Associates, an entity controlled by the Milstein family. Acquisition financing, which an undisclosed lender provided, consisted of an initial interest-free term of six months, with three six-month extension options at a rate of six percent. The second and third extension options each require a $30 million pay down. The Howard Hughes Corp. recently acquired 450,000 square feet of property and a joint venture interest in a 66-room Mr. C hotel in the Seaport District. The company’s vision for the site will be announced at a later date.
NEW YORK CITY — Lee & Associates has brokered the $18.4 million sale of an 18,000-rentable-square-foot, 14th floor office condominium at 420 Fifth Ave. in Midtown Manhattan. Lee & Associates represented the buyer, Marist College, and the seller, A.M. Property Holding Corp., in the transaction. The space will serve as an alumni information center for Marist College in New York City. The private, liberal arts college is located in Poughkeepsie. The 28-story office building was completed in 1989 and is located near Bryant Park. Marist College will take occupancy of the space in December 2018.
ORANGE, CONN. — Associated Bank has provided a $27.7 million construction loan to Orange VA LLC for a 56,000-square-foot office building in Orange. The building, which will be located at 200 Edison Road, will house a Veterans Administration Community Care Center. Completion is slated for mid-2019. Services at the center will include primary care, team vocational services, health psychology and peer support services. Brian P. Rogan of the Commercial Real Estate division of Associated Bank originated the loan.
NEW YORK CITY — CoverGirl will open its first-ever brick-and-mortar store in New York City’s Times Square this fall. The 10,000-square-foot flagship location will feature an experiential beauty “play room” with interactive elements, full-service makeup application, on-the-go services and digital experiences. The retail store will be an experiential interpretation of CoverGirl’s new campaign, “I Am What I Make Up,” which it released at the beginning of this year. CoverGirl, a Coty Inc. brand, will be the first mass legacy beauty brand to launch a flagship store in North America, according to a release from the company.
NEW YORK CITY — Marcus & Millichap has arranged the $8 million sale of 162-164 Court St., an 8,875-square-foot mixed-use building in the Cobble Hill neighborhood of Brooklyn. The sales price represents a capitalization rate of 3.87 percent. Jakub H. Nowak, Matthew Rosenzweig, and Jesse Kay of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was undisclosed. The property has 50 feet of frontage on Court Street’s retail corridor.
NEW YORK CITY — Real estate development firm Silverstein Properties has officially opened 3 World Trade Center, New York City’s fifth-tallest tower, with a ribbon-cutting ceremony June 11. The 80-story, 2.5 million-square-foot office building is the second-to-last tower to open on the 16-acre site. The building will welcome more than 6,000 new employees to Lower Manhattan this year. Located at 175 Greenwich St., 3 World Trade Center was designed by architecture firm Rogers Stirk Harbour + Partners and features a reinforced concrete core encased by a steel structure.Advertising media company GroupM will anchor the building. Other tenants who have signed leases include stock exchange company IEX and management consulting firm McKinsey & Co. The building will also feature 216,000 square feet of retail space, spanning five floors.
KING OF PRUSSIA, PA. — IMC Construction has broken ground on a $32 million medical office building for Main Line Health in King of Prussia. The seven-story, 94,000-square-foot facility will be a specialty care center for women located in the Town Center mixed-use complex at the Village at Valley Forge. Services provided by the center will include primary care, heart health, obstetrics and gynecology, breast health, skin care, and emotional wellness. The team building Main Line Health includes construction manager IMC Construction, architect NELSON, development manager Anchor Health Properties, site/civil engineer Bohler Engineering,and design consultant Perkins Eastman Black.