YONKERS, N.Y. — Houlihan Parnes Properties has arranged a $2 million refinancing for a four-story brick apartment building in Yonkers. Located at 819-821 McLean Ave., the property contains 11 residential units and two retail stores. Jeremiah A. Houlihan of Houlihan Parnes arranged a 10-year loan with a fixed rate of 4.75 percent and a 30-year amortization. The lender was an undisclosed savings bank from Upstate New York.
SCRANTON, PA. — Hinerfeld Commercial Real Estate has negotiated the sale of the Mount Pleasant Medical and Professional Center in Scranton for $6.4 million. The two-story, 30,750-square-foot office building sits on a three-acre parcel and is located at 521 Mt. Pleasant Drive. Geisinger-Community Medical Center purchased the property. The seller was undisclosed. The building was fully occupied at the time of sale to a tenant roster that includes Valley Oral & Maxillofacial Surgery, Physicians Health Alliance and LabCorp.
PHILADELPHIA — Marcus & Millichap has brokered the sale of Victory Square, a 38,234-square-foot retail center in Philadelphia. The property sold for $9.2 million. Derrick Dougherty, Scott Woodard and Mark Taylor of Marcus & Millichap represented the seller, Post Brothers, and the out-of-market buyer, in the transaction. Victory Square is located at 4424 N. Broad St in North Philadelphia. The shopping center is fully leased and is anchored by an 18,500-square-foot Save-A-Lot grocery store. The tenant roster also includes Dollar Tree, Taco Bell and a laundromat. Originally constructed in 1980, the two-acre property was renovated in 2016.
NEWPORT, R.I. — E4H Environments for Health Architecture has started a $12.5 million renovation on the emergency department of Newport Hospital in Newport. The five-phase renovation and expansion is slated for completion in September 2019. Once completed, the new 21,000-square-foot emergency department will provide 35 total treatment areas including a rapid treatment area with six exam rooms. Other features of the renovated emergency department will include an open reception desk and waiting area, expanded staff lounge and conference room and energy-efficient LED lighting with dimming controls for occupants.
ALTOONA, PA. — Uber Capital Group has secured a $24 million refinancing for Logan Valley Mall in Altoona. Joel J. Gorjian of Uber Capital represented the borrower, a private national commercial real estate investment group, in securing financing from a regional bank based in Pennsylvania. Terms of the loan included a 4.75 percent fixed rate and a 25-year amortization. The two-story, 785,000-square-foot mall is located at 5580 Goods Lane and currently has a roster of more than 80 tenants. JCPenney, Macy’s, Sears, and AMC Theatres anchor the mall.
NEW YORK CITY — Walker & Dunlop Inc. has arranged a $52.5 million refinancing for 153 Remsen, a recently constructed multifamily property in the Brooklyn Heights neighborhood of Brooklyn. The property, which was delivered in June 2017, includes 60 units and features floor-to-ceiling windows, central air conditioning and in-unit washers and dryers. Amenities include a fitness center and a rooftop terrace with views of Brooklyn and Manhattan. Walker & Dunlop represented the property’s developers, Quinlan Development Group and Lonicera Partners, in refinancing the original construction loan. A life insurance company provided the permanent, 12-year, fixed-rate loan.
PHILADELPHIA — Colliers International has negotiated the $2.5 million sale of a 5,170-square-foot retail condominium in Philadelphia’s central business district. Located on the first floor of 1228-1232 Arch St., the condominium was formerly occupied by CitiBank and will be converted into restaurant and other retail space. Todd Sussman, Josh Goldfine and Anna MacDonald of Colliers represented the seller, Independence Realty Arch Street, in the transaction. The property was purchased by Maitay LLC.
ROXBURY, N.J. — NAI James E. Hanson has brokered the sale of a two land parcels totaling 48 acres that have been approved for a zip line adventure park in Roxbury. NAI James E. Hanson represented the seller, Darl Enterprises LLC. Flagstaff Extreme LLC purchased the two parcels for an undisclosed price. Arizona-based Flagstaff Extreme operates a number of extreme adventure courses in Arizona the Midwest. This will be its first location in the Northeast. The two vacant parcels, which are located at 1233 Route 46, were listed separately with the option to purchase together. The smaller parcel is .17 acres and the larger parcel is 48 acres.
CHERRY HILL, N.J. — Pennrose, a multifamily developer and operator, and the Jewish Federation of Southern New Jersey have broken ground on The Commons at Springdale, an affordable seniors housing community. The project is located in Cherry Hill, just across the Delaware River from Philadelphia. The first phase of development will include 80 units, followed by a second phase of another 80 units. Twenty percent of the total units will be designed to support individuals with special needs by creating four smaller cottages out of four one-bedroom units. The cottages will contain a shared common space where individuals can receive access to services and community programming in a safe setting. All units are reserved for seniors or special needs adults earning at or below 60 percent of the area median income (AMI). At least 40 percent of the units are for those earning at or below 50 percent of AMI and at least 10 percent are for 30 percent of AMI. Phase one of the project is scheduled to open in the summer of 2019. Financing for the Springdale Road development came from a variety of sources, including $2.4 million in conventional financing, $1 million in Township Affordable Housing Trust Funds, …
NEW YORK, N.Y. — Alexandria Real Estate Equities Inc. (NYSE: ARE) has acquired 219 E. 42nd St. in Manhattan for $203 million from Pfizer Inc. The pharmaceutical giant will lease back the 350,000-square-foot office building on a triple-net basis from an affiliated purchasing entity of Alexandria known as 219/235 East LLC. Pfizer announced plans earlier this year to relocate its global headquarters to Manhattan’s Hudson Yards neighborhood in 2022. Tishman Speyer is currently building the 2.85 million-square-foot, 65-story tower known as The Spiral. Located in the heart of Manhattan’s East Side Medical Corridor, 219 E. 42nd St. rises 10 stories. Upon expiration of Pfizer’s lease, Alexandria plans to redevelop the property into office and laboratory space. Pasadena, Calif.-based Alexandria was instrumental in creating the New York City life science cluster through the development of its Alexandria Center for Life Science, which opened in 2010. Alexandria is an urban office REIT focused on collaborative life science and technology campuses with a total market capitalization of $17.9 billion and a North American asset base of 30.2 million square feet as of March 31. Alexandria’s stock price closed at $127.96 per share on Thursday, July 12, up from $118.73 per share one year ago. …
