NEW YORK CITY — Propco Holdings has selected UA Builders Group for the ground-up development of a residential property located at 2061-2065 Ryer Ave. in the West Bronx. The 12-storybuiding will feature 120,000 square feet of residential space. Badaly & Badaly Architects is serving as architect for the project.
YARDLEY, PA. — A fund advised by Inland Institutional Capital has acquired Lower Makefield Shopping Center in Yardley. The 74,953-square-foot grocery- and drugstore-anchored property sold for an undisclosed price. The name of the seller was not released. Giant grocery store and Rite Aid Pharmacy occupy the property.
NEW YORK CITY — Boston Properties’ consolidated joint venture entity, in which it has 60 percent interest and which owns 767 Fifth Avenue in New York City, has completed the refinancing of approximately $1.6 billion in indebtedness that had been secured by direct and indirect interests in 767 Fifth Avenue. The new mortgage financing has a principal amount of $2.3 billion, has a fixed interest rate and matures in 2027. The loan requires interest-only payments during the 10-year term, with the entire principal amount due at maturity.
CAMBRIDGE, MASS. — New England Development is repositioning the Galleria shopping center in East Cambridge as CambridgeSide through a $30 million renovation and rebranding project, which is slated for completion in October. Situated on the original site of New England’s Lechmere department store, the shopping center will be the centerpiece of a 1.2 million-square-foot urban mixed-use development. Tenants at the rebranded retail property will include J.Crew, Club Monaco, A|X Armani Exchange, Abercrombie & Fitch, Banana Republic, Macy’s, H&M, Express, Forever 21, Sephora, The Cheesecake Factory and World of Beer.
CHADDS FORD, PA. — Talonvest Capital has arranged $24.1 million in construction financing for Metro Self Storage. The borrower plans to develop one self-storage facility in Chadds Ford and two in Naperville and Addison, Illinois. In total, the new developments will feature more than 236,000 rentable square feet. A Midwestern-based bank financed the Pennsylvania development, while an East Coast-based bank funded the two suburban Chicago properties. Kim Leslie, Tom Sherlock and Jim Davies of Talonvest negotiated and structured the loans for the borrower.
PHILADELPHIA — Colliers International has arranged a $4.1 million in refinancing for a mixed-use property located at 2231 Bryn Mawr Ave. in Philadelphia. The building features 12 apartments and 13,000 square feet of commercial space. The loan features a five-year fixed rate with a five-year reset. Kris Wood, John Banas, Chad Levitt, Tim Hoyt, Martin Duval and Jordan Canino of Colliers International secured the financing for the undisclosed borrower.
OLD ORCHARD BEACH, MAINE — Cardente Real Estate has arranged the lease of restaurant space at 15 E. Grand Ave. in Old Orchard Beach. Robert Kelly and Lori Gramlich leased the 2,500-square-foot space from HPH Holdings LLC. Mark Sandler of Cardente Real Estate represented the landlord, while Karen Rich, also of Cardente Real Estate, represented the tenants in the transaction.
WHIPPANY, N.J. — Barclays Capital, an anchor tenant, has acquired The Crossings at Jefferson Park, an 525,000-square-foot office property located at 115 S. Jefferson Road in Whippany. Vision Real Estate Partners and Rubenstein Partners sold the office campus for $69 million. The seller recently completed a revitalization and rebranding of the 65-acre campus, with the redesign focused on promoting health, wellness and sustainability. The campus features gourmet food services with indoor and open-air seating, a multi-function business lounge with casual seating and WiFi, and a 2,300-square-foot health and wellness center with state-of-the-art equipment, free weights and locker rooms with showers. Arthur J. Gallagher, PSKW, WithumSmith+Brown, JP Morgan Chase and Lord Abbett are tenants at the three-building campus.
ERIE, PA. — The Woda Group Inc. is developing Willow Commons, a $9.5 million seniors housing property located at 2064 Willow St. in Erie. A combination of new construction and the adaptive reuse of The Wesleyville Public School, Willow Commons will feature 29 one-bedroom and 16 two-bedroom affordable apartments for seniors age 62 or older, with income levels below 60 percent of area median income. Slated for completion this fall, the property will feature a community room with kitchen, common laundry, a library/craft room, an exercise room, an outdoor space with a community garden and seating area.
NEW YORK CITY — RKF has facilitated the sale of a retail building located at 344-352 E. 149th St. in the South Bronx. An affiliate of ABCAPSTONE acquired the 50,000-square-foot building from 149th Street Realty Corp. for $17.5 million. The buyer plans to redevelop the building, which has the potential for up to 100,000 square feet of retail space. The building is currently occupied by The Salvation Army Family Store and Donation Center. Zach Mishaan of RKF represented the seller and buyer in the transaction.
