NEW YORK CITY — Madison Realty Capital has provided a $55 million construction loan for a mixed-use development underway at 948 Myrtle Ave. in Brooklyn. The loan will be used to complete construction of the project and to refinance existing debt, as well as cover any additional costs associated with the transaction. Meridian Capital previously provided a $15 million bridge loan to the borrower, an experienced local builder, for the project in late 2017. The developer plans to construct a three-building, 214,487-square-foot mixed-use project on the site that will feature rental and condominium units as well as ground-floor retail and parking. The developer acquired the site in December 2014 and has now completed all demolition, site excavation and foundation work. The project is slated for completion in 2020.
SHORT HILLS, N.J. — Stream Capital Partners has arranged the $12 million sale of a Walgreens property in Short Hills, located about 25 miles west of Manhattan. Phil DiGennaro, Jordan Shtulman and Jonathan Wolfe of Stream Capital represented the undisclosed seller in the transaction. The buyer was a private investor. The 14,963-square-foot property has 19 years remaining on the triple-net lease, which expires in 2036.
SOUTH BRUNSWICK, N.J. — Cushman & Wakefield has negotiated the sale-leaseback of 473 Ridge Road, a 318,389-square-foot warehouse and distribution facility in South Brunswick. The sales price was not disclosed. Located on a 28-acre parcel, the property includes clear heights of up to 28 feet, 20 trailer spaces, 582 parking spaces and 38,207 square feet of office space. Cushman & Wakefield represented the seller, sportswear manufacturer Central Mills, in the transaction. The buyer was Saadia Group LLC. Central Mills will continue to occupy the property under a long-term lease arrangement.
BROWNS MILLS, N.J. — HFF has brokered the sale of a 7,000-square-foot retail building leased to Advance Auto Parts in Browns Mills, about 40 miles east of Philadelphia. The sales price was not disclosed. HFF represented the seller, a family trust, in the transaction. A private investor purchased the property. Advance Auto Parts has occupied the building since 2004 and has six years remaining on the lease.
KEASBEY, N.J. — CBRE has negotiated the $18 million sale of a 133,032-square-foot industrial facility in Keasbey. The building is located at 100 Crows Mill Rd. William Waxman, Mindy Lissner, Steven I. Beyda and Robert Pine of CBRE represented the seller, TA Realty, in the transaction. Dorothy Chuang of CBRE represented the buyer, California-based Seville Gateway Investments. Built in 1971, the property is located at the crossroads of the New Jersey Turnpike and the Garden State Parkway. The facility was recently renovated and offers on-site trailer parking and LED lighting.
HAMILTON, N.J. — Houlihan Parnes Realtors has arranged a $17 million refinancing for Independence Plaza, a shopping center in Hamilton. Located at 2465 South Broad St., the center is currently 75 percent occupied with a tenant roster that includes Regal Cinemas, Crunch Fitness, Save-a-lot, and Dollar Tree. The property is owned jointly by members of the Jemal and Houlihan families, of JJ Operating Inc. and Houlihan-Parnes Realtors, LLC. The property was recently appraised for $28.5 million, according to Houlihan Parnes. Houlihan Parnes secured a fixed-rate loan for the borrower for a term of five years with the option for ownership to extend for an additional five years. The lender was not disclosed.
SOUTHERN NEW ENGLAND — EagleBridge Capital has secured a $21.5 million acquisition loan for a 370-unit multifamily portfolio in Southern New England. The portfolio is made up of multiple buildings ranging in size from two to 18 units. Brian Sheehan and Ted Sidel of EagleBridge arranged the financing through an agency lender. The borrower was undisclosed. The 10-year non-recourse mortgage carries a long-term fixed interest rate with a 30-year amortization.
NEW YORK CITY — Flexible workspace provider Knotel has signed a 10-year, 23,800-square-foot lease at 6 West 48th St. in Midtown Manhattan. Knotel will occupy the entire second floor through the fourth floor at the 12-story office building as well as the top floor and penthouse. Amanda Bokman and Lloyd Desatnick of JLL represented the building owner in the transaction. Knotel was represented by Elie Reiss of Skylight Leasing. Constructed in 1919, the boutique office building features a recently renovated lobby and is located between Fifth Avenue and Rockefeller Plaza.
NEW YORK CITY — Marcus & Millichap has arranged the sale of 934 Sterling Place, an eight-unit apartment property in Brooklyn. The sales price was $2.9 million. Shaun Riney of Marcus & Millichap represented the seller, a private investor, and the buyer, also a private investor, in the transaction. The four-story property was built in 1905 and is located in the Crown Heights neighborhood of Brooklyn.
NEW YORK CITY — NKF Capital Markets and Cooper-Horowitz have secured a $342 million refinancing for 850 Third Ave., a 21-story, 617,322-square-foot office building in Midtown Manhattan. The owner is a partnership between HNA Property Holdings, ATCO Properties & Management, and MHP Real Estate Services. NKF Capital Markets and Cooper-Horowitz arranged the short term, floating-rate loan through Natixis and Paramount Group. The NKF Capital Markets’ team was led by Jordan Roeschlaub, Dustin Stolly, Nick Scribani and Chris Kramer. Spanning a full block with continuous frontage along Third Avenue between East 51st and 52nd Streets, the building is currently 91 percent occupied by tenants in the media, legal, real estate, entertainment, healthcare and financial sectors. Discovery Communications is currently the building’s largest tenant at 189,470 square feet.