POTTSTOWN, PA. — Deerwood Real Estate Capital has closed a $15.5 million loan to finance the acquisition and redevelopment of an enclosed mall in Pottstown. The property features 700,000 square feet of retail space. The loan, provided by a balance sheet lender, was structured with a construction facility to accommodate upgrades and repositioning. Abe Katz and Aaron Rosenfeld of Deerwood negotiated the financing for the undisclosed borrower.
BURLINGTON, MASS. — The Stubblebine Company/CORFAC International has arranged the sale of a health club facility at 12 A St. in Burlington. Academy of Creative Arts acquired the property from Burlington Recreation Group for $1 million. The buyer, which is currently located at 217 Middlesex Turnpike, plans to relocate to the facility. Built in 1977, the 17,500-square-foot facility has been the site of several health clubs, including Gold’s Gym, Mad Maggie’s and Empire Fitness. David Stubblebine, James Stubblebine and Alan Ringuette of The Stubblebine Company procured the buyer and represented the seller.
NEW YORK CITY — Capital One has provided a $110 million loan to refinance Eastchester Heights Apartments, a 118-building apartment complex in the Bronx. The floating-rate, interest-only loan has an initial term of 30 months, with an option to extend in six month increments for an additional 30 months. The borrower is owned by entities controlled by Taconic Investment Partners and Clarion Partners. Featuring four- and six-story apartment buildings, the apartment complex offers a total of 1,416 residential units. After acquiring the complex in 2007, Taconic renovated nearly half of the apartments, completed installation of apartment electric meters, converted boiler to natural gas and replaced stairwells in many common hallways, as well as concluded a two-year, 200,000-square-foot roof and parapet replacement project. Evan Pariser of HFF arranged the financing for the borrower.
NEW YORK CITY — Pembrook Capital Management has provided a $25.8 million mezzanine loan with a first mortgage conversion feature to an affiliate of McSam Hotel Group to finance a West Side development site located within the Hudson Yards Redevelopment Area. The borrower plans to develop a 506-room Hyatt Place Hotel on the site. Demolition of existing structures is currently underway, with construction expected to commence in 2017. The purpose of the loan is a refinancing to facilitate a partner buyout and for predevelopment. Stuart Boesky of Pembrook Capital arranged the financing.
PARSIPPANY, N.J. — NAI James E. Hanson has arranged the sale of an office building located at 119 Littleton Road in Parsippany. Commercial Realty Group acquired the 36,216-square-foot building from Hollywood Towne House LLC for an undisclosed sum. The property features two full floors of approximately 12,000 square feet each, in addition to pre-built suites starting at 1,384 square feet. Josh Levering and James Kenah of NAI Hanson represented the seller in the transaction.
ELIZABETH, N.J. — Sitar Realty Co. has arranged a 104,005-square-foot industrial lease at 699 Kapkowski Road in Elizabeth. CMC Food Inc. leased the space from Northport Industrial Center LLC. William Sitar Jr. and John Cranley of Sitar Realty Co. brokered the lease transaction. Terms of the lease were not released.
DREXEL HILL, PA. — A partnership between The Hampshire Companies and and MCB Real Estate has received $21.7 million in acquisition financing for Drexeline Shopping Center, a mixed-use center located at 4990-5100 State Road in Drexel Hill, a suburb of Philadelphia. Loan proceeds will be used for the acquisition and a secure line of credit for redevelopment and repositioning of the grocery-anchored shopping center. John Mikula and Michael Klein of HFF arranged the financing, which was provided by Flushing Bank, for the borrower. Situated on 18.4 acres and consisting of five buildings, Drexeline Shopping Center is occupied by more than 40 retail and office tenants, including Shop Rite, Ace Hardware, Anthony’s Restaurant, PNC Bank, Drexel Hill Pediatrics Associates and Children’s Dental Health Associates.
WORCESTER, MASS. — Owner/developer 150 Blackstone River Road LLC has selected Senate Construction Corp. to build a 615,600-square-foot distribution center in Worcester. Located at 150 Blackstone River Road within the Quinsigamond Village area, the multi-use high-bay industrial building is slated for occupancy by year’s end. Imperial Distributors Inc. will occupy 325,000 square feet of the new facility. The redevelopment project will receive $5.4 million in tax breaks from the city over a 15-year period.
NEW YORK CITY — HKS Capital Partners has originated a $25 million loan for the refinancing of an office/retail building located at 466 Broome St. in Manhattan’s SoHo neighborhood. The seven-year non-recourse loan, provided by Bank United, features a 3.75 percent fixed interest rate. The building totals 25,250 square feet of office and retail space. The undisclosed borrower plans to use the loan to purchase more properties in the area. John Harrington of HKS Capital negotiated the financing.
NEW YORK CITY — Eastern Consolidated has arranged a $25 million inventory loan for The Calyx, a newly constructed condominium tower located at 189 Avenue C in Manhattan’s East Village neighborhood. OTL Enterprises LLC plans to use the loan, which was provided by RCG Longview, as bridge financing while the remaining condos sell. The 10-story, 31,872-square-foot building features 35 residential units, as well as commercial and community facility space. In a mix of studio, one- and two-bedroom layouts, the condos feature hardwood flooring, stainless steel kitchen appliances and in-unit washers/dryers. Adam Hakim and Sam Zabala of Eastern Consolidated handled the transaction.
