NEW CASTLE, DEL. — The Delaware Skills Center has leased 34,823 square feet of space at 500 Ships Landing Way within Twins Spans Business Park in New Castle. A division of the New Castle County Vocational Technical School District, the adult vocational technical training center provides skills training for adults seeking careers. Harvey, Hanna & Associates owns the business park, which features 1.85 million square feet of Class A commercial warehouse space. Paul Bryant and Jeff Shahan of Wilmington, Del.-based SB Real Estate represented the tenant in the transaction.
OAKDALE, N.Y. — Amity University, a non-profit international educational organization, has acquired St. John’s University’s 170-acre campus, located at 500 Montauk Highway in Oakdale for $22.4 million. The campus includes 11 buildings totaling 260,000 square feet. The acquisition enables the seller, St. John’s, to continue offering its existing academic programs under a lease agreement through June 2017 as Amity University assumes control of the property immediately. Helen Hwang and Karen Wiedenmann, formerly of Cushman & Wakefield, along with Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Ryan Dowd and David Pennetta of Cushman’s Metropolitan Area Capital Markets group, represented St. John’s in the transaction.
NEW YORK CITY — Tribeca Associates plans to reposition 30 Broad Street, a 47-story office tower located in Manhattan’s Financial District, which the company purchased in April. The 477,000-square-foot building will undergo an infrastructure modernization and renovation to suit the needs of today’s tenants. Additionally, office spaces will be updated with new fixtures and fittings as part of the prebuilt program as they become vacant. The lobby will be revitalized with a custom light installation, contemporary artwork by Annica Cuppetelli and Cristobal Mendoza, and an expanded coffee bar. Building amenities will also be added in the central amenities suite. The repositioned building will offer full-floor branding opportunities for tenants that start at 5,881 square feet. Andrew Peretz, Hal Stein, David Malawer, Courtney Adham and Daniel Appel of Newmark Grubb Knight Frank are the leasing agents for the property.
UPPER SADDLE RIVER, N.J. — CBRE has brokered the sale of 10 Mountainview, an office building located in Upper Saddle River. Mack-Cali Realty Corp. sold the property to Moshe Gold, on behalf of a private investment group, for $19.7 million. At the time of sale, the 207,730-square-foot building was 67 percent leased to a variety of tenants, including Sherwin Williams and Stryker. Jeffrey Dunne, Kevin Welsh and Brian Schulz of CBRE Institutional Properties, in collaboration with Jeffrey Babikian of CBRE’s Saddle Brook, N.J., office, represented the seller and procured the buyer in the deal.
PHILADELPHIA — Berkadia, on behalf of Casa Farnese Inc. and PRD Management, has secured $11.1 million in financing for Casa Farnese, Philadelphia’s first affordable housing community for seniors. Proceeds of the loan were used to renovate the property in advance of its upcoming 50th anniversary. Kevin Kozminske and Brian Campbell of Berkadia arranged two loans through the firm’s partnership with HUD: a $7.04 million loan under section 207/223(f) and a $4.11 million loan under section 241(a) to finance improvements to the community. The non-recourse loans provide 90 percent loan-to-cost financing and 35-year amortization schedules. The financing enables the owners to complete a $9.7 million rehabilitation effort on the property, while also meeting the first mortgage’s payment terms. Gilbane Building Co., serving as general contractor, finalized the renovations to the 18-story, 288-unit building in March.
NEW YORK CITY — NorthMarq Capital has secured $3 million in refinancing for an office property located at 1139 Hylan Blvd. in Staten Island. Charles Cotsalas and Robert Delitsky of NorthMarq arranged the loan, which features a 10-year term and a 25-year amortization schedule, through a community bank. The property features 28,000 square feet of office space.
NEW YORK CITY — SL Green Realty Corp. has closed on $1.5 billion in construction financing for One Vanderbilt, a 58-story office tower located adjacent to Grand Central Terminal in Midtown Manhattan. The financing has a term of up to seven years and bears interest at a floating interest rate of 3.5 percent over LIBOR, with the ability to reduce the spread to as low as 3 percent upon achieving certain pre-leasing and completion milestones. Institutions involved in the financing are Wells Fargo Bank as administrative agent; The Bank of New York Melton, JP Morgan Chase Bank, TD Bank N.A. and Bank of China as syndication agents; and Landesbank Baden-Württemberg as documentation agent. Vertical construction is slated to begin in the second quarter of 2017, with completion scheduled for 2020. Tishman Construction is managing the project, which will also include direct connection to Grand Central’s network of mass transit, improved by $220 million in upgrades that SL Green is implementing as part of the project. Designed by Kohn Pederson Fox, the 1.6 million rentable-square-foot tower will be the tallest building in Midtown and the second tallest in New York City. In 2014, TD Bank signed a 20-year, 200,000-square-foot lease at the …
NEW YORK CITY — Madison Realty Capital has provided a $52 million first mortgage loan for the acquisition of a development site in the East Village and the construction of an approved mixed-use development on the site. Located at 644 E. 14th St., the 76,259-square-foot development will feature 50 residential units, 8,064 square feet of retail space with 200 feet of frontage on 14th Street and Avenue C, and 21,575 square feet of community facility space. The loan proceeds helped the undisclosed borrower close on the site acquisition and will fund further predevelopment activities and construction of the building. The residential units will feature contemporary finishes and large balconies with views of the East River. Additionally, the borrower is finalizing a lease with a major New York hospital to occupy the entire community facility portion of the new building.
LOGAN, N.J. — Greenyard has selected Dermody Properties to develop a 152,200-square-foot build-to-suit facility in Logan. Located within LogistiCenter at Logan, the packing and cold storage facility marks the first expansion of the Fresh division of Greenyard in the United States. Greenyard is a distributor of fresh and prepared fruits, vegetables, flowers, plants and growing media. Currently operating at UNIVEG Logistics America, the company’s name will change to Greenyard Logistics USA upon completion of the new facility. LogistiCenter at Logan is a 5.5 million-square-foot industrial park owned by Dermody Properties and Great Point Investors.
MARLTON, N.J. — RD Management LLC is developing Sunbird Plaza, a shopping center located at the intersection of Route 73 and Sunbird Drive in Marlton. The shopping center will feature 26,016 square feet of retail space. Additionally, RD Management has signed its first tenant to the to-be-built property. Royal Farms will occupy 5,166 square feet of space at the center, which is slated to open in spring 2017. The Maryland-based chain offers gasoline and diesel fuel, breakfast, lunch, dinner and snacks for customers’ sit-down or take-out convenience. The chain currently operates 167 stores and is expanding to the South Jersey market. The property also offers 19,200- and 1,650-square-foot retail spaces and a potential pad site is available for lease.