KEENE, N.H. — Brady Sullivan Properties has signed leases with five new tenants at its Colony Mill Marketplace and Center at Colony Mill in Keene. Curry Restaurant, Southern NH Services and Bruce Carey Insurance opened a total of 3,600 square feet at Colony Mill Marketplace, while Adecco and Prospect Place joined Center at Colony Mill with a total of 2,500 square feet. Benjamin Kelley and Charles Panasis of Brady Sullivan Properties brokered the transactions.
ITHACA, N.Y. — STREAM Capital Partners has arranged the sale of a 2,480-square-foot two-tenant retail property in Ithaca. A private investor purchased the property for $640,000 at a 6.25 percent cap rate. The property was under a short-term existing ground lease to the current tenants, Tim Hortons and Cold Stone Creamery. Susan Harris of STREAM Capital Partners represented the undisclosed seller in the transaction.
QUONSET, R.I. — Rhode Island Governor Gina Raimondo has included a $70 million bond proposal in the state budget to modernize and reconstruct Pier 2 at the Port of Davisville in Quonset. The budget, including the proposal, has yet to be approved by the state legislature. The port recently closed its sixth record-breaking year of automobile imports by ship and is consistently one of the top 10 auto ports in North America. Additionally, the port has experienced 547 percent growth over the past 20 years. Built in 1956, the pier was designed for a 50-year lifespan. The $70 million investment will solidify Davisville’s position as the premier marine commercial gateway to New England and add an additional 50 years to the pier’s useful life, as well as preserve hundreds of jobs in the maritime sector. There were 227,021 automobiles imported at the port last year, surpassing 2014’s record by 48,806 vehicles. Vehicles arriving at the port are processed, finished and distributed across the United States by North Atlantic Distribution Inc.
NEW YORK CITY — Meridian Capital Group has arranged $18 million in acquisition financing for the purchase of a mixed-use property, located at 16 E. 18th St. in Manhattan. The borrower was Stone Street Properties. The three-year loan, which was provided by a national balance sheet lender, features a floating rate and interest-only payments for the full term with two one-year extension options. The building features eight residential units and one retail unit, which is occupied by Paragon Sports. The buyer plans to renovate the full-floor residential units. Drew Anderman and Alan Blank of Meridian negotiated the financing transaction.
DEDHAM, MASS. — R.W. Holmes Realty has arranged the sale of a medical office building, located at 910 Washington St. in Dedham. Vision Realty Dedham LLC sold the two-story building to Dedham MOB LLC an entity controlled by Whelan Associates, for $6.4 million. Built in 2012, the 22,388-square-foot building is located off Route 128 within walking distance of Legacy Place and the commuter rail. The main tenant of the building is Greater Boston Urology. Garry Holmes and Dean Blackey of R.W. Holmes Realty represented the seller in the transaction.
NEW YORK CITY — Shutterstock has expanded its lease at the Empire State Building for an additional 25,300 square feet. The global provider of commercial imagery and music will now occupy 105,300 square feet at the building. The company’s headquarters has occupied 80,000 square feet at the building since 2013. Additional tenants at the Empire State Building are LinkedIn, Bulova, Coty, Global Brands Group, HNTB, Expedia, Skanska and Media General Digital. Paul Ippolito of Newmark Grubb Knight Frank represented the tenant, while Ryan Kass, Fred Posniak and Shane Ursini provided in-house representation for the landlord, Empire State Realty Trust Inc., in the transaction.
MANCHESTER, N.H. — Elliot Hospital has selected Bedford, N.H.-based Eckman Construction for the renovation of its emergency department and the creation of a new Rapid Triage and Treatment (RTT) unit in Manchester. The project will include renovation to the check-in, waiting room, and clinical areas to create the new RTT treatment spaces. Boston-based MorrisSwitzer is providing architectural services for the project.
NEW YORK CITY — Sugar Hill Capital Partners has acquired a four-building multifamily portfolio located in Manhattan’s Upper West Side. Benjamin Hadar and Leonard Solomon of Upwest Co. sold the properties for $65 million, or $1,050 per square foot. Located at 471-476 Central Park West, the properties feature a total of 125 apartments, most of which are rent-regulated units. Additionally, the portfolio site allows for the development of a 92,000-square-foot structure, with an additional 30,000 square feet in air rights. Lazer Sternhall and Peter Vanderpool of Cignature Realty represented the buyer and seller in the transaction.
NEW YORK CITY — Meridian Capital Group has arranged $35 million in permanent financing for a multifamily property located in Manhattan’s Gramercy Park neighborhood. The borrower is Woods Management. The 10-year loan, which was provided by a local balance sheet lender, features a 3.5 percent fixed rate and interest-only payment for the full term. Located at 200 E. 15th St., the property features 213 residential units and 11,900 square feet of commercial space. Avi Weinstock and Michael Farkovits of Meridian’s New York City headquarters negotiated the financing.
STATE COLLEGE, PA. — RSR EB-5 Regional Centers (RSR), an affiliate of Switzenbaum & Associates, has funded a $15.5 million loan for the financing of a ground-up construction mixed-use property in State College, through the U.S. Citizenship and Immigration Services (USCIS) EB-5 immigrant investor program. The interest-only loan is in conjunction with a $26.5 million senior construction loan from Fulton Bank, which provided the remainder of the required debt for the project. Originally structured for 30 investors, the project opened an additional spot due to increased demand. While USCIS requirements for EB-5 stipulate that a minimum of 10 new jobs must be created for every investor, this project’s construction and operation will create an estimated 521 jobs. The borrower, Fraser Partners, an affiliate of Real Estate Capital Management and Brickbox Enterprises, will use the funds to construct The Fraser Centre, a 265,000-square-foot mixed-use project on the crest of Pennsylvania State University’s main campus. Slated for completion this fall, the development will feature 50,000 square feet of retail space, a 165-room Hyatt Place Hotel and 26 residential condominiums.
