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.
Northeast
Integrated Builders Completes Exterior Renovation of Flex Office Building in Massachusetts
by Amy Works
BEDFORD, MASS. — Integrated Builders has completed the exterior renovation of a 51,502-square-foot flex office building, located at 205 Burlington Road in Bedford, on behalf of Calare Properties. The renovation plan included enhancements to the existing façade through the demolition and reconstruction of two exterior canopies and renovation of the two current entryways. Additionally, Integrated replaced walkways, repainted doors and window frames and installed exterior insulation and finishing systems (EIFS) to provide an insulated, water-resistant, finished surface in an integrated composite material system. Architectural design firm ci design inc. provided architectural services for the project.
MONTVALE, N.J. — Englewood Cliffs, N.J.-based Deerwood Real Estate Capital has closed a $9 million non-recourse bridge loan on a multi-tenant office building, located at 50 Chestnut Ridge Road in Montvale. The 100,000-square-foot office building was acquired by the borrower, a private investor group, from C-III, on behalf of US Bank, as a foreclosure. Yaakov Leiser of Deerwood negotiated the financing, which was provided by a regional bridge lender.
MANVILLE, N.J. — Cronheim Mortgage has arranged $28 million in financing for Marketplace at Manville, a shopping center located in Manville. The 15-year loan has a 30-year amortization schedule and a 3.8 percent interest rate. The 294,141-square-foot retail center is occupied by Walmart Supercenter, Reading Cinemas, Dollar Zone, Retro Fitness, GNC, McDonalds, Sleepy’s and Great Clips. Constructed in 1999, the property is managed by Purchase, N.Y.-based National Realty & Development Corp. Andrew Stewart and Dev Morris of Cronheim Mortgage secured the financing, which was placed with AG Life.
Colliers Negotiates $24M Loan for Acquisition, Redevelopment of West Philadelphia High School
by Amy Works
PHILADELPHIA — Colliers International Capital Markets has arranged $24 million of debt for the acquisition and redevelopment of a former West Philadelphia High School, located at 4700 Walnut St. in Philadelphia. The 442,000-square-foot building will be converted into a 298-unit multifamily property. The three-year adjustable loan is interest only at LIBOR plus 3.75 percent and was done as a Section 47 Historic Tax Credit transaction. Kristopher Wood and John Banas of Colliers arranged the loan for the undisclosed borrower.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of a development site located at 431 Carroll St. in Brooklyn’s Gowanus neighborhood. Alloy Development purchased the property from MCP President Street LLC, managed by EcoRise Development, for $2.7 million, or $338 per buildable square foot, in an all-cash transaction. Situated in an M1-2 zoning district, the site allows for approximately 8,200 buildable square feet and offers 50 feet of frontage along Nevins Street and 82 feet of frontage along Carroll Street. The buyer plans to develop the corner site into an office building. Winfield Clifford and Brendan Maddigan of Cushman & Wakefield handled the transaction.
NEW YORK CITY — Thorofare Capital has funded a $7.5 million bridge loan for a hotel located in Brooklyn. The fixed-rate loan has a 65 percent loan-to-value ratio. Proceeds of the loan will be used to refinance the 56-room hotel. The name of the borrower was not released.
MONTVALE, N.J. — JLL has arranged a 15-year lease for FC USA at an office building located at 5 Paragon Drive in Montvale. The company will occupy 70,863 square feet of space at the 119,254-square-foot, Class A office building. FC USA is relocating from 69 Spring St. in Ramsey, N.J., and will occupy a portion of the first floor and the entire second floor at the two-story commercial office building. Phillip Lipper, Thomas Reilly and Scott Lesh of JLL represented the tenant, while Gregory Barkan of CBRE Inc. represented the landlord, Lone Star Funds, in the transaction.
GARDEN CITY, N.Y. — Treeline, a value-add asset developer, owner and investor, has received $106 million in first mortgage and mezzanine financing for its four-building Garden City Plaza office portfolio, located at 100, 200, 300 and 400 Garden City Plaza in Garden City. The loans consist of $86 million in new first mortgage financing provided through Terry Livingston of Wells Fargo, and a $20 million mezzanine loan provided through Robert Dirks of Principal Real Estate Investors. Proceeds of the financing will be used to buy out an existing equity partner and retire construction financing for a new restaurant for Maggiano’s Little Italy, which will open its first Long Island location at the property. The 600,000-square-foot portfolio is 90 percent leased. Robert Turner, Adam Spies and Joshua King of Eastdil Secured arranged the financing for the borrower.
WEST CONSHOHOCKEN, PA. — Newmark Grubb Knight Frank (NGKF) Capital Markets has arranged the sale of an office building located at 300 Four Falls in West Conshohocken. A tenants-in-common ownership group sold the seven-story glass and granite tower building to Maguire Hayden Real Estate Co. for $98.4 million. The 298,482-square-foot tower, which sits atop a six-story concrete parking deck, was 97 percent occupied at the time of sale. Mike Margolis, Taylor King, Dave Dolan and Brett Segal of NGKF represented the seller in the transaction.