NEW YORK CITY — Newmark Holdings has received a $9.6 million refinancing loan for two office buildings in New York City. Signature Bank provided the loan, which features a fixed rate for seven years. Totaling 56,000 square feet, the fully occupied buildings are located at 416-422 W. 45th St.
SMITHFIELD, R.I. — Sweeney Real Estate has arranged a lease for 4,000 square feet of office space at 333 George Washington Highway in Smithfield. ELITechGroup Inc. leased the space from Lincoln Environmental Properties LLC. Kevin Casey of Sweeney Real Estate & Appraisal represented the landlord, while Gerry Surprenant of MG Commercial Real Estate represented the lessee in the deal.
NEW YORK CITY — Rubenstein Partners and Heritage Equity Group have broken ground for 25 Kent Avenue, an office and industrial property located in Brooklyn’s Williamsburg neighborhood. The eight-story, 500,000-square-foot property will occupy an entire block adjacent to the East River waterfront. The development, which received $197 million in construction financing in August, is designed for the city’s creative and tech sectors and will offer modern office and production space tailored to tenants’ needs. Wells Fargo Bank and Natixis Real Estate Capital provided the loan for the project.
PLAINSBORO, N.J. — PCCP LLC has purchased Plainsboro Plaza, a shopping center located at 10 Schalks Crossing Road in Plainsboro, for an undisclosed price. Situated on 27 acres and built in 1987, the 218,000-square-foot property is occupied by CVS/pharmacy, Planet Fitness, UPS and Dunkin’ Donuts. At the time of acquisition, the property was 42 percent occupied, however a lease has been executed with Key Food that will bring the center’s occupancy to 62 percent in early 2017.
RIVERDALE, N.J. — HFF has arranged the $60 million sale of Alexan Riverdale, a multifamily property located at 6000 Riverdale Road in Riverdale. Situated on 15 acres, the 212-unit property features a mix of one- and two-bedroom units averaging 1,033 square feet. Community amenities include a resort-style swimming pool, grilling area, fire pit with lounge seating, two landscaped courtyards, fitness center with yoga/spin studio, lounge with billiards, game room, business center and garage parking. Inland Real Estate Investments Inc. facilitated the purchase of the community, while Jose Cruz, Kevin O’Hearn, Stephen Simonelli and Michael Oliver of HFF represented the seller, a global real estate investment manager. Additionally, the HFF team worked to secure acquisition financing for the buyer.
NEW CASTLE COUNTY, DEL. — U.S. Realty Capital has originated $31 million in permanent financing for a multifamily complex located in northern New Castle County. The financing will replace an existing construction loan on the newly built 218-unit property. The property had significant pre-leasing activity and overall occupancy was close to 100 percent at completion. The property features a fitness center, pool and 9,000 square feet of retail space. Bruce Robertson Jr. and Jane Bender of U.S. Realty Capital arranged the financing for the undisclosed borrower.
PITTSBURGH — Power of 32 Development Fund LP has provided a $9.5 million loan to help fund site preparation, including construction, for Almono, a 178-acre waterfront mixed-use project at a brownfield site in Pittsburgh. The fund contributed to the nearly $49 million private-public loan fund to close infrastructure financing gaps and increase the inventory of pad-ready sites in the 32-county greater Pittsburgh region. Located in Pittsburgh’s Hazelwood neighborhood, the Almono was formerly part of the J&L/LTV Steel Hazelwood Works. The project will feature a mix of office, industrial, residential and retail space. Its first official tenant, Uber, has committed to utilize 42 acres on the site for a test track for its self-driving cars and to renovate the historic train roundhouse building for an Advanced Technologies Center.
BRISTOL, PA. — Carson Companies has purchased an eight-building industrial portfolio in Bristol for an undisclosed price. Located within Keystone Industrial Parks, the assets, totaling 475,910 square feet, are 2530 and 2578 Pearl Buck Road, 2524 and 2554 Ford Road, 160, 171 and 219 Rittenhouse Circle, and 130 Wharton Road. Ranging from 31,000 square feet to 112,000 square feet, the properties were collectively 40 percent occupied at the time of sale. Tenants include FedEx, Philadelphia Media Network, Vivint Solar and Autopark International. Gerry Blinebury, Jeff Williams and Robert Yoshimura of Cushman & Wakefield brokered the transaction. The name of the seller was not released.
WINDSOR, CONN. — Versant Commercial Brokerage has arranged a $50 million recapitalization for Addison Corporate Center, a 605,000-square-foot office complex located in Windsor. The firm assisted the tenant-in-common (TIC) investors by originating the new senior debt, mezzanine debt and preferred equity. The new capital is being used to pay off the existing lender, stabilize the property, purchase the TIC interests of those investors that need to exit, and roll up the TIC investors into a limited liability company. Additionally, a portion of the proceeds will fund tenant improvements, leasing commissions and property upgrades. The new sponsor for the property is Virtua Partners, an affiliate of Versant. Virtua oversaw the restructuring and provided loan guarantees and a portion of the new capital. Asset management services will be provided by an affiliate, Clear Vista Management. Tenants at the complex include Triumph Group, Belcan Engineering Group, Quest, General Electric and Sun Life Financial. Ethan Schelin of Landmark Capital Advisors assisted with the capital raise.
WHITE PLAINS, N.Y. — Madison Realty Capital has provided a $15 million loan for the acquisition of an office building located at 440 Hamilton Ave. in White Plains. The undisclosed borrower is acquiring the property from AT&T, the original builder and a current tenant, and is considering options for the property, including a possible conversion to residential use. Situated on 3.2 acres, the 12-story building offers 337,900 square feet of Class B office space.