PORTLAND, MAINE — Sperry Van Ness International Corp. has added a franchise office in Portland. Led by Erik Urbanek, Sperry Van Ness/The Urbanek Group will focus on providing comprehensive brokerage and development services for commercial properties in Northern New England and beyond. Urbanek brings more than 10 years of sales and leasing experience throughout the Maine commercial real estate market to Sperry Van Ness.
NEW YORK CITY — Eastern Consolidated has arranged $22 million in bridge financing for developers Slate Property Group and Meadow Partners to acquire a development site at 570 Fulton St. in downtown Brooklyn. The financing package includes a $15 million first mortgage from Bank of the Ozarks and $7 million of mezzanine debt from RCG Longview. The developers plan to build a mixed-use project on the site, which is zoned for 72,000 buildable square feet as-of-right. Purchased from SCO Family Services, the site includes a 26,395-square-foot, three-story building with ground-floor retail and offices on the upper floors. The existing structure was delivered vacant. Adam Hakim, Sam Zabala and James Murad of Eastern Consolidated handled the financing.
MIDDLETOWN, PA. — Allen Distribution, a third-party logistics service provider, has signed a lease for 321,333 square feet at 100 Capital Lane within Capital Logistics Center in Middletown. The property features an adhered EPDM (ethylene propylene diene terploymer) roof, seven-inch unreinforced concrete floor with 54 doors with 33 knockout panels. Situated on more than 100 acres, the six-building, 1.5 million-square-foot Capital Logistics Center was recently renovated. A joint venture between Woodmont Industrial Partners and AEW Capital Management owns the logistics center. Kim Meincke and Jason Webb of Jones Lang LaSalle represented the tenant, while Michael Hess, Patrick Lafferty and Bart Anderson of CBRE represented Woodmont Industrial Partners in the transaction.
NEW YORK CITY — National Cooperative Bank (NCB) originated more than $60 million in new loans during October for 21 New York area properties. Harley Seligman secured $23.2 million in new financing, including a $13.5 million first mortgage and a $1 million line of credit for Maple Plaza Housing Development Fund Corp., a 154-unit co-op at 1911-1929 Madison Ave. in Manhattan. Seligman also arranged $3.4 million in financing for Tara Close Apartments Corp., a 99-unit co-op at 77 Carpenter Ave. in Mount Kisco, N.Y.; and he arranged a $1 million first mortgage and $800,000 line of credit for Gramatan Court Apartments Inc., a 27-unit co-op at 23-25 Sagamore Road in Bronxville, N.Y. Edward Howe III arranged nearly $22 million in loans, including a $7 million first mortgage and $500,000 line of credit for an 84-unit co-op at 711 Shore Road in Long Beach, N.Y.; a $4 million first mortgage and $500,000 line of credit for Linden Hill No. 2 Cooperative Corp., a 384-unit co-op at 142-14/142-20 26th Ave. in Flushing; and a $4 million first mortgage and $1 million line of credit for Grinnell Housing Development Fund Corp., an 81-unit co-op at 800 Riverside Drive in Manhattan. Additionally, Mindy Goldstein arranged …
NEW YORK CITY — Cushman & Wakefield has arranged the sale of a multifamily property located at 267 Ninth St, between Fourth and Fifth avenues in Brooklyn’s Park Slope neighborhood. The four-story building sold for $3.4 million, or $514 per square foot, in an all-cash transaction. The 6,612-square-foot property features eight rent-stabilized apartments. Aaron Warkov and Winfield Clifford of Cushman & Wakefield handled the transaction. The names of the seller and buyer were not released.
HAMILTON, HAMPTON, PARAMUS AND LODI, N.J. — The Goldstein Group has closed four separate retail leases, totaling 43,724 square feet, in New Jersey. In the first transaction, Matthew Flath and Lew Finkelstein of The Goldstein Group represented the landlord and tenant, Kiddie Academy, in an 8,500-square-foot lease at Buckley Plaza on Route 130 in Hamilton. In the second deal, Neil Goldstein of The Goldstein Group represented the landlord in the lease of 20,000 square feet at Ames Shopping Center on Route 206 in Hampton to Staples. In Paramus, Goldstein also represented the landlord in the lease of 12,700 square feet at 45 Eisenhower Drive to Lightbridge Academy. In the final transaction, CJ Hunter and Finkelstein represented the landlord in the lease of 2,524 square feet at 150 Main St. in Lodi to Pet Valu. The names of the landlords were not released.
ALLENTOWN, PA. — The Waterfront Development Co. has broken ground for a $400 million mixed-use development along the western banks of the Lehigh River in Allentown. Spanning 26 acres, the project will include six office buildings, including the 157,498-square-foot 615 Waterfront Drive and the 131,457-square-foot 645 Waterfront Drive; three residential complexes, totaling 425 market-rate apartments; three parking structures; a main street and half-mile River Walk. Additionally, each of the 12 new buildings will offer retail and restaurant space. The development company comprises Jaindl Properties LLC, Dunn Twiggar Company LLC and Michael Dunn Co. LTD. Site-wide infrastructure is slated to take approximately 18 months, though building construction will be phased in and begin at any time during that timeframe. The project is expected to take approximately eight years for full build-out.
NEW YORK CITY — Brooklyn Navy Yard Development Corp. has unveiled its plans for Building 77, a $140 million renovation of a 1 million-square-foot industrial building at the Brooklyn Navy Yard. The repositioned property will feature a ground-floor public food hall, space for food manufacturing and a collaboration hub for the growing base of businesses in the area. Upon completion, the renovated building will increase overall employment at the Yard by more than 40 percent, creating 3,000 manufacturing and innovation jobs. Completion is slated for early 2017.
ROCHESTER, N.Y. — First Niagara Financial Group Inc. has provided a $6.4 million construction loan to Conifer Realty LLC for the development of Market Apartments at Corpus Christi. Located on East Main Street in Rochester’s Market neighborhood, the affordable housing development, which is tailored for local artists, will feature 42 energy-efficient apartments, including one- and two-bedroom units; art studio and work space; and plans to add a rehearsal space for musicians in a neighboring building. Additionally, the property is located within walking distance to public transportation and retailers. Conifer-LeChase Construction, a partnership between Conifer and LeChase Construction Services, is serving as general contractor for the project.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of a mixed-use property located at 1481 York Ave. on Manhattan’s Upper East Side. The five-story building sold for $7.3 million, or $980 per square foot, in an all-cash transaction. The 7,500-square-foot property features one commercial unit and eight apartments, of which five are free market and three are rent stabilized. The five free-market units were delivered vacant. The property also offers 11,250 square feet of unused air rights. Thomas Gammino Jr. and Brett Weisblum of Cushman & Wakefield negotiated the transaction. The names of the buyer and seller were not released.