NEW YORK CITY — Pembrook Capital Management has provided a $25.8 million mezzanine loan with a first mortgage conversion feature to an affiliate of McSam Hotel Group to finance a West Side development site located within the Hudson Yards Redevelopment Area. The borrower plans to develop a 506-room Hyatt Place Hotel on the site. Demolition of existing structures is currently underway, with construction expected to commence in 2017. The purpose of the loan is a refinancing to facilitate a partner buyout and for predevelopment. Stuart Boesky of Pembrook Capital arranged the financing.
PARSIPPANY, N.J. — NAI James E. Hanson has arranged the sale of an office building located at 119 Littleton Road in Parsippany. Commercial Realty Group acquired the 36,216-square-foot building from Hollywood Towne House LLC for an undisclosed sum. The property features two full floors of approximately 12,000 square feet each, in addition to pre-built suites starting at 1,384 square feet. Josh Levering and James Kenah of NAI Hanson represented the seller in the transaction.
ELIZABETH, N.J. — Sitar Realty Co. has arranged a 104,005-square-foot industrial lease at 699 Kapkowski Road in Elizabeth. CMC Food Inc. leased the space from Northport Industrial Center LLC. William Sitar Jr. and John Cranley of Sitar Realty Co. brokered the lease transaction. Terms of the lease were not released.
DREXEL HILL, PA. — A partnership between The Hampshire Companies and and MCB Real Estate has received $21.7 million in acquisition financing for Drexeline Shopping Center, a mixed-use center located at 4990-5100 State Road in Drexel Hill, a suburb of Philadelphia. Loan proceeds will be used for the acquisition and a secure line of credit for redevelopment and repositioning of the grocery-anchored shopping center. John Mikula and Michael Klein of HFF arranged the financing, which was provided by Flushing Bank, for the borrower. Situated on 18.4 acres and consisting of five buildings, Drexeline Shopping Center is occupied by more than 40 retail and office tenants, including Shop Rite, Ace Hardware, Anthony’s Restaurant, PNC Bank, Drexel Hill Pediatrics Associates and Children’s Dental Health Associates.
WORCESTER, MASS. — Owner/developer 150 Blackstone River Road LLC has selected Senate Construction Corp. to build a 615,600-square-foot distribution center in Worcester. Located at 150 Blackstone River Road within the Quinsigamond Village area, the multi-use high-bay industrial building is slated for occupancy by year’s end. Imperial Distributors Inc. will occupy 325,000 square feet of the new facility. The redevelopment project will receive $5.4 million in tax breaks from the city over a 15-year period.
NEW YORK CITY — HKS Capital Partners has originated a $25 million loan for the refinancing of an office/retail building located at 466 Broome St. in Manhattan’s SoHo neighborhood. The seven-year non-recourse loan, provided by Bank United, features a 3.75 percent fixed interest rate. The building totals 25,250 square feet of office and retail space. The undisclosed borrower plans to use the loan to purchase more properties in the area. John Harrington of HKS Capital negotiated the financing.
NEW YORK CITY — Eastern Consolidated has arranged a $25 million inventory loan for The Calyx, a newly constructed condominium tower located at 189 Avenue C in Manhattan’s East Village neighborhood. OTL Enterprises LLC plans to use the loan, which was provided by RCG Longview, as bridge financing while the remaining condos sell. The 10-story, 31,872-square-foot building features 35 residential units, as well as commercial and community facility space. In a mix of studio, one- and two-bedroom layouts, the condos feature hardwood flooring, stainless steel kitchen appliances and in-unit washers/dryers. Adam Hakim and Sam Zabala of Eastern Consolidated handled the transaction.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of a 10.5-acre waterfront development site located at 1110 Oak Point Ave. in the Hunt’s Point neighborhood of the Bronx. The asset sold for $24 million. The L-shaped irregular lot offers 874,685 square feet of buildable square footage and 1,000 feet of frontage along the East River. The site currently features a 68,787-square-foot building, which was vacant at the time of sale. The site is within a M3-1 zoning district, which allows for heavy industrial uses. James Nelson, Nick Burns and Ben Fox of Cushman & Wakefield represented the seller, while Tom Cisco of Feinberg Bros Agency represented the buyer in the all-cash transaction. The names of the seller and buyer were not released.
BOSTON — Chevron Partners has acquired the Sears Crescent building, located at 38-68 Cornhill in Boston. Copley Investments sold the historic property for $23.8 million. Located in Boston’s Government Center neighborhood, the 50,300-square-foot office building is 100 percent leased to 14 tenants and offers street-level retail space. Robert Griffin, Edward Maher, Matthew Pullen and Justin Smith of Newmark Grubb Knight Frank represented the seller in the transaction.
GREENVILLE, S.C. — GE (NYSE:GE) has opened the 125,000-square-foot Advanced Manufacturing Works (AMW) plant in Greenville. AMW is GE Power’s first advanced manufacturing facility. The facility will serve as an incubator for the development of advanced manufacturing processes and rapid prototyping of new parts for GE’s energy businesses. These include power, renewable energy, oil and gas, and energy connections. GE has invested $73 million in the facility to date and will invest another $327 million across the GE Power Greenville campus over the next several years. The new facility created approximately 80 engineering and manufacturing jobs, according to GE. The company broke ground on the facility in mid-2014. “This facility will ignite the digital industrial revolution for our company and the industry,” says Steve Bolze, GE Power’s president and CEO. “We’re building a skilled workforce and culture that’s devoted to delivering breakthrough innovations that deliver better, faster outcomes for our customers and unlock new productivity and growth.” GE entered the Greenville market more than 40 years ago with a 340,000-square-foot property. That site has now grown close to 1.7 million square feet of factories, offices and laboratories focused on manufacturing advanced products for worldwide distribution. GE has more than 3,200 …