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HWKN-Pennovation-Center
CivicNortheastPennsylvania

The University of Pennsylvania Unveils Design for The Pennovation Center in Philadelphia

by Amy Works

PHILADELPHIA — The University of Pennsylvania (Penn) has unveiled the design for The Pennovation Center, a 58,000-square-foot innovation center located in Philadelphia. Situated on the university’s 23-acre Pennovation Works site, the project includes the transformation of an existing industrial building into a collaborative working environment for entrepreneurs, researchers and industry partners. The project team includes HWKN as design architect, KSS Architects as architect of record, Land Collection as landscape architect, Bruce Mau Design as design consultants, and Ballinger as structural and MEP engineers, as well as Focus and Atelier Ten. The Pennovation Center is slated to open summer 2016 with the Penn Engineering lab opening this fall.

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Residence-Inn-Egg-Harbor-Lobby
HospitalityNew JerseyNortheast

MCR Development Completes Renovation of Residence Inn By Marriott Atlantic City Airport

by Amy Works

EGG HARBOR TOWNSHIP, N.J. — MCR Development has completed the renovation of The Residence Inn by Marriott Atlantic City Airport, a 101-suite hotel located at 3022 Fire Road in Egg Harbor Township. The renovation included upgrading the lobby with new paint and furniture, including a communal table with power outlets; upgrading the fitness center with new equipment; and new furniture for the meeting room and pool area. Guest suite upgrades included new pull-out sofas, desk chairs and plush carpeting. Additionally, MCR plans to install a fire pit in the hotel’s patio area this spring.

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New JerseyNortheastOffice

Colliers Arranges $5.8M Sale of Two Office Buildings in New Jersey

by Amy Works

LEBANON, N.J. — Colliers International has arranged the sale of two office buildings, known as 100 Corporate Drive and 200 Corporate Drive, located at 78 Corporate Center in Lebanon. The three-story buildings, which total 185,866 square feet, sold for $5.8 million. The 92,925-square-foot property at 100 Corporate Drive is currently 39 percent occupied, and the 92,941-square-foot property at 200 Corporate Drive, which includes a full-service cafeteria, is vacant. Jeffrey Oram and Jacklene Chesler of Colliers International represented the seller, Torchlight Investors, and procured the buyer, a New Jersey-based private investor, in the transaction.

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The-Nathaniel-NYC
LoansMultifamilyNew YorkNortheast

HFF Brokers $98.3M Sale, Financing for Greenwich Village Apartment Building

by Amy Works

NEW YORK CITY — HFF has arranged the sale of The Nathaniel, an 85-unit residential building located at 138 E. 12th St. in Manhattan’s Greenwich Village neighborhood. The firm also arranged financing for the $98.3 million acquisition. Wafra Residential Value Invest I, a fund managed by Wafra Investment Advisory Group Inc., purchased the asset from YYY Third Avenue LLC, a joint venture affiliate of Joy Construction Corp. Designed by Karl Fischer Architect and built in 2014, the nine-story, 49,741-square-foot property features 10,000 square feet of ground-floor retail space, 8,000 square feet of below-grade retail space, floor-to-ceiling windows, a 24-hour doorman, resident lounge with TV/media center and billiards, rooftop reflecting pool, sunset terrace, fitness center and bike storage. Andrew Scandalios, Erin Anton, Jose Cruz, Jeffrey Julien and Rob Hinckley of HFF represented the seller in the transaction. Steven Klein and Jennifer Keller, also of HFF, arranged the acquisition financing for the borrower.

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33-West-End-NYC
LoansMultifamilyNew YorkNortheast

Oak Grove Capital Arranges $82M Loan for Manhattan Apartment Building

by Amy Works

NEW YORK CITY — Oak Grove Capital has arranged $82 million in refinancing for 33 West End Avenue Apartments, a 211-unit apartment building located on Manhattan’s Upper West Side. The floating-rate loan has a 20-year term with a 35-year amortization and a one-year lockout. The 25-story apartment building features a variety of amenities, including 24-hour concierge services, a fitness center, a tenant lounge, shuttle services to the train station, in-unit and ground-floor laundry rooms and an outdoor terrace. C.W. Early of Oak Grove Capital arranged the Fannie Mae loan for the borrower, Atlantic Development.

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Odyssey-Charter-School-Wilmington-DEL
CivicDelawareNortheast

Odyssey Charter School Acquires 36 Acres in Wilmington, Del.

by Amy Works

WILMINGTON, DEL. — Odyssey Charter School, a Delaware public charter school, has acquired 36 acres of land located in Barley Mill Plaza in Wilmington. The acquisition and redevelopment of the new school campus was financed through the issuance of $34.7 million in bonds by The Delaware Economic Development Authority. Odyssey Charter School currently serves 933 students in grades kindergarten through seventh. The school plans to add grades eighth through 12th in successive years until to become a full K-12 school in the beginning of the 2019-20 academic year. Scott Matthews and Geoff Grosso of Tarabicos Group LLP served as legal counsel to Odyssey Charter School, while Emilie Ninan of Ballard Spahr LLP served as bond counsel in the transaction.

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Eleven80-Newark-NJ
LoansMultifamilyNew JerseyNortheast

Cronheim Mortgage Arranges $28.1M Financing for Eleven80 in Newark

by Amy Works

NEWARK, N.J. — Cronheim Mortgage has arranged $28.1 million in financing for Eleven80, a 37-story residential property in Newark. The three-year loan features a floating rate. Andrew Stewart and Dev Morris of Cronheim arranged the financing for the borrower, an affiliate of KBS Capital Advisors. Located at 1180 Raymond Blvd., the 418,797-square-foot building features 317 units. Originally built in 1929 as an office building, the property was converted in 2007 into an apartment building. The building also includes 7,567 square feet of retail space, which is occupied by TD Bank and a convenience store. Eleven80 features a 24-hour doorman, shuttle service, bowling alley, billiards room, library and 8,000-square-foot fitness center.

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West-New-York-NJ
LoansMultifamilyNew JerseyNortheast

MMCC Arranges $6.5M Acquisition Loan for New Jersey Multifamily Property

by Amy Works

WEST NEW YORK, N.J. — Marcus & Millichap Capital Corp. (MMCC) has arranged $6.5 million in financing for the acquisition of a 32-unit apartment building in West New York. The 30-year loan features a 30-year amortization schedule, a 3.25 percent fixed rate and a 75 percent loan to value. Joseph Belgiovine of MMCC’s New Jersey office arranged the financing on behalf of the undisclosed borrower.

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LoansMixed-UseNew JerseyNortheastRetail

CBRE Group Brokers Sale of 70,400 SF Mixed-Use Facility in New Jersey

by Amy Works

SPRINGFIELD, N.J. — CBRE FAMECO, a retail division of CBRE Group, has brokered the $5.5 million sale of the former 6th Avenue Electronics store, corporate office and warehouse facility at 22 Route 22 in Springfield. The undisclosed buyer plans to convert the 70,040-square-foot property into an 85,000-square-foot Metro Self Storage facility. The climate-controlled property will feature state-of-the-art security, two sets of elevators, four drive-in loading bays and an office component. Steven Winters of CBRE FAMECO represented the undisclosed seller, while Ed Horne of HK Commercial Realty Advisors LLC represented the buyer.

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LoansMixed-UseNew YorkNortheast

Trevian Capital Funds $22M Loan for Mixed-Use Property in Tribeca

by Amy Works

NEW YORK CITY — Trevian Capital has funded a $22 million first-mortgage bridge loan for a five-story, 17,247-square-foot building in the Tribeca neighborhood of Manhattan. The loan was used to pay off a matured first mortgage and to fund the conversion of the upper floors into four full-floor residential condos and reconfigure the ground-level retail cellar and sub-cellar. Terms and details of the transaction were not disclosed.

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