PHILADELPHIA — Federal Capital Partners has provided a $20 million mezzanine loan to finance the development of The Dalian on Fairmont, a 293-unit multifamily building in Philadelphia’s Museum District. Slated to break ground this fall, the nine-story property will be situated above the future Whole Foods in Rodin Square. The property will feature a second-level, 12,000-square-foot glass lobby, a 35,000-square-foot Sky Park outdoor amenity space, garage parking and views of downtown Philadelphia. Dalian Development is leading development and construction of the property. Property Capital LLC arranged the financing.
Northeast
NEW YORK CITY AND NEWARK, DEL. — PM Hospitality Strategies has closed the second quarter with two hotel additions to its third-party management portfolio. The company entered the Manhattan market with the addition of Homewood Suites New York Midtown Manhattan Times Square South, which is located at 312 West 37th St. The 22-story property is the brand’s largest hotel featuring 293 over-sized suites, a two-story lobby waterfall and a seasonal rootftop deck and garden terrace. West 37th Street Operator LLC, a joint venture between The Buccini/Pollin Group, Albanese Development Corp. and Rockwood Capital, owns the property. Additionally, PM Hospitality added the 136-room Hampton Inn & Suites Wilmington Christiana to its portfolio. Located at 1008 Old Churchmans Road in Newark, the hotel is the company’s second new build to open in Delaware in the second quarter of 2014 and its first Hampton Inn & Suites property in the market. Both hotels are owned by The Buccini/Pollin Group.
WEST CALDWELL, N.J. — HFF has arranged $12.2 million in financing for Five Henderson Drive, a 210,530-square-foot industrial print facility and warehouse in West Caldwell. The single-tenant property is leased to R.R. Donnelley and serves as the company’s Mid-Atlantic digital print facility. The long-term tenant recently executed a 10-year lease extension on the property. HFF secured the five-year, fixed-rate financing for the borrower, The Hampshire Companies, through Lakeland Bank. Jon Mikula and Michael Klein led the HFF team representing the borrower.
ALLEGHENY COUNTY, PA. — Federal Capital Partners, through its existing joint venture with Horizon Land Co., has acquired two manufactured home communities totaling 283 pads in Allegheny County. The acquisition includes the 170-pad 51 Estates and 113-pad New Colony communities, which are located 20 minutes from each other and within 20 miles of downtown Pittsburgh. These acquisitions expand the company’s portfolio to 21 communities with approximately 3,200 sites. Since closing the joint venture in late 2012, FCP/Horizon has acquired 11 communities representing approximately $60 million in value.
MANCHESTER, CONN. — Marcus & Millichap has arranged the leasehold sale of a two-tenant shopping center in Manchester. The 49,905-square-foot asset sold for $2.8 million. Dean Zang, Mark Taylor, Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company related to Skyline Pacific Properties of California. A Hartford County, Conn.-based buyer purchased the property.
SYRACUSE, N.Y. — Carrols Restaurant Group has entered into a definitive agreement to purchase 21 Burger King restaurants from Kessler Group. The restaurants are around Rochester, N.Y., and in the Southern Tier region of Western New York. The transaction is expected to close by the end of July. This transaction is the latest in Carrols’ move to expand and increase its ownership of Burger King restaurants. The company recently acquired eight restaurants in two separate transactions — four locations in the Pittsburgh market and four locations in Fort Wayne, Ind.
SEABROOK, N.H. — DDR Corp. has opened Seabrook Commons, a ground-up retail power center in Seabrook, a northern suburb of Boston MSA. The 380,000-square-foot retail center is 96 percent leased. Retail tenants include Walmart, Dick’s Sporting Goods, PetSmart, Michaels, ULTA, Famous Footwear and Five Below. Additionally, the center offers a variety of restaurants, including Panera Bread, Outback Steakhouse and Noodles & Company. Seabrook Commons serves a trade area population of 251,000 people with an average household income of $90,000.
PITTSBURGH — UMH Properties has acquired four manufactured home communities located in the Pittsburgh metropolitan area for $12.2 million. The all-age communities total 336 developed homesites situated on 239 total acres. The average occupancy for the properties is 84 percent. With this acquisition, UMH now owns 86 communities totaling approximately 14,800 developed homesites.
CAMBRIDGE, MASS. — NorthMarq Capital has arranged a $4.24 million loan for the acquisition of the Global Organics Headquarters Building in Cambridge. Located at 68 Moulton St., the property offers 24,500 square feet of office space. Joseph Hegenbart secured the financing for the borrower, RHAD LLC, through NorthMarq’s relationship with a local bank. The 10-year loan features a 25-year amortization schedule. Global Organics is the major tenant in the building and an affiliate of the borrower.
NEW YORK CITY — TerraCRG has brokered the sale of a commercial loft building, which is located at 73 Washington Ave. in Brooklyn’s Clinton Hill/Navy Yard neighborhood. The 9,000-square-foot vacant building sold for $2.5 million or $278 per square foot. The property is situated in the Brooklyn Tech Triangle, which consists of Brooklyn Navy Yard, Dumbo and Downtown Brooklyn. Ofer Cohen, Melissa DiBella, Dan Marks, Peter Matheos, Michael Hernandez and Joseph Terzi of TerraCRG arranged the transaction.