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.
Northeast
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.
TOMS RIVER, N.J. — HFF has arranged a $20 million loan for the refinancing of Tri-City Plaza, a 108,109-square-foot retail center in Toms River. Situated on 15.97 acres at 2360 Lakewood Road, the property is fully occupied by 17 tenants, including Super Stop & Shop, Dollar Tree, Starbucks Coffee, GN and The UPS Store. HFF secured the fixed-rate loan through a life company for the borrower, Paramount Realty Services. Jon Mikula, Jim Cadranell and Samuel Seiden of HFF negotiated the refinancing, which will replace existing debt on the property.
BETHEL TOWNSHIP, PA. — Dermody Properties and Granite Real Estate Investment Trust have broken ground for the construction of a new industrial facility within Berks Park 78 in Bethel Township. Located at 41 Martha Dr., the property will feature 750,000 square feet of state-of-the-art industrial warehouse and distribution space, including 36-foot clear heights, 316-car parking lot and 322 trailer parking spaces. Dermody Properties is serving as the developer and operating partner, while Granite is the majority equity partner on the project.
LINCOLN PARK, N.J. — Housing & Healthcare Finance (HHC Finance) has closed a $19.4 million 232/233(f) HUD loan for a skilled nursing facility in Lincoln Park. Flushing, N.Y.-based Center Management Group purchased the two-building, 189-bed property in 2012. The 35-year HUD loan refinanced the property’s high-rate, short-term conventional acquisition debt, as well as capital expenditures.
NEW YORK CITY — Marcus & Millichap has brokered the sale of a Dollar Tree (dba Deal$) location at 78-02 Metropolitan Ave. in the Middle Village neighborhood of Queens. The 10,240-square-foot, net-leased retail property sold for $4.6 million. Scott Plasky of Marcus & Millichap represented the seller, a New York-based retail developer, in the transaction.
NEW YORK CITY — TerraCRG has brokered the sale of a development site at 96-98 Degraw St. in Brooklyn’s Columbia Waterfront District. Located between Van Brunt and Columbia streets, the two-lot property sold for $2.1 million or $326 per buildable square foot. The property, which offers views of the Statue of Liberty and lower Manhattan, was delivered with BSA approval for 6,438 square feet of residential townhouse development. Ofer Cohen, Melissa DiBella, Dan Marks, Peter Matheos, Michael Hernandez and Joseph Terzi of TerraCRG arranged the transaction.
WHIPPANY, N.J. — Vision Real Estate Partners has completed the renovated and rebranding of The Crossings at Jefferson Park at 115 South Jefferson Road in Whippany. Situated on 65 acres, the three-building campus offers 525,000 square feet of Class A office space. JP Morgan Chase, Barclays Capital and Lord Abbett occupy the property. A partnership between Vision Real Estate Partners and Rubenstein Partners acquired the property last year and recognized the opportunity to tap into the existing enhanced electrical, HVAC and fiber infrastructure to create a corporate campus. Master planned by Ka Architects, the project included demolishing a 140,000-square-foot data center building and replacing it with landscaped great lawn. The ownership also redeveloped the 150,000-square-foot 200 Building and created a new entry, lobby, fitness center, cafeteria and common areas.
EDGEWATER, N.J. — Meridian Capital Group has arranged a $66 million loan on behalf of a funded managed by Cornerstone Real Estate Advisers LLC for the acquisition of St. Moritz Apartments in Edgewater. Built in 2005 by Fred Daibes, the 26-story luxury multifamily community offers 224 units at 100 Daibes Court. The property features a resort-style swimming pool, a coffee and juice bar, a spa with steam rooms and a fitness center. The seven-year loan, which was provided by NYS Teachers’ Retirement Systems, features a competitive fixed-rate and interest-only payments for the full-term. Abe Hirsch, Zev Karpel and Jacob Schmuckler of Meridian Capital’s New York City headquarters negotiated the transaction.
NEW YORK CITY —M&T Realty Capital Corp., a commercial mortgage banking subsidiary of M&T Bank, has provided a $34 million loan for the refinancing of co-op multifamily building in New York’s Greenwich Village neighborhood. Located at 250 Mercer St., the high-rise building features 256 residential units. Carole Stafford of M&T Realty Capital’s Baltimore office arranged the Freddie Mac loan transaction.