NEW YORK CITY — Eastern Consolidated’s Capital Advisory Division has arranged an $18 million short-term bridge loan on behalf of East 47th Street LLC (City Centre Properties). The loan will be used to facilitate the sale of a multi-lot development site assemblage in the Rockefeller Center area of Manhattan. HID Acquisition Group LLC, affiliated with Hidrock Realty Inc., is acquiring two 25-foot-wide lots — 12 East 48th and 13 East 47th streets — from City Centre Properties. Additionally, Hidrock acquired 14 East 48th Street from the First Church of Religious Science through an assignment of a contract between the church and City Centre. The sale price for the entire assemblage was $47 million. HID Acquisition plans to raze the existing structures and develop a 31-story residential condo tower on the site. The project will include a mix of studio, one- and two-bedroom apartments, as well as amenities targeting the international pied-a-terre market. Jonathan Aghravi and Matthew Hirsch of Eastern Consolidated’s Capital Advisory Division arranged the new financing. City Centre Properties was represented in the assemblage sale transaction by R. Stuart Gross and Chris Matousek of Eastern Consolidated. Additionally, Eastern Consolidated acted as the sole intermediary in both the assemblage site …
Northeast
BOSTON — New York City-based Ashkenazy Acquisition Corp. (ACC) has filed a master plan with the City of Boston for Faneuil Hall Marketplace. Designed by Elkus Manfredi Architects, Faneuil Hall Marketplace will include an enhanced public realm, glass retail pavilions, a new colonnade, rotunda space and a new boutique hotel, as well a redesigned exterior streetscape. Tenants that have already signed on for Faneuil Hall Marketplace include Uniqlo’s Boston flagship location, Ghirardelli Café and the children’s book-themed Make Way for Ducklings store. The project team includes Biederman Redevelopment Ventures and Watertown, Mass.-based Sasaki Associates.
KING OF PRUSSIA, PA. — Cronheim Mortgage has arranged a $12 million loan for an office building located in King of Prussia. The 102,204-square-foot building was converted into a multi-tenant office building in 2007. The property features high ceilings, large open floor plates, low loss factor and easy access from an oversized parking field. At the time of closing, the property was 85 percent leased to four tenants. David Turley and Janet Proscia of Cronheim Mortgage arranged the three-year, fixed-rate loan. The debt was sourced from a regional bank, which funded a 65 percent LTV loan on a non-recourse basis.
BRAINTREE, MASS. — New Boston Fund Inc., a private equity real estate investment, development and management firm, has secured two lease extensions at Granite Woods Corporate Center in Braintree. Law firm Smith & Brink has leased 15,861 square feet and VHA Inc. signed for 7,500 square feet. New Boston Fund acquired the office center, which comprises two office buildings totaling 168,000 square feet, in June 2008. Since the acquisition, New Boston Fund has spent $3.2 million in building upgrades. David Goodhue and Caleb Hudak of Colliers International represented New Boston Fund in both transactions. Stephen Woelfel, also of Colliers, and J.R. McDonald of Cushman & Wakefield represented Smith & Brink in the transaction.
NEW YORK CITY — SL Green Realty Corp. has entered into an agreement to acquire commercial condominiums units in the newly constructed office building located at 55 West 46th St. in Midtown Manhattan. SL Green will acquire 319,000 square feet of vacant office space on floors 22 to 34 and a retail store on 46th Street, as well as the building’s parking garage and fitness center. As part of the sales agreement, the seller has the option to include the second floor in the transaction, which consists of 28,000 square feet, for an additional purchase price of $20 million. The transaction, which is subject to customary closing conditions, is expected to close before the end of the year. Designed by Skidmore Owings & Merrill and completed in 2013, the glass-and-steel structure features efficient column-free space and floor-to-ceiling windows on all office floors. Additionally, the property includes on-site parking, a fitness center and bike storage.
NEW YORK CITY — New York City-based Savanna has completed the sale of 80 Broad Street, a 423,000-square-foot office building in New York’s Financial District. Broad Street Development acquired the property for an undisclosed price. After acquiring the property in 2011, Savanna completed an extensive capital improvement program including a lobby renovation, façade upgrade, modernized elevators and upgrades to the common area bathrooms and corridors. Adam Spies, Douglas Harmon, Joshua King and Adam Doneger of Eastdil Secured represented Savanna in the sale. Attorneys Leo Leyva, Jordan Metzger and Tara Ryan of Cole, Schotz, Meisel, Forman & Leonard P.A. served as the seller’s counsel in the transaction.
BURLINGTON, MASS. — The Gutierrez Company has begun construction on its 4 Burlington Woods project in Burlington. Located off Route 128, the 100,000-square-foot, LEED-certified office building is designed for completed end-user flexibility. The property features efficient and open floor plates, a two-story lobby, five acres of landscaped grounds and direct highway access. Additionally, the four-story building will include interconnecting stairways, floor-to-ceiling windows along the main façade, high ceilings and energy-efficient systems. On-site amenities include three full service cafeterias, a fitness center and parking. Designed by CUBE 3, the development is slated for completion in first quarter 2015. Chris Decembrele, Matt Daniels, Andrew Whipple and Stephen Steinberg of JLL are serving as leasing agents for the property.
LOWER MAKEFIELD TOWNSHIP, PA. — Advalurem Group, along with its local joint venture partner Pembroke Hobson, has acquired 1000 Floral Vale, a Class A office building located in Lower Makefield Township, for $19 million or $214 per square foot. Built in 2009, the 89,000-square-foot office property is LEED Gold certified. The property is currently 80 percent leased to two investment-grade tenants on long-term leases with extension options.
WALL, N.J. — AB Monmouth LLC, a wholly owned subsidiary of Amboy Bank, has proposed constructing an extended-stay hotel at the unfinished The Monmouth site, located at the intersection of routes 70 and 35 in Wall. The planned hotel will offer 199 guest units for short- or long-term guest. Originally designed by a previous developer as a 4,000-square-foot age-restricted community of condominiums, The Monmouth site has remained been half-built since 2011. AB Monmouth cannot sustain the undeveloped site indefinitely, and the company believes an extended-stay hotel is the best option for the property.
FARMINGTON, CONN. — CBRE has negotiated the sale of 1690 New Britain Avenue, an office building located along Route 6 in Farmington. S&I Realty Associates (AFI Inc.) sold the 165,264-square-foot property to Boston-based Albany Road Real Estate Partners for $20.5 million or $124 per square foot. Originally built in 1961, the office property is currently occupied by Allied World Assurance Co. and Moore Medical and AIG. Patrick Mulready and John McCormick of CBRE/New England’s Hartford office collaborated with Jeff Dunne and Steven Bardsley of CBRE’s Institutional Properties Group to represent both the seller and buyer in the transaction.