NEW YORK CITY — Meridian Capital Group has arranged $70 million to refinance the Refinery Hotel located on 63 West 38th St. in New York City. The borrower was 63 West 38th LLC. The 12-story hotel features 197 rooms, as well as Parker & Quinn restaurant, Winnie’s lobby bar, Refinery Rooftop, and The Hatbox, an industrial gallery space. A CMBS lender provided the fixed-rate 10-year loan. David Hayum and Steven Adler of Meridian Capital negotiated the financing.
Northeast
BOSTON — Related Beal has launched Congress Square, formerly known as The Block on Congress, a redevelopment and reinvention of an entire city block in downtown Boston. Related Fund Management acquired Congress Square from a Fidelity entity in 2013. The five-building portfolio consists of approximately 343,000 square feet and includes 40 Water St., 68 Devonshire St., 19 Congress St., 15 Congress St. and 54 Devonshire St. The project includes the repositioning and development of a 24-hour mixed-used environment offering office, residential, hotel, restaurant and retail space. Additionally, the project plans call for the creation and activation of Quaker Lane, which will bisect the property and connect Post Office Square to Faneuil Hall. Related Beal has engaged Arrowstreet to serve as architect and redesign the existing buildings into the new project. The developer has also selected CBRE/Grossman Retail Advisors to lead all retail leasing efforts and JLL as the brokerage firm for the project’s office space 40 Water St. The redevelopment office space will be available for occupancy in early 2016. Retail opportunities will be available for occupancy in fall 2015.
NORWALK, CONN. — West Hempstead, N.Y.-based GTJ REIT has acquired an industrial building located in Norwalk for an undisclosed price. Situated on approximately three acres, the 50,000-square-foot building features 18-foot clear heights. The property, which carries I-1 zoning is currently occupied by FedEx Corp. Additional details of the transaction were not released.
NEW YORK CITY — TerraCRG has brokered the sale of 181 12thSt., a multifamily building located in Brooklyn’s Park Slope/Gowanus neighborhood. The property sold for $3.1 million or $527 per square foot to an undisclosed buyer. The 5,880-square-foot building features six one-bedroom, one studio and one duplex unit. Adam Hess, Sam Schalumov and Chris Pechlivanides of TerraCRG arranged the transaction.
STATE COLLEGE AND HANOVER, PA. — Pennsylvania Real Estate Investment Trust (PREIT) has completed the sale of Nittany and North Hanover malls for a total of $32.3 million. Located in State College, the 534,000-square-foot Nittany Mall has sales of $243 per square foot and non-anchor occupancy of 70 percent as of June 2014. The 452,000-square-foot North Hanover Mall in Hanover has sales of $275 per square foot and non-anchor occupancy of 72.8 percent as of June 2014. Details of the transaction were not released.
WATERBURY, CONN. — HFF represented New Hyde Park, N.Y.-based Kimco Realty Corp. in the disposition of Waterbury Plaza, a grocery-anchored retail center in Waterbury. Toronto, Canada-based Slate Properties Inc. purchased the 141,443-square-foot center for $27.2 million. Located at 410 Reidville Dr., the fully leased center is anchored by Stop & Shop and Raymour & Flanigan. Jim Koury led the HFF investment sales team that arranged the transaction.
JERSEY CITY AND HOBOKEN, N.J. — Livingston, N.J.-based Gebroe-Hammer Associates has brokered the sale of a four-property Hudson County, N.J., multifamily portfolio. A private investment group purchased the 159-unit portfolio for a total of $21 million. The transaction includes 125-129 Magnolia Avenue in Jersey City, which sold for $12.7 million; 115-117-119 Magnolia Avenue in Jersey City, which sold for $5.4 million; 50 Stuyvesant Avenue in Jersey City, which sold for $1.04 million and 328-332 Jackson Avenue in Hoboken, which sold for $1.8 million. Nicholas Nicolaou of Gebroe-Hammer Associates represented the seller, a long-time client, and the buyer in the transaction.
NEW YORK CITY — Rosewood Realty Group has arranged the sale of a three-story, walk-up apartment building located at 257 West 113th St. in Harlem. Wanders in the West LLC sold the property to 257 West 113th Street LLC for $1.5 million. Built in 1900, the 2,691-square-foot building features nine apartments. Michael Kerwin of Rosewood represented the seller, while Aaron Jungreis, also of Rosewood, represented the buyer in the transaction.
MORRISTOWN, N.J. — Morristown-based G.S. Wilcox & Co. has arranged $87.1 million in financing for a healthcare portfolio in eastern Pennsylvania. The non-recourse financing was place in seven, non-crossed collateralized loans secured by nine hospital and medical buildings. The tenant, Coordinated Health, is a privately held, physician-owned, specialized hospital, network healthcare provider. The nine-building portfolio consists of 411,000 square feet. The portfolio includes Allentown Hospital and Bethlehem Hospital and seven additional buildings housing a variety of medical services, including physical therapy and rehabilitation, laboratory, orthopaedics, diagnostics, sports medicine, primary care and women’s health. David Fryer and Joe Smerdon of G.S. Wilcox & Co. handled the financing assignment. The financing, which was placed with a CMBS lender, has a 10-year term and a 30-year amortization.
NEW YORK CITY — TerraCRG has brokered the sale of a development site located at 120 Union Ave. in Brooklyn's Williamsburg neighborhood. Located between Union Avenue and Broadway, the site sold for $15.5 million or $220 per buildable square foot. Adam America, Slate Property Group and Naveh Shutter Limited purchased the site and plan to develop a 100-unit residential property with 2,000 square feet of ground-level retail space. The development site is zoned R6A/C2-4, which allows for more than 93,000 buildable square feet. Additionally, the 26,000-square-foot lot is packaged with a lot at 100 Union Ave., which is scheduled to close later this year. The seller, Robles Realty, has owned the property since 1998. Ofer Cohen, Melissa DiBella Warren, Dan Marks, Peter Matheos, Michael Hernandez and Joey Terzi of TerraCRG represented the seller in the transaction.