BOSTON — Construction is continuing for the Millennium Tower and Burnham Building development in Boston’s Downtown Crossing neighborhood with a concrete pour. Suffolk Construction recently completed the project’s 6,000-cubic-yard continuous mat slab concrete pour, which is the largest continuous concrete pour in Boston’s history. The $700 million project consists of the restoration of the Burnham Building, which was built in 1912, and the construction of Millennium Tower, a 62-story mixed-use tower containing 450 residential units. The proposed 1.4 million-square-foot project will offer office space, street-level retail and luxury residential condominiums. Designed by Handel Architects, the project is slated for completion in summer 2016. New York-based Millennium Partners is developing the project.
Northeast
NEW YORK CITY — Eastern Consolidated has arranged the sale of 90 Chambers Street in the Tribeca neighborhood of New York City. Claude Castro LLC purchased the approximately 9,400-square-foot mixed-use property for $8.5 million or $906 per square foot from Chambers Street Realty. The five-story property offers five free-market residential units and a vacant ground-level retail space. Adelaide Polsinelli and Lipa Lieberman of Eastern Consolidated arranged the sale on behalf of the seller and buyer.
RARITAN, N.J. — Energy Battery Group, a national battery distributor, has signed a long-term lease for 72,937 square feet at 1200 Route 523 in Raritan. The space comprises 64,044 square feet of industrial space and 8,893 square feet of office space. With this lease, the 851,000-square-foot building is 90 percent occupied. Joe Nitti of Colliers International represented the landlord, Equity Industrial Flemington LLC, in the transaction. Jason Adams of Coldwell Banker Commercial Feist & Feist Realty Corp represented the tenant.
SALEM, N.H. — Foxx Life Sciences has leased space at 6 Delaware Drive Crossing, a 20,700-square-foot industrial/flex building in Salem. The company will occupy 18,302 square feet at the property, which will allow it to relocate and expand its headquarters and operations. Foxx Life Sciences previously occupied space at 8E Industrial Way Suite 1 in Salem. Chris Healy of CBRE/New England represented the tenant in the transaction.
LONG ISLAND CITY, N.Y. — Juice Press has opened a new super-store concept in the Falchi Building in Long Island City. The 18,000-square-foot space is part retail store and part production facility. The facility will allow the company to grow its production of juices, smoothies and food and expand its offerings. The Long Island City store brings the company into its third New York City borough. In April, Juice Press opened two locations in Manhattan: one at the corner of Greenwich and Laight streets and one at 65 West 55th Street. Since its creation in 2010, Juice Press has opened or announced openings for 21 stores in the New York area.
HORSHAM, PA. — Berkadia Commercial Mortgage has arranged $146 million for a 19-property portfolio of seniors housing properties located across 10 states. The borrower, Brookdale Senior Living, received a seven-year, fixed-rate loan that will be used to refinance the properties. The financing features a 4.76 percent interest rate and 60 percent loan-to-value ratio, as well as a 30-year amortization schedule. Additionally, as the first-ever Freddie Mac Seniors Housing Early Index Lock transaction, the loan provides protection against potential increases in interest rates. The Early Index Lock program allows borrowers to lock the Index up to 90 days before closing to hopefully eliminate any risk associated with the Index; however, borrowers cannot lock the spread, which will continue to fluctuate until it is locked before closing.The properties refinanced under the loan are located in Arizona, California, Colorado, Florida, Indiana, Kansas, Michigan, Pennsylvania, Texas and Washington. Combined the 90-percent occupied properties offer 1,170 units: 770 assisted living units, 205 memory care units and 195 independent living units. Christopher Fenton and Heidi Brunet of Berkadia’s Seniors Housing and Healthcare group secured the financing.
NEW YORK CITY — Starwood Capital Group has purchased a 78,000-square-foot retail building located at 150 West 34th Street in New York City. Situated along Manhattan’s 34th Street retail corridor, the property is currently 100 percent leased to Old Navy. The building features three above-ground floors and one below-grade floor, as well as 225,000 square feet of air rights that provide valuable development potential. Starwood Capital acquired the property through a controlled affiliate and terms of the transaction were not disclosed.
NEW YORK CITY — New York-based HAP Investments is breaking ground for the development of HAP 5, a residential building at 329 Pleasant Ave. in East Harlem. Designed by Karim Rashid, the eight-story building will offer 20 apartment units. The project is located near City University of New York’s Hunter College Silberman School of Social Work and popular commercial, retail and entertainment stores, including Manhattan’s biggest shopping mall. HAP Investments has been very active in Upper Manhattan and East Harlem with a variety of properties; most recently, the company entered into a contract to purchase a development site at Journal Square in Jersey City, N.J.
HACKENSACK, N.J. — New Boston Fund has sold an office-and-flex building located at 80 Commerce Way in Hackensack to Canaan Korean Community Church for an undisclosed price. The 30,000-square-foot building includes warehouse and showroom space and can accommodate multiple tenants. New Boston Fund purchased the property along with the adjacent building, 60 Commerce Way, in partnership with Prism Capital Partners in 2005. The partnership sold 60 Commerce Way in early 2010.
NEW YORK CITY — Eastern Union Funding has arranged a $3 million loan for two stores in Brooklyn’s Bushwick neighborhood. Located at 22-28 Wyckoff Ave., the single-tenant buildings are occupied by a wine store and an organic grocery store. Customers Bank provided the loan, which features a 4 percent interest rate on a five-year term with no pre-payment penalty after the first year. Jeffrey Seidenfeld of Eastern Union arranged the loan on behalf of the borrower, Jacob Sacks of Cayuga Capital.