HARTFORD, CONN. — Walker & Dunlop Inc. has provided $37.2 million in FHA Section 221(d)(4) financing to convert an office building in Hartford to a multifamily property. The vacant 26-story office tower is located at 777 Main St. in Hartford’s central business district. Constructed in 1967 as the headquarters of Hartford National Bank, the office property was designed by architect Welton Becket, who designed the iconic Capitol Records tower in Hollywood. Todd Trehubenko led the Walker & Dunlop team that structured the financing.
Northeast
NEW YORK CITY — Cignature Realty Associates has arranged the $19.5 million sale of a three-building, 97-unit portfolio in the Hamilton Heights section of Manhattan. The buildings total 91,532 square feet and include 1616 Amsterdam Ave., a seven-story building with 52 apartments and six stores; 3694 Broadway, a six-story property with 24 apartments; and 561 West 144th St., a five-story apartment building with 21 apartments. Peter Vanderpool and Lazer Sternhell of Cignature Realty Associates represented both the buyer, a local real estate group, and the seller, a real estate fund, in the transaction.
NEW YORK CITY — Marcus & Millichap Capital Corp. (MMCC) has arranged a $7.2 million loan for the refinancing of a six-story mixed-use building in New York City. The building features apartments and ground-floor retail. The 10-year loan includes a fixed interest rate of 4 percent and a 25-year amortization schedule. Jerry Kray of MMCC arranged the loan.
BOSTON — CBRE/New England’s capital markets team has secured a loan of $3.3 million to finance 135 Beacon Street, a multifamily building located in the historic Back Bay neighborhood of Boston. The building, located half a block from the Public Garden, is a five-story building originally constructed in 1860 and renovated in 1999. John Kelly of CBRE, worked on behalf of the owner, J.F. Perroncello, to secure the financing.
CHERRY HILL, N.J. — U.S. General Services Administration (GSA) has signed a 20,000-square-foot lease at 51 Haddonfield Road, a 100,000-square-foot office building in Cherry Hill. The new ownership group, Bergman Real Estate Group and Time Equities Inc., has completed various upgrades to the property and installed a gallery of rotating artwork by local and national artists. Anne Klein of Newmark Grubb Knight Frank serves as the leasing agent for the property.
NEW YORK CITY — Eastern Consolidated has arranged for the $126 million sale of The Nash, a 25-story, 191-unit luxury apartment building located at 222 E. 39th St. Following a renovation and repositioning of the property from a hotel to an apartment building, a partnership, led by Atlas Capital, Rockpoint Group and The Procaccianti Group sold the property to Lloyd Goldman of BLDG Management. Brian Ezratty and Scott Ellard of Eastern Consolidated represented the seller in the transaction, and Ezratty also procured the buyer. Renovations began in early 2013 with leasing starting in August. The building was 70 percent leased at the time of sale.
BOSTON — The Rockefeller Group Investment Management Corp. and Mitsubishi Estate New York have closed on the acquisition of 28 State Street in Boston from The Blackstone Group. The 40-story skyscraper features more than 570,000 square feet of office space and 7,000 square feet of retail at the northeast corner of State and Congress streets. The purchase price was not disclosed, but the Boston Business Journal reported the tower was last assessed at $177 million. Designed by Emery Roth & Sons and built in 1968, 28 State Street was completely renovated in the late 1990s. Enhancements were made to the building’s infrastructure and systems, lobby and outdoor spaces. Blackstone acquired the property in 2007.
NEW YORK CITY — Madison Realty Capital (MRC) has purchased a portfolio of three defaulted loans from a local New York lender totaling $17 million. The loans are secured by three different multifamily and mixed-use properties in Brooklyn. The properties include a partially complete mixed-use residential development in Midwood, a 23-unit residential rental property in Red Hook, and a seven-story condominium building in Vinegar Hill.
NEW YORK CITY — Ariel Property Advisors has arranged the $10.2 million sale of a development site featuring approximately 78,000 buildable square feet. The property is located at 14-01, 14-07, and 14-19 Broadway on the border of Long Island City and Astoria. Shimon Shkury, Howard Raber, Victor Sozio, and Michael Tortorici of Ariel Property Advisors represented the seller, a private investor, and procured the buyer, a real estate investment group. The site is zoned for residential or mixed-use development and includes three contiguous lots with 182 feet of frontage on the north side of Broadway between 14th and 21st streets.
The biggest news about Delaware retail is the expansion of Christiana Mall in Newark, Del., and an equally ambitious redevelopment of The Colonnade at Christiana, which is adjacent to the mall. Everyone in the Mid-Atlantic knows that Delaware does not have retail sales tax, thus the driver of Christiana’s expansion and the new projects is simply shopping demand and a geographically dense population base that draws from more than 20 million people in nearby states including Pennsylvania, Maryland, New Jersey and even New York. It’s one thing to save $4 when you spend $50 but the money gets real when you can save $80 on a $1,000 shopping tab. (This example is based on 8 percent sales tax that you’d pay in Philadelphia, which is about 30 minutes from Wilmington and has more than 4 million people in its MSA). Christiana’s expansion to 1.1 million square feet and the adjacent 915,000-square-foot The Colonnade is made possible by construction improvements to the I-95 and Route 1 interchange that will give drivers and shoppers better access to the existing and refurbished retail centers. The Colonnade was previously called the Christiana Fashion Center and it is being redeveloped by Frank Acierno and his …