BRAINTREE, MASS. — Wallace Capital has provided a $1.7 million acquisition bridge loan for a 20-acre site in suburban Boston to 2001 Washington Street LLC. The 19.4-acre site houses a 76,223-square-foot, two-story brick structure that was built in 1920. The building most recently served as the 79-bed Kindred Hospital Northeast. The hospital ceased operations in September 2008 and since that time the property has been vacant. The borrower used loan to purchase the property for redevelopment and plans to refinance the loan.
Northeast
FRAMINGHAM, MASS. — Office-supply retailer Staples Inc. plans to close 225 North American stores by the end of 2015. The closures are part of a multi-year cost savings plan that is expected to generate annualized pre-tax cost savings of approximately $500 million by the end of 2015. In contrast to the company’s fourth-quarter performance as a whole, which saw a 10.6 percent year-over-year decline in sales, fourth-quarter business at Staples.com was up 10 percent from a year ago. Staples says it reduced its footprint last year by 1 million square feet through closing 40 stores.
BOSTON — EagleBridge Capital has arranged $12.7 million in permanent mortgage financing for a multi-state portfolio of retail and office buildings. The portfolio includes six retail buildings and two office buildings. The retail buildings are located in Mansfield and Attleboro, Mass.; North Windham, Conn.; North Kingston, R.I.; and North Hampton, N.H. The two office buildings are located in Lincoln, R.I. Brian Sheehan and Ted Sidel of Boston-based EagleBridge arranged the financing on behalf of the Docor Group through a financial institution. Proceeds from the loan were used to refinance the existing mortgages; cover all closing costs, including prepayment premium; and provide cash out to the borrower.
BRANFORD, CONN. — Washington Trust’s commercial real estate group has provided $4.8 million in financing to Lakeview Center Associates LLC and Branford Equities LLC for the refinancing of Lakeview Center, a 69,955-square-foot shopping center in Branford. Sixteen tenants lease the four single-story buildings, located at 249-251 W. Main St. Edmond DeLaurentis Jr., a second-generation real estate developer and operator, operates Lakeview Center Associates LLC. He and other members — Herman Gans, Ram Gupta and Theodore Sannella — also own several other shopping centers located in Connecticut and Massachusetts.
YORK, PA. — Endurance Real Estate Group LL has acquired 325 S. Salem Church Road, a 624,800-square-foot, Class A warehouse in York. Endurance acquired the asset through a joint venture with a commingled fund managed by American Realty Advisors. Located in Central Pennsylvania, the property has served as the Northeast distribution center for the seller, American Signature Furniture, since it was constructed in 2007. David Binswanger and Michael Treacy of Binswanger represented the seller in the transaction.
NEW YORK CITY — The Feil Organization has signed Asset.tv to 3,883 square feet on the 45th floor of its landmark 570 Lexington Ave. building in New York City. Asset.tv, a video reporting firm, had been subleasing from another tenant in the building. Originally known as the RCA Victor Building, 570 Lexington Ave. includes Art Deco architecture. The 50-story structure also boasts a crown of Gothic spires that resemble a giant torch when illuminated. The 640-foot tall building, designed by Cross and Cross, opened in 1931 and was added to the National Register of Historic Places in 2004.
NEW YORK CITY — Massey Knakal Capital Services has arranged $80 million in bridge financing secured by Cassa Hotel, a 165-key hotel located in the Times Square submarket of Manhattan. An entity controlled by Angelo, Gordon & Co. was the lender. Scott Aiese of Massey Knakal arranged the loan. The four-star hotel benefits from more than 370,000 daily pedestrians.
NEW YORK CITY — On behalf of Sitt Asset Management LLC, JLL’s capital markets group has closed the sale of 240 W. 40th St. in Manhattan. AEW Capital Management purchased the 159,774-square-foot property for $63 million. The 13-story, loft-style building is fully leased to LVMH subsidiary, DKNY. Richard Baxter, Jon Caplan, Scott Latham, Yoron Cohen and Stephen Shapiro led the JLL team in the transaction.
HAMDEN, CONN. — Institutional Property Advisors (IPA) has arranged the $58.5 million sale of Broadmoor Apartment Homes, a 498-unit, 419,220-square-foot suburban apartment community in Hamden. The sales price equates to $117,470 per unit. Steve Witten and Victor Nolletti of IPA advised the seller, Fairfield Apple Hill LP, a Delaware limited partnership. Hamden Partners LLC, a New Jersey-based limited liability company, purchased the property. The multifamily community is located at 676 Mix Ave., minutes from downtown New Haven and near Route 10. Built in 1969 and 1970 and renovated from 2006 to the present, Broadmoor Apartment Homes includes six detached six-story midrise apartment buildings with full basements. The unit mix features 66 studios, 288 one-bedroom apartments and 144 two-bedroom units.
MILFORD, CONN. — CBRE Group Inc. has completed a $10.5 million loan for the refinancing of Turnpike Square, a 95 percent-occupied retail shopping center in Milford. The CBRE team of James Gunning, Donna Falzarano and Evan Kleppe secured the 10-year loan, which includes a 30-year amortization schedule, through Deutsche Bank on behalf of the borrower, Milford Associates. The 105,461-square-foot retail center is located at 70 Turnpike Square. Its tenant roster includes Michaels, Big Lots and Pier 1 Imports, as well as multiple retailers that have occupied the space for 10 or more years.