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.
Northeast
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.
NEEDHAM, MASS. — NorthMarq Capital’s Boston regional office has arranged a $10 million loan for the refinancing for a Staples/Petco building in Needham, a southwest suburb of Boston. The property contains spans 40,500 square feet and is located at 163 Highland Ave. A life insurance company provided the 10-year loan with a 25-year amortization schedule. Joseph Hegenbart of NorthMarq arranged the loan on behalf of the borrower, 163 Highland LLC.
YORK, PA. — ASI-York LLC, an affiliate company of Schottenstein Property Group LLC, has sold a 624,800-square-foot distribution building situated on 49 acres in York for $26 million. The property is located at 325 South Salem Church Road, 25 miles southeast of Harrisburg, Pa. Endurance Real Estate Group purchased the single-story distribution center, which includes 12,000 square feet of office space, dock-high doors and parking for 50 cars and 280 truck trailers. Michael Treacy of Binswanger’s Philadelphia office represented ASI-York in the transaction.
NEW YORK CITY — Marcus & Millichap has arranged the $13.9 million sale of 6 St. Marks Place, a five-story retail building located between Astor Place and Second Avenue in Manhattan’s East Village. The sales price equates to $889 per square foot. Barbara Dansker, Preet Sabharwal, Zachary Weiss and Zachary Ziskin in Marcus & Millichap’s Manhattan office represented the seller, Withinvestors LLC, and the buyer, Kunbing Inc. The 15,600-square-foot property is occupied by three tenants on a net-lease basis and was fully occupied at the time of the sale. The New York Tofu House restaurant occupies the ground floor and the lower level. The second floor was recently leased to the Gallery & Café. St. Mark’s Karaoke occupies the third, fourth and fifth floors.
WILMINGTON, DEL. — Patterson-Woods Commercial Properties/CORFAC International has arranged the sale of a 5,776-square-foot office building and adjacent parking lot in Wilmington. J. Gregory Ellis of Patterson-Woods Commercial Properties represented the seller, Rockford King LLC, in the transaction. The property, located at 1320 N. King St., sold for an undisclosed price. WG&S LLP purchased the office building and is currently occupying it. The company previously occupied a 3,800-square-foot location at 4550 Linden Hill Road. Walnut Street Parking Inc. purchased the parking lot.
NEW YORK CITY — Madison Realty Capital has arranged a $7.8 million loan for a three-story, 3,360-square-foot townhouse located at 152 West 13th St. in Manhattan’s Greenwich Village neighborhood. Built in 1899, the multifamily building features three units. The borrower plans to use the loan to convert the property into a luxury single-family townhouse. Once complete, the new single-family property will include an additional 1,183 square feet of livable space for a total of 4,543 square-feet.
STAMFORD, CONN. — Skanska has signed an additional $149 million contract to build a new medical building for Stamford Hospital. The new approximately 196,850-square-foot medical specialty building will be constructed on the existing Stamford Hospital campus. Construction on the new building began in spring 2013 and is expected to be completed in spring 2016. In 2012, Skanska began construction on a different renovation and expansion project for Stamford Hospital to expand the hospital’s services and capacity.