NEW YORK CITY AND VOORHEES, N.J. — Marcus & Millichap Capital Corp. (MMCC) has arranged $5.3 million in financing for the acquisition of two properties, an 8,992-square-foot, net-leased property in the Bronx and a 16,019-square-foot medical office building in Voorhees. Christopher Marks, an originator in MMCC’s Manhattan office, arranged both loans. Scott Plasky and Steve Siegel in Marcus & Millichap’s Manhattan office represented the borrower in the purchase of the 8,992-square-foot Bronx property. Russ Wachtler and Glen Kunofsky, also in the firm’s Manhattan office, represented the buyer in the medical office acquisition. The Bronx property closed with a 10-year, fixed-rate loan that amortizes over 30 years at 3.9 percent with a 70 percent loan-to-value ratio. The medical office closed with a seven-year, fixed-rate loan that amortizes over 25 years at 4.5 percent with a 72 percent loan-to-value ratio.
Northeast
FAIRFIELD, CONN. —The real estate company for Tile America has purchased 515 Commerce Drive, a 19,830-square-foot industrial property in Fairfield, for $2.2 million. The sale price equates to $108.42 per square foot. The new owner will occupy half of the facility, while 5N Plus will remain in the other half. The property is situated on one acre and located about 23 miles south of Danbury, Conn. Bruce Wettenstein with Vidal/Wettenstein was the listing broker and negotiated the sale. Serving as counsel for the seller were Jennifer Egan and Keith Varian of the law firm of Murtha Cullina LLP. Counsel for the buyer was Jim Strub of Secor Cassidy & McPartland PC.
WATERTOWN, CONN. – O,R&L Commercial has arranged the $2 million sale of 856 Echo Lake Road, a 63,443-square-foot industrial building in Watertown, located about 35 miles southwest of Hartford, Conn. PPG Industries Inc. sold the property to Theraplant LLC. Theraplant LLC is one of four companies awarded a license to produce medical marijuana in Connecticut. The new owner plans to renovate the building. Toby Brimberg and Phil Marshall of O,R&L Commercial were the sole brokers in the transaction.
ALLENTOWN, PA. — NAI Summit has closed a five-year lease transaction for a 3,860-square-foot of office space in the Class A office building located at 1550 Pond Road in Allentown. Matt Dorman of NAI Summit represented the owner, Franklin Realty Development Corp., and Jay Haines, also of the firm, represented the tenant, Microphotonics Inc. Founded in 1992, Microphotonics Inc. is a source of advanced instrumentation for scientific and industrial research.
JERSEY CITY, N.J. – Greystone has arranged $64.5 million in Fannie Mae Multifamily Affordable Housing (MAH) financing for Salem Lafayette Apartments, an affordable housing complex in Jersey City. The deal was structured utilizing a mix of public and private funding, including tax- exempt, short-term bond financing and 4 percent Low Income Housing Tax Credits to be used towards the acquisition and rehabilitation of the property. Salem Lafayette Apartments is a 412-unit, affordable-housing community built in 1977. The 15-story, 182-unit age-restricted tower targets tenants 62 years and older, while the 230-unit townhouse and garden-style property targets families.
NEWARK, DEL., AND PHILADELPHIA – Marcus & Millichap Capital Corp. (MMCC) has arranged $25 million of debt for two East Coast retail properties, for two sponsors. One property is located in Newark, Del., and the other is in Philadelphia. The owner of the 115,000-square-foot retail strip center in Newark received a $17.9 million, 12-year loan for the refinancing of the property. The non-recourse loan includes a seven-year fixed interest rate plus a five-year option to extend and amortizes over 30 years. The loan-to-value is 75 percent. The borrower’s goal of enhancing the cash flow of a 24,688-square-foot neighborhood retail center located in Philadelphia was accomplished through the refinancing of an existing mortgage. MMCC arranged a $7.1 million, 10-year loan that includes a fixed interest rate and amortizes over 30 years. The loan-to-value is 70 percent. James Conley in MMCC’s Philadelphia office arranged the loans.
NEW YORK CITY – Simon Baron Development (SBD) has signed a contract to purchase a Long Island City site that will be turned into a 44-story, 400-unit residential rental apartment building. A formal closing is expected in April so a price has not been disclosed yet. SBD is acquiring the 400,000-square-foot site at 29-26 Northern Blvd. near Queens Boulevard from the Rabsky Group, which had started to develop the site. Plans for the property include bike storage, parking, commercial space on the first floor, an exercise room, pool and lounge on the 43rd floor.
NEW YORK CITY – Berko & Associates has brokered the $24 million sale of 809 Broadway, the former Blatt Billiards loft building south of Union Square in New York City, to IDM Capital. The new owner plans to build a 15-story commercial/residential tower on the site. In May 2013, Blatt Billiards, represented by its principals Ronald Blatt and Bruce Roeder, inked a deal to sell the 23,152-square-foot building between 11th and 12th streets. The building also includes an additional 7,045 square feet of air rights. Joe Berko of Berko & Associates represented both the seller and the buyer in the transaction. IDM Capital has hired ODA Architecture to design the planned building. Blatt Billiards, a pool table manufacturer, had owned the 126-year-old building since 1972 and was a tenant at the location before then.
COTUIT, MASS. – Margulies Perruzzi Architects has provided retail design services for Eastern Bank’s newest branch location in Cotuit, a city located in southern Massachusetts. The 2,100-square-foot branch serves as a new model for interactive technology for Eastern Bank. The layout for the Cotuit location updates the traditional teller counter, opting instead for multiple kiosk type stations on the branch floor. The kiosks are staffed with employees who can assist customers with all their banking needs or direct them to a virtual expert in a private room for more information on a banking product or service. An interactive table with a touch-screen keyboard is available to customers who want to independently complete a transaction. A community wall with multiple touch screens offers alternate access points to information on banking products, tips for setting up banking apps, local news feeds, and video games like “Design a Dollar” for children accompanying their parents to the bank. The project team included general contractor Development Concepts Inc., exhibit designers Main Street Design Inc., multimedia designers Boston Productions Inc. and MEP consultants BLW Engineers.
NEW YORK CITY – Prince Realty Advisors has arranged the acquisition of a 49.5 percent, non-controlling interest in a 55,565-square-foot retail condominium at 510 Sixth Ave. in New York City, valued at just under $68 million, for Madison International Realty. David Ash of Prince Realty Advisors arranged the purchase for the buyer and worked with the seller, Ark Partners, in the transaction. Located on corridor between 13th and 14th streets, 510 Sixth Ave. is at the cusp of the West Village and Chelsea and close to the High Line and Union Square. Current tenants at the property include Urban Outfitters, Chipotle and LensCrafters.