PHILADELPHIA — Marcus & Millichap Capital Corp. has arranged a $2.6 million loan for the refinancing of 1311 Lofts, a 16-unit apartment building in Philadelphia. The loan includes a 3.75 percent interest rate and a 75 percent loan-to-value ratio. The multifamily property is located at 1311 Spruce St.
NEW YORK CITY — Colliers International has arranged a 30-year, 218,000-square-foot lease on behalf of United Cerebral Palsy (UCP) for the entire building at 80 W. End Ave. in New York City. The nonprofit, which provides services, technology, and advocacy to children and adults with cerebral palsy and other disabilities, recently sold its existing building at 122 E. 23rd St. in Gramercy Park. The organization is scheduled to move into its new facility at the corner of West 63rd Street in the fourth quarter of 2014. UCP will occupy the first, fourth, sixth and seventh floors at the property, which will include a rooftop playground. The organization plans to sublease the additional space in the building to other nonprofits. Jointly owned by the Kushner Cos. and Extell Corp., the 1920s-era building will be renovated to include wide corridors for the large number of people in wheelchairs. UCP has retained HOK as project architect. Michael Berger and Robert Getreu of Colliers International arranged the lease on behalf of UCP. Jared Kushner and Ira Bloom of Kushner Cos. represented the building’s owners, Kushner Cos. and Extell Corp., in the transaction.
NEW YORK CITY — Ariel Property Advisors has arranged the $4.2 million sale of a three-building, mixed-use portfolio at 2245, 2259 and 2285 Adam Clayton Powell Jr. Blvd. in the Central Harlem community of Manhattan. Victor Sozio, Shimon Shkury, Michael Tortorici and Jesse Deutch of Ariel Property Advisors represented the seller and procured the buyer, both real estate investment groups. The five-story buildings total 32,025 square feet and include 25 residential units and four retail units. The unit mix includes five one-bedroom, 12 two-bedroom and eight three-bedroom units.
NORWOOD, MASS. — CMI Property Inc. has leased 79,000 square feet of space to three retail tenants at its newly acquired shopping plaza at 560-570 Boston Providence Highway in Norwood, a southwest suburb of Boston. Bellevue, Wash.-based thrift retailer Savers Inc. leased 43,000 square feet of space. Peter Considine of the Dartmouth Co. represented Savers in the transaction. William Zoppo of Elliot & Co. represented the landlord. Launch Trampoline Park, a recreation center where children and adults can jump on trampolines, leased 23,000 square feet of retail space. Elliot Ravech of Elliot & Co. represented CMI Property in the transaction. The park is scheduled to open later this month. Big Bob’s Flooring, a flooring outlet franchise, leased 13,000 square feet. Ravech represented the landlord in the transaction. The former Syms Plaza is now fully leased. The two retail buildings at the property span 80,208 square feet and are located on an 8.5-acre site.
NEW YORK CITY — Marcus & Millichap has arranged the $2.9 million sale of 54 Cumberland Street, an eight-unit apartment property located in Brooklyn. Matthew Fotis and Shaun Riney of Marcus & Millichap marketed the property on behalf of the seller, a private investor. Fotis and Adam Abuaf, also of Marcus & Millichap, represented the buyer, a private investor. The building sold for $500 per square foot in an all-cash transaction. Built in 1905 and renovated in 2006, the apartment building is located between Park and Flushing avenues in the Navy Yards section of Brooklyn. The property offers amenities such as on-site laundry, storage units and close access to public transportation.
South Jersey has room to grow, with several proposed ground-up centers taking center stage in the seven-county region as developers capitalize on residential growth tied to the market’s relative affordability. Meanwhile, “redevelopment” is the operative word for the 14 counties in the state’s more densely populated north and central regions, where industrial sites are being converted into mixed-use centers. Fueled by big-box absorption, the vacancy rate for open-air and freestanding retail in the northern counties inched down to 8.1 percent in mid-2013 from 8.2 percent a year ago. Central Jersey’s vacancies rose to 9.8 percent from 9.1 percent a year earlier, driven by small-shop closures. In the south, the average is 9 percent. Rents in the north crept up 0.1 percent in the first three quarters of 2013, with a median of $20 to $26 per square foot in top markets; central counties crept up 0.3 percent to a median of $15.50 to $16. South Jersey rents increased just 0.1 percent in the first two quarters of 2013, with a median of $13. For regional malls, one continuing trend is the move by owners to take interior spaces and turn them outward for more of a lifestyle feel. This began …
NEW YORK CITY — Jones Lang LaSalle’s capital markets team, acting on behalf of a partnership between RXR Realty and Walton Street Capital, has secured up to $165 million in mezzanine financing for 237 Park Avenue, a 22-story, 1.2 million-square-foot office tower in Midtown Manhattan. SL Green Realty Corp. and Blackstone provided a mezzanine loan, which carries an interest rate of 7 percent and provides the borrowers $125 million upfront and could provide up to an additional $40 million. The asset was acquired for $810 million and the partnership has assumed a $420 million securitized senior mortgage. Approximately 98 percent of the building’s tenants are investment-grade companies, including J. Walter Thompson, UBS, J.P. Morgan Chase, Credit Suisse and Jennison Associates. Formerly the Railroad Mail Services Building, the property features a dramatic atrium lobby and includes 153 feet of retail frontage on Lexington Avenue and 145 feet of retail frontage on Depew Place. Kellogg Gaines, managing director, and Dustin Stolly, executive vice president, led the Jones Lang LaSalle team in the transaction.
NEW YORK CITY — Marcus & Millichap has arranged the $19.2 million sale of a 26-unit multifamily property located at 143-145 W. 4th St. in the Greenwich Village neighborhood of Manhattan. The sales price equates to $1,147 per square foot. Joseph Koicim, Peter Von Der Ahe and Sean Lefkovits, all in Marcus & Millichap’s Manhattan office, advised the seller, Silverstone Property Group. The buyer is a private investor who purchased the property through a 1031 tax-deferred exchange. Silverstone Property Group acquired the property in August 2012 for $11.3 million and implemented a renovation program for the free-market units and common areas. The building’s unit mix features four one-bedroom units, 11 two-bedroom apartments, 10 three-bedroom units and one five-bedroom apartment. All of the free-market units feature new hardwood floors, stainless steel appliances, marble countertops, modern bathroom designs, high-end light fixtures and washer/dryer units.
EWING, NEWARK AND HACKETTSTOWN, N.J. — Cronheim Mortgage has arranged $14.5 million in refinancing for 185 units in northern and central New Jersey in three separate transactions. The company secured $5.4 million in financing for a 97-unit multifamily property in Ewing, a northern suburb of Trenton. The loan includes a 3.75 percent fixed interest rate. Cronheim arranged a $6.7 million loan for 36 units and 13,167 square feet of commercial space in Newark. Approximately $1.5 million was secured for the 52-unit North Morris Apartments in Hackettstown, a city in northern New Jersey. The 10-year, non-recourse loan includes a 2.99 percent interest rate, which increases to 3.99 percent in the sixth year. Janet Proscia and David Turley of Cronheim Mortgage arranged the loans.
LITTLE FALLS, N.J. — Global design firm Gensler was selected to perform a renovation on Overlook at Great Notch, a 425,000-square-foot, trophy office building in Little Falls, located about 20 miles north of Newark. The renovation kicks off a multi-million dollar repositioning program for the building that includes modernizing all common areas. A new conference center, fitness center and a coffee bar will also be added to the building. The facility, located at 150 Clove Road, includes covered parking, a full-service cafeteria, Wi-Fi access, 24-hour security, onsite ownership and management, with immediate access to mass transit. Richard Mirliss, executive managing director at Colliers International, along with colleagues Richard Madison, Anthony Rinaldi and Brian Cass, represented the building’s owner in the transaction.
