TROY, N.Y. — United Group of Cos. has opened College Suites at City Station East, which offers 157 beds to graduate students at Rensselaer Polytechnic Institute (RPI). The opening of the East building — the West and South buildings opened in earlier phases — puts the project, College Suites at City Station, at full capacity with a total of 151 apartment suites to accommodate up to 396 students. The three residential buildings are within walking distance of campus. Like West, the new East building's ground floor includes multiple retail spaces. Plum Dandy frozen yogurt and Birkmayer Travel will move into two of the spaces later this fall. An enclosed underground parking garage with 88 spaces dedicated to retail customers opened in August. There are an additional 98 resident parking spaces now available in a parking lot at the rear of the East building. So far, $60 million has been invested in the approximately 247,000 square feet of the City Station neighborhood. BBL Campus Facilities was the general contractor, and QPK Design was the architect.
Northeast
WESTERLY, R.I. — New England Hotel Realty (NEHR) has arranged the sale of the 112-room, full-service Pleasant View Inn in Westerly. NEHR represented the seller, a family that has owned and operated the hotel since 1965, in the transaction. The buyer was an affiliate of Linchris Hotel Corp., which plans to renovate the property. The Pleasant View Inn is an oceanfront hotel located on Misquamicut Beach and is within close proximity to nearby shopping, multiple golf courses and the Mystic Seaport and Aquarium in nearby Connecticut. Linchris is one of the largest hotel owners, operators and management companies in the Northeast, according to NEHR.
NEW YORK CITY — River Drive Construction has completed two tenant fit-outs, totaling 63,594 square feet, at 125 Broad St., a Class A office tower in downtown Manhattan. New Jersey-based River Drive completed the projects on behalf of Mack-Cali Realty Corp., which owns nearly half of the 1.3-million-square-foot building. The fit-out of 41,594-square-foot space on the second and third floors will be occupied by the Institute for Community Living Inc., a nonprofit corporation that assists individuals with disabilities. Designed by Gener Kronick + Valcarel, Architects and engineered by Syska Hennessy Group, the fit-out included the construction of drywall, ceilings, lighting, HVAC, millwork, sprinklers, plumbing, ceramic tile and flooring. River Drive also completed the fit-out of a 22,000-square-foot space, which will be occupied by security brokerage firm Loeb Holding Corp. Designed by Spector Group and engineered by MGE Engineering, the fit-out included the demolition of existing offices and the construction of new offices with features including glass office fronts, wood flooring in the reception, gallery areas and new window treatments. Gary Suber, project manager, led the River Drive team that served as general contractor for both projects.
CARLSTADT, N.J. — Terreno Realty Corp. has acquired two industrial properties in Carlstadt for $9.9 million. Situated on 3.2 acres in the central Meadowlands submarket, the two industrial properties total 90,000 square feet. The 22,000-square-foot building is fully leased to one tenant and is located at 465 Meadow Lane. The 68,000-square-foot property, located at 341 Michele Place, is 95.6 percent leased to two tenants. The estimated capitalization rate of the properties is 5.7 percent. Terreno Realty Corp. is an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets — Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami and Washington, D.C./Baltimore.
NEW YORK CITY — Pembrook Capital Management LLC has closed $7.5 million in preferred equity for the construction of Lincoln Park, a two-building, 133-unit multifamily development in Brooklyn. The equity Pembrook provided will serve as additional financing to a $32.1 million first-mortgage construction loan that the borrower secured from another lender. The Lincoln Park development includes the construction of a nine-story residential building at 510 Flatbush Ave. and a new eight-story residential building at 31 Lincoln Road. Upon completion, the two buildings will total 92,025 square feet and include 39 studios, 27 one-bedroom and 67 two-bedroom units. The entire development will total 183,422 square feet and feature additional space for parking, as well as 22,000 square feet of retail and community areas. Construction on the project began in September and completion is slated for late 2015.
MIDDLEBORO, MASS. — Colliers International has arranged the sale of 151 Campanelli Drive, a 58,510-square-foot, single-story office building in Middleboro, for $6.1 million. Eastern Bank fully occupies the building, which is located about 40 miles south of Boston. Lisa Campoli, Gail McDonough, Anthony Hayes, David Goodhue and Timothy Mulhall of Colliers represented the seller, New Boston Fund, in the transaction. Originally home to Plymouth Savings Bank, 151 Campanelli is triple-net leased to Eastern Bank through 2019. The office property is located near the intersection of I-495 and Route 44 in the 220-acre, master-planned Campanelli Business Park.
NORWALK, CONN. — GHP Office Realty has completed a $500,000 renovation of 83 East Ave., a 40,000-square-foot, multi-tenant medical office building in Norwalk. The project included repainting the façade, providing new landscaping, awnings and elevators, as well as redesigning both building entrances and renovating common areas. The three-story property includes on-site parking and is within close proximity to Norwalk Hospital and Metro North Railroad.
SARATOGA SPRINGS, N.Y. — Axiom Capital has closed $28.5 million in permanent financing for a 188-unit apartment complex in Saratoga Springs, located about 35 miles north of Albany. A life insurance company provided the non-recourse, 15-year loan, which includes a fixed interest rate and a 64 percent loan-to-value ratio. The loan amortizes in 30 years. The luxury multifamily community spans 166,743 square feet and includes 22,948 square feet of ground-floor retail space. Amenities at the property include secure access, covered parking, open floor plans and cable and wireless Internet. Each unit features a washer and dryer, stainless steel appliances, granite countertops and hardwood and tile flooring.
WESTFORD, MASS. — Fantini & Gorga has arranged $22 million in financing for the redeveloped, 131-unit Abbot Mill in Westford, a northwest suburb of Boston. Abbot Mill was redeveloped out of a series of brick building and features light-filled units with large windows. The former mill includes 103 underground parking spaces with direct access to the apartments. The project was supported by both federal and state historic tax credits. The financing was placed with a regional bank.
CARLSTADT AND PASSAIC, N.J. — Marcus & Millichap Capital Corp. (MMCC), has arranged $15.2 million in refinancing for two properties in northeast New Jersey for different sponsors. MMCC arranged $10.2 million for a 94,000-square-foot industrial property in Carlstadt. The 12-year loan includes a 20-year amortization schedule and 4.1 percent interest rate with a 70 percent loan-to-value ratio. The company also arranged a $5 million loan for a 108-unit garden apartment complex in Passaic. The 10-year loan amortizes over 30 years and includes a 2.9 interest rate with a 65 percent loan-to-value ratio. Joseph Belgiovine, an associate director in MMCC’s New Jersey office, arranged the loans.