NEW YORK CITY — GLL Real Estate Partners (GLL) has closed on its purchase of Two River Terrace, a 369-space corporate parking facility at 300 Murray St. in lower Manhattan’s Battery Park City North neighborhood. Goldman Sachs fully leases the 66,928-square-foot parking garage. The facility was completed in 2008 as part of a condominium development and is located one block west of Goldman Sach’s new 2.1 million-square-foot global headquarters. Richard Baxter, Jon Caplan, Ron Cohen and Scott Latham, executive managing directors for Jones Lang LaSalle, represented the seller in the transaction.
PHILADELPHIA — Marcus & Millichap Capital Corp. has arranged a $2.5 million construction loan for a 17-unit multifamily development in Philadelphia. The five-year loan includes a fixed interest rate of 5.63 percent. The property is located at 1509-11 W. Girard Ave. in the Francisville neighborhood of Philadelphia.
NORWOOD, N.J. — RainMen USA Inc., a manufacturer and importer of high-quality umbrellas, has signed a long-term lease for more than 52,000 square feet at an industrial complex in Norwood. The manufacturer is relocating its headquarters from Northvale and is increasing its footprint by 15,000 square feet. Mitch Helfman of MRH Real Estate Services represented the property’s owner, Alfred Sanzari Enterprises, in the transaction. Hal Lichtenstein of Cassidy Turley represented the RainMen USA.
BRISTOL, CONN. — WinnDevelopment has completed the rehabilitation of Huntington Woods, a 280-unit, mixed-income apartment community in Bristol, located about 20 miles southwest of Hartford. The renovation included a major utility conversion, replacing outdated electric heating and hot water systems with high-efficiency natural gas systems. The project also includes replacing kitchen and bathrooms with Energy Star appliances, lighting and windows. WinnDevelopment also replaced the roofing, insulated the attic and updated the exterior stairs and balconies. Originally built in 1995, Huntington Woods includes 280 units within 17 buildings on 20 acres. The project’s design team included The Architectural Team and Keith Construction. Yankee Gas installed the new underground gas systems. WinnResidential will serve as the property manager for Huntington Woods.
EAST HANOVER, N.J. — Terreno Realty Corp. has acquired an industrial property located in East Hanover for $20 million. The estimated stabilized cap rate of the property is 7.4 percent. The property includes three multi-tenant industrial buildings totaling 167,000 square feet. The buildings are located on Melanie Lane and are approximately 94 percent leased to 37 tenants.
NEW YORK CITY — PCCP LLC has provided a $31 million construction loan to Arc Real Estate Group LLC for Solaria Riverdale, a 65-unit condominium project in the Riverdale section of the Bronx. Arc, a New York-based development company, constructed the 20-story condominium property in 2007 and plans to use the loan to finance the remaining units. Located at 640 W. 237th St., amenities at Solaria Riverdale include a rooftop terrace, playroom, gym and activity room for owners, as well as storage units and on-site parking. There are two to five units per floor, with the upper floors and roof deck offering views of the Hudson River to the west and Manhattan to the south. Solaria condo unit owners benefit from below-market costs, given the long-term tax abatement.
YONKERS, N.Y. — Mark Scott’s Commercial Mortgage Capital has closed a $23.3 million first-mortgage loan for a 178,150-square-foot office and industrial building located in downtown Yonkers. The four-story building is located within the iPark Hudson Business Park, which is a 97.7 percent-occupied, 24-acre technology and office campus situated in the Waterfront District. iPark Hudson includes nearly 800,000 square feet across eight newly renovated buildings, which features a newly constructed 300-space parking facility. Tenants at the property include Kawasaki Rail Car, which occupies 68,400 square feet; medical product provider Skil-Care Corp., which occupies 55,000 square feet; and Mindspark Interactive Network Inc., which recently signed a 10-year, 36,750-square-foot lease.
BOSTON — HFF has arranged $112 million in refinancing for Seaport Square, a master-planned development in Boston’s Seaport District. The Seaport Square project includes 20 buildings of varying sizes totaling 6.3 million square feet of commercial development. HFF worked on behalf of the borrower, a joint venture between Boston Global Investors and Morgan Stanley Real Estate Investing, to secure a six-year loan through Starwood Property Trust. The loan was structured to allow the borrower flexibility in selling parcels while maintaining leverage such that the loan will likely carry the sponsor through full execution of its business plan. Collateral for the loan consists of 15 development sites, which have been used as parking lots. The Boston Redevelopment Authority has granted the necessary approvals for the parking lots to be converted to 6.3 million square feet of offices, residences, shops, restaurants, schools, hotels and open space. Located across the Fort Point Channel and the Financial District, the parcels are situated in the heart of the Hub’s Seaport District. John Fowler, Anthony Cutone and Brett Paulsrud led the HFF team representing the borrower.
WILMINGTON, DEL. — RAA Management has purchased The Rollins Building, a Class A, 202,017-square-foot office building in Wilmington. The purchase price was undisclosed. However, The News Journal, a local newspaper, says the deal was worth approximately $10.5 million. Drugmaker AstraZeneca sold the 15-story property, which was vacant at the time of sale. Famed businessman John Rollins, who also served as Delaware’s lieutenant governor in the 1950s, built the Rollins Building in the 1960s. Doug Rodio and Blaise Fletcher, senior vice presidents at Jones Lang LaSalle, led the team in the transaction.
STATEN ISLAND, N.Y. — Hollister Construction Services has begun a renovation and new construction project for RiverCrest Realty’s Tottenville Shopping Center in Staten Island. Hollister will add a 20,000-square-foot building to an existing 45,000-square-foot facility, which is located at 7001 Amboy Road. Hollister is completing the exterior and interior renovation, as well as the new construction, within a 10-month deadline, while the shopping center remains open. Site work includes new paving, curbs, access points and drainage and 206 parking spaces.