WILKES-BARRE AND WILLIAMSPORT, PA. — Cronheim Mortgage has arranged $25.2 million in refinancing for a 315-room, three-hotel portfolio in Wilkes-Barre and Williamsport, two cities in northern Pennsylvania. The sponsor is an entity affiliated with Chartwell Hotels, a full-service hotel development and management company, which operates full- and limited- service properties in the Northeast. Approximately $18.8 million of the loan was used for two hotel properties — a Holiday Inn and Holiday Inn Express — in Williamsport. The five-story hotels include 102 and 96 rooms, respectively. The 117-room Holiday Inn Express, also five stories, in Wilkes-Barre received $6.4 million in financing.
CARTERET, N.J. — The Hampshire Co. has purchased 700 Blair Road, a 234,325-square-foot, single-tenant industrial building in Carteret, located about 15 miles south of Newark, for more than $10 million. Berjé Inc., a global distributor of essential oils and aromatic chemicals, fully occupies the property, which serves as its corporate headquarters. Michael Nachamkin, Jose Cruz, Kevin O’Hearn and Marc Duval led the HFF team representing the seller, GP 700 Blair Road LLC, and the buyer.
HANOVER TOWNSHIP, N.J. — Woodmont Properties has started construction on Woodmont Knolls at Hanover, a 126-unit luxury apartment community in surburban Newark. The company broke ground on the 15-acre site off Cedar Knolls Road in Hanover Township last month. Woodmont Knolls at Hanover will feature one- and two-bedroom units with nine-foot ceilings, walk-in closets and private balconies. Amenities at the community will include a clubhouse, swimming pool, fitness center, sports bar and a game room with video games and pool tables. Pre-leasing for the community will begin this fall.
CAMBRIDGE, MASS. — Ipsen has signed a long-term lease for 62,600 square feet of laboratory and office space in Cambridge. The six-story, multi-tenant research facility is located at 650 E. Kendall St. in the heart of Kendall Square. BioMed Realty owns the 282,000-square-foot facility through a joint venture with Prudential Real Estate Investors on behalf of institutional investors. Ipsen is a specialty-driven pharmaceutical company, which focuses on healthcare solutions for debilitating diseases.
NEW YORK CITY — Madison Realty Capital (MRC) has provided $31 million in financing for an eight-story building in Brooklyn. MRC provided $21 million in acquisition debt and $10 million in construction financing for the property, located at 29 Ryerson St. in the Wallabout/Clinton Hill neighborhood. Built in 1951, the 214,710-square-foot building is currently used as a storage warehouse. The borrower plans to renovate and transform the property into a Class A office building. The property also includes approximately 70 feet of frontage on Flushing Avenue.
MONTGOMERYVILLE, PA. — NorthMarq Capital has arranged $24.2 million in refinancing for Water Tower Square, a 262,788-square-foot retail center Montgomeryville, a northern suburb of Philadelphia. Home Depot, OfficeMax and Planet Fitness anchor the property. A CMBS lender provided the 10-year loan, which includes a 30-year amortization schedule. Philip Deeter, senior vice president and managing director of NorthMarq’s Philadelphia regional office, arranged the financing.
LOWELL, MASS. — Hudson Advisors LLC has sold 121 Hale St., a 60,700-square-foot industrial/research and development building in Lowell, to Calare Properties Inc. for $4 million. M/A-COM Technology Solutions (MACOM), a supplier of high-performance RF, microwave and millimeter wave products, fully occupies the building. Chris Skeffington, senior vice president, Roy Sandeman, senior analyst, and James Lipscomb, senior vice president of Richards Barry Joyce & Partners LLC, represented the building’s seller and procured the buyer.
WHIPPANY, N.J. — NAI James E. Hanson has completed an 18,710-square-foot industrial lease renewal at Whippany Business Center, located at 1 Apollo Drive in Whippany. Z&Z Supply Inc. expanded its lease by 5,500 square feet for the wholesale distribution of HVAC equipment and small motors. Owned by IndCor Properties Inc., the one-story, 120,000-square-foot industrial building also includes a 5,500-square-foot outbuilding situated on 6.6 acres. The property offers 14- to 22-foot clear ceiling heights, drive-in loading, as well as ample parking. Steven Leitner, vice president of NAI Hanson, represented the tenant, while Howard Weinberg, formerly of Cassidy Turley, represented the landlord.
UNIONDALE, N.Y. — New York's Nassau County legislators have approved a $229 million plan by real estate developer Bruce Ratner, the mastermind of the Barclays Center in Brooklyn, to renovate the aging Nassau Veterans Memorial Coliseum on Long Island and its surrounding 77-acre property. Nassau County Executive Edward Mangano announced in August that he had selected a group headed by Ratner, executive chairman of Forest City Ratner Cos., to renovate the 41-year-old Nassau Coliseum and build an entertainment center around it. Ratner's plans include a 13,000 seat arena and an adjacent plaza with shopping, restaurants and amenities, according to Newsday. Its primary tenant, the National Hockey League's New York Islanders, announced last year that it will move from the coliseum to the new Barclays arena after the 2015 season. Construction is slated to begin soon after the Islanders lease ends.
NEW YORK CITY — American Realty Capital New York Recovery REIT Inc. (ARC) has agreed to acquire a leasehold interest in the Viceroy Hotel and take preferred equity interest in an office building in Manhattan. The aggregate cost for the two assets is $188.5 million. The 29-story, 240-key Viceroy Hotel is located on West 57th Street, between 6th and 7th avenues. Architectural firm Roman and Williams designed the newly constructed hotel, which will be managed by Viceroy Hotel Group. The 513,000-square-foot, 27-story office building is located at 123 William St. in the Financial District of Manhattan. These acquisitions bring ARC ‘s portfolio to $1 billion in assets.