HARRISBURG, PA. — Marcus & Millichap Capital Corp. has arranged a $11.7 million loan for the refinancing of Campus Heights, a student housing property located near Penn State University in Harrisburg. The 10-year loan includes a 30-year amortization schedule and carries a 4.1 percent interest rate. Campus Heights is located at 277 W. Main St., about 0.2 miles from Penn State’s campus. Rent begins at $595 per month for a one-bedroom unit.
MANSFIELD, MASS. — Fantini & Gorga has arranged $3.7 million in permanent first mortgage financing for Rumford 214 Lofts in Mansfield, located about 34 miles south of Boston. Rumford Management LLC, an affiliate of Crugnale Properties, was the borrower. Casimir Groblewski, managing director at Fantini & Gorga, represented the client and arranged the financing. A Massachusetts-based financial institution was the lender. Rumford 214 Lofts is a newly completed multifamily property located next to Mansfield’s commuter rail station. Annino Inc. designed the property, and The Reskon Group of Boston provided construction management services. The four-story building includes 24 loft-style, two-bedroom units and 4,000 square feet of first-floor retail space.
NEW YORK CITY — Colliers International has arranged a 15-year lease at 469 Seventh Ave. with the City of New York leasing 66,800 square feet in the building as part of a large relocation. The multiple-floor space will serve as administrative offices and meeting rooms for the New York City Police Department’s Manhattan south traffic enforcement division. The city agency will occupy part of the ground floor, including a private entrance and elevators, as well as the entire second, third and fourth floors and part of the sixth floor. The 267,000-square-foot office building is situated at the southeast corner of West 36th Street, with access to transportation, including Penn Station and the Port Authority Bus Terminal. The agency is slated to move into its new space in January 2014. Eric Meyer and Marty Meyer and Dan Shavolian of Foremost Real Estate own the building. Keith Cody, John Morrill and Doug Holowink of CBRE Group represented the city of New York in the transaction.
NEW YORK CITY — A new 132-room Holiday Inn hotel has opened its doors in Manhattan’s Lower East Side neighborhood. Designed by Gene Kaufman Architect PC, the eight-story hotel features a red brick façade with blue and green brick inserts. The 60,000-square-foot hotel, located at 150 Delancey St., also features a landscaped courtyard, guest lounge, full-service restaurant and bar, fitness center, meeting facilities and complimentary Internet access.
WEBSTER, MASS. — CTA Construction has broken ground on a new $36 million, 109,067-square-foot elementary school for the town of Webster, a city located in southern Massachusetts. Designed by Dore & Whittier Architects, the new school will accommodate pre-kindergarten to 12th grade students and replaces the existing 50-year-old Park Avenue Elementary School. The new school will have state-of-the-art learning spaces, as well as special educational classrooms and include flexible class space. The school construction will be completed in three phases. Phase I includes the demolition of the upper portion of the existing building, followed by construction of the new building during phase II. The final phase includes the demolition of the lower portion of the existing building once the new building is complete. The project is targeting LEED Silver certification. Construction is slated for completion in summer 2015. Collaborative Partners is serving as project manager.
ERIE, PA. — Phillips Edison–ARC Shopping Center REIT Inc. has acquired Yorktown Centre, a 196,728-square-foot shopping center in Erie, for $21.4 million. A Giant Eagle grocery store occupies 44.4 percent of the property. Yorktown Centre is fully leased to 29 tenants. The seller was 79 Realty Corp. Phillips Edison is a public, non-traded REIT focused on the acquisition and management of grocery-anchored neighborhood shopping centers throughout the United States.
AVENEL, N.J. — Marcus & Millichap has arranged the $2.9 million sale of a 13,082-square-foot retail property in Avenel, a southern suburb of Newark. Family Dollar and Mosaic Spa occupy the property, which is located at 1392 St. Georges Ave. Michael Lombardi, a senior associate in Marcus & Millichap’s New Jersey office, marketed the property on behalf of the seller, a developer. Lombardi also represented the buyer, a private investor. This retail building was renovated in 2012, which included a new roof and parking lot.
CLIFFSIDE PARK, N.J. — Jennell Realty LLC has acquired an 11-unit, garden-style apartment building at 250 Palisade Ave. in Cliffside Park for $1.2 million. Built in 1950, the two-story building, located on the corner of Palisade Avenue and Main Street, includes four studios, six one-bedroom units and one two-bedroom unit. The monthly rent ranges from $715 for a studio to $1,345 for a two-bedroom unit. Enn Kunnapas, Gary Sauerborn and Dominic Fittizzi of NAI James Hanson represented the seller, DLP LLC, and the buyer in the transaction.
NEW YORK CITY — Manhattan-based owner and developer Sherwood Equities and Boston-based Long Wharf Real Estate Partners LLC have sold a 26,000-square-foot parcel of vacant land at the southern end of Hudson Yards in New York City for $167.3 million. Sherwood and Long Wharf sold the land to the McCourt Group, an organization headed by Frank McCourt, the former owner of the Los Angeles Dodgers. The property is located at 360 Tenth Ave., on the corner of Tenth Avenue and West 30th Street, next to the Spur at the High Line Park. The sellers purchased the land back in 2011 for $43.5 million. The site at 360 Tenth Ave. is zoned for mixed-use, allowing for both commercial and residential uses. McCourt Group will have an opportunity to purchase an additional 436,000 square feet from the city of New York for a total development of 733,000 square feet.
JOHNSTON, R.I. — French company Dassault Systèmes has leased 90,000 square feet within the Northwoods Office Park in Johnston, a western suburb of Providence. Currently under construction, the renovation of Northwoods will offer 338,600 square feet of Class A office space, which is slated for completion in fall 2014. The space for Dassault, a provider of 3D design software, is expected to achieve LEED Silver certification. Hobbs Brook Management LLC is the owner of the complex, which is located at 1301 Atwood Ave. The project team for the renovation includes architecture firm Margulies Perruzzi Architects; construction manager Dimeo Construction; and mechanical, electrical and plumbing engineers AHA Consulting Engineers. Other members of the team include structural engineers Odeh Engineers, Inc.; civil and landscape engineers Vanasse Hangen Brustlin, Inc. (VHB); lighting designer HLB Lighting Design; and kitchen consultants Colburn & Guyette.
