PHILADELPHIA — CIT Real Estate Finance has arranged a $33 million senior secured credit facility to Exeter Property Group, a private equity real estate firm that acquires, develops and manages commercial properties across the U.S. The facility was used to finance a portfolio of seven office buildings in the suburbs of Philadelphia. CIT Bank, the U.S. commercial bank subsidiary of CIT, provided the financing. Terms of the transaction were not disclosed. This is CIT’s second transaction with Exeter Property Group this year. In March, CIT Real Estate Finance arranged a $62 million senior secured credit facility for the acquisition of industrial, distribution and R&D buildings in Mt. Olive, N.J.
TOTOWA, N.J. — Terreno Realty Corp. has sold an industrial property in Totowa, located about 16 miles northwest of Newark, for $19 million. The distribution building spans approximately 208,000 square feet and was purchased by the tenant, which fully occupies the property. Terreno Realty Corp. acquired the property in September 2010 for $16.5 million.
POMONA, N.Y. — Spirit Bascom Ventures, a joint venture between New York City-based Spirit Investment Partners LLC and Irvine, Calif.-based The Bascom Group LLC, has acquired the Avalon Crystal Hill apartments in Pomona for $33 million. The Class A apartment community, located 45 minutes north of midtown Manhattan, includes 169 units, as well as a clubhouse, fitness center and pool area. The seller was Avalon Bay Communities. Mark Dellilo and Jeff Bastow from BlueGate Partners represented the seller. Gary Mozer, Katie Rodd and Michael Anderson-Mitterling of George Smith Partners secured $27.1 million in financing from Natixis Real Estate Capital for the property.
NEW YORK CITY — Madison Realty Capital has purchased a single-borrower portfolio of six loans from a large commercial bank in an off-market transaction. The balance of the purchased loans, secured by multifamily and mixed-use properties owned by the same borrower, was approximately $18 million. “With significant changes in the bank regulatory environment, lenders continue to sell off non-performing and underperforming loans,” says Brian Shatz, co-founder and managing member of Madison Realty Capital. “Recently many of our bank counterparties have been looking to sell entire credits — in other words multiple loans with the same borrower — and this transaction is a prime example of the trend.”
READING, MASS. — Jones Lang LaSalle (JLL) has arranged the sale of Reading Commons, a 204-unit luxury apartment community located 10 miles north of Boston in Reading. Institutional investors advised by J.P. Morgan Asset Management purchased the property from an affiliate of Henderson Global Investors. Built in 2006, Reading Commons is near the intersection of Route 128 and Interstate 93. Amenities include a heated pool with grilling area, fitness center, movie theater, underground parking for 62 vehicles and 30 detached garages. Michael Coyne, Travis D’Amato and Jonathan Schneider, senior vice presidents, led the JLL team in the transaction, along with associates Kevin Gleason and Brendan Shields.
SEABROOK, N.H. — DDR Corp. has signed several anchor tenants for Seabrook Commons, a 380,000-square-foot center the firm is developing in Seabrook. The power center will open in the summer of 2014 at 95 percent occupancy. Anchor tenants include Walmart, Dick's Sporting Goods, PetSmart, Michaels, ULTA Beauty, Five Below and Panera Bread. Seabrook Commons will represent DDR's second consecutive year of adding a prime power center to its portfolio through ground-up development. In May 2013, the company opened the 900,000-square-foot Belgate Shopping Center in Charlotte, N.C.
NEW YORK CITY — Rockrose Development Corp. has acquired the commercial portion of the Madison Square Building at 15 E. 26th St. in Manhattan from Savanna Estate Fund for $105 million. The 150,000-square-foot boutique commercial office space is part of the larger 20-story, 330,000-square-foot mixed-use property. Constructed in 1920, the asset is 95 percent leased to tenants on floors one through eight, including Vera Wang's executive offices and showroom. The seller acquired the property in February 2012 for $57.8 million, according to CoStar Group Inc. Savanna worked with the Jones Lang LaSalle team of Mitchell Konsker, Matthew Astrachan, Matthew Polhemus and Brittany Wunsch in leasing up the property at market rents.Craig Deitelzweig, head of Rockrose's office division, represented the buyer in-house. Adam Spies, Doug Harmon, Adam Doneger and Joshua King with Eastdil Secured represented Savanna in the transaction.
NEW YORK CITY — Houlihan-Parnes Realtors LLC has arranged a $20 million loan for the refinancing of 1775 Grand Concourse, a 300,000-square-foot mixed-use building in the Bronx. The mortgage covers a commercial condominium interest in the building that shares ownership with Verizon Wireless, which owns two floors. The remaining six floors have been converted to an indoor parking garage and retail and office space. Current tenants include Con Edison, Special Citizens Futures Unlimited, Inovalon SME Inc., Safe Horizon, The Bronx Lebanon Hospital Center, Public Health Solutions and Abbott House. Sam Jemal of JJ Operating Inc. and members of his family together with members of Houlihan-Parnes Realtors LLC, own the property. The property was acquired in February 2012 from Verizon. Kelly Houlihan Buckley and James Houlihan of Houlihan-Parnes Realtors arranged the financing.
HAZLET, N.J. — Marcus & Millichap has arranged the sale of a14,500-square-foot retail property in Hazlet, located about 30 miles south of Newark. CVS/pharmacy and Best Buy Liquors occupy the property, which is located at 14 Route 36. Ben Sgambati, a vice president of investment, and Alan Cafiero, a senior associate in Marcus & Millichap’s New Jersey office, marketed the property on behalf of the seller, a private investor. Robin David, an investment specialist in Marcus & Millichap’s New Jersey office, represented the buyer, a developer.
HAMPTON, N.J. — CBRE Group Inc. has completed two office lease transactions totaling 44,344 square feet at Perryville III, a 288,500-square-foot, Class A office building in Hampton. Celldex Therapeutics, a life sciences firm that develops diagnostic and therapeutic products for immune disorders and autoimmune diseases, will occupy 33,363 square feet. Gerald Moore Jr., managing director at The Garibaldi Group, represented the tenant in the transaction. In the second lease, Residential Home Mortgage Corp. signed a lease to occupy 10,981 square feet. John Goodwin and Patricia Riedel, senior associates at CBRE, represented the owner, Crown Properties, in both transactions.