OXFORD, CONN. — Washington Trust’s Commercial Real Estate Group has provided a $6.5 million loan to Timberlake Holdings Co. LLC for the refinancing of 803 acres of undeveloped land in Oxford. Timberlake plans to build a 385-unit, master-planned active adult community on the land. The property surrounds Oxford Greens, an 18-hole championship golf course.
WOLFEBORO, N.H. — Marcus & Millichap has brokered the $4.9 million sale-leaseback of GI Plastek Industrial Facility, a 94,400-square-foot, net-leased property in Wolfeboro, about 50 miles north of Manchester. Glen Kunofsky, Edward Otocka and Todd Tremblay, investment specialists in Marcus & Millichap’s Manhattan office, marketed the property on behalf of the seller, a fund manager. The buyer, a private investor, was secured and represented by Kunofsky and Judson Kauffman, investment specialists at Marcus & Millichap. The GI Plastek Industrial Facility is located at 5 Wickers Drive and is occupied by a manufacturer of molding products. The tenant signed a new 20-year, triple-net lease.
NEWARK, N.J. — Skanska (STO:SKAB) has signed a contract with Prudential Financial Inc. to build an office tower in Newark. The contract is valued at $117 million. The 20-story office tower, which will span approximately 217,600 square feet, will have an adjoining parking garage and ground-floor retail. The project aims to achieve LEED Gold certification. Construction is underway, with the project slated for completion in March 2015.
PHILADELPHIA — DeMedici II Corp. has purchased an eight-story, 226,890-square-foot Class A office building in Philadelphia for $29 million. Liberty Property Philadelphia Limited Partnership II sold the property, located at 1600 Vine St., to the corporation. The building will house the Philadelphia Performing Arts Charter School, which will open in the fall of this year with 350 ninth graders. The school will add a grade each year until 1,400 students are enrolled. Constructed in 1999, the building at Three Franklin Plaza includes eight floors averaging 28,361 square feet. The buyer plans to spend between $10 million and $12 million on upgrades to create a theater, performing arts studios, science labs and an automotive engineering lab. Chris Pennington, vice president in Binswanger’s Philadelphia office, handled the transaction.
NEW YORK CITY — Silvershore Properties has purchased four buildings in Brooklyn, in separate transactions, totaling $9.7 million. The acquired properties include 115 Atlantic Avenue in Brooklyn Heights for $2 million; 32 Garnet Street in Carroll Gardens for $1.2 million; 278 Dean Street in Boerum Hill $1.3 million; and 219 13th Street in Park Slope for $5.25 million. Silvershore plans to renovate and reposition the properties. The building on Atlantic Avenue is a four-story, 5,000-square-foot building with a duplex apartment, additional full-floor apartment and ground-floor retail. The property on Garnet Street is a four-story, eight-unit multifamily building. The building on Dean Street is an 8,000-square-foot, four-story multifamily building with eight units. 219 13th Street is a 22,000-square-foot, six-story apartment building with 25 units.
NEW YORK CITY — Titan Capital ID LLC has funded a $3.5 million loan secured by a 4,000-square-foot cooperative unit, valued at $17.5 million, located on the corner of Fifth Avenue and East 88th Street in New York City. The pending sale of the borrower’s firm, as well as royalties from the borrower’s other investments, are expected to provide more than $100 million in future cash flows and will be used for repayment of the loan.
PHILADELPHIA — Cronheim Mortgage has arranged $50 million in refinancing for a three-property, 750,000-square-foot office portfolio located in suburban Philadelphia. A national bank provided the five-year nonrecourse loan. A mix of small professional office, medical, corporate satellite, education and government users occupy the one- and two-story office buildings. David Turley, Anna Westhoff and Janet Proscia of Cronheim Mortgage advised the borrower.
NEW YORK CITY — GFI Realty Services Inc. has arranged the $9 million sale of 220 E. 18th St., a multifamily building located in the Prospect Park South section of Brooklyn. Built in 1926, the 63,000-square-foot property includes 100 apartments. Joseph Landau of GFI Realty Services Inc. represented the seller, a local investor. Josh Orlander, also of GFI Realty represented the buyer, a local investor.
PURCHASE, N.Y. — WestMed Medical Group has signed a long-term lease to occupy an 85,000-square-foot medical office building in Purchase, located about 30 miles north of New York City. Simone Healthcare Development and Fareri Associates is currently constructing the four-story property, which is situated within the Harrison Executive Medical Park at 3030 Westchester Ave.
WHITE PLAINS, N.Y. — HFF has closed the sale of 25 Martine Avenue, a 12-story, 124-unit multifamily community in White Plains. HFF marketed the property on behalf of the seller, a joint venture between Korman Communities and an institutional partner. The DSF Group purchased the community for $34 million free of existing debt. Renovated in 2004, the property features studio, one- and two-bedroom units averaging 727 square feet each. Community amenities include a fitness center, residents lounge, internet café and a 159-space parking garage. Jose Cruz and Andrew Scandalios, senior managing directors, Kevin O’Hearn and Jeffrey Julien, managing directors, and Stephen Simonelli, associate director, of HFF represented the sellers.
