NEW YORK CITY — Eastern Union Funding has arranged $25.9 million in financing for commercial real estate properties throughout New York City. An 82-unit multifamily property in the Crown Heights neighborhood of Brooklyn was refinanced for $11.5 million. Michael Muller and Moshe Lipschitz of Eastern Union negotiated the transaction. A 19,500-square-foot office property, located on South 2nd St in the Williamsburg neighborhood of Brooklyn, received a $5.5 million loan for the refinancing of the property. The five-year loan includes a 25-year amortization schedule. Jonathan Singer of Eastern Union negotiated the transaction. Michael Muller of Eastern Union arranged an $8.9 million loan for the acquisition of a 112-unit mixed-use property on Webster Avenue in the Bronx section. During the past month, Eastern Union has arranged $200 million in financing for commercial properties in New York City.
MIDDLETOWN, PA. — Woodmont Industrial Partners, in a joint venture with AEW Capital Management (AEW), has acquired Capital Business Center, a six-building, 1.5-million-square-foot industrial complex in Middletown. The center was acquired from an institutional owner in a transaction arranged by Michael Hines, Brian Fiumara and Brad Ruppel of CBRE National Partners. AEW acquired the property on behalf of AEW Partners VI. The venture plans to demolish two 1950-vintage, Class C buildings and construct the site with two LEED-certified, Class A warehouse facilities totaling 530,000 square feet. They also intend to make capital improvements to the other buildings in order to bring them up to current institutional standards. The center will also be renamed Capital Logistics Center. The CBRE team of Michael Hess, Patrick Lafferty and Bart Anderson will serve as leasing agents of the property.
NORTHBOROUGH, MASS. — McKesson Medical-Surgical has signed a 203,662-square-foot lease renewal expansion at 55 Lyman St. in Northborough, a western suburb of Boston. The lease includes a 48,918-square-foot expansion to McKesson’s current space, bringing the building to full occupancy. Completed in 2005, 55 Lyman Street is a single-story distribution facility featuring 260,760 square feet of space. John Lashar, partner, and senior vice president Paul Leone of Richards Barry Joyce & Partners LLC represented the landlord in the transaction. Robert Gibson of CBRE/England represented McKesson Medical-Surgical.
NEW YORK CITY — TerraCRG has closed the $15.5 million sale of a 23,900-square-foot mixed-use property located at 76-82 St. Marks Ave. The sale price translates to a 3.6 percent capitalization rate and $627 per square foot. The property is located at the intersection of Flatbush Avenue, 6th Avenue and St. Marks Avenue in the Park Slope neighborhood for Brooklyn. Adam Hess, Ofer Cohen and Geoff Bailey represented the buyer and seller in the transaction. The fully occupied property includes 15 apartments, three commercial spaces and 24,000 square feet of air rights.
EDGEWATER, N.J.— Capstone Realty Group has acquired the Edgewater Marketplace, an 80,000-square-foot retail center, for more than $20 million. The center is located at 715 and 725 River Road in Edgewater, minutes from the George Washington Bridge and Hoboken. The property includes tenants such as Trader Joe’s, JP Morgan Chase, Red Mango, Verizon Wireless and Harmon Drug. Capstone plans to upgrade the seating and dining areas that are situated along the Hudson River boardwalk.
PLAINSBORO, N.J.— River Drive Construction has been selected as the general contractor for Forrestal Professional Center, a 40,000-square-foot medical office building development in Plainsboro, about 15 miles north of Trenton. Beacon Princeton Forrestal MAB Associates, Beacon Medical Realty Investments II LP and Summit Associates Inc. is developing the property located at 10 Forrestal Road. The medical office building is 75 percent preleased and is slated for completion in the first quarter of 2014.
NEW YORK CITY— Manhattan-based Hudson Realty Capital LLC has funded a $4.7 million first-mortgage loan secured by a two-building industrial portfolio in Brooklyn. Proceeds from the loan will be used for the acquisition, redevelopment and repositioning of the 27,000-square-foot-property. The portfolio, located in Brooklyn’s Prospect Heights neighborhood, is in proximity to retail centers, public transportation, public and private schools and medical facilities.
NEW YORK CITY— The World Trade Centers Association (WTCA), has signed a 10-year, 11,911-square-foot lease on the 33rd floor at 120 Broadway in New York City. The asking rent was more than $42 per square foot. WTCA is a nonprofit international trade association that brings together corporations and government agencies in more than 100 countries. Shawn Harooni of Norman Bobrow & Co. represented WTCA in the transaction. Camille McGratty of Silverstein Properties represented the landlord in house.
BETHLEHEM, PA. — Joint venture partners Trammell Crow Co. and Clarion Partners have broken ground on a 677,088-square-foot, Class A speculative industrial building in Pennsylvania’s Lehigh Valley industrial market. The building is scheduled for completion in spring 2014. The project is located on a 40-acre site within Lehigh Valley Industrial Park VII, a master-planned business complex in Bethlehem, an eastern suburb of Allentown. The building will feature 32-foot clear ceiling heights, 190-foot deep truck courts and ample parking. Joseph McDermott and Vincent Ranalli of CBRE will serve as the leasing team for the project. The building is located at 2485 Commerce Center Blvd.
NEW YORK CITY — National Cooperative Bank (NCB) has secured a $30 million loan for Amalgamated Houses in the Bronx. The financing will enable the owners of the multifamily community to refinance $8.5 million of existing debt at a lower interest rate. The borrower will use $19.6 million to undertake a number of exterior renovations projects during the next 10 years. Founded in 1927, Amalgamated Houses provides housing for 1,500 moderate-income families. NCB worked with Fannie Mae in securing the transaction. Edward Howe III, managing director at NCB’s New York office, arranged the financing.