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.
FLUSHING, N.Y. — DelShah Capital has sold Sunrise Terrace, a mixed-use building with 28 luxury condominiums, community facilities and onsite parking in Flushing, in two transactions. The total sellout of the condo portion was more than $19.2 million. The ground-floor commercial space in the five-story building was sold for $3.5 million to Queens Library for use as a new branch. Located at 31-32 Union St., the building features one-, two- and three-bedroom residences with high ceilings, oversized windows, balconies and terraces. Amenities include walnut wood flooring, custom lighting, a washer and dryer in each unit, walk-in closets, Jacuzzi air jet bathtubs and marble baths and sinks. Delshah Management will continue to manage the building for the condominium association.
CARTERET, N.J. — The Hampshire Cos., based in Morristown, N.J., has acquired 200 Middlesex Ave. in Carteret, a 400,000-square-foot industrial property that was built in 1992. The purchase price was not disclosed. Located within Carteret’s industrial market, the building offers easy access to the New Jersey Turnpike and is nearby major ports. “We anticipate increased activity in the port area over the next few years, and the building’s accessibility and close proximity to the ports made this an attractive investment opportunity,” says Michael Harrington, an investment manager for The Hampshire Cos.
NEW YORK CITY — GFI Realty Services Inc. has arranged the sale of 477 3rd Street, a five-story multifamily building located in the Park Slope section of Brooklyn, for $7.7 million, or $387,500 per unit. Built in 1931, the apartment building includes 20 units totaling approximately 14,672 square feet. Roni Abudi of GFI Realty Services represented the seller, a local investor, in the transaction. Erik Yankelovich of GFI Realty Services represented the buyer, a foreign investor.
NEW HYDE PARK, N.Y. — Kimco Realty Corp. has increased its ownership interest in the Kimco-UBS joint venture to 33 percent from 18 percent interest. The joint venture includes 39 shopping centers totaling 5.6 million square feet, which is currently 96 percent occupied. A majority of the properties are located in New York, Virginia, Texas, California and Maryland. Tenants in the portfolio include Publix, Giant Food, Whole Food Markets and Safeway, as well as Home Depot, Nordstrom Rack, Bed Bath & Beyond and T.J. Maxx. Affiliates of Blackstone Real Estate Partners VII completed their acquisition from affiliates of the UBS Wealth Management North American Property Fund for the remaining 67 percent ownership interest. Both transactions were based on a gross purchase price of $1.1 billion, including $631 million of assumed debt.
PARSIPPANY, N.J. — Jones Lang LaSalle has broken ground on the Lexus Eastern Area Office and Training Facility at 300 Webro Road in Parsippany, which will serve as a training center for Lexus dealerships throughout the Northeast and Mid-Atlantic regions. In September 2012, Toyota Motor Sales U.S.A. Inc. (TMS) retained Jones Lang LaSalle to provide project management services for the construction of the facility, as well as to lead efforts to achieve LEED for Commercial Interiors certification for the facility. The Jones Lang LaSalle team overseeing the project management assignment is led by Jerry Sullivan, senior project manager, and supported by Eric Brown, project manager. The group handling LEED certification is led by Dana Schneider, senior vice president, and includes Jasmine Davis, project manager. Upon completion, which is expected in late August, the facility will total 32,000 square feet, including 20,000 square feet of administrative and presentation space and 10,000 square feet of training space equipped with 16 training bays. The facility will allow TMS to train up to 16 different teams simultaneously.