Northeast

HUDSON REALTY FUNDS $5.5M CONSTRUCTION LOAN

by admin April 24, 2013

NEW YORK CITY — Hudson Realty Capital LLC has funded a $5.5 million construction loan secured by a former school building in the Bedford-Stuyvesant section of Brooklyn. The borrower is using the loan proceeds to fund renovations at the property. A former Catholic school and rectory, the property includes two buildings, which total 57,720 square feet. The properties will be converted into a 46-unit multifamily complex with underground parking. The former school building will include a mix of studio, one- and two-bedroom units, a lounge and gym facility.

April 24, 2013

CENTRAL MEDICAL SERVICES SIGNS 4,150 SF LEASE

by admin April 24, 2013

NEW YORK CITY — Central Medical Services of Westrock (CMSW) has signed a 10-year lease for 4,150 square feet of medical office space on the ninth floor of Forest HIlls Tower. The 350,000-square-foot building is located at 118-35 Queens Blvd. in Forest Hills, a neighborhood in the New York City borough of Queens. CMSW, a provider of healthcare services to people who are injured at work, will move into their new space in May. Nicholas Forelli of Muss Development represented the landlord in the transaction.

April 24, 2013

Industrial Northeast

PYRAMID AMERICA SIGNS 23,000 SF LEASE

by admin April 24, 2013

MOUNT VERNON, N.Y. — Pyramid America has signed a 23,000-square-foot lease at 80 Hartford Ave. in Mount Vernon. Stevee Kornspun of NAI Friedland represented the tenant and Ross Schneiderman of NAI Friedland represented the landlord, 80 Hartford LLC, in the transaction. Pyramid America is a manufacturing, distributing and publishing house.

April 24, 2013

Northeast Office

OWNER OF PARAMOUNT BUILDING RECEIVES $130M LOAN

by admin April 23, 2013

NEW YORK CITY — Paramount Leasehold LP has received $130 million in new financing for The Paramount Building, a 788,000-square-foot building located at 1501 Broadway in Times Square. The financing will facilitate ownership’s plan to invest more than $50 million to execute an improvement program at the 33-story office building. Cantor Commercial Real Estate provided the 10-year, interest-only loan, which carries a fixed interest rate of 3.1 percent. Meridian Capital Group LLC originated and negotiated the loan. Avison Young serves as the building’s office leasing agent and is advising the building’s owner on a major strategic reinvestment program for the iconic commercial tower. Tobin | Parnes Design Enterprises is the architect for the project. First built in 1926 as the East Coast headquarters for Paramount Pictures, the property housed The Paramount Theater, which served as one of New York City’s premier entertainment venues for movies and live performances until it closed in 1964. Today, the building is home to a diverse mix of companies.

April 23, 2013

Northeast Office

NEW JERSEY SCHOOLS SIGNS 68,725 SF LEASE IN TRENTON

by admin April 23, 2013

TRENTON, N.J. — New Jersey Schools Development Authority (NJSDA) has signed a 68,725-square-foot lease to fully occupy 32 East Front St., a Class A office building in downtown Trenton. NJSDA had previously occupied 21,666 square feet on two floors in the freestanding, five-story building. The new lease enables NJSDA to consolidate its operations into one location. Located between Broad and Warren streets, the building offers immediate access to Route 1, Route 29 and I-295. In 2005, Matrix Development Group was selected by the City of Trenton’s Economic Development Corp. to finish construction of 32 East Front St. as part of the city’s ongoing efforts to redevelop its downtown district.

April 23, 2013

Healthcare Northeast

36,000 SF MEDICAL OFFICE BUILDING OPENS IN HOLDEN, MASS.

by admin April 23, 2013

HOLDEN, MASS. — Margulies Perruzzi Architects (MPA) has completed a new three-story, 36,000-square-foot medical office building in Holden, located about eight miles north of Worcester. MPA designed the new multi-tenant Holden Health Building for Oriol Health Care, a local family-owned and operated healthcare organization, and its primary tenant Reliant Medical Group, a multi-specialty medical group. The architectural group provided interior architecture and healthcare design services for Reliant’s 17,700-square-foot space. The new facility includes 25 exam rooms for family practice and OB/GYN, as well as laboratory, radiology and mammography services, a retail pharmacy, and an optometry center.

April 23, 2013

Northeast Office

FOUR NEW LEASES SIGNED AT PARKVIEW TOWER

by admin April 23, 2013

KING OF PRUSSIA, PA. — Keystone Property Group has signed four new leases totaling 23,000 square feet at Parkview Tower, its nine-story, Class A office building in King of Prussia, located about 20 miles northwest of Philadelphia. The new leases bring the property to 93 percent occupancy. The latest transactions include: Emerging Growth Equities Ltd. (EGE), which signed a 12,327-square-foot lease; The General Services Administration, which signed a 5,400-square-foot renewal; A/Z Corp., which renewed its 3,087-square-foot lease for a two more years; and Advanced Telecom Services Inc., which signed a 2,638-square-foot lease. Jeff Mack of Smith Mack represented EGE in the transaction. Steve Gersbach of CBRE represented A/Z Corp. Eric Wahlers of Gola Corporate Real Estate represented Advance Telecom Services. Jeff Barker and Kim Finnerty of Cushman & Wakefield represented Keystone.

April 23, 2013

Multifamily Northeast

MERIDIAN CAPITAL GROUP ARRANGES $86.2M IN LOANS

by admin April 22, 2013

ISELIN, N.J. — Meridian Capital Group LLC has arranged $86.2 million in financing for multifamily properties in New Jersey and Pennsylvania. The biggest loan, $27 million, was for the 410-unit Vairo Village property located in State College, Pa. The 10-year loan carries a 3.9 percent interest rate. Other financing transactions include: a 10-year, $25.5 million loan for a 1,053-unit multifamily portfolio located in the New Jersey communities of East Brunswick, Washington, Chatham and Bloomfield; a seven-year, $25 million loan for an 141-unit property located at Nine N. 9th St. in Philadelphia; a 10-year, $6.4 million loan for 66-unit multifamily building on Union Street in Hackensack, N.J.; and a 10-year $2.2 million loan for a 26-unit property on Raritan Avenue in Highland Park, N.J.Russ Drebin, Israel Schubert and David Fisher of Meridian originated the loans.

April 22, 2013

Civic Northeast

ECKMAN CONSTRUCTION COMPLETES POLICE STATION

by admin April 22, 2013

BROOKLINE, N.H. — Eckman Construction has built a 6,000-square-foot building, located on Route 13 in Brookline, for the Brookline New Hampshire Police Department. The building also includes 1,900 square feet of unfinished space on the second floor, which will be used for storage. A secure sally port will allow for the safe transfer of prisoners into and out of vehicles, and provides direct access to a booking area with two holding cells and evidence storage. The facility also includes offices, men’s and women’s locker rooms with showers, and an interview room. Eckman worked with the town and the Safety Complex Building Committee for two years prior to the voter approval, which funded the construction at a town meeting in March 2012. Manchester, N.H.-based Dennis Mires, PA The Architects designed the project.

April 22, 2013

Northeast Retail

FOREST CITY ACQUIRES PARTNER'S SHARE OF MALL AT ROBINSON

by admin April 22, 2013

PITTSBURGH — Forest City Enterprises Inc. has acquired 100 percent interest in the Mall at Robinson and sold its interest in the Plaza at Robinson Town Center. Prior to the transaction, Forest City had approximately 72 percent interest in the mall and 50 percent interest in the strip center. The Mall at Robinson is located at 100 Robinson Centre Drive, and Plaza at Robinson Town Center is located at 15205 Park Manor Blvd. in Pittsburgh. The transaction resulted in net cash proceeds to Forest City of $7.7 million. Forest City Enterprises worked with its partner, Zamagias Properties, on the transactions.

April 22, 2013

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