SYRACUSE, N.Y. — NorthMarq Capital has arranged the $5.7 million mortgage refinancing of One Franklin Square Apartments, a 141-unit, market-rate multifamily property located at 460 North Franklin Street in Syracuse. Financing was based on a 10-year term with two years of interest-only payments, then a 30-year amortization schedule. The borrower was 460 North Franklin Street Associates LLC. Robert Ranieri, senior vice president and managing director of NorthMarq, arranged the loan through the company’s seller-servicer relationship with Freddie Mac.
Northeast
BOSTON — Apparel maker Life is good has signed a 21,682-square-foot office lease at 51 Melcher St. in Boston’s Innovation District. The nine-story building is owned and operated by Synergy Investments and is being renovated with a new lobby, roof, windows, elevators, power feeds, HVAC and technology systems. Dan Collins and Steve James of NAI Hunneman represented Life is good in the transaction. Bill Crean and Kevin Kennedy of CBRE represented Synergy Investments.
EASTON, PA. — Tryko Partners LLC has acquired New Eastwood Care & Rehabilitation Center, a skilled nursing facility, for $6.3 million. Located at 2125 Fairview Ave. in Easton, about 15 miles east of Allentown, the two-story nursing home includes 97 beds. Tryko Partners plans to renovate and upgrade New Eastwood’s therapy gym, rehabilitation rooms and common areas. The firm will also complete cosmetic upgrades in patient rooms. Chicago-based The Private Bank provided financing to Tryko Partners for the New Eastwood acquisition. The New Eastwood purchase marks Tryko Partners’ continued expansion and investment emphasis in the skilled nursing sector. The company currently owns or manages more than 1,500 skilled nursing beds.
NEW YORK CITY — The Feil Organzation has invested more than $5 million in renovations to a major lobby and entryway renovation at 7 Penn Plaza and lobby renovation at 488 Madison Ave. in New York City. Built in 1921, 7 Penn Plaza is an 18-story office building, which now features a grand entryway with a 16-foot entrance, modern reception desk, granite finishes, modernized elevators and updated corridors and restrooms. Built in 1949, 488 Madison Avenue is a 23-story office building. The renovation of the 447,000-square-foot building includes a new lobby with gray limestone, elevators framed with satin-finished stainless steel, and eco-friendly LED lighting. The Feil Organization owns and manages the two properties. Goldstein, Hill & West Architects LLP was the architect for this project.
BRIDGEWATER, N.J. —Ashland Inc. has signed a lease for 198,000 square feet of laboratory and office space at a facility in Bridgewater, about 37 miles west of New York City. Ashland will relocate its specialty ingredients unit from Wayne to the new building, located at 10141 Route 202-206 in the New Jersey Center of Excellence complex. Headquartered in Covington, Ky., Ashland provides specialty chemicals, technologies and insights to help its customers create new and improved products and sustainable solutions. John Cunningham, Bryn Cinque and James Bailey of Colliers International represented Ashland in the transaction. Dan Loughlin and Bob Ryan of Jones Lang LaSalle and Jeff Zell and Marc Sobel of JM Zell Partners represented the landlord, Sanofi.
NEW YORK CITY — GFI Realty Services Inc. has arranged the sale of 3506 Newkirk Ave. in Brooklyn’s Flatbush neighborhood for $2.6 million. The four-story apartment building includes 29 units and spans 26,126 square feet. The multifamily property was built in 1931. Joseph Landau of GFI Realty Service represented the seller, a local investor, and the buyer, also a local investor, in the transaction.
NORWALK, CONN. — CBRE Group Inc. has arranged a 10-year, 9,000-square-foot lease for Family & Children’s Agency in Norwalk. The nonprofit human service organization is relocating from a nearby 6,000-square-foot property. David Anspach owns the freestanding property, located at 140 Water St. David Block and Barbara Segalini-Stilley of CBRE negotiated the long-term lease on behalf of Family & Children’s Agency, while Wilton-based Silver Pine Real Estate represented Anspach. Family & Children’s Agency, a human services firm, provides strength-based, solution-focused services that respond to the individual needs of children and families, youth, adults and seniors.
NEW YORK CITY — A joint venture between ClearRock Properties and Juster Properties has closed on the purchase of two adjacent Midtown Manhattan properties for $29.5 million. The assets, which total 101,100 square feet, include 9 E. 38th St., a 93,700-square-foot, 12-story office building and 14 E. 39th St. a 7,400-square-foot commercial townhouse with 22,200 square feet of air rights. Both properties are located between Madison and Fifth avenues. ClearRock also has plans to invest $10 million for capital improvements to reposition the properties. The seller was Yeshiva University.
BAYONNE, N.J. — Progress Realty Advisors has arranged $12.3 million in financing for the former Maidenform factory in Bayonne to undergo a transformation into 84 loft-style apartments to be called The Silklofts. The multifamily property will be located at the intersection of 18th Street andAvenue E. The project will include studio-, one- and two-bedroom residences, some live/work residences for artists and an onsite gym and parking. Doug Stern, owner of the property, is the project developer. Leon Cohen of CSR Group, which is also a partner in the project, is the design architect and builder. Kathy Anderson, owner of Progress Realty Advisors, arranged the financing.
NEW YORK CITY — A development site located at 74 Grand St. between Wooster and Greene streets in Manhattan’s SoHo neighborhood, has sold for $4.9 million. The site has 12,500 square feet of buildable space and is zoned for a live/work for commercial development. James Nelson and Robert Burton of Massey Knakal arranged the sale of the development site.