NEW YORK CITY — Daniel Hilpert of Mortgage Equicap has arranged a $2.8 million loan for the acquisition and development of a retail speculative project in the Lower East Side. The borrower, a developer, purchased a vacant single-tenant structure and is redeveloping the property into a three-story retail property.
PHILADELPHIA — Carter Validus Mission Critical REIT has acquired a data center in Philadelphia, which is fully leased to a large investment management company, for $65 million. The 121,000-square-foot property was built for the specific purpose of housing data center equipment. The structure is able to potentially withstand extreme weather conditions including hurricanes and earthquakes. CBRE Group represented the seller in the transaction.
BRIDGEPORT, N.J. — Mesa West has arranged $14 million in first mortgage debt to recapitalize 200 Birch Creek Road in Bridgeport, a vacant 597,000-square-foot warehouse and distribution center in Bridgeport. The borrower was a partnership between Hillwood Investment Properties and Brookfield Asset Management. The partnership was formed earlier this year to invest up to $1 billion in industrial properties over the next three years. Hillwood and Brookfield acquired the asset from Cornerstone Real Estate Advisors in August, which is located within the Pureland Industrial Complex.
HARRISON, N.Y. — The Motion Picture Association of America (MPAA) will relocate its New York office to 500 Mamaroneck Ave. in Harrison. The organization signed a five-year lease for 2,476 square feet on the fourth floor, and plans to move from its current space in Tarrytown, N.Y., in 2013. The landlord, Malkin Properties, was self-represented by Jeffrey Newman, Kimberly Zaccagnino and Tara Long in the transaction. The MPAA has served as an advocate of the U.S. motion picture, home video and television industries around the world since 1992.
NEW YORK CITY — More than 115 years after it began as a boarding school for boys' choir, Grace Church School (GCS) has opened the first phase of a new four-story high school division at Cooper Square in New York City. GCS, which became coed in 1947, already provides pre-kindergarten through 8th grade facilities nearby. The $9 million, 51,000-square-foot phase included construction of the the first and second floors, a library, a study commons and a cafeteria. The second phase, expected for completion in 2014, will include the renovation of the 17,000-square-foot third floor. The phase is slated to cost $3 million. In the third phase, crews plan to renovate the fourth floor and add a new gym for $5.1 million. Alspector Architecture is designing the project, which is slated for completion in 2018.
NEW YORK CITY — Massey Knakal has arranged the $7.7 million sale of 246 East 53rd St. in Midtown East in New York City. The 12,915-square-foot building contains 21 apartment buildings and two retail stores on the ground floor, which are fully leased. Of the residential units, 17 are market rate units, two are rent controlled and the remaining two are rent stabilized. Bob Knakal and Clint Olsen of Massey Knakal represented both parties in the transaction.
ABINGTON, MASS. — Greystar has acquired the 180-unit Abington Woods Apartment Complex in Abington for $37 million. The seller was The Heritage Cos. The 16-building complex, located at 212 Bedford St., was originally developed as condominiums in 2006. The property features an indoor pool, fitness center, business center and community room. Deneberg Realty Advisors represented both parties in the transaction.
EAST ORANGE, N.J. — SDK Realty Corp. has purchased a 20-story high-rise apartment tower in East Orange for $39.2 million. The sellers, a joint venture between Gaia Real Estate Co. and Harel Insurance Investments & Financial Services, acquired the building for $30 million two years ago. The 273-unit building, currently known as Gaia Park View, features a pool, fitness center, valet parking and doorman service. The property is about 15 miles from Midtown Manhattan, with an NJT station about one mile away. Jose Cruze of HFF represented the buyer in the transaction.
NEWARK — Marriott International has opened a 150-room Courtyard property near Newark's Prudential Center, the first new hotel in the city's downtown in four decades. Along with its location near the Prudential Center, which hosts about 200 sporting, concert and other events annually, the property is also a few blocks from Newark Penn Station. Tucker Development Corp., the owner and project developer, has also recently secured a lease with Joe's Crab Shack to anchor part of the ground-floor retail space. The restaurant will occupy 5,138 square feet of the 14,000 square feet of retail.
NEW YORK CITY — Hudson Realty Capital has arranged an $11 million first mortgage loan for a four-building, mixed-use portfolio in Manhattan. The borrower is using the financing to acquire the property and establish interest reserves. The property, located between 5th Avenue and Avenue of the Americas, consists of 48,350 square feet. The buildings also feature 85,920 square feet of buildable space to allow for future development.