NEW YORK CITY — Meridian Capital Group has arranged $15.7 million in acquisition financing for two multifamily properties in Brooklyn. The firm arranged an $11.3 million loan for a 122-unit apartment building on Fort Hamilton Parkway. The 10-year loan features a 3.3 percent interest rate. Meridian also negotiated a $4.4 million loan for a 48-unit, six-story apartment building on Avenue J. The 10-year loan features a 3.5 percent interest rate.
BOSTON — RLJ Lodging Trust has acquired the 275-room Embassy Suites Boston/Waltham for $64.5 million, or $235,000 per key. In 2011, the hotel underwent a $12 million renovation to convert the property from a DoubleTree Guest Suites to an Embassy Suites. The guest suites and public spaces have been significantly upgraded. The property is located next to multiple corporate office parks and two universities.
SICKLERVILLE, SCROTCH PLAINS AND WILDWOOD, N.J. — Marcus & Millichap has arranged the sale of three retail properties in New Jersey for a combined $11.7 million. The properties include 611 Cross Keys Road, a strip center in Sicklerville, that sold for $378 per square foot. Michael Lombardi, Brian Mucerino and Maz Radwan of Marcus & Millichap represented the buyer, a New Jersey-based personal trust, in the transaction. The seller was a Pennsylvania-based developer. The second property is 445 Terrill Road in Scotch Plains, which is leased to Advance Auto Parts for another 10 years. Kevin Limbert of Marcus & Millichap represented the buyer, a Chicago-based real estate fund. The seller was a Florida-based developer. The third property is 404 E. Fourth Ave. in North Wildwood, a newly built Wawa Convenience Market. Andrew Fallon of Marcus & Millichap represented the buyer, a Maryland-based investor. Brad Nathanson of Marcus & Millichap represented the sellers in the three deals.
WILMINGTON, DEL. — Emory Hill & Co. is constructing a 13,135-square-foot juvenile facility on the campus of the Department of Services for Children, Youth & Their Families in Wilmington. The single-story building will be constructed at 1825 Faulkland Road. The building will feature multipurpose meeting rooms, a therapy room, library, media center and technology center. The project is slated for completion in the fall of 2013. Emory Hill will work with BSA+A Architects and the State of Delaware on the project.
NEW YORK CITY — A five-story mixed-use building at 1624 Amsterdam Ave. in Hamilton Heights has sold for $2.5 million. The 11,835-square-foot building features eight residential units and and two commercial spaces. The property is located one block from St. Nicholas Park and the newly renovated City College campus. The new owner plans to use the vacant property for rental housing. Victor Sozio and Jesse Deutch of Ariel Property Advisors represented both the buyer and seller, both of whom are private investors.
NEW YORK CITY — Simone Development Cos. has signed three new tenants at the Throggs Neck Shopping Center project, currently under construction in the Ferry Point section of the Bronx. T.J.Maxx has signed a 28,417-square-foot lease, Abblebee's has signed a 6,640-square-foot lease and MetroOptics Eyewear has signed a 4,131-square-foot lease. The Throggs Neck Shopping Center is scheduled for completion in 2014 and will consist of more than 285,000 square feet of stores and restaurants on two levels. Simone Development, Aaron Malinsky and Paul Slayton are developing the property, which will be anchored by a 165,000-square-foot Target.
PHILADELPHIA — The Philadelphia Parking Authority (PPA) has signed a $46 million office lease deal at the Mellon Independence Center, located at 701 Market St. in Philadelphia. Under the 25-year lease, PPA will occupy the fourth and fifth floors, as well as part of the sub-basement. The company plans to move from its current offices at 3101 Market St. in the fall of 2013. Tactix Real Estate Advisors represented the tenant in the transaction. Jay Ruder of Archer & Greiner P.C. served as PPA's attorney. The PPA will join BNY Mellon, the building's largest tenant.
LONG ISLAND CITY, N.Y. — Storage Deluxe has acquired a development site at 3019 Northern Blvd. in Long Island City for $5.75 million. Zoning for the site will allow Storage Deluxe to construct a self-storage facility with approximately 120,000 buildable square feet. The site is in close proximity to the Upper East Side via the 59th Street Bridge. Randy Modell of Ariel Property Advisors and Steven Hornstock of ABS Partners Real Estate represented the seller, a private owner who previously ran a taxicab business on the site. They also represented the buyer.
NEW YORK CITY — Marcus & Millichap has arranged the $6.8 million sale of a nine-unit apartment building at 233 W. 14th St. in New York City. The sale marks the highest price per square foot in Chelsea this year ($663 per square foot) for a 25-foot building. Peter Von Der Ahe, Joe Koicim and Shlomo Gelernter of Marcus & Millichap represented the seller, a private investor, in the transaction. They also represented the buyer, a private investor.
NEW YORK CITY — LinkedIn Corp. has expanded its lease at the Empire State Building to more than 72,000 square feet on two full floors. The social networking website operator originally leased 32,000 square feet on the entire 25th floor in 2011. LinkedIn, which boasts more than 187 million members in 200 countries, plans to occupy the space in 2013. Sacha Zabra of CBRE Group represented the tenant in the transaction. William Cohen and Ryan Kass of Newmark Grubb Knight Frank represented the landlord, W&H Properties.