SOUTH KINGSTOWN, R.I. — Washington Trust's Commercial Real Estate Group has provided a $1.9 million loan to 138 Development Associates for the construction of Brandywine, a 40-unit active adult residential community in South Kingstown. The property will be situated on 23.3 acres off Mooresfield Road. Cate Fusco of Washington Trust served as the lead lender for the project.
MELVILLE, N.Y. — NorthMarq Capital has arranged a $24 million refinancing loan for the Hilton Garden Inn, a 178-room hotel in Melville. The loan represents the second phase of a 350-room hotel development, which is owned by the principals of the borrower, Melville Equity Partners. Phase I of the project opened in 2004. Ernest DesRochers of NorthMarq arranged the 10-year loan through a CMBS lender.
BOSTON — Merrimack Pharmaceuticals, a biopharmaceutical company, has renewed and expanded its laboratory and office lease to 109,312 square feet at One Kendall Square, Building 700 in Cambridge. The company is expanding its space by 25,000 square feet. The One Kendall Square campus consists of nine buildings and the site is a short walk to the MIT campus. Joe Flaherty, Jim Elcock, Tucker Hansen and Ben Coffin of Colliers International represented the tenant in the transaction. J. Duncan Gratton of Cassidy Turley FHO represented the landlord, The Beal Cos.
BILLERICA, MASS. — Maine-based The RAM Cos. has purchased 900 Middlesex Turnpike Building 4 in Billerica. The 94,174-square-foot facility is leased to Lasermax Roll Systems, a manufacturer of processing equipment for the digital printing industry. The property is situated within the Middlesex Technology Park.
NEW ROCHELLE, N.Y. — Marcus & Millichap has arranged the $2.3 million sale of Elm Court, a 17-unit Tudor-style apartment building at 102 Drake Ave. in New Rochelle. Harry Delaney of Marcus & Millichap represented the seller, a private investor. He also represented the buyer, a private investor.
NEW YORK CITY — Beck Street Capital has sold 100 Vadam St., a 40,435-square-foot office building between Greenwich and Hudson streets in New York City for $27.5 million. Built in 1913 as an electrical substation, the building was converted into a printing press before undergoing a major interior renovation in 1990. The building features a contemporary lobby, ornate barrel vaulted ceilings, exposed beams and arched windows. James Nelson and Robert Burton of Massey Knakal represented the seller in the transaction.
NEW YORK CITY — Developers have broken ground on an 83-unit condominium building at 211 E. 13th St. in Manhattan's East Village. Sales are expected to begin next May for the studio, one-, two- and three-bedroom units. A joint venture partnership between Ironstate Development Co., Abe and Scott Shnay and Charles Blaichman is developing the property. The building will be located on a long-vacant site that was once home to the historic Jefferson Theater. Amenities will include a fitness room, lounge and library. BKSK Architects is the project architect.
NEW YORK CITY — Ares Commercial Real Estate Corp. has arranged a $36 million first mortgage loan secured by a 101-unit apartment building in Manhattan's Murray Hill neighborhood. The borrower is a partnership between Benchmark Real Estate and Western Heritable Investment Co. The senior mortgage will fund the acquisition and renovation of the asset.
BOSTON — Suffolk Construction has broken ground on a $127 million residential tower, known as 120 Kingston Street, in Boston. The 293,000-square-foot tower will border the city's Chinatown neighborhood and the Rose Fitzgerald Kennedy Greenway. The 26-story tower will feature 240 apartments ranging from studios to three-bedroom units and 4,500 square feet of street-level retail space. The building will be triangular in shape and is scheduled for completion in 2014. The project teams include developers Forest City and Hudson Group North America, architect firms Elkus Manfredi Architects and Perkins Eastman for the exterior of the building and RODE architects for the interior spaces.
NEW YORK CITY — Johnson Capital has arranged a $2.3 million loan for the 36,000-square-foot Spice Factory mixed-use property in Flemington. The property consists of a three-story, 32,000-square-foot office building and a two-story retail building. The property is a former spice factory built in 1930 and converted into office space in 2001. The borrower purchased a defaulted loan at a discount to the unpaid principal balance and simultaneously took title through a pre-negotiated agreement with the owner. The new 18-month loan accounts for 67 percent of the total project costs, including property acquisition, fees and transaction costs.
