NEW YORK CITY — Prudential Mortgage Capital Co. has arranged a $71 million Fannie Mae loan for Olympia House, a 22-story mixed-use property in Manhattan. The seven-year, fixed-rate loan will allow the borrower to refinance the property with cash out above the current loan amount. Built in 1964, the property consists of 240 apartments and 12,170 square feet of commercial space. The property on East 44th Street is across from the United Nations headquarters and two blocks from Grand Central Station. Bob Bakhchi and Jonathan Aghravi of Hybrid Capital represented the borrower in the transaction.
NEW YORK CITY — Besen & Associates has arranged the $3.1 million sale of 194 Orchard St., a 2,308-square-foot retail property between East Houston and Stanton streets. VIP Leather Gallery previously occupied the space, which is now vacant. The property is zoned for a mixed-use development with approximately 9,220 buildable square feet. Orchard Street, located on the Lower East Side, is lined with low-rise tenement brick buildings and many retail shops. Bobby Khurana of Bensen & Associates represented the seller in the transaction. Hilly Soleiman, also of Bensen, represented the buyer, a local private investor.
SOMERSET, N.J. — A 64-unit affordable housing community, Independence Crossing, has broken ground in Somerset. A partnership between Genesis Cos. and the Central Jersey Community Development Corp. will develop the property, which will provide affordable housing to seniors and veterans. Amenities will include a community room, lobby, laundry facilities and a community garden. Units will range in size from 650 to 1,050 square feet. DMR Architects is designing the facility, which is slated for completion by the end of 2013.
BOSTON — EagleBridge Capital has arranged $6 million in permanent mortgage financing for 33 Broad Street, a 40,500-square-foot office building in Boston's Financial District. The building is fully leased and retail tenants on the ground floor include State Street Eye Health and Expresso Love. The upper floors are occupied by 18 office tenants including law firms, accountants and financial advisors. Ted Sidel and Brian Sheehan of EagleBridge arranged the loan through a financial institution.
WAPPINGERS FALLS, N.Y. — Sterling Properties is constructing Riverbend at Wappingers Falls II, a 54-unit apartment community in Wappingers Falls. The property is located minutes from the original RiverBend at Wappingers Falls, developed by Sterling in 2007. The community will feature 9-foot ceilings, stainless steel appliances, ceramic baths and one-car garages. Community amenities will include a club room and fitness studio.
NEW YORK CITY — Beijing-based developer, Xinyuan Real Estate, has acquired a full-block development site at 421 Kent Ave. in Williamsburg for $54 million. The deal represents one of the largest development site transactions in all of the outer boroughs this year. The site is two blocks south of the Williamsburg Bridge and accommodates 400,000 square feet of buildable residential development. The new owner has rights to build 216 condominium units, and plans approved for the site include the construction of 12 individual buildings.
NEW KINGSTOWN, PA. — Woodmont Industrial Partners has acquired a 179,000-square-foot warehouse at 34 E. Main St. in New Kingstown from Lexmain Realty Ventures. Built in 1981, the rail-serviced property includes 20 loading docks, 10 rail doors, a 24-foot clear ceiling height and 40 parking spaces. Woodmont plans to invest $500,000 for renovations before returning the currently vacant building to the market in early 2013. Gerard Blinebury, Pat McBride and Adam Campbell of Cushman & Wakefield represented both parties in the transaction.
GROTON, CONN. — Fantini & Gorga has arranged $20 million in permanent financing on Country Glen Apartments, a 324-unit multifamily property in Groton. The property is located at 600 Meridian St. and was constructed in 1989 by the current owner. Amenities include a swimming pool, spa fitness center and saunas. Eastern Mortgage Capital financed the 35-year loan.
NATICK, MASS. — Maric Strathmore Inc. has sold a 15,504-square-foot office building at 21 Strathmore Road in Natick for $3 million. The building is located within the Natick Business Park near Route 9. Scott Hughes of New Dover Associates represented the seller in the transaction. He also procured the buyer, GMG 21 Strathmore Road, an affiliate of Genesis Management Group.
NEW YORK CITY — Springhouse Partners has acquired 105 Grand Ave., a 36-unit apartment building in Brooklyn's Clinton Hill neighborhood, for $16 million. The seven-story elevator building is located across the street from the Pratt Institute, and amenities include a gym and a rooftop deck with views of Manhattan. Peter Von Der Ahe, Joe Koicim and Scott Edelstein of Marcus & Millichap represented the seller, a Brooklyn-based investment group. They also represented the buyer.