HOBOKEN, N.J. — Argo Real Estate has secured a $16 million loan from Sovereign Bank to finance a ground-up apartment development in Hoboken. Argo has entered a joint venture with Alpine Development to construct 59 loft-style apartments at 1400 Clinton St. Amenities will include private roof decks, a children's playroom, fitness center and on-site parking for all tenants.
NAUGATUCK, CONN. — Trowbridge LLC has acquired Trowbridge House Apartments at 38 Highland Ave. in Naugatuck for $1.8 million. The 33-unit complex was constructed in 1970 and apartments range in size from 650 to 950 square feet. Steve Pappas and Tom Boyle of Chozick Realty represented the seller, Limerick Properties, in the transaction. They also procured the buyer.
WILMINGTON, DEL. — Centerline Capital Group has arranged a $6.8 million loan for the acquisition of Haverford Place Apartments in Wilmington. The borrower is Haverford LLC. The 132-unit property was built in 1963 and consists of six, three-story buildings. The complex is 93 percent occupied. The 10-year loan carries a 3.9 percent interest rate.
BETHEL, PA. — Dollar General has purchased 110 acres of indusrial land at Berks Park in Bethel. The land will be developed for a distribution center. Jack Shepley of NAI CIR and Joe Howell of NAI Global Corporate Solutions represented Dollar General in the transaction. Jeff Williams of Cushman & Wakefield represented the seller, Berks County Industrial Development Authority.
NEW YORK CITY — GFI Realty Services has arranged the $9.4 million sale of 750 10th Ave., a mixed-use building in Manhattan built in the early 1900s. The sale translates to $600 per square foot. The five-story building contains 20 apartments and four stores totaling 15,506 square feet. Barak Jacobov and Shulem Paneth of GFI Realty Services represented the seller in the transaction. Ohad Babo, also of GIF Realty Services, represented the buyer, a local investor.
NEW YORK CITY — Verizon Wireless has renewed its lease at 100 Wall St. The retailer will continue to occupy 2,360 square feet on the basement and ground floors for a five-year term. The landlord, Savanna, was self-represented by Todd Korren. Robert Gibson of Cushman & Wakefield represented the tenant.
LIVINGSTON, N.J. — Gebroe-Hammer Associates has arranged 12 multifamily trades totaling $19.5 million in the last three weeks. In Hudson County, Gebroe-Hammer arranged four transactions involving 117 units in Jersey City, N.J., Union City, N.J., and West New York. In Elizabeth, N.J. and East Orange, N.J., the firm represented clients in three sales netting $5.3 million for 76 apartment rental units and seven ground-floor units. In Patterson, Gebroe-Hammer closed three sales, two of which were short sales totaling 33 units for $725,000; a note sale in Irvington, N.J. involving 32 units for $500,000; and the trade of 28 units in Montclair, N.J.
LIDO, N.Y. — Stalco Construction has started work on the $16.5 million expansion and renovation of the Long Beach High School in Lido. The school is located at 332 Lagoon Drive W. and currently houses 1,400 students. The project will include the construction of a new, 20,000-square-foot addition to the main building, renovation to the existing three-story school and the construction of new outdoor sports facilities. The high school project is scheduled for completion in 2014 and will be completed in 10 phases. In addition to Stalco, the general contractor, the project team includes architect CS Arch; Savin Engineers; Ryan-Biggs Associates; Lewis Engineering; The Chazen Cos.; and HMH Site & Sports Design.
LANSDALE, PA. — Metso Automation USA has signed a 50,000-square-foot lease at 2750 Morris Road in Lansdale. The company supplies technology and services to the process industry, which includes mining and construction. Justin Bell and Neil Shupak of Newmark Knight Frank Smith Mack represented Metso in the transaction. Metso expects to open its new facility in January 2013. 2750 Morris Road is the 650,000-square-foot former Visteon Corp. electronics facility that closed in 2009.
WALPOLE, MASS. — Three tenants have joined Walpole Park South Building 8, a newly constructed speculative office and warehouse building along U.S. Route 1 in Walpole, raising occupancy to 92 percent at the building. Catherine Minnerly and Ovar Osvold represented the property owner in the transactions. Certifit, a national auto parts store, signed a lease for 29,622 square feet. Minnerly and Osvold represented the tenant in the deal. PSS World Medical, a medical supplies and equipment distributor, inked a lease for 47,606 square feet. Shirley Smith of Pointline Inc. represented the tenant. Keefe Commissary Network, which provides specially packaged products for purchase by inmates at correctional facilities, will take 30,242 square feet of space. Doug Bock of CRESA Partners represented the tenant.