PHILADELPHIA — Beech Street has arranged a $10.5 million Fannie Mae loan for the refinancing of Cricket Court Commons, a 228-unit Low-Income Housing Tax Credits apartment complex in Philadelphia. David Cohen and Ben Brown of Meridian Capital Group originated the 10-year loan. Cricket Court was built in the 1930s and underwent a major renovation in 2000. The property is located in the Germantown neighborhood, approximately six miles north of Philadelphia's Center City.
CEDAR KNOLLS, N.J. — MB1 has acquired the 118,000-square-foot Cedar Knolls Corporate Center at 240 Cedar Knolls Road in Morris County. The four-story property is situated on 15 acres and includes an on-site cafe and 445 parking spaces. The building was constructed in 1981 and underwent renovations in 2007. Paul Giannone, Ken Flynn and Kevin Carton of Cushman & Wakefield will lease the property.
PRINCETON, N.J. — River Drive Construction Co. has completed an office renovation for Regus, a provider of temporary office space for traveling business people, at the 149,000-square-foot Princeton Overlook I in Princeton. Regus occupies the second floor of the building, which is located at 100 Overlook Center. Mack-Cali is the property owner. The project included the creation of 16 new offices, as well as renovations to the business lounge, restrooms and video conference rooms. River Drive served as the general contractor and WKMC Architects was the project architect.
STAMFORD, CONN. — Axiom Capital has arranged a $69 million construction loan for a 314,518-square-foot apartment complex in Stamford. The Class A building will include 344 apartments, 17,489 square feet of retail and clubhouse space and a two-story parking garage. The building is located within blocks of the North American headquarters of UBS and the Royal Bank of Scotland. Other major employers in the area include GE, Xerox and Reuters.
MAMARONECK, N.Y. — A retail building at 419-433 Mamaroneck Ave. in Mamaroneck has sold to a local investor for $3.4 million. The one-story, 7,200-square-foot property includes five retail stores and is fully leased. Richard Hendey of Houlihan Parnes Realtors represented the seller in the transaction.
STATEN ISLAND, N.Y. — The Sal Calcagno Family Trust has sold a 40,000-square-foot office building, located at 1535 Richmond Ave. in Staten Island, for $7.5 million. The property was originally leased on a triple-net basis to SI Bank & Trust, and was later acquired by Sovereign Bank. Brian Leary, David Muessel, Sean Kelly, Cengiz Sendogdular and Matthew Dzbanek of CPEX represented The Sal Calcagno Family Trust in the transaction. They also represented the buyer, a local developer.
ASTORIA, N.Y. — Marcus & Millichap has arranged the $1.3 million sale of a seven-unit apartment building, located at 2311 Broadway in Astoria. Matthew Fotis and Lazarus Apostolidis of Marcus & Millichap represented the buyer and seller, both private investors, in the transaction.
BARNEGAT, N.J. — Levin Management has signed Big Lots as the new anchor for Bayshore Plaza in Barnegat, which is slated to open in August. The broadline closeout retailer has signed a lease to fill 31,612 square feet, formerly occupied by A&P. The center is located on Route 9 on Bay Shore Drive. Levin Management represented the property owner in the transaction.
GLASSBORO, N.J. — Community Investment Strategies (CIS) has completed work on Whitney Crescent, an 80-unit affordable housing apartment community on Higgins Avenue in Glassboro. CIS purchased the distressed property in 2010. CIS demolished nine buildings in phases and relocated tenants before rebuilding the community. The new energy-efficient apartments include hardwood floors, a washer and dryer in each unit, plus a dishwasher. Funding sources for the project included the New Jersey Housing and Mortgage Finance Agency's Special Needs Trust, Federal Tax Credit Assistance Program and JP Morgan Chase.
HARRISBURG, PA. — Greenwood Hospitality has acquired the 384-room Hilton hotel in downtown Harrisburg for a reported $22.2 million. Developed in 1990, the property includes 26,000 square feet of meeting and conference space and The Golden Sheaf restaurant. The hotel is connected by an enclosed walkway to the Whitaker Center for Science and the Arts and Strawberry Square, a mixed-use retail and office complex. Greenwood plans to upgrade the hotel's guest rooms and public spaces.
