NEW YORK CITY — Beech Street has arranged a $14.2 million Fannie Mae loan to refinance a four-property apartment portfolio, totaling 226 units, in Brooklyn. The properties were constructed in the 1930s and consist of mid-rise, brick veneer buildings. Rent stabilized units account for more than 94 percent of the portfolio. Chaim Tessler of Meridian Capital Group originated the 10-year loan.
WESTMINSTER, MASS. — The Montachusset Regional Transit Authority (MART) has purchased an 18.6-acre site in Westminster Business Park to construct a new commuter rail layover station for a reported $1 million. The new facility will support the planned extension of the Fitchburg commuter rail line. The project includes construction of a new passenger station and facilities, as well as upgrades to one of two existing mainline tracks from the present terminals of the Fitchburg Line to the MBTA layover facility approximately 1.2 miles west of the proposed station.
BOSTON — Linear Retail Properties has purchased two retail units on the ground floor of The Bryant Back Bay condominiums for $1.7 million. The acquisitions are located at 303 Columbus Ave. in Boston's South End neighborhood. The retail condos total 2,970 square feet. One retail space has been leased to The Urban Grape, a neighborhood wine store, which will open in September. Lease negotiations are under way with a specialty food market for the other unit. Michael d'Hemecourt of Boston Realty Advisors represented the seller, Vornado Realty Trust, in the transaction. He also procured the buyer.
YORK, PA. — First Industrial Reatly Trust plans to develop a $34 million distribution center on a recently acquired 55.5-acre site in York. The 708,000-square-foot center, called First Logistics Center @ I-83, will be located off Interstate 83 at Exit 24. The owners aim to attract companies that distribute to the Mid-Atlantic and Northeast markets. The building will feature 32-foot clear height ceilings, up to 130 dock doors, four drive-in doors and 233 parking spaces. First Industrial plans to complete the center by the end of 2013.
LANCASTER, PA. — Crossing at Mill Creek, a 327,604-square-foot apartment complex in Lancaster, has sold for $22.6 million, or $69 per square foot. The property is located at 2000 Swarr Run Road and features two swimming pools, two playgrounds and laundry facilities. Each of the 388 units includes a full kitchen with dishwasher and separate dining area. Donald MacLaren, Clarke Talone and Andrew Townsend of Marcus & Millichap represented the seller, a large institution, in the transaction. They also secured the buyer, a local limited partnership.
AMBLER, PA. — Liberty Lutheran Services has purchased the Whitemarsh Corporate Center East Building at 7002 Butler Pike in Ambler for $3 million. Liberty is a non-profit organization human services agency. The 25,000-square-foot office building will serve as its new headquarters. The property was renovated in 2008. Neil Shupak and Justin Bell of Newmark Knight Frank Smith Mack represented the seller, 7 East Skippack Associates LP, a partnership under the umbrella of Keystone Property Group, in the transaction.
PROVIDENCE, R.I. — Chestnut Hill Realty has unveiled $14 million in upgrades to the Regency Plaza, a 444-unit apartment community in Providence. The five-year project includes a newly designed residents' lounge, fitness center, movie theater, catering kitchen, conference rooms, an Internet cafe, hot tub, tennis court, putting green and barbecue. In addition to amenities, Chestnut also unveiled the newest style apartment home, the Bentley, which features hardwood floors, marble bathrooms and kitchens with stainless steel appliances.
NEW YORK CITY — Ariel Property Advisors has arranged the $8.75 million sale of a 21-unit apartment building at 6 West 107th St., between Central Park West and Manhattan Avenue on the Upper West Side. The seven-story building is approximately 30,000 square feet. Eleven of the 21 units are free market rentals and 10 are rent regulated. Shimon Shkury, Michael Tortorici and Victor Sozio represented the building owner, Stonehenge Partners, in the transaction. Joe Berko of Berko & Associates represented the buyer, a national multifamily owner and operator.
NEWARK — Public Service Enterprise Group (PSEG) has renewed its lease for 825,000 square feet of office space at 80 Park Plaza, a 25-story building in Newark. The publicly traded energy company has occupied the space since 1979 and the renewal ensures PSEG will stay in Newark at least until 2030. PSEG employs about 10,000 people, about 1,650 of whom work in the headquarters building. Wells Real Estate Investment Trust II, the building owner, and PSEG also plan to make significant updates and energy improvements to 80 Park Plaza. Bryn Cinque and Eric Witmondt of Colliers International represented the tenant in the transaction. John Meisel of Jones Lang LaSalle represented the landlord.
NEW YORK CITY — Cushman & Wakefield's Equity, Debt & Structure Finance team has arranged a $100 million for the financing of 590 Fifth Ave. in Manhattan. The loan features a floating interest rate and includes both senior and mezzanine components. The property is a 100,000-square-foot retail and office building, located just one block from the Rockefeller Center. The NBA store and AT&T occupy the retail portion of the building. Dave Karson, Steve Kohn, Alex Hernandez, Kate Pelet and John Spreitzer of Cushman & Wakefield negotiated the transaction for the borrower, an affiliate of Thor Equities.
