PHILADELPHIA — Beech Street Capital has arranged a $10.9 million Fannie Mae loan for the refinancing of a four-property apartment portfolio, totaling 230 units, in Philadelphia. Avi Weinstock and Chaim Tessler of Meridian Capital Group originated the seven-year loan. The properties were constructed in the 1950s and 1960s and major renovations have been completed in the past five years. Each property is fully occupied.
NEW YORK CITY — A mixed-use building at 14-34 110th St. in Queens has sold for $10.1 million. The seven-story building, which was completed in 2006, includes 34 residential units, 23,585 square feet of office space and a 12,000-square-foot lobby. Amenities include a gym, laundry room, storage room and roof deck. The property is located on the College Point waterfront and has the potential to add a marina development with 50 boat slips. Stephen Preuss and Evan Daniel of Massey Knakal represented both parties in the transaction.
PATCHOGUE, N.Y. — NorthMarq Capital has arranged a $21.4 million loan for a 124,000-square-foot retail property at 95 Sunrise Highway in Patchogue. The loan was a take-out of the existing construction loan for the completely renovated property. The site was formerly a Home Depot and the borrower has converted the property to its current two-tenant use. Major tenants at the site include Raymour Flanigan and Shop Rite. Zachary Rechler and Ernest DesRochers of NorthMarq Capital arranged the 10-year loan through a life insurance company. The loan contains a 20-year amortization schedule.
BROOKLINE, MASS. — Thirty 2 Rutland LLC has acquired 1592 Beacon St., a four-unit apartment building in Brookline. The four-story property was constructed in 1909 and is located near Brookline's Washington Square. Carl Christie, Dan McGee and Henry Lieber of NAI Hunneman Investment Services Group represented the sellers, Avraham and Madalyn Frydman, in the transaction. They also procured the buyer.
BRIDGEWATER, N.J. — Aptalis Pharma has expanded its lease by 20,576 square feet at Somerset Corporate Center I in Bridgewater. The transaction marks the second expansion for the privately held specialty pharmaceutical company. Aptalis now leases a total of 52,320 square feet at the property. Benjamin Brenner and Curtis Foster of Cushman & Wakefield represented Aptalis in the transaction. The landlord, SJP Properties, was represented in-house by Peter Bronsnick.
Rhode Island is the smallest state in the United States in terms of geographic area. With a population of 1.05 million, it is the eighth least populous state; however, its small geographic area makes it the second most densely populated of all 50 states. This density of population is attractive to retailers looking to expand in The Ocean State. The city of Providence is the only major urban center in Rhode Island. As such, it serves as the cultural and economic hub of the state. Providence Place Mall, one of the most successful urban regional malls in the country, continues to serve as a strong anchor to the downtown area, bringing suburban customers in to the city of Providence to shop and eat at one-of-a-kind retailers and restaurants in the state, including Nordstrom, Cheesecake Factory, Dave & Busters, and Apple. Other than Providence Place, retail activity in the downtown market has been primarily focused on chain restaurants, such as Ruth’s Chris, The Capital Grille and McCormick & Schmick’s, continuing their presence and new local operators opening in the areas adjacent to the downtown core such as Federal Hill (Providence’s “Little Italy”) or along Thayer Street, which is the hub of …
SHREWBURY, MASS. — DSN Realty Trust has acquired an 18,587-square-foot medical office building at 604 Main St. in Shrewbury for $4.5 million. The property is occupied by two tenants: UMass Memorial Medical Center and Child Health Associates. Craig Johnson of R.W. Holmes Realty procured the buyer in the transaction. John Eysenbach of R.W. Holmes represented the seller, RPI Shewbury Main Realty LLC.
BETHLEHEM, PA. — Salmanson Capital has acquired an off-campus student housing portfolio adjacent to Lehigh University in Bethlehem for $15.2 million. The company purchased the 50-building portfolio in an off-market transaction. The sale includes a mix of apartment buildings and townhouses totaling 108 units, with 394 beds, which are within blocks of campus. The seller was a local owner. The new owner plans to rebrand the buildings as Campus Hill Apartments and will begin a $2 million improvement plan to complete kitchen and bathroom renovations in all of the units.
JERICHO, N.Y. — NorthMarq Capital has arranged a $2.1 million loan for the refinancing of Jericho Crest, a 16,260-square-foot strip center at 6333 Jericho Turnpike in Commack. Charles Cotsalas arranged the 10-year loan, which contains a 25-year amortization schedule, through an undisclosed life company. Jericho Crest Corp. was the borrower.
BEDFORD, MASS. — Jones Lang LaSalle Construction has been awarded the contract to provide construction management and general contracting for Enegris Corp.'s i2M Center for Advanced Materials Science at 9 Crosby Drive in Bedford. Entegris, which makes products for the semiconductor and microelectronics industries, announced in April that it planned to customize the existing, 80,000-square-foot building at 9 Crosby Drive to include clean rooms, large manufacturing areas and waste-treatment systems. The company said the renovation would require a $50 million investment.
