NEW BRUNSWICK — Rutgers University plans to launch a $295 million campus building project that includes an honors college, dorms and a new academic building at its College Avenue campus in New Brunswick. The university's Board of Governors and Board of Trustees agreed to allow officials to start formal negotiations with the New Brunswick Development Corp. The project would add 1,300 dormitory beds, a 150,000-square-foot academic building and a parking deck off George Street. If approved, the project is expected to be complete by 2016.
WESTCHESTER, N.Y. — NorthMarq has arranged $10.5 million in first mortgage financing for the 330-unit Saxony Towers in Jackson Heights. Financing was based on a 10-year term and a 30-year amortization schedule. Robert Ranieri and Craig Bjornsund of NorthMarq arranged the transaction for the borrower, Saxony Towers Realty Corp., through Freddie Mac.
PARSIPPANY, N.J. — Hollister Construction Services has completed a 55,000-square-foot, interior fit-out for Pinnacle Food Group at 399 Jefferson Road in Parsippany. The project included the construction of new office areas, a lobby and a food service area. Gensler served as the architect for the project. Pinnacle Foods is a producer, marketer and distributor of branded food products.
NEW YORK CITY — The New York City Department of Law has renewed its lease for 372,520 square feet of office space at 100 Church Street, the 1.05 million-square-foot building in Manhattan. The city's lease, which was set to expire in October 2013, will commence in November 2013 covering floors 2-6 and a portion of the building's concourse level. Additionally, building owner SL Green recently refinanced the property with a $230 million, 10-year loan bearing an interest rate of 4.6 percent. Wells Fargo Bank provided the financing, which the company says will be be used for general corporate purposes. Michael Geoghegan and John Morrill of CBRE represented the City of New York in the transaction. Peter Strauss and Christopher Smith of Shearman & Sterling represented SL Green.
NEW YORK CITY — 5 East 51st St. LLC has purchased a six-story mixed-use building, located across from New York City's St. Patrick's Cathedral on Fifth Ave., for $12.6 million. The 14,000-square-foot property includes 14 apartment units and 5,000 square feet of retail space. The sale also includes 21,000 square feet of air rights. Peter Carillo of Eastern Consolidated represented the seller in the transaction. He also produced the buyer.
NEW YORK CITY — City National Bank (CNB) has signed a 15-year lease for 45,000 square feet of retail and office space at 400 Park Ave. The property has served as the company’s New York headquarters since 2002, and CNB previously occupied 15,000 square feet. The building will house a new 5,400-square-foot, street-level banking center as well as expanded office space on the upper floors. Lynn Williams, Dale Schlather and Jeff Welch of Cushman & Wakefield represented CNB in the transaction. The building owner, Waterman Interests, was represented in-house.
WILMINGTON, MASS. — EA Fish Development has secured $22 million in financing to build Metro at Wilmington Station, a 108-unit apartment development in Wilmington. Tremont Realty Capital arranged the loan that was funded, in part, by an institutional equity investor and a local bank. The combination of debt and equity covered 98 percent of the total development costs.
NEW YORK CITY — Besen & Associates has arranged the $12 million sale of 172-174 Montague St., an 8,150-square-foot retail building in Brooklyn. Tenants include a Hallmark store and a pub, with leases expiring by July 2013. David Davidson and Lynda Blumberg of Besen & Associates represented the seller, a private investor who had at one time owned the Hallmark franchise in the building. The buyer was a local developer who plans to build on the site in the future.
BOSTON — Boston-based STAG Industrial has acquired a six-property industrial portfolio for $30.6 million. The buildings, which total more than 772,000 square feet, are located in Connecticut, Florida, North Carolina, South Carolina, New York and Texas. The properties include three warehouse and distribution facilities and three light manufacturing buildings and are fully leased to three tenants. The acquisition is the first transaction resulting from STAG's recent agreement with Columbus Nova Real Estate Acquisition Group to source sale-leaseback transactions for the company.
NEW LONDON, CONN. —Lawrence and Memorial Hospital in New London has purchased a 48,000-square-foot office building formerly occupied by Pfizer for $2.5 million. The building is located at 194 Howard St. and will be retrofitted to accommodate physicians who have been scattered throughout L&M's main campus. The renovations are expected to be complete in early 2014. Stephanie Pious of Colliers International represented Lawrence and Memorial Hospital in the transaction. Nicholas Morizio, also of Colliers, represented the seller, Amber Properties LLC.