STAMFORD, CONN. — Edison, N.J.-based Mack-Cali Realty Corp. and Boston-based Winthrop Realty Trust have formed a joint venture to acquire a senior mezzanine loan position in a 1.7-million-square-foot Class A portfolio for $40 million. The multifamily portfolio is located in Stamford's central business district. The portfolio is secured by equity interests in a seven-building complex containing 1.67 million square feet of office space and 106 rental apartment units totaling 70,500 square feet.
NEW YORK CITY — Berkadia Commercial Mortgage has originated a $19.5 million mortgage loan through Fannie Mae to recapitalize an apartment property in Brooklyn. The 10-year, fixed-rate loan carries an interest rate of 4.18 percent. The 53,000-square-foot property is located at 475 Driggs Ave. and has been fully occupied since construction was completed in 2010. The building also includes 12,000 square feet of retail space on the ground floor. Stewart Campbell and Thomas Toland of Berkadia arranged the loan.
NEW YORK CITY — Fortuna Realty Group has sold a 57,000-square-foot mixed-use residential building in West Chelsea for $33.8 million. Azita Aghravi, Paul Nigido and Brian Ezratty of Eastern Conoslidated represented Fortuna in the transaction. The team also procured the buyer, who plans to rename the building Stonehenge 18 and update the apartments. The buyer also plans to reposition the building's retail component, which currently includes eight store fronts along Ninth Avenue. Built in 1939, the building is located at 364 W. 18th St. and consists of 64 apartments.
ROCKLEIGH, N.Y. — Spectra East has renewed and expanded its lease to 123,000 square feet at 8 King Rd. in Rockleigh. Spectra is a division of Fresenius Medical Care Holdings, an integrated dialysis company. Spectra, which uses the property as a testing facility, expanded its lease by 10,000 square feet. The building is owned by GHP Office Realty and a group of private investors.
NEW YORK CITY — Two Trees Management Co. has begun the first phase of a multimillion dollar renovation at 50 W. 23rd St. in Manhattan. The company purchased the 13-story office property for $130 million two years ago. Two Trees plans to modernize the lobby of the 106-year-old building by adding new lighting and re-cladding the walls and floor with a white fiberglass-reinforced concrete. Designed by Leeser Architecture, the restoration will also update the building's entrances, elevator cabs and facades. Tenants at the building include Yodle, an advertising company, and Stantec Consulting, an engineering firm. Completion of the interior is slated for this June, and exterior renovations are expected to be complete this November.
CLAYMONT, DEL. — Marcus & Millichap has arranged the $6.4 million sale of Water View Court Apartments, a 120-unit property located in Claymont. The apartments are located at 361 Harbor Dr., near the University of Delaware campus. Mark Thomson and Zachary Pierce of Marcus & Millichap's Philadelphia office represented the seller, a student housing REIT. They also procured the buyer, a private investor.
NEW YORK CITY — Hunter Trace 62-unit affordable housing complex has opened at 397-403 Howard Ave. in Brooklyn. The property was financed by the New Housing Marketplace Plan (NHMP). Launched by Michael Bloomberg in 2003, NHMP is a multibillion dollar initiative to finance 165,000 units of affordable housing for half a million New Yorkers by the end of 2014. The Lantern Group developed the $14 million Hunter Trace building, which includes on-site social services for formerly homeless adults.
BOSTON — A former Radisson hotel and adjoining playhouse in Boston's theater district will be reborn this spring as the Revere Hotel. The 365-room hotel will include more than 35,000 square feet of meeting space and the Emerald Lounge, an entertainment venue. The hotel is owned by Northwood Hospitality and will feature interiors designed by an in-house design team and BBGM Interiors. The hotel is slated to open this April.
STRATFORD, CONN. — Urstadt Biddle Properties has received $28 million in mortgage financing for the company's 271,000-square-foot shopping center in Stratford. The Dock Shopping Center is anchored by a 60,000-square-foot Super Stop and Shop. ING Life Insurance and Annuity Co. provided the 10-year loan, which has a 30-year amortization schedule.
WEST CHESTER, PA. — Marcus & Millichap Real Estate Investment Services has completed the $3.5 million sale of Northwyn Court Apartments, a 32-unit apartment property in West Chester. Northwyn is located at 803 E. Boot Rd. and includes one- and two-bedroom apartments. Mark Thomson and Zachary Pierce of Marcus & Millichap's Philadelphia office represented the buyer in the transaction.