PHILADELPHIA — American Real Estate Capital has closed on a 10-year, $16 million loan for the refinancing of Convention Center Parking Garage in Philadelphia. The 306,377-square-foot property is a five-story parking garage with 12,286 square feet of ground-floor retail space. The parking garage is situated beneath a 279-room Hilton Garden Inn.
NEW YORK CITY — Ariel Property Advisors has arranged the $2.1 million sale of two Central Harlem development sites. The first sale was at 56-58 W. 129th St., which sold for $1.57 million. The seller was an institutional investor and the buyer plans to build condominiums. The second property was 42 E. 132nd St., a 27-foot-wide lot located between Park and Madison avenues. The seller was a private investor and the buyer plans to build affordable housing. In both deals, Michael Tortorici, Shimon Shkury and Victor Sozio of Ariel Property Advisors represented the buyer and the seller.
NEW YORK CITY — A mixed-use building at 195 Smith St., located between Warren and Baltic streets in Brooklyn, has sold for $1.6 million. The three-story property is 3,532 square feet, with one vacant retail unit on the ground floor and two apartments above. Kenneth Freeman of the New York office of Massey Knackal Realty Services represented the undisclosed seller in the transaction.
NEW YORK CITY — Ed Graf of Houlihan-Parnes Realtors has arranged a $1.5 million loan for the first mortgage refinancing of a 42-unit apartment building, located at 3033 Godwin Terrace in the Bronx. The 7-year loan includes a fixed interest rate of 4 percent for the life of the loan and has a 30-year amortization schedule.
In this sluggish real estate market, how is it possible that two major mixed-use projects are under construction? With redevelopment all but halted elsewhere, New Brunswick keeps pushing forward with new opportunities for change for the better. With the assistance of state and federal tax programs through the Urban Transit Tax Credit Program and New Market Tax Credit, projects are becoming a reality. These projects include the Gateway Transit Village and New Brunswick Wellness Plaza which are located within one city block of the New Brunswick Train station. Gateway Transit Village In early 2009, Gateway was the first project to be designated as eligible for the new Urban Transit Hub Tax Credit Program. Under the program, credits are issued against income taxes that would be owed by businesses locating within newly built offices within a mile of a transit center; the credits can then be used to attract tenants, or else be sold as commodities. Fast forward to April 8, 2011 —when Gateway held its topping off ceremony. The Gateway Transit Village, as its name spells out, will serve as a gateway between downtown New Brunswick and Rutgers University. College Avenue, the central spine of the campus will be directly …
LAWRENCEVILLE, N.J. —Beech Street Capital has provided a $27.7 million Freddie Mac loan to refinance Steward's Crossing Apartments, a 240-unit apartment complex in Lawrenceville. The property is owned by Merion Realty Partners. The seven-year loan has an initial three-year interest-only period, followed by a 30-year amortization schedule. Jim Bologno of the New York office of Meridian Capital Group originated the loan.
NEW YORK CITY —DoubleTree by Hilton has opened its fifth New York City area hotel in Manhattan. Formerly a Wyndham Garden Hotel, the new 224-room DoubleTree By Hilton New York-Times Square South is situated on 36th Street between Eighth and Ninth avenues. The hotel includes 1,600 square feet of conference space, a fitness facility and wireless Internet access. Additionally, the hotel features a 24-hour self-service business center and complimentary printing service.
BLOOMFIELD, N.J. — Marcus & Millichap has arranged the $2.7 million sale of a 37-unit apartment property in Bloomfield. The property is located at 355 Belleville Ave. and includes seven ground-floor retail stores. Christopher Rizzolo of Marcus & Millichap's New Jersey office represented the seller, a local management group. He also represented the purchaser, a 1031 exchange buyer from Los Angeles.
NEW YORK CITY — Massey Knackal Capital Services has closed a $1.8 million loan for a mixed-use property in Brooklyn's Greenpoint neighborhood. The property consists of seven residential units and one commercial unit. The 7-year, fixed-rate loan was executed through Fannie Mae at an interest rate of 4.4 percent. The borrower is a partnership of attorneys.
NEW YORK CITY — In a joint venture, FelCor Lodging Trust purchased the Knickerbocker Hotel in Manhattan for $115 million. The property at Broadway and 42nd Street was purchased in a partnership with an affiliate of Highgate Holdings LLC. The hotel is FelCor's third New York property, and its redevelopment will be completed in late 2013. The hotel will include 330 guest rooms, a rooftop sky bar overlooking Times Square and a fitness facility. FelCor also announced it is marketing 16 hotels and plans to use the money from the sales to reduce debt.