FRAMINGHAM, MASS. — In a joint venture, Equity One Inc. and New York Common Retirement Fund have acquired Old Connecticut Path in Framingham, Mass. for $23.2 million. The 80,198-square-foot shopping center is anchored by a Stop & Shop. The property is located near the intersection of Old Connecticut Path and Route 30.
LIVINGSTON, N.J. —Livingston, N.J.-based Commercial Mortgage Capital (CMC) has closed two loans totaling $24 million. Provident Bank provided a $10.8 million loan for the Promendade in Summit, N.J., a mixed-use property with 15,700 square feet of retail space and 22 luxury apartments. CMC also arranged a $14 million self-liquidating loan for a 424-unit apartment complex in Morris County, N.J., through one of CMC's correspondent lenders.
NEW YORK CITY — A joint venture between developer Metro Loft and Eastbridge Sarl has closed on the acquisition of 70 Pine St. in Manhattan for about $200 million. Metro Loft plans to convert the 66-story Art Deco building into more than 700 luxury apartments, with a high-end hotel occupying the remaining area of the building. When completed in 2013, the tower will be one of the tallest residential buildings in New York City. Originally built for Cities Services Co., the building most recently served as the headquarters for American International Group.
LONG ISLAND CITY, N.Y. —Meridian Capital Group has negotiated a $16.5 million financing package to recapitalize a challenged condominium development project in Long Island City. An undisclosed local bank provided the 15-year, $14 million mortgage loan. In addition, a New York City-based hedge fund provided a $2.5 million mezzanine loan. Elliott Birnbaum of Meridian's New York City office negotiated the transactions. The six-story building, located on Vernon Boulevard, includes 64 apartments and 10,000 square feet of retail space.
NEW YORK CITY — Annapolis-based Chesapeake Lodging Trust has closed on its $52.2 million purchase of the newly developed 122-room Holiday Inn New York City Midtown on 31st Street in New York City. The REIT funded the acquisition through its revolving credit facility and entered into an agreement with Real Hospitality Group to manage the hotel. The 18-story hotel is located between 5th Avenue and Broadway.
NEW YORK CITY — Berkadia Commercial Mortgage closed on a $50 million mortgage loan for the refinancing of a 10-property multifamily portfolio in Manhattan. Stewart Campbell and Thomas Toland of Berkadia's New York office arranged the loan for the borrower, EGA 99 LLC, through Fannie Mae. The 10-year loan has a 30-year amortization schedule.
PHILADELPHIA — Philadelphia Media Network (PMN), owner and publisher of The Philadelphia Inquirer, Daily News and Philly.com, has leased 125,000 square feet of office space at 801 Market St. in Philadelphia. The building anchors the Gallery at Market East, both owned by Pennsylvania Real Estate Investment Trust. PMN is expected to move from 400 N. Broad St. to its new headquarters in the summer of 2012.
PITTSBURGH — Developers McCaffrey Interests and Pitt Ohio have broken ground on Lot 24, a 96-unit apartment residence in Pittsburgh. The four-story residential building was designed by Chicago-based Antunovich Associates and will be positioned on a former surface parking lot. Amenities will include a clubroom, a terrace with pool, and bicycle storage. Massaro Corp. is the general contractor for the project and Susan Caruso of IntraSpec Hospitality designed the interiors. The project is slated for completion in the fall of 2012.
ERIE, PA. — Cary, N.C.-based Lord Corp. has purchased a 1 million-square-foot manufacturing and distribution facility, located at 2455 Robinson Rd. W. in Erie, for $19 million. Lord Corp., a technology company that designs and manufactures devices to manage mechanical motion and control noise, plans to consolidate its Erie operations into the new facility. Jim Panczykowski of Binswanger's New Haven office represented the seller, Bush Industries, in the transaction.
ABINGTON, PA. — Marcus & Millichap has arranged the $1.95 million sale of Edgehill Apartments, a 32-unit apartment property in Abington. Clarke Talone, Andrew Townsend, Ridge MacLaren of the Philadephia office of Marcus & Milichap represented the seller, a local partnership. They also secured the buyer, a local management company.