PHILADELPHIA — Ensemble Hotel Partners has reached an agreement with Liberty Property/Synterra and the Philadelphia Industrial Development Corp. to develop a 168-room hotel at the Philadelphia Navy Yard. The Courtyard by Marriott in the Navy Yard Corporate Center will be developed and owned by Ensemble Hotel Partners in conjunction with Louis Cicalese and managed by Marriott Corp. Ensemble is planning to break ground in the spring of 2012 and be complete in spring of 2013.
EAST FISHKILL, N.Y. — China-based Linuo Power Group has acquired a former IBM facility, an approximately 1 million-square-foot office complex known as Hudson Technology Campus, located in East Fishkill, for $4.5 million. Gerard Hallock and Stephen Westerberg of Colliers International's Stamford, Conn., office and Prudential Serls Prime Properties Commercial represented the undisclosed seller.
PIERMONT, N.Y. — Washington, D.C.-based Love Funding has provided a $19.5 million loan refinancing for the 106-unit The Overlook at Piermont in Piermont. Artin Anvar of Love Funding arranged the loan through the HUD's 223(f) program with a 35-year term on behalf of the sponsor, Redbrick Partners.
NEW YORK CITY — New York City-based Massey Knakal has brokered the $1.6 million sale of a three-story, 2,667-square-foot mixed-use building, located at 274 Court St. in Brooklyn. The property includes retail space on the ground floor with two apartments above. Ken Freeman of Massey Knakal was the sole broker of the transaction.
WILMINGTON, DEL. — Driftwood Hospitality Management has purchased the 217-room Doubletree by Hilton Downtown Wilmington Legal District, located at 700 N. King St. in Wilmington, for $12 million. The purchase was part of a joint venture agreement between Driftwood and AGRE U.S. Real Estate Fund.
PARSIPPANY, N.J. — CBRE arranged $10 million in financing for Jeffroad Green, a partnership between Prism Capital Partners and Greenfield Partners, for the acquisition and renovation of a 178,346-square-foot office building, located at 399 Jefferson Rd. in Parsippany. James Gunning and Donna Falzarano of CBRE's Saddle Brook, N.J., office arranged the financing with a 3-year term through a local commercial bank. The property is currently 46 percent leased to tenants such as Pinnacle Foods, which recently expanded its lease agreement by 11,000 square feet.
NEW YORK CITY — Manhattan-based Hudson Realty Capital has funded $8 million in note acquisition financing secured by the debt on four industrial buildings in Brooklyn. The properties total 64,875 square feet, and the loan has a 36-month term.
WEST CHESTER, PA. — West Chester-based Swope Lees has brokered the sale of a 40,000-square-foot flex building, located at 917 Old Fern Hill Rd. in West Chester. Jim Lees and Chuck Swope of Swope Lees represented the seller, Fern Hill Associates, in the transaction. The buyer, Fernhill Business Center, is planning on leasing the property to Wiggins Shredding. The property is currently 75 percent leased.
NEW YORK CITY — A joint venture between Savanna and the Feil Organization, both based in New York City, has acquired the 375,000-square-foot 21 Penn Plaza, a 17-story office building located at the southeast corner of West 31st Street and Ninth Avenue in New York City. The joint venture has retained Brian Feil and David Turino of Jeffrey Management Corp., an affiliate of the Feil Organization, as the property manager and leasing agent. The property is currently 95 percent leased to tenants such as Saks & Co., Central Parking, Langan Engineering and Joseph Loring & Associates. The seller was a joint venture led by GHG Realty.
EWING, N.J. — The Opus Group has broken ground on a new 250,000-square-foot corporate campus for Church & Dwight Co.'s headquarters. The Opus Group is designing and building the campus, and SunTrust Bank is funding the development. An investment group led by Founders Properties will own the property under a long-term lease with Church & Dwight Co. The corporate campus consists of two 125,000-square-foot buildings, which will be connected. Construction is slated for a late 2012 completion.