NEWARK, N.J. — TreeTop Development has purchased the 115-unit Aspen Stratford, a HUD subsidized rental community located at 19 and 29 Stratford Place in Newark. Andrew Daitch of Marcus & Millichap's Detroit office represented both parties in the transaction. TreeTop is planning to spend $1 million on renovating the building systems, common areas and unit interiors.
NEW YORK CITY — White Plains, N.Y.-based Houlihan-Parnes Realtors has provided $2.5 million in first mortgage financing for a 10,000-square-foot retail center, located at 172-178 Dyckman St. in Manhattan. The property features six stores. The loan has a 5-year term.
HILLSBOROUGH, N.J. — Five tenants have signed leases with the landlord, Larken Associates, for space in The Shoppes and Offices at Wood's Tavern, located at the intersection of Route 206 and Amwell Road in Hillsborough. Pizza Hut signed a 1,525-square-foot lease; Tchorz, Granite & Marble signed a 511-square-foot lease; Earthfruits Frozen Yogurt signed a 1,700-square-foot lease; Northeast Wealth Planners signed a 509-square-foot lease; and IT Media signed a 408-square-foot lease. Robert Marek of Raider Realty represented the landlord in the Pizza Hut transaction, Victor Kelly of Raider Realty represented the landlord in the Tchorz, Granite & Marble and Earthfruits Frozen Yogurt transactions and Stephanie Williams of Raider Realty represented the landlord in the Northeast Wealth Planners and IT Media transactions.
CAMBRIDGE, MASS. — Skanska USA Commercial Development has commenced construction on a $70 million laboratory and office building, located in Kendall Square at 150 Second St. in Cambridge. The property has been pre-certified for LEED Gold certification. Boston-based Elkus Manfredi designed the property, and Jones Lang LaSalle will be the leasing agent.
NEW YORK CITY — Izaki Group Investments USA has purchased a 165,000-square-foot office building, located at 93 Worth St. in New York City's Tribeca neighborhood, for $49.7 million from World Wide Holdings. Vincent Carregam Yoav Oelsner, Charles Kingsley and Jason Meister of Grubb & Ellis' New York City office represented the seller. Izaki is planning on repositioning the property to be a high-end residential condominium building with a fitness center, children's playroom and lounge.
NEW YORK CITY — Concern for Independent Living, a nonprofit supportive housing provider, has opened the 65-unit Rochester Avenue Apartments in the Crown Heights section of Brooklyn in New York City. The nonprofit repositioned the former St. Mary's Hospital facility to house the apartment community. The cost to redevelop the property was $24.56 million, and the property's financing included $10 million in federal low-income housing tax credits, a $13 million NYS Office of Mental Health grant, a $900,000 grant from the Federal Home Loan Bank of New York in partnership with Astoria Federal Savings, a $6.5 million Bank of America Merrill Lynch construction loan and $13 million in permanent financing from CPC.
WEST NEW YORK, N.J. — Love Funding has provided $54.4 million in refinancing for the 688-unit Parkview Towers, an apartment community in West New York. Laura Saull-Smith of Love Funding's Washington, D.C., office arranged the loan through HUD on behalf of the borrower, Parkview Towers LLC. The loan extends the property's contract for Section 8 status for 20 more years.
LOWER NAZARETH TOWNSHIP, PA. — Griffin Land & Nurseries has broken ground on the 531,000-square-foot Lehigh Valley Tradeport, a warehouse and distribution park located on Fritch Drive in Lower Nazareth Township. The park will feature a 228,000-square-foot warehouse building and a 303,000-square-foot distribution building. Bill Wolfe and Sean Bleiler of CB Richard Ellis' Lehigh Valley, Pa., office will lease the property. Completion is slated for spring 2012.
NEW BRUNSWICK, N.J. — WNC & Associates has provided $10 million in financing for the $103 million development of New Brunswick Wellness Plaza, a 1.6-acre retail development in downtown New Brunswick. The development will include a 49,000-square foot The Fresh Grocer, a 62,000-square-foot RWJ Fitness & Wellness Center and a 1,275-space parking structure. Financing was provided through Wells Fargo's New Market Tax Credit for the development. The development is part of an effort to rehabilitate New Brunswick, a city that the U.S. Department of Agriculture has deemed a a food desert. Ferren Urban Renewal Associates is the developer, which is partnership between New Brunswick Development Corp. and Pennrose Properties.
PITTSBURGH — Marcus & Millichap has facilitated the $2.85 million sale of a 5,104-square-foot IHOP, located at 4656 Browns Hill Rd. in Pittsburgh. Jamie Medress and Mark Ruble of Marcus & Millichap's Phoenix office represented the seller, a partnership. John Brigel of Marcus & Millichap's Tampa, Fla., office represented the buyer, a limited liability company.