NEW YORK CITY — NorthMarq Capital has arranged $2.5 million in first mortgage financing for a 38,998-square-foot, mixed-use property, located at 225 47th St. in New York City's Brooklyn neighborhood. Craig Bjornsund of NorthMarq's New York office arranged the financing with a 25-year term and a 25-year amortization schedule through StanCorp Mortgage Investors on behalf of the borrower, 225 47th Street Property, LLC. Pergolis Swartz Associates originated the loan.
QUINCY, MASS. — A joint venture between the City of Quincy, Street-Works Development and National Realty and Development Corp. (NRDC) will develop and lease approximately 400,000 feet of anchor retail space in the new Quincy Center, a $1.6 billion transit-oriented mixed-use development in downtown Quincy. The new retail space will be known as Market Center. NRDC is providing pre-development capital as part of the joint venture arrangement, and Street-Works will upgrade Quincy's infrastructure using private money. Quincy's investment of public funds occurs after the redevelopment produces new tax revenues.
NEW YORK CITY — New York City-based Savanna, an institutional real estate private equity and asset management firm, has acquired the 417,000-square-foot 80 Broad Street, a 36-story office building in Manhattan's Financial District. Savanna has received a $65.3 million loan from Mesa West Capital to recapitalize the building. Savanna will cease leasing the property until after capital improvements finish, with plans to reintroduce the building in the first quarter of 2012. Jonathan Estreich and Christopher Barnett of Estreich & Co., Inc. represented Savanna in the financing. The building was built in 1930 and designed by Sloan & Robertson. Swig Equities is planning the redevelopment, and Hal Stein, Adam Leshowitz and Todd Stracci of Newmark Knight Frank will handle the leasing.
ESSEX COUNTY, N.J. — Gebroe-Hammer Associates has arranged the sale of a combined 207 apartment units in Newark, Orange, Nutley and Irvington, N.J., totaling $11.63 million. David Oropeza and David Jarvis of Gebroe-Hammer brokered the $6.44 million sale of a 118-unit garden style complex in Newark; Oropeza brokered the $3.8 million sale of a 74-unit complex in Orange; Nicholas Nicolaou of Gebroe-Hammer represented the seller and procured the buyer for the $1.28 million sale of the two-story 10 Berton Place, a garden-style complex in Nutley; and Jarvis represented both the seller and buyer in the $115,000 sale of six units at 446-448 Nye Ave. in Irvington.
EGG HARBOR, N.J. — NorthMarq Capital has arranged $1.6 million in first mortgage financing for the 50,000-square-foot Tilton Times Plaza, a multi-tenant retail property in Egg Harbor. Pep Boys anchors the center. David Henrich of NorthMarq's Philadelphia office arranged the financing with a 10-year term and a 25-year amortization schedule through Symetra Life Insurance Co. on behalf of the borrower.
BERLIN, N.H. — Cate Street Capital Inc. and Starwood Energy Group Global have closed financing for a $275 million biomass power plant in Berlin. Equity financing for the plant was provided by Cate Street and Starwood, and Starwood also provided a portion of debt financing. Construction debt, which will be converted to term debt, is being provided through a $200 million private placement of senior secured notes. New York-based EA Markets, a financial advisor to Cate Street, is the co-placement agent of the senior secured notes. EA Markets was responsible for structuring and financing the project. The project also benefits from federal New Markets Tax Credits, a U.S. Treasury program to encourage investments for projects in locally distressed areas. Babcock & Wilson Construction Co. will construct the project, while a subsidiary of Delta Power Services, a B&W company, will provide operations and maintenance services. The project is slated to start generating power in late 2013.
NEW YORK CITY — An elevator loft building, located at 449 Washington St. in New York City's Tribeca neighborhood, has been sold for $6.9 million. The five-story property spans 8,200 square feet. James Nelson, Christopher Johnson and Nick Petkoff of Massey Knakal represented the seller, while Prudential Douglas Elliman represented the buyer, a residential condominium converter. The property features a conference room, hair and make-up room, full bathroom, TV lounge, kitchenette and DJ platform.
PORT CHESTER, N.Y. — GHP Office Realty has purchased 24 condominium units in the 39-unit Brookchester Court, located at 342 Westchester Ave. in Port Chester, for $3.1 million. Gene Pride and Christopher Leonard of CB Richard Ellis' New York office represented the seller, HSBC, and also procured the buyer.
CAMILLUS, N.Y. — NorthMarq Capital has arranged $7.5 million in first mortgage financing for the 85,000-square-foot Med Center West, a medical office building located at 5700 W. Genesee St. in Camillus. Michael James of NorthMarq's upstate New York office arranged the financing with a 7-year term and a 25-year amortization schedule through Rockville Bank.
BURLINGTON, VT. — Construction is under way for the 125-bedroom Hotel Vermont, located at 41 Cherry St. in Burlington. The structure was designed by Israel Smith of Burlington-based Smith Buckley Architects and Kim Deetjen of TruexCullins Interiors to achieve LEED certification. The hotel will include the Hen of the Wood Restaurant, the Juniper Lounge, an outdoor terrace and two water-view event rooms. NBT Bank and the U.S. Department of Agriculture have financed the hotel, which is slated for an April 2013 opening.
