BLUE BELL, PA. — PCCP, LLC has provided a $23.75 million loan to Bala Cynwyd, Pa.-based Keystone Property Group for the recapitalization of a 228,000-square-foot Class A office complex in Sentry Park West in Blue Bell. The office building sits on 16 acres at 1777 Sentry Pkwy. W. and includes five buildings: Gwynedd Hall, Dublin Hall, Abington Hall, Merion Towle and a branch of PNC Bank.
PHILADELPHIA — A joint venture between Philadelphia-based Resource Real Estate and a private hedge fund has purchased the whole mortgage loan of School Lane House Apartments, a 338,546-square-foot mixed-use property with 494 residential units and 12 retail units. The two-building, 11-story property is located at 5450 Wissahickon Ave. in Philadelphia’s East Falls area and includes a fitness center and parking garage. Mark Thomson and Zachary Pierce of Marcus & Millichap represented the seller, an East Coast commercial bank, and procured the joint venture.
NEW YORK CITY — Apple has leased 40,000 square feet of office space at 100-104 Fifth Ave. in Manhattan’s Union Square in New York City, which will serve as Apple’s first executive offices in Manhattan. The office property is a 17-story, 270,000-square-foot office building that houses tenants like Yelp, Interactive Partners and Net-A-Porter. The Kaufman Organization, in partnership with Invesco, owns the office building, which is going through a $9 million renovation to the lobby, elevators and building infrastructure. Grant Greenspan represented The Kaufman Organization in house, and Martin Horner of Jones Lang LaSalle represented Apple.
NEW YORK CITY — GFI Realty Services Inc. has brokered the $1.4 million sale of 1063 Eastern Parkway, a 16-apartment property in the Crown Heights section of Brooklyn in New York City. The four-story walkup apartments comprise 15,800 square feet. GFI’s Joseph Landau represented the buyer, and Shlomo Antebi of GFI represented the seller.
PHILADELPHIA — Philadelphia-based Hersha Hospitality Trust has definitively agreed to sell 18 properties to an affiliate of Starwood Capital Group for approximately $155 million, including outstanding mortgage debt. The 18 hotels yielded an approximate 8.4 percent cap rate. Upon the sale, Hersha plans to generate approximately $54 million in net proceeds, reduce its consolidated mortgage debt by approximately $61.5 million and reduce its unconsolidated mortgage debt by approximately $18.3 million. The deal is expected to close by the end of the year.
NEW YORK CITY — American Realty Capital Trust (ARCT) has established an interest-only, unsecured revolving credit facility with RBS Citizens Bank totaling $115 million. The facility can be increased to $250 million and has a 36-month term. ARCT will be able to draw funds from the facility for property acquisitions and to provide working capital. RBS Citizens Bank has committed to hold $50 million on its balance sheet and has syndicated the remaining $65 million to Goldman Sachs, which is ARCT’s financial advisor.
NEW ROCHELLE, N.Y. — Chatham Lodging Trust has completed the $15.8 million non-recourse first mortgage financing for the 124-room Residence Inn by Marriott in New Rochelle. Regions Bank provided the 10-year loan with a 5.75 percent fixed interest rate and a 25-year amortization schedule. Sonnenblick-Eichner Co. of Beverly Hills, Calif., arranged the financing with Regions. Proceeds from Chatham’s loan will go to repaying outstanding borrowings and general business purposes under Chatham’s secured revolving credit facility.
BILLERICA, MASS. — E Ink has signed a lease to occupy the entire 139,180-square-foot office flex building at 1000 Technology Park Dr. in Billerica. Colliers International’s Tad Lee and Christopher Lawrence represented E Ink, while Doug Fainelli and Jason Denoncourt represented the landlord, The Gutierrez Company, in house. The office building is a single story building in Concord Road Technology Park, which houses tenants such as GE Industrial Sensing, Inc., Raytheon Co., Avaya and Luminus Devices.
JERSEY CITY, N.J. — Gaia Real Estate Investments, in partnership with Israel-based Phoenix Insurance and Menora Mivtachim Insurance, has purchased 2 Journal Square Plaza, a nine-story, 325,000-square-foot Class A office building in Jersey City for $78 million. Hartz Mountain Industries, represented by Cushman & Wakefield’s David Bernhaut, Andrew Merin, Gary Gabriel and Jared Zimmel, sold the property, which features a four-level parking deck with 715 spaces. The building had been fully leased to Broadridge Financial Solutions since 1987, and Broadridge’s lease doesn’t expire until 2018. Gaia’s subsidiary, Vision Property Management, will assume management of 2 Journal Square Plaza.
NEW YORK CITY — A joint venture between The Albanese Organization and The Buccini/Polin Group of Washington, D.C., has purchased a parking lot at 312-318 W. 37th St. in Manhattan from the Wenner and Larkin families for $20.8 million. The joint venture is expected to construct a 300-room hotel on the site, which is in Manhattan’s Garment District. Eastern Consolidated’s David Schechtman represented the families and procured the buyers.