LAWRENCEVILLE, N.J. —Beech Street Capital has provided a $27.7 million Freddie Mac loan to refinance Steward's Crossing Apartments, a 240-unit apartment complex in Lawrenceville. The property is owned by Merion Realty Partners. The seven-year loan has an initial three-year interest-only period, followed by a 30-year amortization schedule. Jim Bologno of the New York office of Meridian Capital Group originated the loan.
NEW YORK CITY —DoubleTree by Hilton has opened its fifth New York City area hotel in Manhattan. Formerly a Wyndham Garden Hotel, the new 224-room DoubleTree By Hilton New York-Times Square South is situated on 36th Street between Eighth and Ninth avenues. The hotel includes 1,600 square feet of conference space, a fitness facility and wireless Internet access. Additionally, the hotel features a 24-hour self-service business center and complimentary printing service.
BLOOMFIELD, N.J. — Marcus & Millichap has arranged the $2.7 million sale of a 37-unit apartment property in Bloomfield. The property is located at 355 Belleville Ave. and includes seven ground-floor retail stores. Christopher Rizzolo of Marcus & Millichap's New Jersey office represented the seller, a local management group. He also represented the purchaser, a 1031 exchange buyer from Los Angeles.
NEW YORK CITY — Massey Knackal Capital Services has closed a $1.8 million loan for a mixed-use property in Brooklyn's Greenpoint neighborhood. The property consists of seven residential units and one commercial unit. The 7-year, fixed-rate loan was executed through Fannie Mae at an interest rate of 4.4 percent. The borrower is a partnership of attorneys.
NEW YORK CITY — In a joint venture, FelCor Lodging Trust purchased the Knickerbocker Hotel in Manhattan for $115 million. The property at Broadway and 42nd Street was purchased in a partnership with an affiliate of Highgate Holdings LLC. The hotel is FelCor's third New York property, and its redevelopment will be completed in late 2013. The hotel will include 330 guest rooms, a rooftop sky bar overlooking Times Square and a fitness facility. FelCor also announced it is marketing 16 hotels and plans to use the money from the sales to reduce debt.
ENFIELD, CONN. — Diversified Information Technologies has acquired 180 Moody Rd. in Enfield for $2.2 million. The property consists of 166,000 square feet of industrial/warehouse space situated on 15 acres. Keith Kumnick and Stephanie Pious of Colliers International represented the seller, Mead Westvaco, in the transaction. Sean Duffy, Damon Bowers and Tim D'Addabbo of Cushman & Wakefield represented the buyer.
ATLANTIC CITY, N.J. — Brick-based Tryko Partners has acquired the Barclay Arms, a 75-unit affordable housing development at 814 N. Virginaia Ave., for a reported $5 million. Tryko purchased the apartment property from Max Gurwicz Enterprises in an off-market sale. The property is more than 90 percent occupied. Tryko intends to upgrade the property.
LEXINGTON, MASS. — Quanterix, a company focused on the generation of molecular diagnostic tests, has executed a new 19,802-square-foot lease in a recently renovated life science lab building at 113 Hartwell Ave. in Lexington. The company is expanding by 10,000 square feet from its current location at One Kendell Square in Cambridge. Occupancy is scheduled for this April. Tucker Hansen, Joe Flaherty and Ben Coffin of Colliers International represented Quanterix in the transaction. Tom Rango, Stephen Lynch and Leah Harsfield of King Street Properties represented the landlord.
NEW YORK CITY — Brooklyn Eagle, New York City's only daily newspaper devoted exclusively to the borough of Brooklyn, has signed two five-year leases totaling 10,000 square feet at 883 Third Ave. The paper, founded in 1841, is relocating and consolidating space from a number of offices including 30 Henry St. The landlord, Industry City Associates, will build out the unit to meet the paper's specifications. Brooklyn Eagle will use part of the space to place its archive online and another portion to house its editorial and sales departments.
NEW YORK CITY — Chesapeake Lodging Trust has agreed to acquire the 185-room Hyatt Place New York Midtown South in New York City, for $76.5 million. The hotel is currently under development at 52-54 W. 36th St. Chesapeake plans to close on its purchase following the completion of the hotel, which is slated for the third quarter. Additionally, the trust agreed to provide the seller $6.5 million in bridge financing for the development of the hotel.
