NEW YORK — Investcorp's real estate arm based in the U.S. has purchased mezzanine debt supported by the 20-story Paramount Hotel in New York City's Time Square. Investcorp bought two existing loans of the mezzanine with a principal balance of $40 million from Fillmore Capital Partners, which was the existing lender for the Paramount at the time of RFR's purchase of the hotel. Highgate Holdings, a national hotel manager, will continue to operate the Paramount on behalf of new ownership.
NORTHPORT, N.Y. — Stalco Construction has broken ground on a $1.8 million renovation of First Presbyterian Church of Northport, located at 330 Main St. in Northport, N.Y. In addition to renovation of the church's structure, crews will also construct a new, 9,000-square-foot community services and office center. Baldassano Architecture designed the renovations and Stalco is the construction manager for the project.
NEW LONDON, N.H. —CBRE's National Retail Investment Group has arranged the sale of New London Shopping Center, a 107,301-square-foot, supermarket-anchored shopping center in New London, N.H. for $15.7 million. Chris Angelone, Bill Moylan, Jim Koury, Nat Heald and Josh Klimkiewicz of CBRE's Boston office represented the seller, Kimco Realty Corp. in the transaction. They also procured the buyer, CrossPoint Associates.
BROOKLYN — GFI Realty Services Inc. has completed the $22 million sale of 3101 and 3115 Ave. in Brooklyn. The apartment buildings include a total of 154 units. GFI Realty Services brokered both sides of the transaction. Yanni Simantov represented the seller, Elias Mallouk Realty and Josh Orlander represented the buyer, the Parkoff Organization.
SHELTON, CONN. — Gexpro, an electrical product distributor, has signed a lease for 30,132 square feet at 1000 Bridgeport Ave. in Shelton. Kevin Foley and Torey Walsh of Cushman & Wakefield represented the building owner, 1000 Bridgeport Associates LLC, a joint venture of Abbey Road Advisors, Westport and The Praedium Group, in the transaction. Peter Buckey and Andy Arrick of Cassidy Turley represented the tenant.
COPIAGUE, N.Y. — AMVETS National Service Foundation, a veteran service organization, has signed a lease for a 19,300-square-foot store in Copiague. Sabre Real Estate Group's Beth Lamport and Breslin Realty Development Corp.'s Russ Lico represented AMVETs in the deal. Schuckman Realty represented the landlord, Royal Sunrise Realty. AMVETs plans to open a thrift store.
PORTLAND, MAINE — Dollar Tree has opened an 11,002-square-foot store at Pine Tree Shopping Center, located at the southeast corner of Interstate 95 and Brighton Avenue in Portland, Maine. John Wise of Real State Advisors represented Dollar Tree. Brixmor is the owner of Pine Tree Shopping Center and was represented by Charles Davis with Brixmor.
NEWPORT, DEL. —TotalTrax Inc., a newly formed technology logistics company, has leased 15,000 square feet of warehouse space at Newport Industrial Park, located at 500 Water St. in Newport. Landlord Harvey, Hanna & Associates is renovating the building and a warehouse expansion to 31,200 square feet on the site is planned for 2012.
NEW YORK — Beech Street Capital has provided $24 million in Fannie Mae loans to refinance a 68-unit apartment building in the West Village of New York City. Cary Pollack of Meridian Capital Group LLC originated the transaction, which was financed by Beech Street Capital. The 10-year loan has a 30-year amortization schedule.
MANHATTAN — American Realty Capital Recovery REIT Inc. has acquired a fee-simple interest in a portfolio of four retail condominiums, located at 416-424 Washington St. in Manhattan for about $9.8 million. The portfolio contains 24,000 square feet, including a 15,000 square feet in a parking garage. The portfolio is fully leased.