WAYNESBURG, PA. –– Love Funding has closed a $5.44 million loan for Rolling Meadows, a 63-room nursing facility in Waynesburg. Bruce Gerhart of Love Funding’s Cleveland office secured the 30-year loan through the Federal Housing Administration’s 232/223(f) loan insurance program.
WILMINGTON, DEL. –– Saladworks has signed an agreement with franchisee Joe Mignone to open his third franchise in Delaware. This Wilmington location is expected to open this fall, which will expand Saladworks’ presence in Delaware to five restaurants. Saladworks operates more than 100 franchise locations in 12 states.
TRENTON, N.J. –– CB Richard Ellis has completed the sale of a 10,000-square-foot free-standing retail property at 1242 Hamilton Ave in Trenton. Charles Berger of CBRE New Jersey’s Private Capital Group, and Eli Klapper and David Gross of CBRE’s Outer Borough Long Island Office represented the seller and procured the buyer in the net-lease-sale transaction. Dollar General has leased 100 percent of the property.
NEW YORK CITY –– Meridian Capital Group has negotiated a $10.6 million senior mortgage on behalf of Park Avenue South LLC to refinance the acquisition of a multifamily loft building located at 220 Park Ave. South in NYC. The five-year financing features a fixed-rate of 4 percent and an allowance of $2.2 million in mezzanine financing. Allan Lieberman of Meridian negotiated the financing. The property is nine stories tall with 38 loft-style units, and 2,650 square feet of ground level and retail space. Japanese restaurant Haru occupies the retail space.
PERINTON, N.Y. –– NorthMarq Capital has arranged a $6.5 million mortgage for Basin Park, a 14,513-square-foot office property located at 1150-1160 Pittsford Victor Road. Michael James of NorthMarq’s upstate New York office arranged the financing through NorthMarq’s correspondent relationship with Sun Life Assurance Co. of Canada. Financing was based on a 10-year term with a 20-year amortization schedule.
NEWARK, N.J. –– Newark Collegiate Academy, a 63,855-square-foot charter high school, has celebrated its topping out ceremony, which was hosted by Hollister Construction Services. The school is located at 18-36 Norfolk St. and will be operated by The Friends of TEAM Academy Charter Schools. The school will feature a four-story classroom building with a two-story gymnasium/auditorium/cafeteria area. The construction is set to be done in spring of 2012.
NEW LONDON, Conn. –– J & H Hospitality has purchased the Radisson Hotel in New London, Conn., and plans on converting the property to the Holiday Inn brand. J & H utilized SBA financing to complete the acquisition. David Mumford and Ed James of the Newport News, Va., office represented the seller, PNL I. The property has 120 rooms and is located in downtown New London.
STAMFORD, CONN. –– Starwood Hotels & Resorts Worldwide has opened its new flagship Sheraton hotel in downtown Stamford, Conn. The location recently underwent a multi-million dollar renovation, which has resulted in an updated lobby and guestrooms. There are 370 guestrooms in the Sheraton Stamford Hotel, located at 700 Main Street near a train station.
GLASTONBURY, CT. –– Waldemar Realty has purchased a 25,537-square-foot office building on 2.35 acres of land from Carl Foster, LLC. Waldemar Realty’s partners will occupy one-third of the building, which sits at 100 Western Blvd. in Glastonbury, CT. Sentry Commercial was the sole broker in the transaction.
NEW YORK CITY –– Stellar Management and Savanna Investment Management, owners of 2 Rector Street, have leased a 25,462-square-foot office through Cushman & Wakefield. Ithaka, a not-for-profit organization, will occupy the space, which spans the entire 18th floor and a portion of the 17th floor. Other tenants include Skanska and Bank of America Merrill Lynch.