NEW YORK CITY — Meridian Capital Group has secured a $7.1 million mortgage to refinance a mixed-use property located at 344-348 West 38th St. in Manhattan. The five-year loan was secured through a local savings bank. Judah Hammer of the New York City office negotiated the financing.
Northeast
MELVILLE, N.Y. — Cushman & Wakefield Sonnenblick Goldman has arranged the sale of the 304-room Hilton Long Island/Huntington, located at 598 Broad Hollow Road in Melville, to a joint venture between The Dow Hotel Company and Prudential Insurance Company of America. The hotel will undergo a $15 million renovation, which will include upgraded hotel rooms, corridors, public spaces, HVAC, parking and landscaping. Cushman & Wakefield Sonnenblick Goldman's New York office represented the seller, Melville Hotel Owner 2010.
LYNNFIELD, MASS. — Three tenants have sign leases at MarketStreet Lynnfield, the mixed-use project currently under development by WS Development and National Development. Whole Foods signed a 45,000-square-foot lease, Kings signed a 21,000-square-foot lease and Legal C Bar signed a 7,100-square-foot lease. Upon completion, MarketStreet will contain 395,000 square feet of retail and restaurant space, 80,000 square feet of office space, 180 apartments and a King Rail Reserve golf course. Infrastructure work is currently taking place with full construction scheduled to begin in early 2012.
NEW YORK CITY — Continental Casualty Corp. has signed a 19-year, 81,296-square-foot lease at 125 Broad St. in Manhattan. Alan Grossman of ARG Realty Consultants and Stephen Siegel, Bruce Surry and Christopher Mansfield of CB Richard Ellis' New York City office represented the tenant. Mark Ravesloot, Peter Turchin and Gerry Miovski, also of CBRE's New York City office, represented the landlord, Mack-Cali.
WALLINGFORD, CT. — Burns & McDonnell has signed a lease for 27,635 square feet of space at the 305,000-square-foot Campus at Greenhill, located at 108 Leigus Rd. in Wallingford. Burns & McDonnell expects to relocate from its existing Wallingford facility on Thorpe Avenue in September into the new space, which will include a training room, auditorium, conference rooms, a library and areas for Engineering, Project Management and Operations staff. Cushman & Wakefield represented the landlord in the lease transaction.
NEW YORK CITY — Atlanta-based Hodges Ward Elliott (HWE) has represented IFA Hotel Investments (IFA) in the capitalization of the 669-room YOTEL Hotel, located at the intersection of 42nd and 10th in New York City. YOTEL is part of a new billion dollar mixed-use development by Related Companies. The hotel was sold to IFA on a turnkey basis upon completion, which was scheduled from the beginning of the development. Amenities include a restaurant, several bars and lounges, a 5,000-square-foot outdoor terrace, event space and exercise room. HWE sourced $240 million of senior, mezzanine and preferred equity financing, which IFA used to retire the construction loan and acquire YOTEL.
LEXINGTON, MASS. — Cushman & Wakefield has brokered the $10 million sale of the 48-unit Battle Green Apartments in Lexington. Simon Butler, Biria St. John, Michael Byrne and John McLaughlin of Cushman & Wakefield Capital Markets' Boston office represented the seller, Battle Green Apartments Trust, Curtis R. Kemeny, Trustee, an affiliate of Boston Residential Group, and procured the buyer, Hamilton Battle Green Apartments, an affiliate of Boston-based The Hamilton Company.
BURLINGTON, VT. — Redstone has broken ground on the 143-unit Redstone Lofts, an independent on-campus student apartment project for juniors, seniors and graduate students at the University of Vermont. Redstone was awarded rights to develop and manage the project in spring of 2010, and completion is scheduled for the summer of 2012. The development will also feature study rooms, a media center, fitness facilities, game room and outdoor gathering space.
JERSEY CITY, N.J. — Hackensack, N.J.-based NAI James E. Hanson has brokered the sale of a mixed-use portfolio, located at 340-342 Seventh Street in Jersey City. The portfolio included two apartment buildings, totaling seven apartments, two stores and six garages. Enn Kunnapas represented the seller, a private family, and procured the buyer, an out-of-town owner/operator who plans to convert the two existing stores into a restaurant.
NEW YORK CITY — Norwalk, Conn.-based HEI Hotels & Resorts has sold the 174-room Algonquin Hotel, located at 59 West 44th St. in New York City, in a direct sale for an undisclosed price. HEI will continue to operate the hotel on behalf of its new owner.