TROY, N.Y., AND NEW BRITAIN, CONN. — NorthMarq Capital has arranged $4.9 million in first-mortgage financing for the Frear and Atrium Building, a 166,807-square-foot office building located in Troy. The loan carries a 5-year term, a 25-year amortization schedule and was provided by a federal credit union. Scott Devinney of NorthMarq's Upstate New York office arranged the loan on behalf of the borrower. In addition, NorthMarq arranged a $2 million second mortgage for Pebblebrook Apartments, a 486-unit multifamily community located at 46 Brittany Farms Rd. in New Britain. The loan carries a 8.75-year term with a 1-year fixed-to-float term and a 30-year amortization schedule. The borrower was Pebblebrook Apartments LLC and the lender was Freddie Mac. Robert Ranieri of NorthMarq's Capital Services Group East division arranged the loan.
MILFORD, MASS. — R.W. Holmes Realty Co. has completed the sale of a 53,400-square-foot industrial facility in Milford for $2.65 million. The building, which is located at 49 Maple St., contains R&D and light manufacturing space. The buyer, Milford LLC, plans to use the building for its operations. Arthur Amadei and John Eysenbach of R.W. Holmes represented the buyer. Jeff Hamilton of CB Richard Ellis / New England represented the undisclosed seller.
CHESTER, N.J. — NAI James E. Hanson has brokered the sale of Colonial Court, a four-building, 21,559-square-foot office park located at 407-425 Main St. in Chester. NAI's John Schilp represented the seller, Skylands Community Bank, and the buyer, DeSapio Properties. As part of the transaction, Skylands is leasing the 13,500-square-foot building located at 425 Main St. The acquisition price was not disclosed.
VOORHEES, N.J. — CB Richard Ellis (CBRE) Capital Markets has secured $12.6 million for the recapitalization of the Lowe's Home Improvement Warehouse located in Voorhees. The permanent loan is non recourse, self amortizing and carries a 5.47 percent interest rate. The lender is CTL Capital. The 168,382-square-foot Lowe's is located at 144 Route 73 North and is part of Cedar Hill Shopping Center. The property is subject to a ground lease. Enoch Lawrence and Rayna Karaivanov of CBRE Capital Markets arranged the transaction. The borrower's name was not disclosed.
NEW YORK CITY — Arbor Commercial Funding has arranged $8 million in Fannie Mae DUS funding for a 102-unit multifamily building located at 309 W. 57th St. in New York City. The loan carries a 5-year term, a 30-year amortization schedule and a 4.65 percent note rate. Alexander Kaushanksky of Arbor's New York City office originated the loan on behalf of the undisclosed borrower.
NEW YORK CITY — Broad Street Advisors has arranged a $30 million secured revolving line of credit for New York City-based American Realty Capital Trust. The facility has a 2-year term with a 1-year extension option. Rob Rizzi of Broad Street arranged the transaction.
SOMERSET, N.J. — Newmark Knight Frank has arranged the sale of Somerset Grove Corporate Center, a two-building, 430,000-square-foot office complex located in Somerset. The five-story complex is situated on 34 acres. It contains a two-story center atrium, a full-service cafeteria and a fitness center. AT&T was the previous tenant but has since vacated the property. A team of Newmark Knight Frank brokers led by Richard Madison and Matthew Schnurr sold the property as receiver on behalf of the lender, LNR New Jersey Partners. SHO International Corp. was the buyer and will be occupying approximately half of the property.
IRVINGTON, N.J. — NAI James E. Hanson has brokered the sale of Valley Mall Plaza, a 160,000-square-foot shopping center located in Irvington, for approximately $4.25 million. The property is situated on 11.52 acres at 468-480 Chancellor Ave. It formerly served as the flagship location for Valley Fair department store. The new owner, Valley Mall Plaza LLC, plans to subdivide the space and lease it to multiple tenants. Renovations will be complete by spring 2011. Thomas Ryan and Barry Cohorsky of NAI Hanson represented both parties in the buyer as well as the undisclosed, Columbus, Ohio-based seller.
NEW YORK CITY — Arbor Commercial Funding has originated a $23.76 million loan for Clinton Towers, a 455-unit apartment complex located in the Bronx. The loan carries a 10-year term, a 30-year amortization schedule and a 4.87 percent interest rate. The borrower, procured the acquisition financing to help complete a 1031 exchange. Stephen York of Arbor's New York City office originated the financing. Barry Lefkowitz, Nate Hyman and Ira Zlotowitz of Eastern Union Commercial helped arrange the deal.
NEW YORK CITY — Public television network WNET has signed a 15-year lease for 95,000 square feet at Worldwide Plaza in New York City. The tenant will occupy two full floors of the Times Square office building, which is located at 825 Eighth Ave. The network plans to move from its longtime address at 450 W. 33rd St. by the end of the year. Charles Borrok and Barry Zeller of Cushman & Wakefield represented the tenant in lease negotiations. Peter Duncan and Matthew Coudert of George Comfort & Sons provided in-house representation for the landlord, an investor group led by their company.