WEST LEBANON, N.H. — The Boston office of NorthMarq Capital has arranged $7.49 million in permanent financing for Kmart Plaza in West Lebanon. The 178,997-square-foot shopping center is located along Route 12A. Its anchors include Kmart, TJ Maxx and Jo Ann Fabrics. NorthMarq arranged the loan on behalf of the borrower, Windalier West Lebanon LLC, through People’s United Bank. Terms of the loan were not disclosed.
PITTSBURGH — McKnight Realty Partners and Trammell Crow Co. have signed an agreement to purchase a 17-acre land parcel within Pittsburgh's Cranberry Woods Office Park. The partnership plans to develop a four-story, 185,000-square-foot, speculative office building on the site, which is at 400 Cranberry Woods Drive. McKnight will own the property upon completion, and both companies will co-develop it. CB Richard Ellis is currently marketing the project for pre-leasing. Completion is slated for the second quarter of 2012.
NEW YORK CITY — Walker & Dunlop has secured $28.8 million for the refinancing of a Manhattan apartment tower. The York Apartments is located at 488 7th Avenue. It contains 108 studio, one- and two-bedroom units as well as four ground-floor retail spaces. The building was recently renovated and was 98 percent occupied at the time of closing. Drew Anderman of Walker & Dunlop led the team that arranged the financing for the borrower, 488 Seventh LLC. The loan carries a 10-year term with 2 years interest only, a 30-year amortization schedule, a 56.6 percent loan-to-value ratio and a 1.25x debt-service coverage ratio.
NEW ROCHELLE, N.Y. — Chatham Lodging Trust has agreed to acquire the Residence Inn by Marriott – New Rochelle for $21 million. The 10-story, 124-suite hotel is located at 35 LeCount Place in New Rochelle. It features a fitness center, a swimming pool and a parking garage. Upon completion of the deal, the hotel will be managed by Chatham affiliate Island Hospitality Management. This transaction represents the 12th property property acquired or put under contract by Chatham since its April initial public offering.
NEW YORK CITY — Construction has topped out for 440 West 42nd Street, an $800 million mixed-use project under development in Manhattan. The 60-story complex will contain 800 rental and for-sale residences, including 163 affordable units; Manhattan's first Yotel-branded hotel; and Signature Center, a performing arts theater complex. The project is applying for LEED-Silver certification. Related Cos. is the project's owner/developer and Tishman Construction Corp. is the construction manager.
HARRISBURG, PA. — The Kislak Company has completed the sale of River Plaza Apartments in downtown Harrisburg for $8.4 million. The 14-story building contains 269 residences and two commercial spaces. It was built in 1956. Occupancy was 92 percent at the time of closing. The mortgage for the property had gone into default, so Kislak negotiated the sale of the first mortgage and the transfer of the deed from the tenants-in-common sellers to the the new owner. Kislak's Robert Holland and Joni Sweetwood represented both parties in the deal.
PARSIPPANY, N.J. — Watson Pharmaceuticals has signed a lease for 147,000 square feet at Morris Corporate Center III in Parsippany. The space, which is located within the Morris Corporate Center office park at 400 Interpace Parkway, will serve as the company's administrative headquarters. The Jones Lang LaSalle team of Susan Mason, Ken Flynn and Fred Hyatt represented the tenant in lease negotiations. The landlord, TIAA-CREF, was represented by the Cushman & Wakefield team of John Minervini, Tom Giannone, Mitti Liebersohn, Bill Brown and Josh Cohen.
CLARION, PA. — Holliday Fenoglio Fowler (HFF) has arranged a $5.4 million loan for the refinancing of a student housing community serving students of Clarion University. Campus Habitat 8 Apartments is located adjacent to the school's campus at 990 E. Main St. It comprises two buildings containing 70 residences. There are 15 studios, 25 one-bedroom and 30 two-bedroom units, which average 466 square feet. The property is almost fully occupied. The loan, which was provided by Farmers & Merchants Bank of Western PA, carries a 10-year term and a fixed interest rate. Proceeds were used by the borrower, Campus Habitat, the repay the property's original acquisition and renovation financing. Dave Keller of HFF's Indianapolis office arranged the transaction.
NEW YORK CITY — Construction is complete for Castle Gardens, a new affordable housing project in Harlem. The building contains 114 residential units, including 50 supportive studio apartments and 13 units set aside for formerly homeless people and those recently released from incarceration. The building is located at 625 W. 140th St., adjacent to the non-profit Fortune Academy, which provides transitional housing for formerly incarcerated homeless people. The Fortune Society co-developed the project with Jonathan Rose Cos. as a way to provide permanent housing to complement its transitional housing. Castle Gardens is applying for LEED-Gold certification. Its sustainable features include a green roof with a rainwater harvesting system, aluminum solar shades on the south façade and VOC-free interior materials. The general contractor for the project was Lettire Construction Corp.
PITTSBURGH — CBL & Associates has commenced Phase II construction for Settlers Ridge, a 500,000-square-foot, open-air shopping center located in Pittsburgh. Under construction is 78,000 square feet, which will include anchors Ross Dress for Less and Michaels as well as a junior anchor space and 18,000 square feet of additional small-shop and retail space. Completion is expected in spring 2011.