NEW YORK CITY AND TRUMBULL, CONN. — NorthMarq Capital has arranged two loans for a total of $24.1 million. First, Frank Relihan of the company's Washington, D.C., office arranged $12.3 million in Fannie Mae DUS funding for Winston Churchill Cooperative, a 340-unit multifamily community located at 2500 Johnson Ave. in the Bronx. In the second transaction, Ernest DesRochers of NorthMarq's New York Metro office arranged an $11.8 million loan through People's United Bank for an 80,000-square-foot medical office condominium located at 5520 Park Ave. in Trumbull. The borrowers in both deals were not disclosed.
NEW YORK CITY — Marcus & Millichap has brokered the sale of a 2,800-square-foot mixed-use property located at 45 Canal St. in New York City for $2.35 million. Peter Von Der Ahe, Christopher Sjurset and Matthew Fotis, all of the firm's Manhattan office, represented the seller, a private investor. The buyer was also undisclosed.
NEW YORK CITY — A joint venture between Hacienda International Realty and Metroloft Management has plans to convert an office building located in Downtown Manhattan into a residential apartment building. The property is a 25-story, 377,000-square-foot tower located at 116 John St. The joint venture has already vacated 280,000 square feet of the building, which will comprise the first phase of the conversion. When the phase is complete in late 2012, the building will contain more than 400 units. The Eastern Consolidated team of Stuart Gross and Azita Aghravi helped arranged the joint venture transaction between the two owners.
NEW YORK CITY — Blackstone Real Estate Advisors has procured a $138 million loan for the acquisition of a Class A industrial portfolio. The portfolio consists of 17 bulk distribution buildings located across the Eastern U.S. totaling 4.4 million square feet. ING Real Estate Finance helped secure the funds and committed $69 million as joint lead arranger. It partnered with Canadian Imperial Bank of Commerce for the funding.
MILFORD, CONN., AND ROBINSON TOWNSHIP, PA. — A joint venture between O'Connor Capital Partners and Wafra Investment Advisory Group has teamed up with The Wilder Companies to acquire two shopping center properties in Connecticut and Pennsylvania. The first property is Milford Marketplace, a 122,000-square-foot, open-air center located in Milford. Completed in 2007, the center is anchored by Whole Foods Market. In the second deal, the partnership purchased an ownership interest in Phase I of Settlers Ridge in the Pittsburgh suburb of Robinson Township. Phase I comprises 400,000 square feet of space anchored by Giant Eagle Market District, REI, LA Fitness, Barnes & Noble and a 16-screen Cinemark theater. It opened in 2009. Both centers were developed and were previously managed by CBL Properties. Wilder will assume management and leasing responsibilities going forward.
SUMMIT, N.J. — A partnership between local developer Mark Yeager and Normandy Real Estate Partners has announced plans to redevelop the former Summit Medical Building into a Class A office building. The four-story, 40,000-square-foot building will be renamed Summit Executive Center. It will be redeveloped to LEED standards. Plans also call for a 25,000-square-foot addition to the building. Construction will begin in April and be complete by late spring 2012.
BOSTON — Cushman & Wakefield (C&W) has brokered the sale of a 32-unit apartment property located at 31-35 South St. in Boston for $7.8 million. J&W South Street LLC purchased the property from The Mount Vernon Company. The deal included the assumption of Fannie Mae debt. The C&W team of Simon Butler, Biria St. John, and Michael Byrne represented the seller and procured the buyer.
NEW YORK CITY — A joint venture between The Blackstone Group and Square Mile Capital Management has acquired a portfolio of hotel loans from the Federal Deposit Insurance Corporation (FDIC). The portfolio consists of the first mortgages for 45 full-, select- and limited-service hotels. The loans, most of which are performing, carry a face value of $385 million. The previous noteholder, Silverton Bank, was closed by the FDIC in 2009. The acquisition amount was not disclosed.
NEWARK, DEL. —Fashion retailer Nordstrom has opened its first Delaware location. The two-level, 120,000-square-foot store is located within Christiana Mall in Newark. Nordstrom currently operates 210 stores in 29 states.
SAUGUS, MASS. — Shops at Saugus, a new 87,500-square-foot neighborhood shopping center located in Saugus, has opened. Anchors at the property include Trader Joe's, PetSmart and La Z Boy Furniture Galleries. Additional tenants include Starbucks and Qdoba. The center also contains 30,000 square feet of inline retail space. Regency Centers owns the center. New York City-based CREATE Architecture Planning & Design was the project architect.