STAMFORD, CONN. — Cushman & Wakefield Sonnenblick Goldman has arranged a $38 million permanent locan for 1600 Summer St., a 261,000-square-foot, Class A office tower located in Stamford. The loan carries a 15-year term and was provided by a life insurance company. The borrower was Benenson Capital Partners, which also developed the property in 1980 and has owned it continuously since then. The office building is fully leased to three tenants: General Electric, Philips Electronics and AON Corp.
PORTSMOUTH, N.H. — Minnesota-based Mercury Investment Co. has purchased the 125-room Hampton Inn Portsmouth for an undisclosed amount. North Carolina-based Concord Hospitality has been tapped to manage it. Hodges Ward Elliott represented the seller, Greenwich, Conn.-based MillRoc Portsmouth NH LLC.
NEWARK, N.J. — Deerwood Real Estate Capital has arranged a $50 million loan for the Centre Market building, a 380,000-square-foot office building located in Newark. The building, which has the Energy Star designation, is 90 percent leased to the federal government. The loan was arranged by Deerwood's Abe Katz and carries a 7-year term.
SOMERS, N.Y. — Pepsi Beverage Co., the bottling division of PepsiCo, has expanded its lease at One Pepsi Way in Somers by 180,000 square feet. The company will now occupy all of the nine-story, 540,000-square-foot office building. The CB Richard Ellis team of Paul Jacobs and Robert Caruso represented Pepsi in lease negotiations. Glenn Walsh and Arthur Mirante of Cushman & Wakefield partnered with Allen Wieder of Paul Weiss to represent the landlord, Murray Hill Properties.
NEW YORK CITY — Metropole Realty Advisors has secured $175 million for the refinance of 681 Fifth Avenue, a 17-story office tower located in Manhattan. The financing consists of a $150 million, fixed-rate, senior loan provided by Ladder Capital Finance and a $25 million mezzanine loan provided by Malkin Strategic Capital. Proceeds will be used to pay off existing debt and fund the completion of pre-built offices on some of the floors.
HAMBURG, PA. — The grand opening has been held for Tilden Ridge Shopping Center, a 400,000-square-foot regional retail property located in Hamburg. Anchors at the center include Walmart and Lowe's Home Improvement Warehouse. Occupancy was 98 percent at the grand opening. The property is located at the intersection of Routes 61 and 78, across the street from a 250,000-square-foot Cabela's. West Conshohocken, Pa.-based Ironwood Property Group developed the property, and Metro Commercial Real Estate is leasing it.
BENSALEM, PA. — New Jersey-based The Orbach Group has purchased Hamilton Court East, a 192-unit multifamily community located in Bensalem, for $15.5 million. The property comprises 15 two-story buildings containing one- and two-bedroom units. Rents range from $795 to $1,145. All of the units have been recently renovated or are set to undergo renovations in the coming weeks. The seller's name was not released.
NEW YORK CITY — Cronheim Mortgage has arranged a $21.9 million loan for a 120,000-square-foot medical office building located on 32nd Street, between 3rd and Lexington avenues, in New York City. The 12-story building is fully occupied; its main tenant is Ameripath, a division of Quest Diagnostics, which occupies several floors and has a separate 24-hour secured entrance. The loan carries a 4.62 percent fixed rate with interest-only payments for the first 2 years of the 10-year loan and a 30-year amortization schedule thereafter. The lender was an insurance company. Andrew Stewart and Dev Morris of Cronheim arranged the financing.
WATERTOWN, N.Y. — NorthMarq Capital has arranged a $4.5 million first mortgage for Watertown Medical Building, a 47,500-square-foot medical office building located at 826 Washington St. in Watertown. The lender was Sun Life Assurance Co.; the terms of the loan were not disclosed. Michael James of NorthMarq's Upstate New York office arranged the financing on behalf of the undisclosed borrower.
WILTON, CONN. — Boston-based investment and development firm Marcus Partners has opened a Connecticut office. It will be located in Wilton within Wilton Corporate Park at 64 Danbury Road. David Fiore will lead the new office and will be joined by John Busby and Marsha Glazebrook. The trio has worked together at Marcus Partners for the past 13 years.