NEW YORK CITY — RFR is scheduled to take over the Paramount Hotel located in Times Square at West 46th Street in New York City. The transaction is scheduled to close in late 2011. RFR is known for recapitalizing and rebranding high quality assets, and this transaction follows suit.The 597-room Paramount Hotel's most recent renovation, in 2009, cost nearly $40 million.
MACUNGIE, PA. — The Philadelphia based Jones Lang LaSalle represented the Carlisle, Pa.-based Allen Distribution in the acquisition of a 580,000-square-foot distribution facility in the Lehigh Valley. The company acquired 3041 Schoeneck Rd., the first of three buildings in the Lehigh Valley Crossings complex, from CB Richard Ellis, who was representing Panattoni Development Co. The industrial complex has been approved for a total of 1.19 million square feet of Class A warehouse distribution space. Vice Presidents of the Jones Lang LaSalle team, Kim Meincke and Jason Webb, represented Allen Distribution in the purchase.
ELIZABETHPORT, N.J. — Waters Edge Crescent, located on Magnolia Avenue, has officially opened. Community Investment Strategies was the developer and property manager and R. Stone & Co. was the contractor for the deal. Originally intended to be a 48-unit for-sale townhome community, Waters Edge Crescent was transitioned to a 71-unit tax credit rental community in the aftermath of the residential housing foreclosure crisis in 2008. The total development cost of Waters Edge Crescent was $21,474,489.
PHILADELPHIA — NAI Bluestone Real Estate Capital successfully secured $5.5 million in permanent financing for the 30 remaining units at Old City Lofts, a 90-unit luxury loft-style residential development project. Firstrust Bank provided the financing for the transaction and was secured on behalf of 806 Capital LLC, a real estate investment and development company. The 5-year loan is priced in the mid 5-percent range.
BRONX, N.Y. — Houlihan-Parnes Realtors, LLC, represented by Mike O'Neill, and headquartered in White Plains, N.Y., announced the placement of an 8,600-square-foot Rite Aid Pharmacy, located at 41-51 West Fordham Rd. The 5-year, $3.3 million first mortgage was closed with a local bank.
NEW YORK CITY — Meridian Capital Group has arranged $180 million in financing for 1551 Broadway in New York City, the flagship store for American Eagle Outfitters, which has 25,600 square feet of retail on four floors. The 10-year loan was provided by Citi Global Markets and negotiated by Ronnie Levine and Aaron Birnbaum of Meridian's New York City office.
NEWARK, N.J. — The Manischewitz Co. has opened a new 200,000-square-foot facility, located at 30 Ave. K in Newark's East Ward, for its new corporate headquarters and plant. The facility allowed the company to consolidate its operations to one building.
BROOKLYN, N.Y. — New York-based GFI Realty Services has negotiated the $10 million sale of Atlantic Gardens, eight mixed-use buildings located at 525-541 Atlantic Ave. in Brooklyn. The buildings contain 22 apartments and eight commercial units. Lon Rubackin, formerly of GFI, represented the seller, a private investor, and Rick Helfand and Shawn Sadaghati, also of GFI, represented the buyer.
MARLBOROUGH, MASS. — Behringer Harvard has acquired the 332-unit Stone Gate, located at 65 Silver Leaf Way in Marlborough. The investment was made through a joint venture between Behringer Harvard Multifamily REIT I, Inc., and PGGM Private Real Estate Fund.
BURLINGTON, MASS. — NAI Hunneman has completed a 58,000-square-foot lease at One Van de Graaff Drive in Burlington on behalf of inVentiv Health. Evan Gallagher of Boston-based NAI Hunneman represented the tenant and Dan Campbell of R.M. Bradley's Boston office represented the landlord, Mass Mutual.