NEW JERSEY AND RHODE ISLAND — Trammell Crow Co. (TCC) has begun development for two healthcare projects. First, the company is developing a 140,000-square-foot addition to the new University Medical Center of Princeton at Plainsboro. The five-story Medical Arts Pavilion will be physically connected to the hospital and will be complete in May 2012. TCC will own the project in a partnership with physician tenants and a public pension fund advised by Bentall Kennedy. TCC is also developing a 60,000-square-foot addition to Kent Hospital in Warwick. The hospital will operate a 30,000-square-foot ambulatory surgery center on the building's second floor that will feature eight operating rooms. The first floor will contain 30,000 square feet of medical office space. Joining TCC on the development team is Seavest, Steffian Bradley and Dimeo Construction.
SYRACUSE, N.Y. — Education Realty Trust (NYSE: EDR) has been tapped by Syracuse University to develop a 312-bed community on its campus. Known as Campus West Apartments, the project will be developed near the university's College of Law and the new College of Law building; it will cater to law students, other graduate students and upperclassmen. Amenities will include a clubhouse area with a fitness center, a business center and a computer lab. In addition to student residences, the project will contain 5,000 square feet of ground-floor retail space expected to include a combination coffee shop and convenience store. The university's Department of Public Safety will also maintain an office in the complex. The project will seek LEED-Silver certification. EDR will develop, own and manage the community under a ground lease with the university. Construction will begin this summer with completion slated for summer 2012.
NEW JERSEY — Holliday Fenoglio Fowler (HFF) has secured a $39.3 million loan for the refinancing of a four-property multifamily portfolio in New Jersey. The properties include Summit Manor and Oak Terrace in Hackensack, Pompton Hills in Pompton Lakes, and Radnor Manor Apartments in Fair Lawn. The loan, which was provided by Freddie Mac, carries a 10-year term and a fixed interest rate. The HFF team of Thomas Didio and Samuel Seiden arranged the loan on behalf of Hekemian & Company.
STAMFORD, CONN. — Berkadia Commercial Mortgage has arranged a $34.4 million loan for the refinancing of The Lofts at Yale & Towne in Stamford. The property, which is located at 200 Henry St., is a six-story, 225-unit apartment building. It was recently redeveloped and was 97 percent occupied at the time of closing. The loan carries a fixed interest rate, a 7-year term and a 30-year amortization schedule. Berkadia's Stewart Campbell and Thomas Toland originated the loan through Freddie Mac on behalf of the borrower, HS Lofts I-V LLC.
NEW YORK CITY — A portfolio of former AJ Wright retail properties had gone to market. The properties are located in 11 states, primarily in the Eastern United States. New York City-based Keen Realty Advisors will represent the portfolio's owner, TJC Companies.
BOSTON — Capital Access has arranged the sale of a high-rise multifamily property at 75 Saint Alphonsus St. in Boston for $92 million. The 20-story building contains 296 units, a gym, a swimming pool, and surface and garage parking. The undisclosed buyer has renamed the property The City View at Longwood. Jeffrey Rome of Capital Access represented the undisclosed seller.
WHITE PLAINS, N.Y. — Charlotte, N.C.-based Grandbridge Real Estate Capital has closed on a $75.82 million loan for a White Plains multifamily community. Bank Street Commons consists of two 21- and 22-story towers containing 502 Class A units. The towers are joined by a common area occupied by two retail units. The loan, which was originated by Grandbridge's Mike Ortlip and funded by Fannie Mae, carries a 7-year term, a fixed interest rate and interest only payments. The property was recently purchased by a pension fund advisor.
TEANECK, N.J. — Marcus & Millichap has brokered the sale of a 42,047-square-foot Stop & Shop located in Teaneck for $10.25 million. The building is situated on 3.8 acres at 665 American Legion Drive. Stop & Shop occupies the building under a 20-year, triple-net lease, which has 8 years remaining on it with four 5-year renewal options. The Marcus & Millichap team of Bob Horvath, Todd Tremblay and Mike Lombardi represented the seller, FW Teaneck LLC, and procured the buyer, H&R LLC.
PHILADELPHIA — Construction is complete for the $786 million expansion to the Pennsylvania Convention Center. The project, which was completed by a joint venture between Tishman Construction Corp. and Joseph Jingoli & Son, included the construction of 935,000 square feet of new space. The expansion include more than 528,000 square feet of contiguous exhibit area, 23 additional meeting rooms, three new exhibition halls, a 56,000-square-foot ballroom, a new main entrance atrium lobby, an extension of the Arch Street Concourse, a new central power plant and new support space. The expansion spans 13th Street and extends a city block to Broad Street. The grand opening will be held in March. Vitetta Group was the architect.
NEW YORK CITY — A joint venture between Metropolitan Realty Associates, Belvedere Capital and Angelo Gordon & Co. has purchased a 150,000-square-foot office condo for $33 million. The condo comprises the first eight floors of a 20-story building located at 15 E. 26th St. in Manhattan. The condo was 55 percent leased at the time of closing. Douglas Harmon of Eastdil Secured represented the seller, a joint venture between a Deutsche Bank investment fund and Walter & Samuels. The latter party reinvested with the buyers in the deal.