BELMONT, MASS. — Skanska USA has been selected to construct the new Wellington Elementary School in Belmont. The $29 million project will include the demolition of the existing school and the construction of a new one, which will consist of two buildings connected by a one-story core. The project is being designed to meet Massachusetts High-Performance Green School Criteria, with sustainability features that include a geothermal HVAC system, high-efficiency mechanical systems and increased use of daylighting. Demolition of the existing school is already under way, and completion of the entire project is expected in July 2011. Jonathan Levi Architects is the lead architect for the project, and Burt Hill is the associated architect.
MILLBURN, N.J. — CB Richard Ellis (CBRE) has arranged an $11.5 million loan for the refinancing of 16 and 33 Bleeker St. in Millburn. The property totals 178,000 square feet; it was acquired by the current owner/user, Elie Tahari Ltd., in 2004 and was subsequently renovated, which added an office component to it and expanded the mezzanine area. The financing carries a 5-year term and a 60 percent loan-to-value ratio. The floating interest rate of the previous loan was converted to a 5.47 percent fixed rate. The lender was a large commercial bank. Keith Braddish, Jason Gaccione and Rayna Karaivonov of the New York City office of CBRE Capital Markets partnered with Jim Gunning and Donna Falzarano of CBRE's Saddle Brook, N.J., office to secure the financing package. Bruce Beegel, also of CBRE, assisted in the deal.
NEW YORK CITY — Ascot Properties has acquired a retail condominium in New York City for $4.7 million. The unit is the ground floor of 129-135 Lafayette Street, a 12-story mixed-use building located in Manhattan. Cathay Bank currently occupies the space. Salmon & Marshall partners Kevin Salmon and Matthew Marshall represented the seller, Tribeach Holdings, and procured the buyer.
BOSTON — The U.S. Green Building Council has awarded LEED-Gold certification to 33 Arch Street in Boston. The designation was awarded under the LEED for Existing Buildings: Operations and Maintenance program. The building rises 33 stories and contains 600,000 square feet of Class A office space. It is located in the heart of the city's Financial District. A joint venture between AREA Property Partners and SITQ owns the building, which was constructed in 2006, and recently completed a $3 million renovation program. CB Richard Ellis / New England leases and manages the property.
GREENWICH, CONN. — Starwood Capital Group has closed two of its investment funds, which have raised a combined $2.8 billion. Starwood Global Opportunity Fund VIII raised more than $1.8 billion, making it the largest fund ever raised by the investment group. Starwood Global Hospitality Fund II raised $965 million. With the closing of these two funds, Starwood has raised more than $4.4 billion in capital since January 2009. In that same time period, the firm also invested approximately $1.5 billion in total equity capital across its investment platforms, including its recent joint venture with the FDIC for the acquisition of a $4.5 billion loan portfolio from the failed Corus Bank.
SYOSSET, N.Y. — Newmark Knight Frank has completed the 13,000-square-foot sale of an office building located at 75 Jackson Ave. in Syosset for $2.55 million. The buyer is a joint venture between Glen Cove. N.Y.-based General Anesthesia Services and Lake Success, N.Y.-based Lion & Company CPA's. Both businesses plan to relocate their operations to the building by this summer. Scott Berfas and Michael Sliver of Newmark Knight Frank represented the buyer. Real Estate Strategies, Ltd., represented the seller, SJS Realty.
MARLBOROUGH, CONN. — Colliers Dow & Condon has brokered the sale of an 8,000-square-foot industrial building in Marlborough for $550,000. North Windham, Conn.-based United Abrasives will occupy the building, which is located at 359 N. Main St. The seller was Sarasota, Fla.-based Haug Development. Richard Abo of Colliers arranged the deal.
BOSTON — Satcon Technology Corp. has signed a lease for 19,845 square feet of space in Boston for its development and testing facility. The tenant will occupy space on the first floor of 21-23-25 Drydock Ave., an 820,000-square-foot building within Marine Industrial Park. Thomas Ashe of Richards Barry Joyve & Partners represented the landlord, an affiliate of Millennium Partners, in the lease. Satcon provided in-house representation. Terms of the lease were not disclosed.
TRENTON, N.J., AND ALLENTOWN, PA. — Sheldon Good & Co. has completed the sale by auction of a five-property multifamily portfolio. The buyers of the properties paid a combined total of approximately $26.6 million. Carteret Arms, a 270-unit building located in Trenton, sold for $13.91 million. Washington Crossing, which is located in Allentown, sold for $5.3 million. Grand Court Villa, a 63-unit building located in Trenton, sold for $4.8 million. The Livingston, a 36-unit building located in Allentown, sold for $1.7 million. Finally, Julian Court, which is located in Allentown, sold for $936,000. Sheldon Good completed the sale on behalf of Connolly Properties, which is currently under bankruptcy protection.
CAMBRIDGE, MASS. — The Cambridge Housing Authority (CHA) has selected Skanska USA to complete a $23.5 million modernization of the Lyndon B. Johnson Apartments in Cambridge. The 180-unit senior housing project opened in 1973 and is located at 150 Erie St. The modernization will focus on increasing energy efficiency at the property. Energy use will be reduced 50 percent through the installation of rooftop solar panels, co-generation systems and energy recovery units. A layer of insulation will be added to the building exterior. Energy-efficient windows, lighting and low-flow fixtures will also be installed. The building's electric baseboard heating system will also be replaced with gas-fired hydronic heating. The renovated building will meet the standards for HUD's Green Communities Program for Substantial Renovations. Funding is coming, in part, from a $10 million grant awarded to the CHA as part of the American Recovery and Reinvestment Act. Construction will begin in August and is expected to last approximately 18 months.