Northeast

CONSTRUCTION BEGINS FOR BMW DEALERSHIP

by admin February 14, 2011

FREEHOLD, N.J. — Groundbreaking has occurred for the new BMW of Freehold car dealership at 4225 U.S. Highway 9 North in Freehold. Construction will consist of the demolition of an existing structure, the construction of a 28,000-square-foot showroom building, the expansion and renovation of an existing mechanic shop, and the renovation of an existing 10,000-square-foot body shop. The owner of the project is DCH Auto Group. The general contractor is McGowan Builders and the architect is GreenbergFarrow. The construction timetable was not released.

February 14, 2011

NAI BLUESTONE ARRANGES $3.85 MILLION FANNIE MAE LOAN

by admin February 14, 2011

PHILADELPHIA — NAI Bluestone Real Estate Capital has arranged $3.85 million in permanent financing for a Philadelphia apartment community. Wood Norton Apartments is a historic building containing 24 units that is located in the city's Mount Airy submarket. The non-recourse loan carries a 10-year term with a fixed interest rate below 5 percent. The lender was Fannie Mae and the borrower was Nolen Properties.

February 14, 2011

Industrial Northeast

GOLDSTEIN GROUP BROKERS $2.77 MILLION BAKERY SALE IN N.J.

by admin February 14, 2011

EDISON, N.J. — The Goldstein Group has brokered the sale of the former Entenmann's bakery and distribution facility in Edison for $2.77 million. The buyer, Edison Equities LLC, plans to redevelop the site, which is located at 2120 Lincoln Hwy., into a retail strip center. It will lease a portion of the center to Entenmann's for a retail bakery store. The Goldstein Group team of Chuck Lanyard, Lew Finkelstein and C.J. Hutler brokered the deal. The seller was Orograin Bakeries Sales.

February 14, 2011

Multifamily Northeast

NAI HUNNEMAN COMPLETES $2.12 MILLION MULTIFAMILY SALE IN MASS.

by admin February 14, 2011

BROOKLINE, MASS. — NAI Hunneman has completed the sale of a three-story, 10-unit apartment building located at 1748 Beacon St. in Brookline for $2.12 million. Constructed in 1900, the property contains six studios, three one-bedroom units and one two-bedroom unit. NAI's Carl Christie and Dan McGee represented the seller, 1748 Beacon Street Realty Trust, and procured the buyer, Chlo Pho Realty.

February 14, 2011

Northeast Office

BAKERY BUYS OFFICE BUILDING FOR $1.8 MILLION IN WESTCHESTER CO.

by admin February 14, 2011

MOUNT VERNON, N.Y. — Terranova Bakery has acquired a 26,000-square-foot office building located at 535 S. Fourth Ave. in Mountain Vernon for $1.8 million. The company plans to use the property for its back office operations. The Colliers International team of Gerard Hallock and Nick Morizio represented Terranova. Carl Austin and Phil Luria of Austin Properties represented the seller, Magnetic Analysis.

February 14, 2011

Northeast Retail

MERIDIAN ARRANGES $27.6 MILLION RETAIL REFINANCING

by admin February 11, 2011

NEW YORK CITY — Meridian Capital Group has arranged a $27.6 million loan for the refinancing of a retail condominium portfolio in New York City. The five-property portfolio totals 28,000 square feet and is located on the Upper West Side. The loan carries a 7-year term with a 5.31 percent fixed interest rate. The lender was UBS. Joseph Taub of Meridian's New York City office originated the loan on behalf of the undisclosed borrower.

February 11, 2011

Multifamily Northeast

NORTHMARQ SECURES $19 MILLION FREDDIE MAC LOAN IN UPSTATE N.Y

by admin February 11, 2011

ROCHESTER, N.Y. — NorthMarq Capital has arranged a $19 million first mortgage to refinance a Rochester multifamily community. Greenleaf Meadows Apartments contains 572 units and is located at 500 Greenleaf Road. The loan carries a 10-year term and a 30-year amortization schedule; it was provided by Freddie Mac. Michael Elmore of NorthMarq's Los Angeles office partnered with Sam Berns of the firm's Upstate New York office to arrange the loan. The borrower was not disclosed.

February 11, 2011

Northeast Retail

FANTINI & GORGA REFINANCES BOSTON RETAIL CENTER

by admin February 11, 2011

BOSTON — Fantini & Gorga has arranged a $5.6 million loan for the refinancing of a retail center located in Boston's Mattapan neighborhood. The property totals 62,345 square feet and was fully leased at the time of closing. The proceeds will be used to refinance the borrower's existing acquisition and renovation debt. George Fantini, Jr., and Mark Whelan arranged the loan through a local financial institution.

February 11, 2011

Industrial Northeast

CRONHEIM REFINANCES TWO N.J. INDUSTRIAL BUILDINGS

by admin February 11, 2011

LINDEN, N.J. — Cronheim Mortgage has arranged $5 million in permanent financing for two adjacent industrial buildings located in Linden. The buildings total 267,446 square feet and are fully occupied, though none of the current leases extend past 3 years. The loan carries a 10-year term with a 4.95 percent interest rate and a 25-year amortization schedule. The Croheim team of David Turley, Anna Westhoff and Janet Proscia secured the loan on behalf of the undisclosed borrower through an insurance company.

February 11, 2011

Northeast Office

IKARIA INKS 101,641-SQUARE-FOOT OFFICE LEASE IN N.J.

by admin February 11, 2011

HAMPTON, N.J. — Ikaria has signed a lease for 101,641 square feet of office space at 53 Frontage Road, a 280,000-square-foot, Class A office building located in Hampton. The lease encompassed the building's entire third floor. Ikaria is relocating its Bio Therapeutics division headquarters to the space from nearby Clinton, N.J. The CB Richard Ellis team of Robert Ryan, Patricia Riedel and John Goodwin represented the landlord, an affiliate of Crown Properties.

February 11, 2011

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