NEW YORK AND BREWERTON, N.Y. — Arbor Commercial Funding has arranged a total of $25.69 million in Fannie Mae DUS financing for two New York multifamily deals. In the first transaction, Edward Petti originated $21.81 million for the Hilltop Portfolio, an eight-building, 317-unit multifamily complex located in New York City. The loan carries a 6.5-year term, a 30-year amortization schedule and a 5.41 percent interest rate. In addition, Arbor's Ronen Abergel originated $3.88 million for Lakepointe Apartments, a 72-unit community located in Brewerton. The loan carries a 10-year term, a 30-year amortization schedule and a 5.75 percent interest rate. The borrowers in both transactions were not disclosed.
PITTSBURGH; AND NEWARK AND TEANECK, N.J. — Marcus & Millichap has completed the sale of a 5,104-square-foot IHOP restaurant at 1002 Sutherland Drive in Pittsburgh for $2.98 million. Charles Krushansky of the firm's Pittsburgh office and Jamie Medress of the firm's Phoenix office represented the seller, RCDG-Robinson TC LP. Gary Lucas, also of Marcus & Millichap, assisted in the transaction. In addition, Marcus & Millichap's New Jersey office arranged the sale of a 41-unit apartment property located in Newark for $2.74 million. Christopher Rizzolo represented the seller, a private New Jersey investor. Rizzolo partnered wit Maz Radwan, also of Marcus & Millichap, to represent the buyer, another New Jersey investor. Finally, Jeffrey Oram of Marcus & Millichap's National Office & Industrial Properties Group represented Newton, Mass.-based Bank Street Investment Partnership in the sale of an approximately 16,500-square-foot office property located at 2-8 Washington St. in Teaneck. Oram also procured the buyer, locally based Penobscot Management. The acquisition price was not disclosed.
DEER PARK, N.Y. — Hauppauge, N.Y.-based Ashlind Properties has brokered the purchase of a 130,000-square-foot industrial building located at 900 Grand Blvd. in Deer Park for $6.5 million. The buyer, online cosmetics retailer Fragrancenet.com, plans to relocate to the building in August following interior renovations. Richard Cohen of Ashlind Properties represented Fragrancenet.com as well as the seller, M.A.S. Boulevard Associates. This marks the buyer's third expansion that was brokered by Cohen.
MAINESBURG, PA. — Education Realty Trust (ERT) has been selected to develop a multi-phase student housing project on the campus of Mansfield University of Pennsylvania in Mainesburg. Allen & O'Hara Development Co., a wholly owned subsidiary of ERT, will develop a multi-phase student housing community containing approximately 640 beds. The first phase of the project will consist of two four-story buildings that will also feature 20,000 square feet of common space in the form of multi-purpose rooms, classrooms and other facilities. The project is also seeking LEED certification. WTW Architects will design the project and Massaro Corp. will serve as general contractor. Groundbreaking will occur upon the execution of final definitive agreements and the ability to secure financing for the project.
PHILADELPHIA — Berkadia Commercial Mortgage has secured $17.5 million in non-recourse funds for the refinancing of Red Lion Plaza in Philadelphia. The shopping center totals approximately 229,000 square feet. Tenants include Best Buy, Staples, American Signature Furniture and Planet Fitness. The loan carries a 6.25 percent fixed interest rate. Rob Lipson of Berkadia's Red Bank, N.J., office and Jim Badolato of the firm's Philadelphia office originated the loan on behalf of RL Shopping Center LP through a regional bank. In addition, Berkadia originated a $3 million permanent loan for the refinancing of the Curtis Building, a 558,000-square-foot industrial/office condo property located in Sharon Hill, Pa. Terms of the loan include a 10-year term, a 20-year amortization schedule and a fixed interest rate. Warren Higgins of Berkadia's Philadelphia office originated the loan through Sun Life Assurance Company of Canada. The borrower is Curtis Park Associates.
NEW YORK CITY — TF Cornerstone has opened 505W37, an 835-unit rental apartment community located in Manhattan, New York City. The community is located at the intersection of 10th Avenue and 37th Street in the borough's Hudson Yards neighborhood. It consists of two glass towers containing studio through two-bedroom units. Amenities include rooftop decks on each building, two landscaped courtyards, a second floor terrace, a fitness center, a catering kitchen and a clubroom. Rents start at $1,821 for a studio apartment, $2,533 for a one-bedroom apartment and $3,706 for a two-bedroom apartment. The project architect was Handel Architects. 505W37 is TF Cornerstone's second residential community in Hudson Yards; the first is 455W37, which is fully occupied.
YORK, PA. — Kohl's has announced plans to open a new location at West Manchester Mall in York. The department store will occupy an 80,000-square-foot anchor space, which is currently under construction and slated for an October completion. It will join co-anchors Wal-Mart Supercenter, Regal 13 Cinemas and Macy's. The Lightstone Malls, a division of The Lightstone Group, is the owner of West Manchester Mall. Kohl's currently operates 1,067 stores in 49 states.
NEW YORK CITY — Massey Knakal Realty Services has brokered two multifamily sales in New York City. In the first transaction, Swain Weiner of Massey Knakal negotiated the sale of a six-story building located at 37-05 90th Street in Jackson Heights, Queens, for $8.34 million. The building contains 49 residential units and seven retail spaces. In the second transaction, Massey Knakal's Michael DeCheser negotiated the sale of a five-story building located at 217 E. Houston St. on the Lower East Side of Manhattan for $5.27 million. The building contains eight residential units and a ground-floor commercial unit that is occupied by the Mercury Lounge. The buyers and sellers in both transactions were not disclosed.
BOSTON — Jones Lang LaSalle has been selected to provide construction management services for a $7 million interior build-out at Boston University's Conti Biomedical Research Center on the school's Medical Campus. Construction will consist of the renovation of approximately 45,000 square feet encompassing the first, second, sixth and seventh floors. The space will include new infrastructure, mechanical upgrades, new laboratory systems, conference and training areas, new lab case work and office areas. The occupants of the space, which will be complete by October, will include the Biochemistry Department's Breast Cancer Research Center, Amyloid Research Center and Cancer Center. ADD Inc. is the project architect.
NEW YORK CITY — Construction is under way for a seven-story, 45,000-square-foot office building located at 433 Broadway in the Soho Cast Iron District of Manhattan, New York City. The building will feature six stories of office space with 7,000-square-foot floor plates as well as a top-floor penthouse. Completion is slated for the first quarter of 2011. Coldwell Banker Commercial Phoenix Asset Management is representing the projects owners, 433 Broadway LLC and Malon 433 Inc. The project architect is RKT&B and the construction manager is OTCA/BDD-JV LLC.