MADISON, N.J. — The Hampshire Companies has begun the repositioning of 175 Park Avenue, a 280,000-square-foot office building located in Madison. Architecture firm Kohn Pederson Fox is overseeing the redesign of the building. Amenities will include a fitness center, a full-service café and conference facilities. The project will seek LEED-Silver certification, with sustainable features such as a green room and energy-efficient mechanical systems. Completion is slated for the second quarter of 2012. Newmark Knight Frank is serving as leasing agent.
NEW YORK CITY — Massey Knakal Realty Services has completed the sale of a triple net-leased Walgreens pharmacy located in Brooklyn's Flatbush neighborhood for $7 million. The building is situated at 2307 Flatbush Ave. Walgreens occupies it inder a 20-year term with four 5-year options and 10 percent rent increases every 5 years. The sale price equates to a 5.42 percent cap rate. The Massey Knakal team of Edward Gevinski and Brian Hanson arranged the deal between the two undisclosed parties.
BOSTON — The Mount Vernon Company has purchased a 46,000-square-foot mixed-use property located at 434 Massachusetts Ave. in Boston's South End for $4 million. The building was created through the combination of four brownstones and serves as a business incubator for the local community. It features an outdoor courtyard and high ceilings. Mount Vernon plans to upgrade the property in the near term. The seller's name was not disclosed.
MECHANICSBURG, PA. — CB Richard Ellis (CBRE) has brokered the sale of a 55,417-square-foot office building in Mechanicsburg. The two-story property is situated on 5.43 acres within Rossmoyne Business Center at 4900 Ritter Road. It was 68 percent occupied at the time of closing by a tenant roster that includes Wells Fargo and State Auto Insurance. The seller, an institutional party, was represented by a CBRE team that included Stephen Marzullo and Justin Marlowe of the Philadelphia Metro Private Client Group, and Jeremy Shyk and Michael Curran of the firm's Harrisburg, Pa., office.
HOLBROOK, N.Y., AND MARLBOROUGH, MASS. — Walker & Dunlop has arranged a total of $34.3 million in Fannie Mae financing for two multifamily communities in New York and Massachusetts. The first loan totaled $23 million and will be used to refinance Saddle Rock, a 310-unit community located in Holbrook. Occupancy was 93 percent at the time of closing. The loan carries a 5-year term with interest-only payments. It had a 46 percent loan-to-value ratio and a 1.77x debt-service coverage ratio. The second loan totaled $11.3 million and will refinance Design Pak Lofts, a 95-unit community located in Marlborough. The community was 99 percent leased at the time of closing. The loan carries a 10-year term, a 30-year amortization schedule, a 71.5 percent loan-to-value ratio and a 1.25x debt-service coverage ratio. Drew Anderman led the Walker & Dunlop team for each deal. Alan Perlmutter of GCP Capital Group originated the first loan, and David Fisher of Meridian Capital Group originated the second loan.
NEW YORK CITY — Beech Street Capital has provided $10.56 million in Fannie Mae DUS funds for the refinancing of 523 Prospect Place Apartments in Brooklyn's Prospect Park neighborhood. Constructed in 1922 as part of a five-building hospital complex, the building was converted into 83 apartments in 2005. Meridian Capital Group originated the loan. This marks the second building Beech Street has recently refinanced within this complex; the other one is located at 713 Classon Ave.
NEW YORK CITY — Choice Hotels International has announced that development contracts have been signed for two new Cambria Suites hotels in New York City. The first will contain 194 suites and be developed by Extell Development Co. at 30 W. 46th St. in Times Square. The second will contain 140 suites and will be developed by We Care Trading Co. at 123-125 W. 28th St. in Chelsea. Both hotels will break ground this summer and open in early 2013. The announcement marks a series of first. The projects are the first Choice Hotels for each developer, the first Cambria Suites hotels to open in New York City and the first time multiple Cambria Suites hotels were simultaneously under development in the same market. The Times Square property will also be the largest Cambria Suites constructed to date.
SPRINGFIELD, PA. — CB Richard Ellis (CBRE) Capital Markets has secured $32.4 million in acquisition financing for the Crozer-Keystone Springfield Campus, a three-building, 260,000-square-foot medical office complex located in Springfield. The buildings, consisting of two medical office buildings and a fitness/sports medicine health and wellness center, are situated on the campus of Springfield Hospital. They are fully leased on a long-term basis to Crozer-Keystone Health System, which also operates the hospital. CBRE's James Gunning and Donna Falzarano arranged the 4-year loan through a New Jersey commercial bank. The borrower was undisclosed.
WYCKOFF, N.J. — Mahwah, N.J.-based Inserra Supermarkets is proceeding with the redevelopment of a site located at the intersection of Greenwood and Wyckoff avenues into a new ShopRite grocery store. The 7.6-acre parcel has been vacant for more than 10 years. Development will include razing the 53,000-square-foot existing building and constructing a 62,174-square-foot grocery store. Environmental remediation is currently under way. The construction timetable was not released.
NEW YORK CITY — Arbor Commercial Funding has arranged $15.24 million in Fannie Mae DUS financing for the East Village Portfolio, a five-building, 52-unit multifamily portfolio located in New York City. The loan carries a 10-year term and a 30-year amortization schedule. Ronen Abergel of Arbor's New York City office originated the financing on behalf of the undisclosed borrower.