Northeast

LONG ISLAND RETAIL PROJECT GETS FUNDING

by admin May 13, 2011

SYOSSET, N.Y. — NorthMarq Capital has arranged $7.7 million in construction and permanent financing for a retail project in Syosset. The project, which is located at 240 Jericho Turnpike, consists of the conversion of a former car dealership into a 30,000-square-foot, high-end retail center. The financing includes a 2-year acquisition, construction and renovation financing component along with a non-recourse, permanent loan for up to 10 years. Ernest Des Rochers of NorthMarq's New York City office and Charles Cotsalas of the firm's Long Island office secured the financing through a regional bank on behalf of the undisclosed borrower.

May 13, 2011

M&M BROKERS $1.1M APT SALE IN BROOKLYN

by admin May 13, 2011

NEW YORK CITY — Marcus & Millichap has brokered the sale of a 6,670-square-foot apartment and retail property located at 53 5th Ave. in Brooklyn for $1.1 million. Marcus & Millichap's Brooklyn office represented the seller, an estate. Matthew Fotis, within the Brooklyn office, represented the buyer, a partnership. The property traded at a 5.35 percent cap rate.

May 13, 2011

Northeast

CUSHMAN & WAKEFIELD, WALKER & DUNLOP FORM MULTIFAMILY VENTURE

by admin May 12, 2011

NEW YORK CITY AND BETHESDA, MD. — Brokerage giant Cushman & Wakefield and finance company Walker & Dunlop have formed a strategic alliance to focus on multifamily agency financing and investment sakes. The alliance seeks to leverage Cushman & Wakefield's investment sales platform, which expects to completed $3 billion in multifamily sales this year, with Walker & Dunlop's agency lending business, which is active with Fannie Mae, Freddie Mac and HUD finance programs. Cushman & Wakefield Sonnenblick Goldman, the brokerage firm's debt and equity finance arm, will be responsible for directing multifamily agency finance transactions within Cushman & Wakefield.

May 12, 2011

Northeast Office

SJP BUYS BACK N.J. OFFICE BUILDING

by admin May 12, 2011

PARSIPPANY, N.J. — SJP Properties has bought back the first phase of Morris Corporate Center IV, a five-story, 350,000-square-foot office building located in Parsippany. SJP originally developed the property in 1999. Occupancy was 93 percent at the time of closing. SJP plans to complete a capital improvements program in the near term. Eastdil Secured brokered the deal. Northwestern Mutual Life Insurance is SJP's equity partner in the property.

May 12, 2011

Civic Northeast

MDSA TO DESIGN NYC SCHOOL CONVERSION

by admin May 12, 2011

NEW YORK CITY — MDSzerbaty Associates Architecture (MSDA) has been selected to design the conversion of part of the former New York Foundling Hospitall in Manhattan into a public elementary school. PS340 will occupy 95,000 square feet on the lower six floors of the 14-story building, which is located at the corner of Avenue of the Americas and 17th Street. The new school will feature 21 classrooms, a cafeteria and dance studio, a second-floor rooftop playground, a two-story lobby and two-story spaces throughout the building. The construction timetable was not released.

May 12, 2011

Industrial Northeast

CTDI RENEWS PA. WAREHOUSE LEASE

by admin May 12, 2011

SADSBURY TOWNSHIP, PA. — West Chester, Pa.-based telecommunications company Communications Test Design Inc. (CTDI) has renewed its lease for a 314,521-square-foot warehouse located at 200 W. Stewart Huston Drive in Sadsbury Township. The lease is for a 5-year term. CTDI originally took occupancy in 2006. BPG Properties is the landlord.

May 12, 2011

Northeast Retail

FEDERATED SELLS LAST RETAIL PROPERTY

by admin May 12, 2011

ATTLEBORO, MASS. — The Federated Companies has disposed of the remaining retail property in its portfolio. The property is a 15,950-square-foot, freestanding building located at 115 Washington St. It is fully occupied by Goodwill Industries. The property sold to a private party for $2.63 million.

May 12, 2011

Multifamily Northeast

BCN BUYS NYC BUILDING FOR CONDO RENOVATION

by admin May 11, 2011

NEW YORK CITY — BCN Development has entered into an agreement to acquire a property located at 9 E. 16th St. in New York City for approximately $17 million. The buyer plans to convert the property into one-, two- and three-bedroom condominiums. Plans for the building's existing commercial tenant, Steak Friets, were not disclosed. The transaction is expected to close by the end of the summer, with the renovation beginning soon after.

May 11, 2011

Multifamily Northeast

HARTFORD APT BUILDING REFINANCED

by admin May 11, 2011

HARTFORD, CONN. — Beech Street Capital has arranged a $12.65 million Fannie Mae loan to refinance Capitol View Apartments, a 264-unit community located in Hartford. The community features a fitness center and a ground-floor deli and convenience store. It was built in 1955 and has received approximately $1 million in capital improvements since being acquired by the borrower in 2008. The loan carries a 10-year term and a 30-year amortization schedule. Nathan Burlingame of Beech Street originated the loan, and Ralph Herzka of Meridian Capital Group arranged it.

May 11, 2011

Northeast Seniors Housing

N.H. HOTEL BOUGHT FOR SENIOR HOUSING CONVERSION

by admin May 11, 2011

DURHAM, N.H. — Finally Home Properties has acquired the Hickory Pond Inn, a hospitality property located at 1 Stagecoach Road in Durham. The buyer plans to convert the property into an assisted living facility, which will open during the summer. The seller was Bank of New England. Christian Stallkamp of The Kane Company represented the seller, and Nathaniel Leach of Better Homes & Gardens / The Masiello Group represented the buyer.

May 11, 2011

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