PERINTON, N.Y. –– NorthMarq Capital has arranged a $6.5 million mortgage for Basin Park, a 14,513-square-foot office property located at 1150-1160 Pittsford Victor Road. Michael James of NorthMarq’s upstate New York office arranged the financing through NorthMarq’s correspondent relationship with Sun Life Assurance Co. of Canada. Financing was based on a 10-year term with a 20-year amortization schedule.
NEWARK, N.J. –– Newark Collegiate Academy, a 63,855-square-foot charter high school, has celebrated its topping out ceremony, which was hosted by Hollister Construction Services. The school is located at 18-36 Norfolk St. and will be operated by The Friends of TEAM Academy Charter Schools. The school will feature a four-story classroom building with a two-story gymnasium/auditorium/cafeteria area. The construction is set to be done in spring of 2012.
NEW LONDON, Conn. –– J & H Hospitality has purchased the Radisson Hotel in New London, Conn., and plans on converting the property to the Holiday Inn brand. J & H utilized SBA financing to complete the acquisition. David Mumford and Ed James of the Newport News, Va., office represented the seller, PNL I. The property has 120 rooms and is located in downtown New London.
STAMFORD, CONN. –– Starwood Hotels & Resorts Worldwide has opened its new flagship Sheraton hotel in downtown Stamford, Conn. The location recently underwent a multi-million dollar renovation, which has resulted in an updated lobby and guestrooms. There are 370 guestrooms in the Sheraton Stamford Hotel, located at 700 Main Street near a train station.
GLASTONBURY, CT. –– Waldemar Realty has purchased a 25,537-square-foot office building on 2.35 acres of land from Carl Foster, LLC. Waldemar Realty’s partners will occupy one-third of the building, which sits at 100 Western Blvd. in Glastonbury, CT. Sentry Commercial was the sole broker in the transaction.
NEW YORK CITY –– Stellar Management and Savanna Investment Management, owners of 2 Rector Street, have leased a 25,462-square-foot office through Cushman & Wakefield. Ithaka, a not-for-profit organization, will occupy the space, which spans the entire 18th floor and a portion of the 17th floor. Other tenants include Skanska and Bank of America Merrill Lynch.
FAIRLESS HILLS, PA. –– Fairless 1 has purchased a 12,250-square-foot strip center on Lincoln Highway for $895,000. Christopher Munley, Mark Taylor and Dean Zang, all of Marchus & Millichap, represented the seller, Martin Investment Association, and Fairless 1. The property is located within the Oxford Valley retail submarket. Martin Investment maintained the property during the course of 30 years.
NEW YORK CITY –– Marriott is scheduled to open the Fairfield Inn & Suites hotel in Brooklyn this July. The hotel is located at 181 Third Ave. and will operate as a Marriott franchise. Freud Third Avenue Properties owns the location, which will be managed by Marshall Hotels & Resorts. The hotel offers 2,600 square feet of meeting space to host seminars, business meetings and private functions upwards of 75 people.
NEW YORK CITY –– Plaza Construction is moving its national corporate headquarters to 1065 Avenue in New York. Plaza signed a 12-year lease to occupy the entire seventh floor of the 35-story, 681,790-square-foot tower owned by The Blackstone Group. Paul and Michael Ippolito of Newmark Knight Frank and David Brooks of Paul Hastings represented Plaza in the transaction, and Lance Korman of Newmark Knight Frank and Stuart Kaplan of Blank Rome acted on behalf of Blackstone. The tower sits at West 40th Street and its tenants include HOK Architects, Federal Express Corp. and Yahoo.
NEW YORK CITY — Bijan Nassi, a New York real estate investor, has purchased a mixed-use property in Union Square district after securing a $2.2 million mezzanine loan from Malkin Strategic Capital. In addition to the five-year mezzanine loan, Nassi also received $10.6 million in financing from Sovereign Bank, a U.S. subsidiary of Spain’s Banco Santander. The property is located at 220 Park Avenue South and is occupied by Haru, a Japanese restaurant. The property is a nine-story building that is made up of 37 rental apartments and 4,650 square feet of ground floor retail space.