NEW YORK CITY AND MONTCLAIR, N.J. — Arbor Commercial Funding has secured a total of $12.6 million in Fannie Mae DUS financing for two Tri-State multifamily communities. An $8.85 million loan was provided for Reve Apartments, a 34-unit community located in Brooklyn. A $3.75 million loan was provided for Gordonhurst Apartments, a 65-unit community located in Montclair. Both loans carry 10-year terms and 30-year amortization schedules. Stephen York of Arbor's New York City office arranged the loans.
PLAINFIELD, N.J. — Cronheim Mortgage has arranged a $6.7 million permanent loan for a multifamily portfolio located in Plainfield. The portfolio includes a 62-unit community located at 735 Park Ave., a 52-unit community located at 606 Crescent Ave. and a 27-unit community located at 315 W. 8th Street. The loan carries a 4.35 percent interest rate, 7-year term and a 30-year amortization schedule.
SOMERVILLE, MASS. — The renovation of a commercial building located at 130 Broadway is under way. The gut renovation of the building will be complete this fall. PSG Framing, an archival framing company, will occupy the back portion of the building. Outside of the building a $7 million streetscape improvement is being completed. MassDevelopment provided a $3.5 million loan to acquire and renovate the building. The project team includes Boston-based Harborlight Advisors and LONdesign.
NEW YORK CITY — Blackstone Group has acquired the senior and mezzanine loans secured by the leasehold interest in a Manhattan office tower for $98.25 million. The property is a 22-story, 236,000-square-foot, Class A tower located at 1140 Avenue of the Americas. The seller was a bank consortium led by Landesbank Baden-Württemberg. The Holliday Fenoglio Fowler team of Andrew Scandalios, Whitney Wilcox and Jeffrey Julien represented the seller.
NEW YORK CITY — Savanna Fund II REIT has acquired the senior mortgage loan for 80 Broad Street, a 36-story, 410,000-square-foot office tower located in Manhattan. A partnership led by Swig Equities acquired the building in 2004 and took out a $75 million senior mortgage loan in 2006 following extensive renovations. The Cushman & Wakefield team of Steve Kohn Helen Hwang, Nat Rockett, Karen Wiedenmann and Alex Hernandez represented the seller and special servicer, J.R. Robert Companies Inc.
QUINCY, MASS. — John. M. Corcoran & Co. has announced plans to develop a $44.6 million apartment project at the SouthField master-planned community in Quincy. SouthField Highlands will contain 226 apartments in a mix of one- through three-bedroom units. Community amenities will include a swimming pool, a fitness center, a community room and easy access to the South Weymouth commuter rail station. The project also will contain 8,700 square feet of ground-floor retail space. Construction will begin this month and first move-ins are expected to occur in spring 2012. The project will be seeking LEED certification. UBS is providing construction and permanent financing for the project. LNR Property Corp. is the master-developer for SouthField, the redevelopment of the former SouthField Naval Air Station.
MIDDLETOWN, N.Y. — Sterling Properties has opened Sterling Parc, a new 192-unit luxury apartment community located in Middletown. The project contains a mix of one- and two-bedroom residences. Community amenities include a clubhouse containing a fitness center, a billiards rooms, a business center and an outdoor swimming pool. Sterling Parc also contains ground-floor retail space.
SALEM, N.H. — Integrated Builders has completed the build-out for Comcast's Maine/New Hampshire office in Salem. The telecommunications provider occupies 104,000 square feet at 9 Northeastern Blvd. The build-out included installing drop ceiling, vinyl composite tile flooring, and HVAC and fire protection systems in the facility's testing room.
SOMERSET, N.J. — Colliers International has brokered the sale of a 20,164-square-foot retail center located at 464 Elizabeth Ave. in Somerset for $8.97 million. Constructed in 2009, the center contains Rite Aid, Dunkin Donuts and New Millennium Bank. A regional developer purchased the property at an 8.5 percent cap rate. Ian Schroeder and Maurice Nieman of Colliers' Irvine, Calif., office partnered with William Aiello and George Lulos of the firm's Harrisburg, Pa., office to represent both undisclosed parties.
CARLISLE, PA. — Boston-based UC Funding has provided a $14.7 million bridge loan to WP Carlisle Associates LP for the acquisition of the $25 million distressed loan on Carlisle Crossing, a 368,513-square-foot shopping center located in Carlisle. Rich Horowitz of Cooper-Horowitz Inc. originated the financing. Terms of the loan were not disclosed.