NEW YORK CITY — Mortgage Equicap has arranged $13.5 million in permanent financing for a Brooklyn apartment portfolio. The non-recourse loan carries a 5-year term, a 30-year amortization schedule, and a 4.5 percent fixed interest rate with interest-only payments for 2 years. The borrower and lender were not disclosed.
NEW YORK — IMS Health Transportation Corp. has leased 14,206 square feet of space at 485 Lexington Avenue, a 31-story, 921,370-square-foot office building in New York. The company will occupy the entire 26th floor of the building. Lisa Kiell of Jones Lang LaSalle Brokerage represented the tenant; David Kaufman provided in-house representation for the building owner, SL Green Realty Corp., in the 10-year lease transaction.
NEW YORK CITY — Modis Inc. has signed a 10-year lease for 21,677 square feet of office space at 521 Fifth Avenue in New York. The 371,601-square-foot property is also occupied by Alexander & James, Nippon Life Insurance and Royal Healthcare. Sloan Rhulen of CB Richard Ellis represented Modis; Amy Schustek provided in-house representation for the landlord, SL Green Realty Corp., in the transaction.
WATERBURY, CONN. — Marcus & Millichap has brokered the sale of a two-property affordable housing portfolio in Waterbury for $19.2 million. The communities include Northwood Apartments and Villagewood Apartments, two garden-style properties located at 99 N. Ridge Drive and 575 Scott Road, respectively. Both are garden-style communities containing a mix of two- and three-bedroom units. The properties are encumbered by a Housing Assistance Program contract that covers 293 of the properties' 346 units. Steven Witten and Victor Nolletti of Marcus & Millichap's New Haven, Conn., office were the sole brokers in the deal. The seller was a joint venture between new Life Preperty LP and New Year Preperty LP. The buyer was undisclosed.
STAMFORD, CONN. — Urstadt Biddle Properties (UBP) has acquired the remaining ownership interest in the entity that owns The Ridgeway Shopping Center in Stamford for $7.4 million. Developed in the 1950s and renovated in the mid-1990s, the center totals 371,000 square feet. Its tenant roster includes Stop & Shop, Bed Bath & Beyond, CVS/pharmacy, Staples, Marshall's, Old Navy, Michaels and L.A. Fitness.
DALLAS — The Dallas office of Holliday Fenoglio Fowler has arranged a $63.5 million loan for three retail properties in the Northeast. The properties include Lincoln Plaza, a 536,141-square-foot center located in Worcester, Mass.; a 158,063-square-foot Lowe's Home Improvement Warehouse/Bed Bath & Beyond located in Butler, N.J.; and Quakertown Shopping Center, a 61,839-square-foot center located in Quakertown, Pa. The HFF team of Kevin MacKenzie, John Taylor and Anthony Cutone arranged the financing on behalf of the borrower, Inland Western Retail Real Estate Trust. HFF placed a 5-year blanket mortgage with New York Life Insurance Co.
NEW YORK CITY — Centerline Capital Group has arranged a $14.6 million loan for the refinancing of a Manhattan apartment building. Located at 244 W. 72nd St., the 16-story building contains 89 units and retail space on the ground floor. The loan carries a 5-year term and a 55 percent loan-to-value ratio. Centerline's Steven Cox originated the financing.
JERSEY CITY, N.J. — Gebroe-Hammer Associates has brokered the sale of a 10-building, 306-unit multifamily portfolio. A local private investor purchased the portfolio for $16.17 million. The properties are located in the Journal Square and Greenville neighborhoods of Jersey City at 150 and 154-156 Belmont Ave.; 546 Bergen Ave.; 201 Claremont Ave.; 164 Clinton Ave.; 9, 11-13 and 15-21 Gifford Ave.; 35 Kensington Ave.; and 58 Van Reypen St. The buildings are all mid-rise and contain a mix of studio to four-bedroom units. Ken Uranowitz and Nicholas Nicolaou of Gebroe-Hammer represented the buyer as well as the seller, Morningside Ridge LLC.
NEW YORK CITY — A joint venture between Savanna and Monday Properties has procured a $58 million loan to recapitalize a Manhattan office tower. The 20-story building is located at 386 Park Avenue South. The loan, which was provided by PCCP LLC, will be used to complete a broad capital improvements program, which will begin in the early part of the year. Adam Spies of Eastdil Secured represented the owner in the financing. In addition, Chase Bank has renewed its lease for the building's 12,000-square-foot retail space for an additional 11 years. David Green and Steven Soutendijk of Cushman & Wakefield represented the tenant in lease negotiations. Jordan Berger of Monday Properties provided in-house representation for the owners.
NEW YORK CITY — Beech Street Capital has arranged a $30.4 million loan for the refinancing of a five-property multifamily portfolio. The portfolio consists of a mix of mid- and high-rise buildings located in Brooklyn that total 557 units. The properties include The Ashley, Bay Plaza, The Bradley, Carlton and The Eden Rock. The loan carries a fixed interest rate, a 5-year term, 5 years of interest-only payments and 4.5 years of yield maintenance. The lender was Fannie Mae. Meridian Capital Group originated the loan. The borrower's name was not disclosed.