SOMERSET COUNTY, N.J. — NorthMarq Capital has arranged a total of $7.2 million in Fannie Mae financing for two Somerset County multifamily communities. The two properties contain a total of 137 units. The loans carry a 10-year term and a fixed interest rate. Jim Poole of NorthMarq's New Jersey office secured the funds on behalf of the undisclosed borrower through AmeriSphere Multifamily Finance.
READING, PA. — Marcus & Millichap has brokered the sale of the Towne Square Plaza located in at 441 Fifth Street Highway in Reading for $18.85 million. The property is anchored by Target and Giant Food. Junior anchors of the center include A.C. Moore and PetSmart. Brad Nathanson of Marcus & Millichap's Philadelphia office represented the seller, Newman Development Group, and the buyer, a joint venture between Cedar Shopping Centers and RioCan Real Estate Investment Trust. The property traded at a 8.02 percent capitalization rate.
NEW YORK CITY — Massey Knakal Realty Services has completed two New York City sales for a total of $20.92 million. In the first transaction, Massey Knakal's Robert Shapiro and Paul Smadbeck completed the sale of a six-story, 71-unit residential building located at 920 Riverside Drive in Manhattan's Washington Heights neighborhood. The property traded for $15.67 million. In the second deal, Massey Knakal's Nick Petkoff and Michael DeCheser completed the sale of a two-story, approximately 8,400-square-foot office building located at 20 Thomas St. in Manhattan's Tribeca neighborhood. The property traded for $5.25 million. Massey Knakal represented the undisclosed buyers and sellers in both transactions.
NEW YORK CITY — GFI Realty Services has completed the sale of a six-story, 36-unit apartment building located at 329 W. 101st St. in Manhattan, New York City, for $8 million. Shulem Paneth of GFI represented the seller, and Yosef Katz, also of GFI, represented the buyer. Both parties were undisclosed.
BERKELEY HEIGHTS, N.J. — Woodbridge, N.J.-based The Kislak Company has brokered the sale of the 14-unit affordable housing component of Villas on the Park, a residential condominium community located at 25-51 Springholm Drive in Berkeley Heights. The units include 12 two-bedroom residences and two three-bedroom residences, each of which include two parking spaces. At the time of closing, all units were occupied. They will remain affordable housing until 2026. The purchase price was $1.35 million. Jeffrey Squires of Kislak represented the seller, the original condominium developer. Jonathan Greenberg, also of Kislak, represented the buyer, a private investor.
GREAT RIVER, N.Y. — Metropolitan Realty Associates (MRA) has received an extension from GE Capital Corp. for the $22.6 million mortgage it currently has taken out on Sunrise Business Center in Great River. MRA, along with its equity partner Angelo, Gordan & Co., first purchased the center in 2006. Since then, it has invested more than $15 million in renovating the property's two buildings that have helped increase occupancy from 51 percent to 97 percent. Last summer, MRA constructed a third building, bringing the total amount of Class A space within Sunrise Business Center to 388,500 square feet. Terms of the loan extension were not disclosed.
NEW YORK CITY — Rainbow Advertising Sales Corp. has renewed its lease at 530 Fifth Avenue, a 26-story, Class A office tower located in Midtown Manhattan, New York City, that is owned by The Moinian Group. The tenant, a subsidiary of Cablevision's Rainbow Media Holdings, occupies 44,422 square feet of space, consisting of the entire sixth and 17th floors as well as part of the basement. Cushman & Wakefield represented Rainbow in lease negotiations. Newmark Knight Frank represented Moinian.
BAYONNE, N.J. — Trammell Crow has opened the second building at Alexan CityView, a waterfront luxury residential community located in Bayonne. The building features one-, two- and three-bedroom residences with rents starting at $1,595 as well as townhome units starting at $3,265. Initial occupancy for the new units is slated for April. Amenities at Alexan CityView include a 9,000-square-foot clubhouse that features wireless Internet access, a fitness center with an indoor basketball court, a business center and a media lounge. Other amenities include an outdoor heated pool with a sundeck, 24-hour virtual concierge service, a dog park and an enclosed parking garage. The project is seeking LEED for Homes – Silver certification. More than 160 leases have been signed so far. The community is being managed and leased by Kettler Management.
NEW CASTLE, DEL. — Discount retailer Five Below has expanded its operations at Twin Spans Business Park. The tenant will go from occupying 214,000 square feet of 250 Anchor Mill Road to occupying the entire 421,000-square-foot flex industrial building. Five Below will move into the expanded space in March. Harvey, Hanna & Associates represented the undisclosed landlord in lease negotiations.
EATONTOWN, N.J. — The New Jersey office of FirstService Williams has arranged a 15,500-square-foot office lease in Eatontown. Wentworth will relocate its offices from nearby West Long Branch, N.J., to the new space, located at 17-21 Christopher Way within Eatontown Industrial Park. Jamie Drummon of FirstService Williams represented Wentworth in lease negotiations. The landlord, The Donato Group, provided in-house representation.