NEW JERSEY — David Cronheim Mortgage Corp. has arranged $40 million in financing for a four-building industrial portfolio owned by Hartz Mountain Industries. The portfolio totals 1.13 million square feet; the buildings were built between 1977 and 1990 and are located in Secaucus and other northern New Jersey cities. The non-recourse loan contains a 5-year term with a 25-year amortization schedule and a 6.65 percent interest rate. The lender is one of Croheim's correspondent insurance companies.
HAUPPAUGE, N.Y. — Aeroflex Inc. has renewed its lease at Hauppauge Industrial Park. The company currently occupies an entire 50,489-square-foot building located at 350 Kennedy Dr. in Hauppauge. The new lease carries an additional 5-year term. Harry Stavro and Robert Stein of Rechler Equity Partners provided in-house representation for the landlord in direct negotiations with Aeroflex.
NEW YORK CITY — The Community Preservation Corp. (CPC) and the New York City Department of Housing Preservation & Development (HPD) have provided approximately $2 million in construction and permanent financing for an affordable housing project located in Harlem, New York City. The property, which is located at 404 Lenox Ave. totals five stories. It presently contains 13 residential units and 1,080 square feet of ground-floor retail space. Construction will include a gut renovation that will change the unit configuration to five two-bedroom and four three-bedroom units. New plumbing. electrical and HVAC systems will be installed, the windows and roof will be replaced, and the exterior brickwork will be repointed. The property is owned by Neighborhood Restore, which plans to convey the building to a private developer for the project. The loan included $1.29 million in funds from HPD and a $735,000 loan from CPC.
NEW YORK CITY — DDG Partners has acquired a vacant development site located in the NoHo district of Manhattan, New York City. The purchase comprises two adjoining lots situated at 41-43 Bond St. DDG plans to construct a ten-story, luxury residential condominium tower on the property. Construction for the $35 million project will commence in early October. Details of the land transaction were not disclosed.
MERIDEN, CONN. — Cosmos Real Estate has sold half of its ownership interest in Comtech Business Park to Dominick DeMartino for $600,000. The 40,155-square-foot property is located at 470-476 Murdock Ave. in Meriden. The new ownership structure plans to complete capital improvements to the property in order to lease up its vacant space. Peter Shiue of Colliers Dow & Condon represented Cosmos in the deal, while Carl Berman and Robert Gaucher, also of Colliers, represented DeMartino.
NEW YORK CITY — Kalmon Dolgin Affiliates (KDA) has arranged a 26,000-square-foot retail lease in Brooklyn, New York City, on behalf of grocer Olive Gourmet. The space is located within a three-story, 145,000-square-foot office building at 1630 E. 15th St. The lease contains a 25-year term, and the asking rental rate was $32.50 per square foot. Robert Klein, Grant Dolgin and Gary Mayzlin of KDA represented building ownership, Kingswood Partners.
BOHEMIA, N.Y. — Yale Associates has signed a 10-year lease at Airport Plaza in Bohemia. The company will occupy 23,328 square feet at 25 Orville Dr. Harry Stavro and Robert Stein of Rechler Equity Partners provided in-house representation for the landlord. Jeffrey Wax of Oxford & Simpson represented the tenant. Yale plans to take occupancy in November.
WILMINGTON, DEL. — The Pettinaro Company has leased the former Daniel L. Herrmann Courthouse, located at 10th and King streets in Wilmington, to law firm Young Conway Stargatt & Taylor. The law firm will occupy the entire 218,000-square-foot building, which will be renovated into Class A office space. The lease is for a term of 15 years; construction will begin in late 2009, with occupancy expected in February 2012.
CANONSBURG, PA. — A new Homewood Suites hotel has opened in Canonsburg. The Homewood Suites by Hilton Pittsburgh-Southpointe is a five-story hotel situated within Southpointe II Business Park at 3000 Horizon Vue Dr. It features 113 suites in a mix of studio, one- and two-bedroom units. Amenities include a business center, an indoor swimming pool, a whirlpool, a 24-hour pantry and 1,300 square feet of flexible meeting space. The hotel is owned by Southpointe II Hotel Associates under a licensing agreement with Hilton Hotels Corp. It is managed by Buffalo Lodging Associates.
NEW YORK CITY — Arbor Commercial Funding has arranged an $18.1 million loan for 2025 Seward, a 154-unit apartment property located in the Bronx, New York City. The loan carries a 10-year term with a 30-year amortization schedule and a 5.9 percent interest rate. It was secured under Fannie Mae's DUS program. Alexander Kaushansky of Arbor's New York City office originated the financing. The borrower was not disclosed.