NEW YORK CITY — NorthMarq Capital has arranged a $1 million first mortgage for a retail condominium located at 351 W. Broadway in New York City. The property contains 1,250 square feet of above-grade space and a 650-square-foot basement. Pines Vintage is its major tenant. The loan carries a 25-year, fully amortizing term with 5-year adjustments. Craig Bjornsund of NorthMarq's New York Metro office arranged the loan on behalf of a limited liability company. The lender was StanCorp Mortgage Investors.
GLENMOORE, PA. — Preferred Apartment Communities (PAC) has purchased Oxford Rise, a 216-unit apartment community located in Glenmoore for $30.1 million. The community was 94.9 percent occupied at the time of the deal. PAC is funding the purchase with a non-recourse loan provided by Freddie Mac. The financing carries a 7-year term and a floating interest rate priced 277 basis points above the 30-day LIBOR.
LAWRENCE, MASS. — A joint venture between TRECAP Partners and Fairfield Residential has purchased a 174-unit apartment community in Lawrence for approximately $26 million. The seller was Equity Residential. Situated on approximately 7 acres, River Pointe at Den Rock consists of six two- and three-story buildings containing a mix of one- through three-bedroom units. Amenities include a clubhouse with a lounge and fitness center, a swimming pool with a sundeck and barbecue areas, a car wash area, garage parking, and direct access to the 120-acre Den Rock Park preserve. The Cushman & Wakefield team of Simon Butler, Biria St. John, Michael Byrne and John McLaughlin represented the seller and procured the buyer.
NEW YORK CITY — Massey Knakal Realty Services has brokered the sale of a three-story, 11,960-square-foot commercial building located at 1032-1034 Lexington Ave. on Manhattan's Upper East Side for $10.2 million. The space was the former home of Payard Patisserie & Bistro. Massey Knakal's Guthrie Garvin represented the undisclosed seller. The buyer's name was also not released.
PHILADELPHIA — The grand opening has been held for the newest Bottom Dollar Food. The 17,000-square-foot grocery store is located at the intersection of North Broad Street and Godfrey Avenue in Philadelphia's Oak Lane neighborhood. Soloff Realty & Development is the property owner.
NEW PROVIDENCE, N.J. — Marcus & Millichap has completed the sale of The Provident Bank Building, a 7,210-square-foot office property located in New Providence, for $1.83 million. Greg Babaian of Marcus & Millichap's New Jersey office represented the seller, a local investor. Michael Lombardo and Christopher Rizzolo, also of Marcus & Millichap, secured the buyer, a New York investor.
NEW YORK CITY — Reaity House has broken ground for a new substance abuse outpatient treatment facility and community residence for veterans in Queens. The three-story, 21,000-square-foot building will be built at 8-13 Astoria Blvd. and will contain 30 beds. Completion is expected in early 2012. NobleStrategy is providing construction management services.
SPRINGFIELD, MASS. — Holyoke, Mass.-based Infinity Real Estate Group has brokered the sale of a three-story, fully leased office building located at 55 State St. in Springfield for $1.13 million. The buyer was Briarwood Thirteen LLC and the seller was Fifty Five State Street LLC. Mark Berezin of Infinity represented the seller in the deal and helped the buyer arrange acquisition financing through Holyoke Credit Union.
NEW YORK CITY — The Fire Department of New York has broken ground for the construction of the Greenpoint Emerggency Medical Service Station in Brooklyn's Williamsburg neighborhood. The two-story, 12,400-sqare-foot facility will include garage space for four vehicles, equipment storage space, offices, locker rooms, a fitness facility, a training room, and a 700-square-foot kitchen and lounge area. The building, which was designed by Michielli + Wyetzner Architects, will feature a skylight running the length of the building as well as a double-height, glass-enclosed entry. The opening is slated for June 2012.
SPRINGFIELD, MASS. — CB Richard Ellis (CBRE) Capital Markets has arranged a $5.75 million permanent loan to refinance Park Edge Apartments in Springfield. The community was constructed in 1962 and contains 93 units. The fixed-rate loan, which was provided by Middletown, Conn.-based Liberty Bank carries a 10-year term with a 25-year amortization schedule and a fixed interest rate. Mike Riccio and Susan Larkin of CBRE Capital Markets' Hartford, Conn., office arranged the financing.