NEWTOWN, PA. — ARI Mutual Insurance has purchased an office building in Newtown from Catalyst Corp. The two-story, 18,989-square-foot building is located at 125 Pheasant Run. Matthew Devine and Douglas Joseph of Grubb & Ellis represented the seller, and Robert Bull of Studley represented the buyer. The acquisition price was not released.
LAFAYETTE AND TULLY, N.Y. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $9.37 million loan for the refinancing of New York multifamily portfolio. The portfolio contains three properties, two located in Lafayette and one located in Tully. The non-recourse financing carries a 5.05 interest rate, a 10-year term over a 30-year amortization schedule and a 75 percent loan-to-value ratio. Brian Ursino with MMCC's Manhattan office arranged the deal.
NEW YORK CITY — New York City-based Blackpoint Partners has acquired a $160 million portfolio of distressed assets from a regional lending institution. The portfolio contains 23 assets with a total of approximately 1,100 residential units. The assets include non-performing acquisition, development and construction loans for residential and commercial properties as well as REO of single- and multifamily residential communities at various stages of completion. A Blackpoint affiliate will be responsible for the oversight, management and workout of the portfolio.
MORRISTOWN, N.J. — Hartz Mountain Industries (HMI) has acquired a New Jersey apartment community for $32 million. Morris Crossing is located at 12-18 Max Drive in Morristown. It contains 123 townhome-style units in six buildings. Last year, it underwent a $4.4 million renovation. The CB Richard Ellis (CBRE) team of Jeffrey Dunne, Christopher Leonard and Brian Schultz represented HMI in the transaction. James Gunning and Donna Falzarano of CBRE Debt & Equity Finance assisted HMI in arranging $22 million in acquisition financing. Terms of the loan were not disclosed.
NEW YORK CITY — Eastern Consolidated has brokered the sale of a seven-story commercial loft building located in Manhattan's Tribeca neighborhood for $13 million. The building, which is located at 481-487 Washington St., is currently occupied by office tenants on the upper floors and retail tenants on the ground floor. The new owner is considering several options for the building including converting it into high-end apartments. The Eastern Consolidated team of Eric Anton and Ronald Solarz represented the seller, 481 Washington Street Realty Corp., and procured the buyer, 481 Washington Street LLC.
LANCASTER, PA. — Lancaster-based NAI Commercial Partners has brokered the sale of a 159,863-square-foot industrial property located at 1175 Manheim Pike in Lancaster. Shadow Lawn City Line LP acquired the property from Thermal Solutions Products for $9.75 million. Daniel Berger of NAI represented the seller, while Timothy Shreiner of Prudential Homesale Services Group represented the buyer.
NEW YORK CITY — Brack Capital Real Estate has partnered with a European hotel operator to develop a new hotel in Manhattan's Times Square. The joint venture signed a 99-year ground lease for 218-222 W. 50th St., which currently contains a parking garage. Specific plans for the hotel were not released, but the project will cost $50 million and will include construction of a 78,000-square-foot building. Sidney Rosenthal of Grubb & Ellis represented both parties in the deal.
NEW YORK CITY — Meridian Capital Group has secured a $50 million loan for the refinancing of a New York City multifamily portfolio. Owned by The Parkoff Organization, the portfolio contains a total 558 apartments. Two of the properties are located in Manhattan, three are located in the Bronx, one is located in Queens and one is located in Brooklyn. The loan, which was provided by a local community bank, carries a 7-year term with interest-only payments for the first 2 years and a 4.2 percent rate. Avi Weinstock of Meridian arranged the financing.
NEW YORK CITY — Jones Lang LaSalle (JLL) has arranged a 70,476-square-foot office lease at Black Rock, a 908,000-square-foot office building located at 51 W. 52nd St. in New York City. Law firm Dorsey & Whitney LLP will occupy the space, consisting of the tower's eighth through 10th floors, for a 15-year term. It will relocate from its current offices at 250 Park Ave. The JLL team of Peter Riguardi, Frank Doyle, Barbara Winter and Andrew Flint represented the landlord, CBS Broadcasting. The Cushman & Wakefield team of John Cefaly, Gus Field and Donald Preate represented the tenant.
NEW YORK CITY — Jones Lang LaSalle has arranged an $800 million loan for the refinancing of 245 Park Avenue, a 44-story, 1.7 million-square-foot office tower located in New York City. Robert Martin of the firm's New York office led the team that secured the loan on behalf of the borrower, Brookfield Office Properties. The lender was Bank of China.