NEW YORK CITY — Max Herzog and Michael Diaz of CB Richard Ellis (CBRE) Capital Markets in New York City has arranged $6.16 million in financing for 321 Bedford Park Blvd., 2969-73 Briggs Ave., and 1302-04 Rosedale Ave. in the Bronx in New York City. The three multifamily walk-up rentals total 147 units and are part of a larger portfolio. The financing extended to the borrower consists of $4.6 million in permanent mortgages and a $1.56 million line of credit. The non-recourse permanent financing was arranged by a local New York Bank at 5.875 percent fixed rate for a 7-year term with interest-only for 3 years followed by a 30-year amortization schedule. The line of credit was structured at rate of Prime plus 0.5 percent and is collateralized by all three properties allowing the borrower flexibility in using these funds.
Northeast
ALBANY, N.Y. — Charles Cotsalas of NorthMarq Capital’s Long Island regional office and Ernest DesRochers of NorthMarq Capital’s New York Metro regional office have arranged $2.8 million in first mortgage financing for the Campus View Apartments in Albany. The multifamily property contains 114 units. Financing was based on a 10-year term with a 5-year rate review and a 30-year amortization schedule. The loan was arranged for the borrower, Campus View II Apts., LLC.
NEW YORK CITY — Jones Lang LaSalle (JLL) has completed a lease for 64,788 square feet of office space at One Astor Plaza, a 1.9 million-square-foot office tower located at 1515 Broadway in Manhattan, New York City. Engineering firm Syska Hennessey Group will occupy the space, which represents the entire 14th and 15th floors, for a 15-year term under a direct lease. It is relocating from its previous offices at 11 W. 42nd St. Peter Riguardi and Cynthia Wasserberger of JLL represented the tenant in lease negotiations. Frank Doyle and David Kleiner, also of JLL, represented the landlord, SL Green Realty Corp. Syska Hennessey plans to pursue LEED certification for the new office space.
PAOLI, PA. — Bryn Mawr, Pa.-based WP Realty has sold Paoli West Professional Park, a multi-tenant medical office complex located at 15 and 17 Industrial Blvd. in Paoli. Situated on 1.3 acres, the property includes two two-story buildings totaling 19,237 square feet. It is located adjacent to Paoli Hospital and near Bryn Mawr, Phoenixville and Chester County Hospitals. Occupancy was 94 percent at the time of closing. Stephen Marzullo and Douglas Rodio of CB Richard Ellis negotiated the transaction. The buyer and the acquisition price were not disclosed.
WOBURN, MASS. — Construction has commenced for Phase II of the renovation of the Holiday Inn Select Boston/Woburn, a 195-room hotel located in Woburn. The project will include the modernization of the hotel’s lobby as well as the renovation of its 9,000 square feet of meeting space. The ballroom and breakout spaces will be redesigned and new audio/visual and communications equipment will be installed. Lynda Onthank is serving as interior designer with locally based Bay State Services providing general contracting services. The owner of the Holiday Inn Select is AAM15 Middlesex LLC, whose members include David Masse, founder of Compass Realty Associates. The company acquired the property in July 2008 and soon after commenced a capital improvements program. Phase I of construction included new beds and linens for each of the guestrooms, a new heating and cooling system, the installation of free wireless Internet access, a pool renovation, the renovation of the fitness center, a new business center and new landscaping.
NEW YORK CITY — New York City-based Massey Knakal Realty Service has completed two commercial sales in New York City for a total of $2.3 million. In the first transaction, Massey Knakal’s Nick Burns completed the $1.2 million sale of a vacant two-story commercial building located at 791-795 Westchester Ave. in the Bronx. The building totals 7,679 square feet and was owner-occupied by the selling family for more than 30 years. In the second transaction, Massey Knakal’s Stephen Palmese and Matthew Giordano brokered the sale of a three-story multi-use building located at 7524 Third Ave. in Brooklyn. The first floor of the 4,312-square-foot building is occupied by Dime Savings Bank under a long-term lease. The second and third floors each contain one three-bedroom apartment. The property traded for $1.1 million.
NEW YORK CITY — NRDC Acquisition Corp. has signed a framework agreement with its sponsor, NRDC Capital Management, which sets forth the steps NRDC Acquisition will take to convert to a REIT commencing with its taxable year ending December 31, 2010. NRDC Acquisition intends to invest in, acquire, own, lease, reposition and manage a diverse portfolio of necessity-based retail properties, including, primarily, well located community and neighborhood shopping centers, anchored by national or regional supermarkets and drugstores. The new REIT also plans to acquire other retail properties, including power centers, regional malls, lifestyle centers and single-tenant retail locations, that are leased to national, regional and local tenants. Upon approval from the company’s stockholders, NRDC Acquisition will change its name to Retail Opportunity Investments Corp.
ALLENTOWN, PA. — CB Richard Ellis (CBRE) has negotiated a 92,143-square-foot lease at 7339 Industrial Blvd. in Allentown on behalf of the tenant, Inmar CLS Reverse Logistics. CBRE’s Joseph McDermott, Vincent Ranalli and Wit Truitt brokered the 5-year deal. Situated in Lehigh County, the property is a high-bay industrial facility owned by Liberty Property Trust. Located at the intersection of I-78 and Rt. 100, the building features 30-foot clear ceiling height, 16 loading docks, T5 lighting and an ESFR sprinkler system. The property is situated in an industrial park setting with many other large companies including Kraft, Millard Refrigerated Services, Kia Motors, Behr, Owens & Minor and others. The financial details of the transaction were undisclosed.
ROXBURY, N.J. — NAI James E. Hanson has completed the sale of a 2,500-square-foot office space, located at 181 Route 206 South in Roxbury. The two-story building was a former residential property that was converted into office space. Situated on 1.2 acres of land, the building features five offices, a conference room, one and a half bathrooms, a kitchen, a walk-up attic, a full basement, a new furnace, as well as a two-car garage, 10 additional employee parking spaces and a storage shed. The property is conveniently located to Routes 287, 24 and 78. NAI Hanson's Joe Vindigni represented both the seller, Kirk Hessels, and the buyer, Michael Gilbert, in this transaction.
NEW YORK CITY — Grimaldi’s, a brick-oven pizzeria, is opening its first location in Manhattan, New York City. The new restaurant will be located at the Rockrose Development Corp.-owned 135 John Street. Construction for the new 5,500-square-foot store is slated to begin this month with an opening set for the end of the year. The space will comprise three floors, a cellar and rooftop dining. The project is being designed by architect Julio Leder-Luis of Leder-Luis Building Designs. One of the unique elements Leder-Luis will be implementing is a glass-front elevator that will go from the street to the roof-top dining area. The space is being leased for a 15-year term with a 5-year option. Winick Realty Group brokered the Manhattan deal. Grimaldi’s also plans to open another location next to 200 Water Street, a 32-story residential rental building also owned by Rockrose. Currently with locations in Brooklyn, Queens, Garden City (Long Island), Hoboken and throughout the Southwest, the Manhattan restaurant will be the 16th Grimaldi’s to open nationwide.