CRANSTON, R.I. — Fantini & Gorga has arranged $2.37 million in permanent financing for a flex property located in Cranston. The property, a 53,570-square-foot flex industrial building, is situated on 3.96 acres at 28 Kenney Drive. The borrower was NEREEF Cranston LLP, which is an affiliate of Calare Properties. The lender was an undisclosed insurance company.
PHILADELPHIA — Cedar Shopping Centers has acquired a a Philadelphia office building for $13.37 million. The property, which is located on 15.3 acres at 11501 Roosevelt Blvd., totals 230,000 square feet. It is currently occupied by the Internal Revenue Service. Cedar's acquisition included the assumption of a $13 million first mortgage secured by the property. Cedar already owns the adjacent 23.9-acre property, which contains a 430,000-square-foot office building also leased to the IRS. The agency's lease for both buildings terminates next October, and it is expected to vacate the buildings. Cedar has not released any long-term plans for the properties.
BOSTON — Berkadia Commercial Mortgage has originated a $7 million loan for the refinancing of a Marriott Residence Inn located in suburban Boston. The hotel was built in 1999 and contains 108 rooms. The loan carries a 5.3 percent fixed interest rate, a 5-year term, a 25-year amortization schedule and a 60 percent loan-to-value ratio. Fred Fanganello and Brian Huff of Berkadia's Denver office secured the loan on behalf of the borrower, a national hotel REIT, through a national bank. The parties involved were not released.
BRANCHBURG, N.J. — CB Richard Ellis (CBRE) has arranged a long-term lease for 78,343 square feet of industrial space at 47 Readington Road in Branchburg. The tenant for the single-story warehouse is Branchburg Sports Complex, which plans to create an indoor sports facility that will include an indoor lacrosse field and batting cages. Thomas Monahan and Stacey Weinberg, both of CBRE, represented the tenant as well as the landlord, The Hampshire Companies.
WESTFORD, MASS. — Goodrich Corp. has signed a lease that will relocate its headquarters from Chelmsford, Mass., to a larger space within Westford Technology Park in Westford. The company will occupy 184,759 square feet, comprising 84,759 square feet of space at 7 Technology Park Drive and all 100,000 square feet of 9 Technology Park Drive. The lease represents a 55,000-square-foot expansion from its previous headquarters. Matthew Daniels and Christopher Lawrence of Colliers Meredith & Grew represented Goodrich in lease negotiations. Cushman & Wakefield represented the landlord, The Gutierrez Company.
NEW YORK CITY — Massey Knakal Realty Services has brokered the sale of five-story multifamily building located at 18 E. 23rd St. in Manhattan for $5.7 million. The walk-up building contains 16 free-market apartments and a retail store on the ground floor. The building was constructed in 1900 and renovated in 1988. Massey Knakal's John Ciraulo arranged the deal between the two undisclosed parties.
MONMOUTH COUNTY, N.J. — Commercial Mortgage Capital (CMC) has arranged a $12 million construction loan for the development of Stamford Square, a 136-unit, luxury multifamily community located in Monmouth County. The loan carries 3 years of interest-only payments with a 7-year permanent conversion option. The lender was Provident Bank. Mark Scott of CMC arranged the financing.
PERINTON, N.Y. — NorthMarq Capital has secured a $5 million permanent loan for the refinancing of a 139,000-square-foot office building located in Perinton. The loan carries a 10-year term and a 20-year amortization schedule. Michael James of NorthMarq's Upstate New York office arranged the financing on behalf of the undisclosed borrower through lender Sun Life of Canada.
NEW YORK CITY — Blackstone has acquired a $72 million mezzanine loan from a joint venture between Fortress and Northstar. The loan is secured by the Columbia Sussex hotel portfolio, which comprises 14 hotels and approximately 5,800 rooms located nationwide. Thirteen of the properties have been recently rebranded from the Wyndham flag to Starwood, Hilton, Sheraton and Marriott hotels. Blackstone originally sold the portfolio to Columbia Sussex in 2005. Savills served as advisor to Fortress and Northstar in the deal.
MOONACHIE, N.J. — Russo Development has broken ground the for the construction of the new Macy's Parade Studio. The building is located on 7.4 acres at 140 State St. in Moonachie. Macy's will occupy the space and use it for the design and construction of balloons and floats to be used during the Macy's Thanksgiving Day Parade. Completion is slated for August 2011.