HAMPTON, N.J. — Meridian Capital Group has arranged a $1.9 million loan for the refinancing of The Hampton Manor Apartments, an age-restricted, affordable apartment property located at 154-160 Route 31 North in Hampton. The community comprises four garden-style buildings, each of which contains 12 units. The community also contains a 1,600-square-foot community building. Josh Gorsky of Meridian’s New Jersey office arranged the non-recourse financing, which includes a 10-year term, a 30-year amortization schedule and a 6.12 percent fixed interest rate. The borrower and lender were not disclosed.
Northeast
OSSINING, N.Y. — Urstadt Biddle Properties has secured $17.8 million in financing for the Arcadian Shopping Center in Ossining. The loan has a 10-year term with payments based on a 25-year amortization period at a fixed interest rate of 6.66 percent per annum. The mortgagee is New Alliance Bank. The Arcadian Shopping Center is a 178,000-square-foot shopping center anchored by a newly constructed 76,000-square-foot Super Stop and Shop.
PRINCETON, N.J. — FirstService Williams New Jersey has arranged a long-term, 67,531-square-foot office lease on behalf of the landlord, RXR Realty, at One University Square in Princeton. Otsuka America Pharmaceutical Inc. will occupy the entire top floor as its U.S. headquarters and will take possession in early 2010. Otsuka is relocating its offices from 100 Overlook Center in Princeton. One University Square is a five-story, 313,000-square-foot Class AAA office building featuring the most up to date communications, technology and connectivity, as well as a two-story atrium lobby with sophisticated finishes of cherry wood paneling and granite pavers. The building offers 21-foot high window walls, concierge service, 24/7 security system and four passenger elevators with satin stainless steel doors and interior finish of granite panels with cherry wood trim. Amenities also include a top-tier health club with men’s and women’s locker rooms, showers and saunas, a 60-seat, multi-media team room, full-service cafeteria and 900 kw generator providing 2 watts per square foot for tenant’s use. Jane Moni and Lori Gaffney of Triad Commercial Real Estate represented the tenant, and Ward Greer and David Simson represented RXR Realty in the transaction.
NEW YORK CITY — The Partnership For New York City, a non-profit organization comprised of business leaders dedicated to enhancing the economy of the five boroughs and maintaining the city’s position as the global center of business and finance, has renewed its 25,825-square-foot office lease for 10 more years at One Battery Park Plaza, a high-rise tower in New York City owned by a joint venture of the Rudin and Rose families. Also known as 24 State Street, the 35-story tower contains 750,000 square feet of prime office space and was built in 1972. Barry Gosin and Hal Stein of Newmark Knight Frank represented the tenant in the long-term leasing transaction while Gene Baumstein of Rudin Management represented the landlord.
NEW YORK CITY — The Kaufman Organization has brokered a 5-year, 11,695-square-foot lease at 550 Seventh Avenue in Manhattan, New York City, for designer Eugene Fenasci. Michael Heaner of Kaufman Organization represented Bill Blass Licensing Co. in the transaction, while Glenn Roberts and Harriet Molk of Fenway Equities and Molk Associates represented the tenant. Although the terms of the lease were undisclosed, the asking rent for the space was $45 per square foot. 550 Seventh Avenue is a 24-story building completed in 1925 in Manhattan’s Garment District. The 250,000-square-foot building is home to several marquee names in the fashion industry, including Oscar De La Renta, Donna Karan, Cynthia Steffe, Jill Stuart, Polo Ralph Lauren, Lilly Pulitzer, Mavi Jeans, and Badgley Mischka.
WOODBRIDGE, N.J. — The Shannon Rose Irish Pub has opened its doors at St. Georges Crossing in Woodbridge. The new establishment represents the second location for the authentic Irish restaurant/pub; the original eatery is located in Clifton, N.J. Levin Management Corp. is the property’s leasing and managing agent. As part of a larger renovation, Levin converted the space, a former movie theater, for multi-tenant retail use, updated the exterior and created a new landscaping plan. The restaurant’s inviting façade features bold colors and downtown Dublin charm. Located on US 1 and 9, at the intersection of heavily traveled Route 35, and long a key regional shopping destination, St. Georges Crossing is anchored by a 91,000-square-foot ShopRite supermarket. Other tenants include P.C. Richard & Son, PETsMART, Taco Bell, Bertucci's, Wine Country, Pier 1 Imports, Golf Galaxy and GameStop.
Although many believe that the economy is starting to pick up, the “wait and see attitude” of many investors and companies still persists in the commercial real estate marketplace. Many are simply waiting for things to get better or waiting to see if, instead, things get much worse. Frank Gunsberg of First Service Williams says, “The economy is showing signs of picking up, although there have been fits and starts. I'm hopeful that we'll see a rebound by the end of the year and into 2010.” The seemingly perpetual wait and see attitude is having its way with the New Jersey office market as well. Gunsberg notes that many office tenants are asking for short-term lease renewals and extensions. Whereas, under typical market conditions office leases ranged from 5 to 10 years, tenants are asking for 1 or 2 years. “They just are not sure what is going to be happening with the economy,” he explains. “People are reluctant to do things even though this is probably one of the best times to jump. Landlords are willing to make concessions they would not normally make. If you have a good balance sheet, you are an extremely desirable tenant.” Although landlords …
PLAINSBORO, N.J. — Vantage Mid-Atlantic, a division of New York-based Vantage Properties has acquired Fox Run Apartments, a 776-unit, garden-style apartment community located in Plainsboro. Amenities at the property include a fitness center, an outdoor swimming pool and tennis courts. This is the first acquisition made by Vantage Mid-Atlantic since it launched in the spring. In addition, the Fox Run Apartments, Vantage Properties currently owns and operates approximately 10,000 apartment units in approximately 150 buildings in New York City.
BOSTON — CWCapital, a subsidiary of CW Financial Services, has provided a $130 million loan for the refinancing of Church Park, a 12-story luxury apartment tower located in Boston. The property was developed in 1973 and is located at 221 Massachusetts Ave. It consists of 508 Class A apartments, 71,399 square feet of ground-floor retail space and a six-story parking garage. Apartment amenities include a penthouse community room with wireless Internet access, a fireplace, a baby grand piano and a rooftop terrace. Other amenities include 24-hour security and full concierge services. Tenants for the building’s retail component include Whole Foods Market. The building is currently 99 percent leased. Andrew Gnazzo and Michael Darling of CWCapital’s Boston office originated the loan through Freddie Mac’s Capital Markets Execution Program. Terms of the financing include a 10-year term and a 5.51 percent fixed interest rate. CAS Financial Advisory Services advised the borrower, Boston Residential Group.
WEST ORANGE, N.J. — The Hampshire Companies, in a joint venture with Paragon Realty, has leased 13,776 square feet of medical office space at 375 Mount Pleasant Avenue, located in West Orange. The tenant, The Urology Group of New Jersey, plans to take occupancy in November. The building, which totals 106,000 square feet and was formerly a research and development facility for Organon USA, is being converted into a building for hospital and medical office uses. The Hampshire/Paragon JV was represented by Frank Gunsberg of FirstService Williams. John Feeney of Studley represented the tenant. The property is part of Hampshire Partners Fund VII, one of the company’s institutional real estate investment funds.