QUINCY, MASS. — Arbor Commercial Funding recently funded a $4 million loan under the Fannie Mae DUS® Small Loan product line for Green Realty Apartments, a 54-unit complex in Quincy. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.95 percent. The loan was originated by John Kelly in Arbor’s Boston lending office.
CAMBRIDGE, MASS. — Fantini & Gorga has arranged $3 million in permanent financing for 881-885 Massachusetts Ave. in Cambridge on behalf of a Boston-based realty trust. The property, located between Central and Harvard Squares, consists of two adjoining, seven-story brick buildings at the corner of Lee Street. Each structure contains 28 apartments, primarily two bedrooms, and with several one-bedroom types. Half of the building underwent a complete renovation, and the other side is slated for renovation shortly. The lender was a major Massachusetts-based financial institution.
PRINCETON, N.J. — KSS Architects has completed one aspect of continuing expansion at the Research and Collections Preservation Consortium (ReCAP) at Princeton University. Prior to the expansion, the facility consisted of four 15,000-square-foot refrigerated modules that held 7.5 million library items. The expansion has added a fifth module that increased the total area to 85,000 square feet and total capacity to 10 million items. The expansion included adding 5,000 solar panels to the roofs of both the new and existing modules to control the temperature in the buildings. The ReCAP partners expect the facility to eventually comprise of 11 modules, and KSS is currently designing the next phase of ReCAP, which is known as Module 8.
YORK CO., HALLAM, AND RED LION, PA. — ROCK Commercial Real Estate has arranged a lease transaction and the purchase of two properties. Wherley Generation, Inc. has leased a 5,540-square-foot industrial space located at 3001 W. Market St. in West Manchester Township in York County. ROCK represented both the landlord and the tenant in this transaction. Additionally, Susquehanna Micro Inc. has purchased a 17,299-square-foot industrial property located at 198 W. Beaver St. in Hallam. ROCK represented the seller in the transaction. Lastly, New Life Presbyterian Church has purchased a 10,400-square-foot commercial property located at 970 Cape Horn Rd. in Red Lion. ROCK represented the seller in the transaction.
NEW YORK CITY — Massey Knakal Realty Services has brokered the sale of a single-story retail building, located at 76-07/23 Jamaica Ave. in New York City, for $1.1 million. The property, which is located in the Woodhaven neighborhood of Queens, totals approximately 4,298 square feet and contains three tenant spaces. The building was fully occupied at the time of closing. Massey Knakal’s Stephen Preuss and Brian Sarath negotiated the transaction. Both parties were undisclosed, but the buyer was participating in a 1031 exchange.
PRINCETON, N.J. — RXR Realty has completed a 67,531-square-foot, long-term lease with Otsuka America Pharmaceutical at University Square in Princeton. The lease is for a newly completed 313,000-square-foot Class A office building. Otsuka will occupy the entire top floor, which will consolidate and expand its East Coast operations from two separate existing facilities into one corporate headquarters. The building features a two-story atrium lobby, a health club, teleconferencing and training facilities and a full-service cafeteria. Otsuka was represented by Jane Monie and Lori Gaffney of Triad Realty, and David Simson represented RXR in-house in the transaction. University Square currently has approximately 245,469 square feet of available Class A office space.
POTTSTOWN, PA. — Cedar Shopping Centers has held the grand opening of Upland Square in Pottstown. The $106.4 million, 686,000-square-foot shopping center is being developed by a partnership of Cedar Shopping Centers and Tristate Ventures, an affiliate of Fameco Real Estate. Tenants at in the center include Target, Giant Food Stores, Best Buy, Bed Bath & Beyond, TJ Maxx, Staples, Petco, Sleepy’s, Five Below, Books 4 Less, Famous Footwear and others. Most of the stores are scheduled to open in the next month. Cedar contributed approximately $22 million to the project and owns a 60 percent interest. Fameco will lease and manage the project. Currently, the center has 85 percent committed leases and has 485,000 square feet completed. Upland Square is just one of two centers that Cedar and Fameco are working on. The other is The Shoppes at Crossroads in Stroudsburg. The 131,000-square-foot center will be anchored by a 76,400-square-foot Giant supermarket, AT&T Wireless and a Red Lobster. The center is scheduled for completion in October. Cedar is also developing two other supermarket-anchored properties located in Pennsylvania that are scheduled for completion in the next quarter. Blue Mountain Commons in Harrisburg will be anchored by a Giant supermarket, and …
NEW YORK CITY — Turin, Italy-based Eataly has leased more than 44,000 square feet of ground floor, lower level and rooftop space at 200 Fifth Ave. in Manhattan for its flagship New York City Marketplace. The new eatery will be located in L&L Holdings’ 850,000-square-foot building Flatiron District Building. L&L is completing a $135 million redevelopment program that includes restoration of the property’s façade and infrastructure. Scheduled to open by next summer, the new store will feature a retail center for Italian wine, a culinary educational center and a boutique eateries. Each retail area will be paired with its own dedicated restaurant that will include a wood-fired pizza and pasta bar, a cheese and salami counter, a steak restaurant, a vegetarian restaurant, a crudo and seafood bar and an Italian bar.
LEVITTOWN, PA. — Three retailers have opened at DLC Management Corporation’s new 468,675-square-foot Levittown Town Center in Levittown. Wal-Mart Supercenter, Ross Dress for Less and Famous Footwear will join a roster of retailers that include KFC/Taco Bell, Sonic, Wachovia and The Home Depot. Other retailers are scheduled to open in the center towards the end of the year.
NEW YORK CITY — The Community Preservation Corp. has closed a $2.1 million Freddie Mac loan to refinance a mixed-use rental building located in Manhattan, New York City. The two, five-story buildings are located at 79 Sherman Ave. and 152 Dyckman St. in the borough’s Inwood district and contain 38 apartment units, six retail stores and two office apartments. The owner and borrower is Silpar Realty.