EDISON, N.J. — Groundbreaking will occur Wednesday for Edison Towne Square, an approximately 98-acre mixed-use redevelopment project located in Edison. The project is situated on Route 1 at the site of the former Ford automotive plant, which closed in 2004. Plans for Edison Towne Square include retail and office space, a movie theater and other entertainment tenants, seven restaurants, a hotel with meeting space, walking and bike trails, and a 7.5-acre parcel that will be set aside for a community center for the town. The project is being developed by Secaucus, N.J.-based Hartz Mountain Industries and will be owned by an affiliate of the company. The project architect is Baltimore-based The Development Design Group. The construction timetable was not disclosed.
HACKENSACK AND LIVINGSTON, N.J., AND NEW YORK CITY — Livingston-based Jarmel Kizel Architects & Engineers has completed design work for three new restaurants. The first project is a 1,200-square-foot Bocconi Pasta Pronto & More, located at 363 Essex St. in Hackensack. The restaurant opened in June and is a prototype design for three or four more locations that are planned to open in New Jersey. The second project is Carmine’s Livingston, a 7,300-square-foot restaurant located at 405 Eisenhower Pkwy. in Livingston. The completed project consisted of the adaptive reuse of a former stagecoach stop that had later served as a tavern for 40 years until closing 7 years ago. The final project is a 7,300-square-foot T.G.I. Friday’s that will be located at 1780 Gun Hill Rd. in the Bronx, New York City. Completion is scheduled for this summer. Jarmel Kizel is completing the project on behalf of The Briad Group with assistance from Vornado Realty Trust, the owner of the strip center in which the restaurant pad site will be located.
NEW YORK CITY — The New York City School Construction Authority has awarded a 3-year, $8 million contract to Hasbrouck, N.J.-based DMR Architects. The contract provides for the firm to provide design consulting services at various schools throughout the city on an on-call basis. The scope of work will include an assessment of existing mechanical HVAC and climate control systems, followed by upgrades or replacement; plumbing and bathroom renovations; installation of new elevators; and the installation of fire alarms and security systems. DMR recently completed a 2-year, $5 million contract with the Authority in which the firm provided design consulting services at 15 public schools. In addition, construction is nearing completion for another DMR-designed project. This week will mark the completion of the Meadowlands Rail Station, a train station located in the New Jersey Meadowlands that will primarily serve the new football stadium and the Xanadu project. The 950-foot long station features pedestrian overpasses that connect several platforms and a pedestrian plaza with a series of ramps. The project is part of the larger Meadowlands Railroad and Roadway Improvement Project. The stadium and Xanadu are slated for completion in 2010.
WASHINGTON, PA. — Concord Hospitality Enterprises has secured a $10.8 million loan to construct a new Courtyard by Marriott in the Pittsburgh suburb of Washington. The Courtyard by Marriott – Meadow Lands will be located at the interchange of Interstate 79 and Racetrack Rd. near Tanger Outlets. It will contain 124 rooms and is scheduled to open in fall 2010. The lender was S&T Bank. The bank also provided Concord with a $13.4 million loan late last year for the construction of a Courtyard by Marriott in Settlers Ridge, Pa. S&T ha financed eight of Concord’s 10 Pittsburgh-area properties.
BRIDGEPORT, CONN. — Arbor Commercial Funding has arranged $4.16 million in Fannie Mae DUS financing for the Bridgeport Portfolio, an 87-unit multifamily property located in Bridgeport. The permanent loan carries a 10-year term with a 30-year amortization schedule and a 5.69 percent interest rate. Stephen York of Arbor’s New York City office originated the loan on behalf of the undisclosed borrower. The property was purchased out of distress by the borrower, which has spent the past 2 years renovating it and improving operations
NEW YORK CITY — The Brooklyn Navy Yard Development Corp. is seeking proposals to develop a 6-acre site, known as Admiral’s Row, on the western edge of the Brooklyn Navy Yard in Brooklyn, New York City. The request for proposals (RFP) seeks developers interested in building a retail center that will include a large-format supermarket of no less than 40,000 square feet, as well as 20,000 square feet of retail space. According to the RFP, optimal development of the site will also include a minimum of 40,000 square feet of an upper floor to accommodate light industrial uses and could include upper-floor commercial uses.
WINDSOR AND EAST GRANBURY, CONN. — CB Richard Ellis (CBRE) Capital Markets has arranged $10.5 million in financing for a four-building industrial portfolio. The four properties total 239,902 square feet and are located within New England Tradeport, a 600-acre, master-planned business park situated in the towns of Windsor and East Granbury. The four buildings were constructed between 1978 and 2008, and are owned by Griffin Land. Mike Riccio and Christine Kubas of CBRE Capital Markets’ Hartford, Conn., office secured the loan. The mortgage has initial proceeds of $8.5 million but can be funded up to $10.5 million. It carries a 10-year term with a 25-year amortization schedule and a 6.58 percent fixed interest rate. The lender was Peoples United Bank.
MINEOLA AND NEW YORK, N.Y. — Massey Knakal Realty Services has brokered two sales in the New York City metropolitan area. In the first transaction, the company arranged the sale of two office buildings, located at 372 and 378 Willis Ave. in Mineola. Both buildings contain two stories; the first building totals approximately 4,700 square feet and the second totals 2,200 square feet. Massey Knakal’s Nalini Chugh arranged the transaction. The buildings traded for $1.2 million. In the second transaction, Massey Knakal’s Eric Greenfield handled the $900,000 sale of an approximately 4,200-square-foot community facility located at 150 Kenilworth Place in Brooklyn’s Flatbush neighborhood. The buyer is a neighborhood developer that plans to use part of the building as his rental office and lease the remaining space to a retailer that caters to college students.
WESTFIELD, N.Y. — Cedar Shopping Centers has disposed of a 10,125-square-foot CVS/pharmacy, located in Westfield, for approximately $1.6 million. The property was acquired by the company in 2005 from Glitz & Associates as part of a 25-property portfolio. The buyer in this transaction was not disclosed.
WHITE PLAINS, N.Y. — Wells Fargo & Company has closed a $40.3 million Freddie Mac loan to refinance The Gramercy. The Gramercy, located in White Plains, is a 260-unit, luxury apartment complex. Amenities include concierge services, an outdoor swimming pool, a home theatre/media room, a recently upgraded community room with a full kitchen, a fitness room, and a garage with 360 parking spaces. The un-capped ARM loan carries a 7-year term with 30-year amortization. The transaction was originated by Matt Wiener and Terry Livingston, both of Wells Fargo Multifamily Capital out of the New York City office. The Gramercy is owned and operated by Haveland Estates in joint venture with an affiliate of Black Rock.