LYNN, MASS. — Arbor Commercial Funding has arranged $1.87 million in Fannie Mae DUS funds for Mayflower Apartments, a 48-unit multifamily community located in Lynn. Edward Petti of Arbor's New York City office originated the loan, which contains a 10-year term, a 30-year amortization schedule and a 6.18 percent interest rate. The borrower is using the funds to complete a 1031 exchange.
NEW YORK CITY — Construction has topped out for the new W New York – Downtown Hotel & Residences located at 123 Washington St. in Manhattan, New York City. Upon completion, the 58-story, 400,000-square-foot building will contain a 217-room W Hotel and the W Residences, which will contain 223 residential condominiums. The hotel will feature a full-service restaurant and bar with an outdoor cafe, a spa and treatment rooms, meeting rooms, and a fitness center. Condo residents will have a private amenities floor that will contain fitness and lounge facilities as well as a rooftop, landscaped terrace. The hotel is expected to open in early 2010. The Moinian Group is developing the W New York – Downtown, with architecture services provided by Gwathmey Siegel & Associates Architects. SHVO is handling sales for the property. The project is situated at the southern edge of the World Trade Center Memorial Site and is one block away from the new Freedom Tower that is currently under construction. The W is the first new hotel and residential tower, and only the second project overall, to be constructed in Lower Manhattan since 9/11.
NEW YORK CITY — Rosen Associates Management Corp. has completed the sale of 30 West 70th Street in New York City for $30 million. The property contains 38 units and traded at a 4 percent capitalization rate. The buyer is a wholly owned subsidiary of an international investment holding company and the seller is an estate. Seth Kestenbaum and David Rosen of Rosen Associates were the sole brokers in the transaction.
STAMFORD, CONN. — Metro Green Apartments, a 50-unit affordable housing project located in Stamford, has opened. The project is situated on Henry Street and is part of Metro Green, a transit-oriented development (TOD) that is being master developed by Malkin Properties. Malkin has partnered with Jonathan Rose Cos. to develop Metro Green Apartments as well as the rest of the TOD's residential component. At full build-out, Metro Green will consist of 238 mixed-income residential units and a 350,000-square-foot, Class A office tower. Metro Green Apartments will be seeking the Gold-level certification under LEED – New Construction. Metro Green's residential component is also serving as a pilot project for the new LEED – Neighborhood Design program, and the office tower will be pursuing Platinum-level certification under LEED – Core & Shell.
EAST HAVEN, CONN. — CB Richard Ellis (CBRE) has brokered the sale of Parkwood Apartments located in East Haven for $8 million. Situated at 38 High St., Parkwood is a garden-style property containing 102 units. Jeffrey Dunne, Christopher Leonard and Matthew Innes of CBRE's New York Institutional Group, along with Michael Stone of the firm's Hartford, Conn., office, represented the seller, GPT-East Haven LLC, an entity controlled by Equity Residential. Steve Witten of Marcus & Millichap represented the buyer, a local private investor.
NEW YORK CITY — Construction has topped out for the new Lincoln Square Synagogue located at the intersection of Amsterdam Avenue and 69th Street in Manhattan, New York City. The new synagogue will be a three-story, 50,000-square-foot structure. It will feature a 450-person sanctuary space, educational facilities, administrative offices, a large ballroom for evens and outdoor activity areas. Completion is scheduled for late 2010. McGowan Builders is serving as general contractor, with CetraRuddy providing architecture services. Winston Consultants is serving as owner's representative.
NORTHBOROUGH, MASS. — Richard Barry Joyce & Partners (RBJ) has brokered a 342,900-square-foot industrial lease in Northborough. FedEx Corp. has renewed its lease for 180,200 square feet at One Beeman Rd. and expanded into the remainder of the building with the leasing of an additional 162,700 square feet. The company uses the building as a warehouse and distribution facility for FedEx SmartPost. RBJ's John Lasher and Paul Leone represented the landlord, MM Industrial Beeman Road LLC. Terms of the lease were not disclosed.
COVENTRY, R.I. — Marcus & Millichap has completed the $9.7 million sale of the Coventry Crossing, shopping center in Coventry. Situated at the intersection of Arnold Road and New London Turnpike, Coventry Crossing totals 20,752 square feet in three separate buildings. Tenants at the center include CVS/pharmacy, Dunkin' Donuts, Radio Shack and Webster Bank. Bob Horvath and Todd Tremblay of Marcus & Millichap's Boston office, along with Al Taf of the firm's Atlanta office, represented the seller, Hecht Development. Tremblay and Horvath also represented the buyer, a regional investor.
RARITAN, N.J. — A new 143,371-square-foot Walmart has opened at Raritan Town Square, Garden Commercial Properties' 500,000-square-foot retail and office project located in Raritan. The retailer will serve as co-anchor of the center with Lowe's Home Improvement Warehouse. In addition, a 5,000-square-foot IHOP restaurant has broken ground at the center, with completion slated for spring 2010.
AMHERST, N.Y. — CarStar Automotive has purchased a former General Motors auto dealership located in Amherst for $1.85 million. The property comprises a 20,000-square-foot building situated on approximately 5 acres at 2915 Niagara Falls Blvd. CarStar plans to relocate its current facility to the property. Richard Schechter and Ben Borruso of Pyramid Brokerage Co., along with Jones Lang LaSalle, represented the seller, General Motors. Pyramid has also been retained to sell the Gillogly Chevrolet dealership located in West Seneca, N.Y.