NEW YORK CITY — Colliers ABR has negotiated two leases at 477 Madison Avenue in Manhattan, New York City. Wyper Capital Management, a private investment management company, signed a 3-year lease for 5,659 square feet of pre-built space on a portion of the fifth floor. In the second transaction, CRG Partners, a leading provider of financial restructuring and operational improvement, signed a 7-year lease for 7,947 square feet of space that is presently demolished. The landlord, J.A.B. Madison Associates, will construct three pre-built units on the entire 16,000-square-foot 12th floor, one of which will be occupied by CRG Partners. David Hoffman and Wendy Miller of Colliers ABR along with Shira Nadich Levin at Cooley, Godward & Kronish, represented the landlord in the lease negotiations. Lindsay Orenstein of Centric Real Estate Advisors represented Wyper Capital Management and Ruth Colp-Haber of Wharton Property Advisors represented CRG Partners.
LANCASTER, PA. — Centro Properties Group has renovated Stone Mill Plaza, an approximately 124,000-square-foot shopping center located at the intersection of Columbia Avenue and Jackson Drive in Lancaster. Construction primarily consisted of the expansion of an existing Giant Food Store from 48,900 square feet to approximately 76,000 square feet. In addition, three existing tenants — Subway, Oriental Restaurant and PNC Bank — were relocated within the center. Other improvements included a façade renovation, parking lot and landscaping improvements, and pedestrian-friendly improvements to the street.
GARDNER, MASS. — Construction management firm William A. Berry & Son has broken ground for a 72,000-square-foot addition to Heywood Hospital, located in Gardner. The new building, known as the Watkins Acute Care & Emergency Center, will house a new emergency center and two floors of inpatient care. The hospital’s intensive care unit, as well as its Favor III medical, surgical and telemetry services, will be relocated to the new building’s second floor. The third floor of the building will eventually house the hospital’s Favor II medical surgical unit. The construction timetable was not released.
NEWARK, N.J. — Woodbridge, N.J.-based The Kislak Company has completed the sale of a 101,000-square-foot warehouse building, located at 194-204 N. 12th St. in Newark. The property, which traded for $1.65 million, contains five floors and features ceiling heights that range from 13 to 18 feet, a 4,000-pound capacity freight elevator, a small office area and six loading doors. Kislak’s Jonathan Greenberg and Scott Davidovic represented the seller; Greenberg represented the buyer. Both parties were undisclosed.
WEST HAVEN AND SEYMOUR, CONN. — Arbor Commercial Funding has arranged two loans under the Fannie Mae DUS program totaling $2.3 million. The first loan, which totals $2 million, is secured by Terrace Park Apartments, a 50-unit multifamily property located in West Haven. The loan carries a 10-year term with a 30-year amortization schedule and a 6.06 percent interest rate. The second loan, which totals $300,000, is secured by Westbrook Park Apartments, a 37-unit property located in Seymour. The loan carries a 5-year term with a 30-year amortization schedule and a 6.08 percent interest rate. Both loans were originated by John Edwards of Arbor’s Boston office.
NEW YORK CITY — Cambridge, Mass.-based biotechnology company Genzyme has renewed its 98,000-square-foot New York City office lease. The company occupies the fifth and sixth floors of 521-33 W. 57th St., located in Manhattan. The new lease carries a 10-year term. David Dusek, Peter Capuciati and Alex Blue of Studley represented Genzyme in lease negotiations. The landlord, an affiliate of Himmel + Meringoff Properties, was represented in-house by Mark Stein and Farrell Virga.
NEW YORK CITY — A total of $1.5 billion in debt and equity financing has been secured for the construction of a natural gas power plant located in the Astoria neighborhood of Queens. Once the facility goes on-line in 2011, it will provide 550 megawatts of energy to the New York Power Authority, which has a 20-year tolling agreement with the plant’s owner, Astoria Energy II LLC. The new phase will double the size of the current Astoria Energy facility, which was first constructed in 2004. Debt financing for the project was provided by 13 domestic and international commercial bank lenders. Equity financing was provided by an affiliate of SNC-Lavalin Generation, also the project’s general contractor, as well as an affiliate of GDF Suez North America, which is the project’s construction manager. Other equity investors include affiliates of Manhattan-based JEMB Realty and Energy Investor Funds.
FAIRLESS HILLS, PA. — New Brunswick, N.J.-based Tekton Development Corp. has completed the $7.5 million renovation of Oxford Valley Elementary School, located at 430 Trenton Rd. in Fairless Hills. Construction included a new library, a music room, a choral room, a media center, an addition to the cafeteria, a new roof and upgrades to every classroom. The project architect was Trenton, N.J.-based Faridy Veisz Fraytak. The renovation was part of a larger $15 million capital improvements project that is currently under way at the school.
NEW YORK CITY — Brooklyn, New York City-based Kalmon Dolgin Affiliates (KDA) has brokered the sale of a 50,000-square-foot warehouse building, located on 4th Street in Astoria, Queens, for $4.3 million. KDA’s Jeffrey Unger and Robert Klein represented the buyer, AA Holding of Long Island City LLC, and the seller, 26-01/26-15 4th Street LLC. The buyer is a local supermarket food distributor that purchased the property for its proximity to the distributor’s clients in the Bronx, Queens, Manhattan and Long Island.
DARIEN, CONN. — NorthMarq Capital has arranged $12.37 million in construction-to-permanent, first-mortgage financing for the development of a new 50,000-square-foot Whole Foods Market, located in Darien. The loan carries a 10-year term with interest-only payments during the construction period, followed by a 30-year amortization schedule. Ernest DesRochers and Charles Cotsalas of NorthMarq’s New York Metro office arranged the transaction between the borrower, Darien WF LLC, and the lender, Peoples United Bank. The project is expected to be complete by mid-2010.