NEW YORK CITY — Metropole Realty Advisors has secured $175 million for the refinance of 681 Fifth Avenue, a 17-story office tower located in Manhattan. The financing consists of a $150 million, fixed-rate, senior loan provided by Ladder Capital Finance and a $25 million mezzanine loan provided by Malkin Strategic Capital. Proceeds will be used to pay off existing debt and fund the completion of pre-built offices on some of the floors.
HAMBURG, PA. — The grand opening has been held for Tilden Ridge Shopping Center, a 400,000-square-foot regional retail property located in Hamburg. Anchors at the center include Walmart and Lowe's Home Improvement Warehouse. Occupancy was 98 percent at the grand opening. The property is located at the intersection of Routes 61 and 78, across the street from a 250,000-square-foot Cabela's. West Conshohocken, Pa.-based Ironwood Property Group developed the property, and Metro Commercial Real Estate is leasing it.
BENSALEM, PA. — New Jersey-based The Orbach Group has purchased Hamilton Court East, a 192-unit multifamily community located in Bensalem, for $15.5 million. The property comprises 15 two-story buildings containing one- and two-bedroom units. Rents range from $795 to $1,145. All of the units have been recently renovated or are set to undergo renovations in the coming weeks. The seller's name was not released.
NEW YORK CITY — Cronheim Mortgage has arranged a $21.9 million loan for a 120,000-square-foot medical office building located on 32nd Street, between 3rd and Lexington avenues, in New York City. The 12-story building is fully occupied; its main tenant is Ameripath, a division of Quest Diagnostics, which occupies several floors and has a separate 24-hour secured entrance. The loan carries a 4.62 percent fixed rate with interest-only payments for the first 2 years of the 10-year loan and a 30-year amortization schedule thereafter. The lender was an insurance company. Andrew Stewart and Dev Morris of Cronheim arranged the financing.
WATERTOWN, N.Y. — NorthMarq Capital has arranged a $4.5 million first mortgage for Watertown Medical Building, a 47,500-square-foot medical office building located at 826 Washington St. in Watertown. The lender was Sun Life Assurance Co.; the terms of the loan were not disclosed. Michael James of NorthMarq's Upstate New York office arranged the financing on behalf of the undisclosed borrower.
WILTON, CONN. — Boston-based investment and development firm Marcus Partners has opened a Connecticut office. It will be located in Wilton within Wilton Corporate Park at 64 Danbury Road. David Fiore will lead the new office and will be joined by John Busby and Marsha Glazebrook. The trio has worked together at Marcus Partners for the past 13 years.
PARSIPPANY, N.J. — CB Richard Ellis (CBRE) Capital Markets has arranged a $33 million acquisition loan for 100 Kimball Drive, a Class A office property located in Parsippany. The 175,000-square-foot building is fully leased to Deloitte. The financing carries a 5.25 percent fixed interest rate, 10-year term and a 30-year amortization schedule. The borrower was CBRE Realty Trust. James Gunning and Donna Falzarano of CBRE's New Jersey office partnered with John Clifford and Keith Huizinga of the firm's Chicago office to arrange the loan.
CAMP HILL, PA. — Wolfe & Company Realtors has brokered the sale of an 18-unit apartment property located at 2003 Market St. in Camp Hill. Buz Wolfe and Gary Sausser of Wolfe & Co. represented both parties in the deal. The names of the buyer and seller were undisclosed.
NEW YORK CITY — The New York Legal Assistance Group (NYLAG) has signed a sublease for 36,250 square feet of office space at 7 Hanover Square in Manhattan. The firm plans to relocate this summer from its current location at 450 W. 33rd Street. Gere Ricker of MB Real Estate represented NYLAG in lease negotiations. MB's Project Services group will also provide construction management services for the tenant fit-out. Joseph Harkins and Barry Lewen of Grubb & Ellis represented the undisclosed sub-landlord.
BOSTON — Linear Retail Properties has acquired four retail condominium units in Boston for approximately $6 million. The condos total 5,716 square feet of space and are located on the first two floors of 292-296 Newbury Street. Tenants include MiniLuxe Back Bay spa, Michael Labrecque Salon, Audrey's Pet Supply & Services and Vibram USA footwear, which will open in the spring. Lisa Campoli and Nick Herz of Colliers International represented the undisclosed seller.