PLAINVIEW, N.Y. — Grace Industries has acquired a 17,500-square-foot flex building located at 11 Commercial St. within Plainview Industrial Park in Plainview. The buyer plans to relocate its operations to the building from a leased facility in Whitestone, N.Y. The Newmark Knight Frank team of Scott Berfas, Chuck Tabone and Dan Gazzola represented the seller, 11 Commercial Street LLC. Jack O'Connor, also of Newmark Knight Frank, represented the buyer.
NEW YORK CITY — Deerwood Real Estate Capital has arranged a $28.8 million loan for a residential building located at 488 7th Ave. in New York City. The property consists of 108 residential units and four commercial spaces. The loan carries a 10-year term with 2 years of interest-only payments. Abe Katz of Deerwood arranged the deal.
BOSTON — Felcor Lodging Trust has acquired the Fairmont Copley Plaza hotel in Boston for $98.5 million. The hotel is located on Copley Square in the city's Back Bay neighborhood. It contains 383 guestrooms, 23,000 square feet of meeting space, and a restaurant and bar. The seller, Fairmont Hotels & Resorts, will continue to manage the property. Kevin Mallory of CB Richard Ellis Hotels led the brokerage team that represented the seller.
NEW YORK CITY — The unveiling has been held for the W New York Downtown and The Residences at W New York Downtown. The 58-story tower is located in Manhattan's Financial District at the corner of Washington and Albany streets. it features 223 W-branded residential condominiums atop a 217-room W hotel. The project features a fifth-floor lounge known as the Living Room Bar & Terrace as well as BLT Bar & Grill on the ground and second floors. The Moinian Group was the project's developer, and Gwathmey Siegel & Associates was the project architect.
TROY, N.Y., AND NEW BRITAIN, CONN. — NorthMarq Capital has arranged $4.9 million in first-mortgage financing for the Frear and Atrium Building, a 166,807-square-foot office building located in Troy. The loan carries a 5-year term, a 25-year amortization schedule and was provided by a federal credit union. Scott Devinney of NorthMarq's Upstate New York office arranged the loan on behalf of the borrower. In addition, NorthMarq arranged a $2 million second mortgage for Pebblebrook Apartments, a 486-unit multifamily community located at 46 Brittany Farms Rd. in New Britain. The loan carries a 8.75-year term with a 1-year fixed-to-float term and a 30-year amortization schedule. The borrower was Pebblebrook Apartments LLC and the lender was Freddie Mac. Robert Ranieri of NorthMarq's Capital Services Group East division arranged the loan.
MILFORD, MASS. — R.W. Holmes Realty Co. has completed the sale of a 53,400-square-foot industrial facility in Milford for $2.65 million. The building, which is located at 49 Maple St., contains R&D and light manufacturing space. The buyer, Milford LLC, plans to use the building for its operations. Arthur Amadei and John Eysenbach of R.W. Holmes represented the buyer. Jeff Hamilton of CB Richard Ellis / New England represented the undisclosed seller.
CHESTER, N.J. — NAI James E. Hanson has brokered the sale of Colonial Court, a four-building, 21,559-square-foot office park located at 407-425 Main St. in Chester. NAI's John Schilp represented the seller, Skylands Community Bank, and the buyer, DeSapio Properties. As part of the transaction, Skylands is leasing the 13,500-square-foot building located at 425 Main St. The acquisition price was not disclosed.
VOORHEES, N.J. — CB Richard Ellis (CBRE) Capital Markets has secured $12.6 million for the recapitalization of the Lowe's Home Improvement Warehouse located in Voorhees. The permanent loan is non recourse, self amortizing and carries a 5.47 percent interest rate. The lender is CTL Capital. The 168,382-square-foot Lowe's is located at 144 Route 73 North and is part of Cedar Hill Shopping Center. The property is subject to a ground lease. Enoch Lawrence and Rayna Karaivanov of CBRE Capital Markets arranged the transaction. The borrower's name was not disclosed.
NEW YORK CITY — Arbor Commercial Funding has arranged $8 million in Fannie Mae DUS funding for a 102-unit multifamily building located at 309 W. 57th St. in New York City. The loan carries a 5-year term, a 30-year amortization schedule and a 4.65 percent note rate. Alexander Kaushanksky of Arbor's New York City office originated the loan on behalf of the undisclosed borrower.
NEW YORK CITY — Broad Street Advisors has arranged a $30 million secured revolving line of credit for New York City-based American Realty Capital Trust. The facility has a 2-year term with a 1-year extension option. Rob Rizzi of Broad Street arranged the transaction.
