Northeast

APARTMENT REALTY ADVISORS BROKERS SALE OF CRYSTAL VILLAGE

by admin July 22, 2009

ATTLEBORO, MASS. — Apartment Realty Advisors (ARA) brokered the sale of Crystal Village, a 91-unit apartment community located in Attleboro. The apartment community is situated on 7.3 acres within close proximity to I-95. It contains a 100 percent market rate community comprised of one- and two-bedroom garden style units as well as 30 two-bedroom townhouse units. Amenities include a heated indoor swimming pool, a basketball court, a tennis court, a fitness center, laundry facilities, and a barbecue/picnic area. The property sold for $9 million to Village Residential, a private Massachusetts-based investor. The seller, EQR-Quail Run Vistas, was represented by ARA’s Richard Robinson, Brendan Reilly, Terry Scott and Stephen Ordway.

July 22, 2009

FHO PARTNERS NEGOTIATES LEASE IN WESTWOOD

by admin July 22, 2009

WESTWOOD, MASS. — FHO Partners has negotiated a 33,857-square-foot lease renewal for office space at 20 Southwest Park in Westwood. The space was leased by Acumentrics Corp. Owned by Maric, Inc., Southwest Park is strategically located I-95 and Route 1. Sean Teague and Leeanne Rizzo of FHO represented Acumentrics Corp.

July 22, 2009

Northeast Retail

WEISS REALTY COMPLETES 10-YEAR LEASE TRANSACTION

by admin July 22, 2009

SADDLE BROOK, N.J. — Jaime Weiss and Matthew Weiss of Weiss Realty Co. have represented Paljer Company in a 10-year lease transaction with Dollar General for 15,593 square feet at 419 Market St. in Saddle Brook. Consultant Tim Keeley represented Dollar General in the lease transaction. Weiss Realty also brokered a land lease for a new 2,400-square-foot Capital One Bank with drive-through on the site. Construction on the bank is expected to start this summer.

July 22, 2009

Multifamily Northeast

ARBOR COMMERCIAL ARRANGES $7.78 MILLION LOAN

by admin July 22, 2009

BRIDGEPORT, CONN. — Arbor Commercial Funding has arranged a $7.78 million loan under the Fannie Mae DUS MBS Loan product line. The loan was for a 128-unit property known as the Bridgeport Portfolio in Bridgeport. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.9 percent. The loan was originated by Stephen York of Arbor’s New York City lending office. The loan was used to refinance and pull out trapped equity that could be used towards the purchase of additional multifamily properties.

July 22, 2009

Mixed-Use Northeast

EDISON TOWNE SQUARE TO BREAK GROUND

by admin July 21, 2009

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.

July 21, 2009

Northeast Restaurant

JARMEL KIZEL DESIGNS THREE RESTAURANT PROJECTS

by admin July 21, 2009

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.

July 21, 2009

Civic Northeast

DMR ARCHITECTS SIGNS $8 MILLION CONTRACT WITH SCHOOL CONSTRUCTION AUTHORITY

by admin July 21, 2009

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.

July 21, 2009

Hospitality Northeast

CONCORD RECEIVES $10.8 MILLION LOAN FOR CONSTRUCTION OF NEW HOTEL

by admin July 21, 2009

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.

July 21, 2009

Multifamily Northeast

ARBOR ARRANGES $4.16 MILLION FANNIE MAE LOAN

by admin July 21, 2009

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

July 21, 2009

Northeast Retail

BROOKLYN NAVY YARD SEEKS PROPOSALS FOR SUPERMARKET-ANCHORED CENTER

by admin July 20, 2009

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.

July 20, 2009

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