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.
Northeast
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.
HOPEWELL TOWNSHIP, N.J. — Construction has topped out for the Capital Health replacement hospital building in Hopewell Township. The $341 million project will feature 237 beds and will span 596,492 square feet. The project will include a facility for a Cyberknife®a non-surgical, robotic radiosurgery system. The project, which is slated for completion in late 2011, will be LEED certified and will incorporate the use of regional building materials, green roof gardens, a water recovery and storage irrigation system, and will regenerate power from the elevators. The hospital is just one component of an 80-acre healthcare development that will also include an attached 350,000-square-foot medical office building. The new flagship facility is conveniently located near the nexus of the tri-state area and is easily accessed from I-95 exit 3B. The project is being developed by Capital Health. Skanska USA Building, HKS Architects, and Array Healthcare Facilities Solutions are also involved in the development of the hospital.
SICKLERVILLE, N.J. — Marcus & Millichap has negotiated the sale of a Bertucci's Ground Lease, a 6,359-square-foot, single tenant, net leased property located in Sicklerville. The asset commanded a sales price of $1.88 million or a 7.47 percent cap rate. Brad Nathanson and Jordan Muchnick of Marcus & Millichap’s Philadelphia office, represented the seller, a limited liability company out of Bryn Mawr, Pa. The buyer, a private investor, was secured and represented by Michael Lombardi of Marcus & Millichap’s New Jersey office. Michael Fasano, also based out of the New Jersey office, assisted in closing this transaction. The Bertucci’s sits on 2.10 acres and is subject to a new 15-year triple net ground lease.
PORTLAND, MAINE — CB Richard Ellis/New England has brokered the sale of the full-service Holiday Inn West located at 81 Riverside Street in Portland. The 200-room hotel was sold for an undisclosed price to Bangor-based Lafayette Hotels, an owner/operator of hotel facilities throughout Maine, New Hampshire and Michigan. Built in 1965, the two-story Holiday Inn West features an indoor swimming pool, a fitness center, an on-site restaurant and 7,000 square feet of meeting space. Situated immediately adjacent to I-95 in Portland, the property offers superior access and visibility and is located 3 miles from downtown Portland. The Holiday Inn by the Bay also features the largest hotel conference facility in Maine. The CBRE team of Dave McElroy and Scott Hutchinson of CB Richard Ellis/New England represented the seller, Harper Hotels, and procured the buyer in the transaction. The team also facilitated the recent sale of Harper Hotels’ Holiday Inn by the Bay, also in Portland, in early May.
TOPSFIELD, MASS. — Klemmer Associates has brokered the sale of 35,200-square-foot building located at 239 Newburyport Turnpike in Topsfield. The building is situated on approximately 4.64 acres. Greg Klemmer and Ted Geary of Klemmer Associates represented the seller, Maxfield Realty Trust, and the buyer, 239 Newburyport Turnpike, LLC, was represented by Chris Everest of Nordlund Associates.
BOSTON — Gemini Real Estate Advisors has recapitalized its Boston Holiday Inn Express Hotel & Suites. The company sourced a permanent $11 million loan from Camden National Bank as well as a $4.1 million of preferred equity. The capital was used for the construction loan that financed the purchase and redevelopment of the five-story, 72-room hotel.
NEW YORK CITY — Construction is complete for the $63.5 million first phase of Nehemiah Spring Creek Homes, located in East New York City. Community Preservation Corp. provided a loan of approximately $30 million and two churches provided a $1.25 million revolving loan. The City of New York also provided $33 million to fund the infrastructure and site preparation. Phase I consisted of 184 affordable housing units that include 69 single-family homes, 29 two-family homes and 19 three-family homes. The 227-acre site is part of Gateway Estates, which will provide 2,219 homes, an expansion of the Gateway Plaza retail center, a public school and four parks upon full build-out. Of the 184 units complete for Nehemiah Spring Creek, 88 homeowners have closed on the purchase of their homes.