YONKERS, N.Y. — Three major tenants have been announced at Westchester's Ridge Hill, a new 1.3 million-square-foot mixed-use center under construction in Yonkers. The new tenants include Dick's Sporting Goods, Orvis and REI. In addition, three restaurants will join the lineup. They include Brio Tuscan Grille, Texas de Brazil and Yard House. Previously announced tenants at the center include Whole Foods, L.L. Bean and Cinema De Lux. Developed by Forest City Ratner Cos., Westchester's Ridge Hill is expected to be complete next year.
NEW YORK CITY — Metropolitan 885 Third Avenue Leasehold, a limited liability company created for the ownership of Manhattan's famed Lipstick Building, has filed for Chapter 11 bankruptcy protection. As part of its reorganization plan, the company hopes to exit bankruptcy by the end of the year. According to published reports, Royal Bank of Canada (RBC), the property's main lender, sued the owner to force a sale of the property after it defaulted on a $210 million loan in June. Under the reorganization plan, a new ownership entity will be created and all of the entity's ownership stake will be pledged to RBC.
NEW YORK CITY — Arbor Commercial Funding has arranged $14 million in Fannie Mae DUS financing for the Stagg Bronx Portfolio in New York City. The portfolio consists of 13 clusters of townhomes located primarily in the northeast Bronx. The portfolio contains a total of 157 units. The loan carries a 10-year term and a 30-year amortization schedule. Edward Petti of Arbor's New York City office originated the loan.
NEWTOWN, PA. — ARI Mutual Insurance has purchased an office building in Newtown from Catalyst Corp. The two-story, 18,989-square-foot building is located at 125 Pheasant Run. Matthew Devine and Douglas Joseph of Grubb & Ellis represented the seller, and Robert Bull of Studley represented the buyer. The acquisition price was not released.
LAFAYETTE AND TULLY, N.Y. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $9.37 million loan for the refinancing of New York multifamily portfolio. The portfolio contains three properties, two located in Lafayette and one located in Tully. The non-recourse financing carries a 5.05 interest rate, a 10-year term over a 30-year amortization schedule and a 75 percent loan-to-value ratio. Brian Ursino with MMCC's Manhattan office arranged the deal.
NEW YORK CITY — New York City-based Blackpoint Partners has acquired a $160 million portfolio of distressed assets from a regional lending institution. The portfolio contains 23 assets with a total of approximately 1,100 residential units. The assets include non-performing acquisition, development and construction loans for residential and commercial properties as well as REO of single- and multifamily residential communities at various stages of completion. A Blackpoint affiliate will be responsible for the oversight, management and workout of the portfolio.
MORRISTOWN, N.J. — Hartz Mountain Industries (HMI) has acquired a New Jersey apartment community for $32 million. Morris Crossing is located at 12-18 Max Drive in Morristown. It contains 123 townhome-style units in six buildings. Last year, it underwent a $4.4 million renovation. The CB Richard Ellis (CBRE) team of Jeffrey Dunne, Christopher Leonard and Brian Schultz represented HMI in the transaction. James Gunning and Donna Falzarano of CBRE Debt & Equity Finance assisted HMI in arranging $22 million in acquisition financing. Terms of the loan were not disclosed.
NEW YORK CITY — Eastern Consolidated has brokered the sale of a seven-story commercial loft building located in Manhattan's Tribeca neighborhood for $13 million. The building, which is located at 481-487 Washington St., is currently occupied by office tenants on the upper floors and retail tenants on the ground floor. The new owner is considering several options for the building including converting it into high-end apartments. The Eastern Consolidated team of Eric Anton and Ronald Solarz represented the seller, 481 Washington Street Realty Corp., and procured the buyer, 481 Washington Street LLC.
LANCASTER, PA. — Lancaster-based NAI Commercial Partners has brokered the sale of a 159,863-square-foot industrial property located at 1175 Manheim Pike in Lancaster. Shadow Lawn City Line LP acquired the property from Thermal Solutions Products for $9.75 million. Daniel Berger of NAI represented the seller, while Timothy Shreiner of Prudential Homesale Services Group represented the buyer.
NEW YORK CITY — Brack Capital Real Estate has partnered with a European hotel operator to develop a new hotel in Manhattan's Times Square. The joint venture signed a 99-year ground lease for 218-222 W. 50th St., which currently contains a parking garage. Specific plans for the hotel were not released, but the project will cost $50 million and will include construction of a 78,000-square-foot building. Sidney Rosenthal of Grubb & Ellis represented both parties in the deal.