MONTVILLE, CONN., AND PHILADELPHIA — Arbor Commercial Funding has arranged two Fannie Mae DUS loans for apartment communities in Connecticut and Pennsylvania. The first loan totals $1.35 million and is secured by Lakeside Manor Apartments, a 24-unit property located in Montville. The second loan totals $1.08 million and is secured by the 48-unit Vernon House Cooperative in Philadelphia. Both loans carry 10-year terms and 30-year amortization schedules. John Edwards of Arbor's Boston office originated the former loan, and Edward Petti of Arbor's New York City office originated the latter.
TOTOWA, N.J. — Terreno Realty Corp. has acquired a 208,000-square-foot industrial building in Totowa from High Street Equity Advisors for $16.5 million. Located at 200 Maltese Drive, the property contains light manufacturing, warehouse and distribution, and office space. It is fully leased to Precision Custom Coatings, which uses the facility for its production and distribution operations as well as its headquarters. The Cushman & Wakefield team of Gary Gabriel, Paul Torosian, Andrew Merin and David Bernhaut arranged the deal.
NEW YORK CITY — Stalco Construction has begun construction for the new Battery Park City Community Center. The 60,000-square-foot project will comprise two cellar levels, a street level and a mezzanine. It will feature a curving, 550-foot long glass arcade wall that will face West Street immediate north of Ground Zero. The wall will sit opposite of two swimming pools and a gymnasium inside the building, and two ball fields and a soccer field outside the building. The community center will also feature a fitness center, a theater/auditorium, dance studios, locker rooms, classrooms, offices, a cafeteria and a kitchen. The project architect is Hanrahan Meyers Architects, and the construction manager is The LiRo Group. The owner, the Hugh L. Carey Battery Park City Authority, anticipates the project receiving LEED-Platinum certification.
GENEVA, N.Y. — Hair care manufacturer Zotos International has broken ground for a $7 million wind energy project at its Geneva manufacturing plant. At full operation, the facility's two turbines are expected to generate 3.3 megaWatts of energy. Approximately 30 percent of the project cost was funded by the American Recovery and Reinvestment Act. Zotos plans to power its 670,000-square-foot facility completely with renewable energy by 2011. The wind energy project will be complete by the end of the year.
WHITE PLAINS, N.Y. — Chatham Lodging Trust has closed on the acquisition of the Residence Inn by Marriott White Plains/Westchester County, a 133-suite hotel located at 5 Barker Ave. in White Plains. Hotel amenities include a business center, a restaurant and a fitness center. It will be managed by Island Hospitality Management. The hotel is the last to close out of a four-property portfolio Chatham has had under contract. The purchase price of the portfolio was $61 million, which includes the assumption of $12.5 million of debt. Since its IPO in April, Chatham has acquired 11 hotels and has two more under contract.
BROCKTON, MASS. — NorthEast Electrical Distributors (NEED) has completed its relocation to a new 190,000-square-foot facility at Brockton. The new property, which is located on Oak Street, contains more than 160,000 square feet of warehouse space, a training center and a cafeteria. The company relocated its headquarters and distribution center to the new building from Canton, Mass. The project manager was Newton, Mass.-based Diversified Project Management. The general contractor was Dacon Corp., and the project architect was Maugel Architects.
NEW YORK CITY — Off-price retailer Syms has signed a lease for 34,000 square feet of retail space in Manhattan for its new flagship location. The space is located at 530 Fifth Ave. It will be a joint store with Filene's Basement, which the company acquired in 2009. The store will consist of 6,500 square feet on the ground floor, 9,500 square feet on the lower level and 18,000 square feet on the second floor. Darrell Rubens and Lori Shabtai of Winick Realty Group represented the landlord, The Moinian Group, in lease negotiations.
SOMERSET, N.J. — CB Richard Ellis (CBRE) has brokered the sale of a 162,756-square-foot office building in Somerset. The building is situated on 8.97 acres at 580 Howard Ave. The buyer, Oticon Inc., plans to consolidate two of its facilities into the property to create its new U.S. headquarters. The CBRE's Geoffrey Schubert and Sean Morley represented the buyer. The CBRE team of Jeffrey Dunne, Kevin Welsh and Brian Schulz represented the undisclosed seller. The acquisition price was not released.
NEW YORK CITY — HFZ Capital Group has acquired a distressed development site located at 14-20 W. 40th St. in New York City for $52 million. The buyer acquired the deed in lieu of foreclosure from Petra Capital, which foreclosed on the site after the previously owner defaulted on its $44 million loan. Raymond Cecora of Platinum Properties was the sole broker in the deal. HFZ plans to develop a hotel/condominium project on the site, which is currently used as a parking lot.
CONCORD, N.H. — Construction is complete for Parmenter Place, a workforce housing project located in Concord. The community consists of six buildings containing a total of 25 two- and three-bedroom units. The project has been certified by the Energy Star program. The project's owner is the Concord Housing & Redevelopment Authority. The general contractor was locally based North Branch Construction, and the project architect was Manchester, N.H.-based Burnell-Johnson.