PITTSBURGH — Education Management Corp. (EMC), one of the largest private higher-education providers in the country, has announced plans to expand its Pittsburgh presence. EMC will expand the size of its downtown Pittsburgh headquarters as well as its existing online higher education facility in the city's Strip District. Finally, it will build a new data center in Allegheny County. The projects are expected to cost $30 million. The Pittsburgh Regional Alliance assisted EMC in procuring funding for the projects, including opportunity grants, infrastructure assistance, job training assistance and job creation tax credits. The Allegheny County government also provided separate funding, including a community development block grant and job training assistance. The timetable for the projects was not released.
NEW YORK CITY — Massey Knakal Realty Services has completed two New York City multifamily sales for a total of $3.7 million. In the first transaction, Massey Knakal's Paul Smadbeck arranged the sale of a five-story property located at 338 W. 77th St. on the Upper West Side of Manhattan for $2.6 million. The building contains seven one-bedroomm residences and three studios. Six of the units are rent stabilized and four are free market. In the second transaction, Massey Knakal's Mark Lively brokered the sale of a three-story building located at 640 Manhattan Ave. in Brooklyn's Greenpoint neighborhood for $1.6 million. The building contains one three-bedroom apartment, one two-bedroom apartment and one ground-floor commercial unit. The buyers and sellers in both transactions were undisclosed. Massey Knakal was also the sole broker in both deals.
BELLEVILLE, N.J. — Belleville Apartment Associates has purchased 43 units in a Belleville apartment property from an undisclosed buyer for $3.3 million. The development is located at 574-582 Washington Ave. The family-owned building is currently 98 percent occupied. Joseph Brecher, David Oropeza and Nicholas Nicolaou of Gebroe-Hammer Associates brokered the sale.
NEWBURYPORT, MASS. — The Kane Company's Anthony Triglione has brokered the $850,000 sale of a 15,000-square-foot warehouse in Newburyport. The building, which is more than 20 years old, is located at 6 Mulliken Way. Northeast Quality Products formerly occupied the space, which will now be used as a storage facility for Strem Chemical.
FRAMINGHAM, MASS. — Ventas has borrowed a $40.5 million loan for a 220-unit senior housing facility in Framingham. Fannie Mae financed the loan, which was secured by KeyBank Real Estate Capital.
TARRYTOWN, N.Y. — Regeneron Pharmaceuticals has leased 131,000 square feet of laboratory and office space from BioMed Realty Trust. The property is located on The Landmark at Eastview campus in Tarrytown. The space, which was completed 2 months ago, will serve as Regeneron's headquarters. The lease expires June 30, 2023.
NEW YORK CITY — Eastern Consolidated has completed the sale of a 10-story apartment building located in New York City for $28.25 million. The building is situated at 201-207 E. 35th St. It contains 85 residences in a mix of 41 free-market units, 39 rent-stabilized units and five-rent controlled units. The ground-floor of the building contains five retail stores ranging in size from 550 to 1,000 square feet. Eastern Consolidated's Brian Ezratty and Scott Ellard represented the seller, 201 LLC. George Moss, also of Eastern Consolidated, procured the buyer, 35 East Assoc LLC.
NEW YORK CITY — Jones Lang LaSalle (JLL) has brokered a 213,231-square-foot lease at Black Rock, a 980,000-square-foot office tower located at 51 W. 52nd St. in New York City. The tenant is Orrick, Herrington & Sutcliffe LLP, which will be occupying the 11th through 16th floors and the 21st through 23rd floors. It is relocating its office from the nearby 666 Fifth Avenue building. The landlord, CBS Broadcasting Inc., was represented by Peter Riguardi, Frank Doyle, Barbara Winter and Andrew Flint of Jones Lang LaSalle. Barry Gosin and Moshe Sukenik of Newmark Knight Frank represented the tenant. The lease carries a 15-year term.
RIVERHEAD, N.Y. — The Annapolis, Md., office of Tremont Realty Capital has arranged a $14.5 million loan for the refinancing of MacLeod's MHC, a 376-unit manufactured housing community located in Riverhead. The loan carries a 10-year term with a 65 percent loan-to-value ratio and a 5.95 percent interest rate. The borrower and lender were not disclosed.
JENKINTOWN, PA., AND ROCKLAND COUNTY, N.Y. — Meridian Capital Group has secured a total of $51 million for the refinancing of two multifamily communities. In the first transaction, Meridian arranged a $28.5 million loan for The Plaza Apartments, a 224-unit property located on Greenwood Avenue in Jenkintown. The non-recourse loan includes a 10-year term with a 5.37 percent fixed interest rate and a 30-year amortization schedule. It was arranged by Israel Schubert and David Cohen of Meridian's New Jersey office. The borrower was undisclosed and the lender is a portfolio lender. Schubert also arranged $22.5 million for the refinancing of a more than 350-unit multifamily property located in Rockland County. The loan is also non-recourse and includes a 10-year term, a 5.62 percent fixed interest rate and a 30-year amortization schedule. The borrower was undisclosed and the lender was a portfolio lender.