GREENWICH, CONN. — Greenwich-based Starwood Capital Group has filed plans to create Starwood Property Trust, a Maryland-based real estate investment trust that will focus on commercial real estate investments. The new corporation primarily will originate, finance, manage and invest in commercial mortgage-backed securities, with the potential to invest in residential mortgage loans and residential mortgage-backed securities in the future. The REIT plans to finance its investments initially through the U.S. government’s Public-Private Investment Program (PPIP) and the Term Asset-Backed Securities Loan Facility (TALF) programs. The REIT plans to make an initial public offering in the near future, but the price of the stock has not been set.
Northeast
BINGHAMTON, N.Y. — White Plains, N.Y.-based Houlihan-Parnes Realtors (HPR) has brokered the sale of a 111-unit multifamily portfolio, located in Binghamton, for $1.5 million. The properties are located at 88-90 Henry St., 777 Chenango St., 7-9 Eaton Place, 10 Florence Ave., 27 Tompkins St. and 30 Webster St. All of the communities are locate within a 3-mile radius. Ed Graf and Ted Sannella of HPR negotiated the transactions, along with Steve Tierney of Woods, Oviatt, Gilman LPP. The undisclosed buyer secured a $1.15 million first-mortgage loan for the portfolio, which carries a 5-year term with a 5-year option and can be pre-paid at 1 percent in years 1 through 4 and years 6 through 9.
NEW YORK CITY — NorthMarq Capital has arranged $1.5 million in first-mortgage financing for 103 Thayer Street, a 68-unit multifamily property located in New York City. The building also contains six commercial spaces. The loan carries a 10-year term with a 1-year fixed-to-float option and a 30-year amortization schedule. Robert Ranieri of NorthMarq’s Capital Services Group East arranged the financing on behalf of the borrower, 103 Thayer St. LLC. The lender was Freddie Mac.
VICTOR, N.Y. — The grand opening has been held for the Homewood Suites by Hilton — Rochester-Victor, a three-story, 90-suite hotel located in Victor. Situated at 575 Fishers Station Dr., the hotel features studio, one- and two-bedroom suites. Amenities include a business center, a 24-hour convenience store, a swimming pool, a spa, a putting green and 756 square feet of meeting space. The hotel is owned and managed by CRS Victor Group II LLC.
PETERBOROUGH, N.H. — Winchester, Mass.-based Klemmer Associates has brokered the acquisition of a 76,802-square-foot industrial facility, located at 375 Jaffrey Rd. in Peterborough. The buyer is Northeast Products, a hunting accessories manufacturer currently headquartered in Lawrence, Mass. The company plans to relocate its corporate headquarters to the new building. Ted Geary of Klemmer Associates represented Northeast Products in the purchase. The seller, Monadnock Business Ventures, was represented by Michelle Lange and George Foskett of The Masiello Group. The acquisition price was not disclosed.
NEW YORK CITY — Renovations are complete at 20 Exchange Place, a former office tower located in New York City’s Financial District that was converted into residential apartments. The last part of the redevelopment to be complete was the creation of a residents’ lounge on the 19th floor. The lounge features a wet bar, flat-screen televisions, a billiard room, a card room and a gym. The 19th floor sundeck was also modernized. The interior architect for the project was CDA. 20 Exchange Place features apartments on floors 16 to 57 ranging from studios to two-bedroom units. The owner is Metro Loft Management.
WESTHAMPTON, N.Y. — Rechler Equity Partners has signed an agreement to redevelop a portion of the airport located in Westhampton. Rechler will lease approximately 55 acres for a 40-year term, with an option for an additional 40 years. The company will redevelop the property into a sustainable business and technology park totaling 510,000 square feet of new construction. The construction timetable has not yet been finalized.
PELHAM MANOR, N.Y., AND WOODBRIDGE, N.J. — Renovations continue at two shopping centers located in New York and New Jersey. Post Road Plaza is a 268,000-square-foot center located in Pelham Manor. Renovations at the property include the gutting and redesign of existing buildings; the replacement of windows, façades and storefronts; new signage, lighting, paving and landscaping; and the reconfiguration of the shopping center’s second floor. At the beginning of construction, Fairway Market signed a new 75,000-square-foot lease for an anchor space at the property. In addition, current tenants Modell’s, Dress Barn and AJ Wright are using the renovation as an opportunity to renovate and expand their existing stores. St. Georges Crossing is a 317,471-square-foot shopping center located in Woodbridge. Construction here primarily consists of the repositioning of a freestanding building that had previously been occupied by a movie theater. The Shannon Rose signed a lease for the majority of the structure, but the rest is being renovated and marketed for additional tenants. A new landscaping plan is also being developed. Previous renovations at St. Georges Crossing included the repositioning of the two-story space previously occupied by Caldor. Both shopping centers are managed and leased by Levin Management.
SOMERDALE, N.J. — National Realty & Development Corp. has started construction on CooperTowne Center, a 385,000-square-foot greyfields redevelopment project in Somerdale. Located at the former Lions Head Plaza at 711 East Evesham Ave., the project is just 10 miles southeast of Philadelphia and easily accessible to Routes 30 and 544 as well as the Philadelphia Speedline, a rapid transit system that runs between Philadelphia and Camden County. The center will be anchored by a Wal-Mart Supercenter, Cinemark Theatres and L.A. Fitness. Plans also call for the development of pad sites along White Horse Pike and Evesham Avenue. The new shopping center will feature facades replicating a traditional Northeastern downtown and significant land use improvements such as a tree-lined grand entrance, gazebos, a public plaza to accommodate civic ceremonies, extended pedestrian friendly sidewalks for outdoor dining, landscaped garden beds outside of the storefronts and parallel parking to enhance the main street feel.
DANBURY, CONN. — Grubb & Ellis has completed the $72.4 million disposition of Danbury Corporate Center in Danbury. The facility was sold to an entity of The Matrix Realty Group Inc. The approximately $12.5 million in net proceeds from the sale will be used to pay down the company’s revolving credit facility.