WILMINGTON, DEL. — The Pettinaro Company has leased the former Daniel L. Herrmann Courthouse, located at 10th and King streets in Wilmington, to law firm Young Conway Stargatt & Taylor. The law firm will occupy the entire 218,000-square-foot building, which will be renovated into Class A office space. The lease is for a term of 15 years; construction will begin in late 2009, with occupancy expected in February 2012.
CANONSBURG, PA. — A new Homewood Suites hotel has opened in Canonsburg. The Homewood Suites by Hilton Pittsburgh-Southpointe is a five-story hotel situated within Southpointe II Business Park at 3000 Horizon Vue Dr. It features 113 suites in a mix of studio, one- and two-bedroom units. Amenities include a business center, an indoor swimming pool, a whirlpool, a 24-hour pantry and 1,300 square feet of flexible meeting space. The hotel is owned by Southpointe II Hotel Associates under a licensing agreement with Hilton Hotels Corp. It is managed by Buffalo Lodging Associates.
NEW YORK CITY — Arbor Commercial Funding has arranged an $18.1 million loan for 2025 Seward, a 154-unit apartment property located in the Bronx, New York City. The loan carries a 10-year term with a 30-year amortization schedule and a 5.9 percent interest rate. It was secured under Fannie Mae's DUS program. Alexander Kaushansky of Arbor's New York City office originated the financing. The borrower was not disclosed.
NEW JERSEY — NorthMarq Capital has secured three permanent loans in New Jersey totaling $21.9 million. In the first transaction, NorthMarq arranged a $9.5 million loan for an 82-unit multifamily property located in Monmouth County. The loan, which was provided by a regional bank, carries a 10-year term over a 30-year amortization and a fixed interest rate. In the second transaction, NorthMarq arranged an $8 million loan for a 222-unit garden apartment complex located in Morris County. The self-liquidating loan carries a 15-year term, a 6.12 percent interest rate and was provided by a regional bank. Finally, NorthMarq arranged $4.4 million for 3 Century Drive, a 68,200-square-foot office building located in Parsippany. The loan carries a 10-year term with a 30-year amortization schedule. The borrower, S/K 3 Century Associates will use the proceeds to retire an existing loan. Mark Scott of NorthMarq's New Jersey office arranged the deal. The lender was a regional bank.
NEW YORK CITY — Massey Knakal Realty Services has completed the sale of a four-story, mixed-use building located in the Greenwich Village neighborhood of Manhattan, New York City, for $3.4 million. The 3,788-square-foot property is located at 92 W. Houston St. It features a restaurant on the ground floor, a commercial space on the second floor, and two apartments on the third and fourth floors. The building's air rights were also included in the sale. The property was vacant at the time of closing. James Nelson, Brendan Gotch and Billy Simons and Massey Knakal arranged the deal between the two undisclosed parties.
CAMBRIDGE, MASS. — Construction management firm William A. Berry & Son has completed two new residence halls for Lesley University in Cambridge. Located at the intersection of Massachusetts Avenue and Wendell Street, the project includes a five-story building with retail space on part of the first floor and a three-story, wood frame building that complements the architectural character of Wendell Street. The two buildings are able to house 98 students. The project architect was local firm Brunner/Cott.
NEW YORK CITY — Eastern Consolidated has brokered the sale of a 19,500-square-foot apartment building located in Manhattan, New York City, for $6.7 million. The building contains 38 residential units, four retail spaces and is located at 234-236 Mulberry St. Daniel Glaser and Sam Schneider of Eastern Consolidated represented the seller, the Weiss family, and procured the buyer, Aghajun Holdings.
MONROE, CONN. — Mikron Corp. has disposed of its 15,000-square-foot flex facility located in Monroe. The building is situated on 4.9 acres at 600 Pepper St. It was acquired by Fred George, who plans to consolidate the operations of his company, Accutrol Co., into the building. It will house the company's sales and service departments as well as a separate manufacturing area. Mikron Corp. will be relocating to a new facility in Monroe at 200 Main St. Bruce Wettenstein of Vidal/Wettenstein represented the buyer in the transaction. The acquisition price was not disclosed.
NEW YORK CITY — Massey Knakal Realty Service has brokered the sale of 901 Broadway, a multi-use building located in New York City's Flatiron District, for $24.6 million. The five-story property totals 14,336 square feet. The 7,000-square-foot first floor is occupied by a high-end fashion retailer. The second through fourth floors are occupied as gallery space. The penthouse floor is currently vacant. John Ciraulo and Craig Waggner of Massey Knakal represented the seller, Thor Equities. The buyer was a Spanish investor.
WILMINGTON, DEL. — Construction has commenced for the new Delaware Children's Museum. Located in Wilmington at the former waterfront home of the Kahunaville restaurant and bar, the project will consist of the 37,000-square-foot renovation of the building. The façade will be redesigned and Kahunaville's famed volcano will be removed. The interior of the facility will include several high-tech, hands-on exhibits for children. The completion date was not disclosed. Emory Hill & Co. is the project's general contractor.