WORCESTER, MASS. — Arbor Commercial Funding has arranged $2.68 million in Fannie Mae DUS financing for Franklin Street, a 55-unit multifamily property located in Worcester. John Kelly of Arbor’s Boston office originated the loan, which includes a 10-year term, a 30-year amortization schedule and a 6.15 percent interest rate. The borrower was not disclosed. Arbor Commercial Funding is a wholly owned subsidiary of Arbor Commercial Mortgage.
WOBURN, MASS. — Woburn-based Cummings Properties has leased 7,000 square feet of office space at TradeCenter 128, a 400,000-square-foot office complex located in Woburn. Newly formed insurance brokerage firm Tudor Risk Services will occupy 7,000 square feet of office space within the complex. The company was founded earlier this year and is operating dual headquarters in Boston and Albany, N.Y. Derek Cook of Cummings Properties provided in-house representation in lease negotiations. Terms of the transaction were not disclosed.
JERSEY CITY, N.J. — Livingston, N.J.-based Gebroe-Hammer Associates (GHA) has brokered the sale of five mid-rise apartment buildings located in Jersey City for $12.5 million. The buildings contain a total of 150 units and are located at 317-343 Fairmount and 62 Kensington avenues. They contain a mix of one-, two- and three-bedroom units. Occupancy was approximately 80 percent at the time of closing. GHA’s Benjamin Greenstein and Alan Lieberman represented the seller and procured the buyer. Both parties were undisclosed.
ALBANY, N.Y. — Albany-based Omni Development Co. has completed construction of Jared Holt Mews Townhouses, 10 affordable housing units located at the corner of Broad Street and Third Avenue in Albany. The two-story residences feature seven distinct façades, with each residence containing its own private entrance, as well as a patio or deck. United average 1,200 square feet and contain one to five bedrooms. Monthly rents for the townhomes for qualified residents will be $871, and the Albany Housing Authority will offer lease-to-own opportunities in the future. The completion of the Jared Holt Mews Townhouses marks the completion of Phase I of the $22 million revitalization of Albany’s South End. Phase II of the project will add 43 units and will break ground later this year. The first two phase combined will bring 95 new and rehabilitated low-income homes to Morton Avenue, Clinton Street and Broad Street.
KING OF PRUSSIA, PA. — BPG Properties has leased a total of 37,390 square feet of Class A office space at 1000 Continental Drive, a 200,000-square-foot office building located in King of Prussia. Nationwide Funds Group will occupy 29,615 square feet of the building and Grubb & Ellis will lease 7,775 square feet. They will join a tenant roster that currently includes The Hartford Financial Services Group, a subsidiary of Specialty Risk Services, Capital One and Worldwide Clinical Trials. BPG, the owner of the property, was represented in-house by Stephen Spaeder and Neil Gallagher. Additional landlord representation was provided by Jeffrey Mack, Douglas Newbert and John Susanin of GVA Smith Mack. Nationwide was represented by Michael Bronstein and Kari Fryman of CB Richard Ellis in its lease transaction; Grubb & Ellis was represented in-house by J. Robert Clements in its lease transaction.
NEW BEDFORD, MASS. — Boston-based Fantini & Gorga has arranged a $4.9 million loan for a 71,000-square-foot, Class A office building located at 700 Pleasant St. in downtown New Bedford. The property is owned, leased and managed by Whelan Associates, which first acquired the property in 2005. It was originally built by a financial institution. George Fantini and Mark Whelan of Fantini & Gorga originated the financing through a local bank. Terms of the financing were not disclosed.
PLAINFIELD, N.J. — Construction is advancing for The Monarch, a 63-unit residential condominium project located at 400 E. Front St. in Plainfield. Residences at the project average 1,200 square feet, with prices starting at $199,000. In addition, the project will contain a street-level senior citizen and veteran’s center. The property features a courtyard garden and on-site parking, as well as convenient access to New Jersey Transit rail and bus stations. The project is being developed by Maplewood Homebuilders, a subsidiary of P&F Management Co. The completion date was not released.
AVON, CONN. — Chatham, N.J.-based Cronheim Mortgage has secured $1.2 million for a single-tenant retail property located at 336 W. Main St. in Avon. The property was constructed in 2002; it comprises a 4,500-square-foot building, a 1,050-square-foot outdoor patio and 17 parking spaces. It is currently occupied by Stonewall Kitchen, a gourmet and specialty foods retailer based out of York, Maine. Terms of the loan include a 10-year term and a 25-year amortization schedule. The lender was not disclosed.
NEW YORK CITY — Sholom & Zuckerbrot (S&Z) Realty has arranged two 15-year leases for a retail property located at 30-33 Steinway St. in the Long Island City neighborhood of Queens, New York City. Planet Fitness, a national chain of exercise facilities, will occupy 17,000 square feet encompassing the property’s entire basement and second floor, as well as a portion of the ground floor. Pure Nature, a health food store, will occupy 5,000 square feet of ground-floor space. The 25,500-square-foot property was formerly occupied by Young World Children’s Clothing, but had been repositioned as a multi-tenant property after the retailer’s departure. The property currently was 2,500 square feet of space remaining for lease. Douglas Weinstein and Marc Durst of locally based S&Z Realty represented the landlord, Jenel Management, in both transactions, as well as Pure Nature. Ray Villafana of Franchise Realty represented Planet Fitness.
NEW YORK CITY — The New York City office of NAI Global has completed a 16,229-square-foot office lease within Wall Street Plaza at 88 Pine St. in Manhattan’s Financial District. The tenant, institutional energy broker Power Merchants Group, will relocate from its previous offices on the 38th floor of 40 Wall Street. Terms of the 10-year lease include a complete build-out of the tenant’s new floor, which will provide Power Merchants Group with turnkey office space once it relocates. NAI’s Andrew Simon and Robert Kluge represented the tenant in lease negotiations. The owner of Wall Street Plaza is Orient Overseas Associates, which was represented by Frank Cento of Cushman & Wakefield.