ROCHESTER, N.Y. — NorthMarq Capital has arranged $4.6 million in first-mortgage financing for Creek Hill Apartments, a 126-unit multifamily property located in Rochester. The loan includes a 5-year term and a 20-year amortization schedule. It was arranged by Sam Berns of NorthMarq’s Upstate New York regional office on behalf of the undisclosed borrower. The lender was a regional bank.
GLASSBORO, N.J. — Construction is underway on Glassboro’s new, $300 million Rowan Boulevard retail corridor. The Rowan Boulevard project is the heart of a downtown revitalization, which is forming a new 26-acre, 100-foot wide corridor stretching a third of a mile from the foot of the Rowan University campus to the center of downtown. The new boulevard will feature broad tree-lined sidewalks, dozens of stores, restaurants featuring café-style sidewalk dining, residential condos and town homes, a new student housing campus, a hotel-conference center, pedestrian plazas and a town square. The new corridor will feature several mixed-use buildings that will offer 185,000 square feet of retail space, 307,000 square feet of residential space and 40,000 square feet of office space. The project will also include a 107-room Holiday Inn Express & Suites hotel/conference center, with an adjacent 5,000-square-foot restaurant. Construction is set to begin in July on a 36,000-square-foot Barnes & Noble self-standing bookstore, complete with a Starbucks Café. The first phase of a new apartment-style housing complex for 884 Rowan University students is slated for completion in September, and site work for the second phase is already underway. Completion of the entire project is set for 2012. The project is …
PHILADELPHIA — NAI Bluestone Real Estate Capital has secured $36.5 million in senior debt for the Glen at Shawmont Station, a Class A, 202-unit multifamily complex located in Philadelphia. The Glen at Shawmont Station is a garden style apartment community consisting of 10, three-story buildings situated over 18 acres. The property is nearly 100 percent occupied with amenities such as a combination leasing office/clubhouse, which includes a full size kitchen, a leasing office, a sample apartment unit, an exercise facility and a cyber café with wireless Internet access. The loan was structured and secured on behalf of Hunters Pointe Associates, an affiliate of the Andorra Group. Freddie Mac provided $30 million in senior permanent financing and an additional $6.5 million was secured from local banks and collateralized by additional real estate assets. The 10-year, senior permanent loan is fixed at 6.2 percent and amortized over 30 years.
NEW YORK CITY — NAI Friedland Realty has completed the $20 million sale of a 144,000-square-foot warehouse. Located at 1080 Leggett Ave. in the Hunts Point area of the Bronx in New York City, the warehouse was purchased from Paradise Foods by Manhattan Beer Distributors. Situated on 4.9 acres, the 1950s warehouse features 22-foot high ceilings and is in close proximity to area highways and transportation, and it is adjacent to an active rail site. Steve Kornspun of Friedland represented Manhattan Beer in the transaction.
ISLIP, N.Y. — The Silver Group has completed the sale of a 45.9-acre tract of land with 575,000 square feet of buildings in Central Islip. The seller first acquired the property in 2001, which was used as a distribution facility for all Waldbaum Supermarkets on Long Island. The property was purchased by Sysco Foods for $34 million.
EATONTOWN, N.J. — Peter Ricker of Weichert Commercial Brokerage has negotiated a 29,000-square-foot lease for office/flex space located at 246 West Industrial Way in Eatontown. Ricker represented the tenant, Empire Technologies, who was looking to relocate and expand its operations. The landlord, Industrial Way Complex, LLC, represented himself. The 5-year lease features a 5-year renewal option.
BETHLEHEM, PA. — Candy manufacturer Just Born Inc. has acquired a 600,710-square-foot distribution building located in Bethlehem. Situated within Lehigh Valley Industrial Park V at 4000 Township Line Rd., the facility will be used as the company’s finished goods distribution center. Just Born plans to relocate its distribution center from Scranton, Pa., to the new facility to be closer to its manufacturing plant. The candy maker will upgrade the building to a food-grade, EPA-certified facility. The company will also be seeking LEED certification. The new distribution center will open in late 2009. Jerry Moore and Michael Bartolacci of The Garibaldi Group represented Just Born in the transaction. The seller, Delaware-based CC – Investors 1995-96, was represented by Michael Hines, Michael Blunt and Bill Wolf of CB Richard Ellis. The acquisition price was not disclosed.
BURLINGTON, MASS. — Burlington, Mass.-based retailer Filene’s Basement has been purchased at a bankruptcy auction by K&G Acquisition Corp., an affiliate of retailer Men’s Wearhouse, for $67 million. K&G will acquire 17 of the retailer’s 20 store leases; inventory from all 25 existing Filene’s Basement locations; the leases for the company’s Burlington headquarters and Auburn, Mass., distribution center; and the Filene’s Basement trade name. The purchase price also includes approximately $5 million for potential litigation associated with the retailer’s lease at Downtown Crossing, a currently inactive redevelopment project located in Boston. Stores that were not acquired as part of the auction are expected to be closed by mid-June.
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.
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.