TERRYVILLE, CONN. — Arbor Commercial Funding has secured $2.66 million in Fannie Mae financing for Quail Hollow Village, a 66-unit multifamily community located in Terryville. The loan carries at 10-year term, a 30-year amortization schedule and a 6.42 percent interest rate. John Edwards of Arbor’s Boston office originated the financing on behalf of the undisclosed borrower. The loan was secured under Fannie Mae’s Small Loans product line.
HEMPSTEAD, N.Y. — Floris Spa has opened a new 5,336-square-foot location within East Meadow Commons, located at the intersection of Hempstead Turnpike and Wantagh Parkway in Hempstead. The spa operates a 25-store chain, with four other locations on Long Island. East Meadow Commons is owned by New York City-based Nassimi Realty. The company began renovations to the then 52,000-square-foot center in 2006, including converting a former roller skating rink into 30,000 square feet of retail space and a former Pep Boys location into a multi-tenant retail building. Other improvements have included new roofs and building façades.
NEW YORK CITY — Construction has been completed for Fordham Place, a 276,475-square-foot multi-use project located at the intersection of East Fordham Road and Webster Avenue in the Bronx, New York City. The building consists of 14 stories of Class A office space and three stories of retail space. Retail tenants include Sears, Best Buy, 24 Hour Fitness and Walgreens. The office component features floor plates that range in size from 27,659 square feet in the base of the building to 8,165 square feet in the tower floors. Construction at Fordham Place consisted of the conversion of a conventional department store to the multi-use building. Approximately 90,000 square feet of space was added to the first six floors and the property’s cellar was expanded to 37,000 square feet. The loading dock was relocated and replaced with a two-story to five-story glass façade that serves as the entrance to the upper-level retail shops. The building has been pre-certified for LEED – Core & Shell designation. Fordham Place was designed by Atlanta-based GreenbergFarrow; it was developed by a partnership between Acadia Realty Trust and PA Associates.
RUTHERFORD, N.J. — Cranbury, N.J.-based Sweetwater Construction Corp. has commenced construction for a 50,000-square-foot medical facility located at 201 Route 17 North in Rutherford. The facility will house the MALO CLINIC Ambulatory Surgery Center and MALO Advanced Oral Rehabilitation Center, each of which will be housed on a separate floor. The surgery center will contain four operating rooms, multiple exam rooms, staff offices, doctor’s lounges and reception areas. The dental center will include more than 40 exam rooms, a call center, a radiology center, waiting lounges and a health bar. It will also be used for the education of other dental professionals. The project’s owner is MALO Consulting NJ, the North American branch of Portugal-based MALO CLINIC Health & Wellness. The new facility will mark the company’s second New Jersey facility, the other being located in Mahwah. West Orange, N.J.-based Posen Architects is serving as project architect. Completion is scheduled for summer.
WEST WARREN, MASS. — CB Richard Ellis – New England (CBRE) has brokered the sale of a 15-building, 600,000-square-foot industrial property located in West Warren for $2.2 million. The complex is situated on approximately 105 acres at 85 South St. The property was constructed in the late 1800s and has served as the headquarters for Wrights Inc. for the past 50 years. CBRE’s Mark Reardon and David Corkery represented Wrights in the sale. The buyer, New Hampshire-based MDP Development, was represented by Carl Burwick of Katz Real Estate.
LONG BRANCH, N.J. — Livingston, N.J.-based Gebroe-Hammer Associates has arranged the sale of Sea West Manor, a 20-unit apartment property located at 559 Second Ave. in Long Branch, for $1.5 million. The community comprises 10 studio units, eight one-bedroom units and two, two-bedroom units. Occupancy was 95 percent at the time of closing. Gebroe-Hammer’s Steven Follman represented the seller, Brott Realty, as well as the buyer, Sea West Apartments LLC.
GLEN ROCK, N.J., AND ROCHESTER AND CLIFTON PARK, N.Y. — NorthMarq Capital has secured a total of $11.47 million for three Northeast Properties. In Glen Rock, NorthMarq arranged $6.5 million in first-mortgage financing for a 60,500-square-foot office building located at 266 Harristown Rd. The loan carries a 5-year term and a 25-year amortization schedule. It was originated by Ernest DesRochers and Deanna Polizzo of NorthMarq’s New York Metro office on behalf of Glen Rock Property LLC. The lender was United Bank. In Rochester, Polizzo and Nancy Vanlsegham, of NorthMarq’s Upstate New York office, arranged $2.47 million in construction/permanent financing for the Kirstein Building. The six-story property is currently being redeveloped into a residential building that will contain 30 loft apartments and 7,600 square feet of first-floor retail space. Terms of the loan include a 30-year term and a 30-year amortization schedule. The borrower was 234-250 Andrews St. LLC and the lender was the Community Preservation Corp. Finally, in Clifton Park, Scott DeVinney of NorthMarq’s Upstate New York office originated $2.5 million in first-mortgage financing for the 111-unit Martindale Court. The loan carries a 7-year term and a 15-year amortization schedule. The borrower and lender were undisclosed.
JERSEY CITY, N.J. — The grand opening has been held for The Westin Jersey City Newport, a 429-room hotel located in Jersey City. Developed by a joint venture between The LeFrak Organization and Melvin Simon & Associates, the hotel features 20,500 square feet of meeting space, including 30 meeting rooms and an approximately 10,000-square-foot grand ballroom. The hotel is located near Newark Liberty International Airport and is 15 minutes away from Manhattan. Numerous public transportation options are located a block away from the hotel.
BUFFALO, N.Y. — CB Richard Ellis Hotels has arranged the sale of Adam’s Mark Hotel, a 486-room, full-service hotel located in Buffalo. Located in the city’s downtown district, the hotel features three dining facilities, more than 72,000 square feet of meeting space, 12,600 square feet of commercial space, a fitness facility with an indoor pool, a gift shop, a business center and approximately 650 parking spaces. CBRE Hotels represented the seller, Chartres Lodging Group. The property was acquired by Visions Hotels and is part of a two-property hotel portfolio.
WILMINGTON, DEL. — Construction is under way for the Star Building, a 163,800-square-foot office building located at 123 Justison St. in Wilmington. Upon completion in early 2010, the building will rise seven stories and include 25,000-square-foot floor plates. It will contain on-site and structured parking. The building is also located near the Wilmington riverfront, which is currently undergoing a revitalization. William Netta Architects is designing the project, with Newport, Del.-based Pettinaro Management providing leasing services.