NEW ROCHELLE, N.Y. — Cooper-Horowitz has arranged $6.5 million in permanent financing for The Radisson Hotel of New Rochelle. Michael Moloff and Mark Waldman of Cooper-Horowitz negotiated the loan on behalf of the borrower, Brock Services Corporation. A 5-year mortgage was secured at a rate of 7 percent with a 5-year extension option. The Radisson Hotel consists of a 10-story, 135,000-square-foot full-service hotel and corporate office building. The property features 129 guestrooms, 12 office tenants and 225 parking spaces. The property is located 19 miles north of Manhattan off I-95, within walking distance to Metro North and Amtrak rail stations. It is the only full-service hotel in New Rochelle and has amenities including, an outdoor pool, a business center, a full-service restaurant, a lounge, and 6,400 square feet of banquet facilities.
NEW YORK CITY — A joint venture between The Durst Organization and Bank of America has completed the historic restoration of Henry Miller’s Theatre, located on West 43rd Street in New York City’s Times Square. The 50,000-square-foot theater contains 1,055 seats and is situated adjacent to the 55-story Bank of America Tower. The original façade of the theater, which was constructed in 1918, was preserved and restored, and many historic elements of the theater were used in the new construction. The theater was closed in 2004 due to the construction of the Bank of America Tower. The project also is applying for LEED-Gold certification and, upon receipt of the designation, would be the first LEED-certified theater in the city. An emphasis was placed on renewable and recycled construction materials. The building’s finishes use Forest Stewardship Council-certified wood; wall panels and baseboards contain high amounts of recycled content; and almost half of the foundation and superstructure’s cement was replaced with blast furnace slag, a byproduct of iron manufacturing. Other sustainable features include advanced air filtration systems, locally sourced construction materials, low-flow fixtures and a recycling program for demolition and construction waste. The construction manager for Henry Miller’s Theatre was Tishman Construction …
JERSEY CITY, N.J. — Groundbreaking has occurred for Margaret S. Herbermann Manor, a new affordable housing project located at the intersection of Secaucus Road and Summit Avenue in the Heights neighborhood of Jersey City. The five-story, elevator-served building will feature 45 units, comprising five low-income units, 10 moderate-income units and 30 workforce housing units. Each unit totals approximately 1,100 square feet and contains two bedrooms. Approximately half of the units are single-level, with the rest consisting of duplex units. In addition, the building will contain one floor of parking and two ground-floor retail spaces. Herbermann Manor will be applying for LEED-Silver certification. It is being developed by Franklin Development Group. Construction financing is being provided by M&T Bank, as well as the New Jersey Housing & Mortgage Financing Agency’s CHOICE program, which encourages the development of for-sale housing in Smart Growth areas throughout the state. Completion is scheduled for spring 2010.
BOSTON — Boston Capital has closed Boston Capital Tax Credit Fund XXXI, one of the company’s nationally diversified housing portfolios. Fund XXXI includes 30 affordable apartment properties in 12 states. The portfolio comprises 12 senior housing properties and 18 family housing properties. The total equity invested in the fund is $120 million. The properties in Fund XXXI will add 2,109 apartment units to Boston Capital’s holdings, which now total more than 170,000 units. In 2009, Boston Capital also expects to launch and close two multi-investor national funds totaling between $200 million and $250 million.
BOSTON — Boston-based retailer Filene’s Basement has filed for Chapter 11 bankruptcy protection. Concurrently, the company has entered into an agreement to sell 17 of its 25 locations to an affiliate of New York-based Crown Acquisitions, including its flagship stores in Boston and New York City’s Union Square. Crown plans to continue normal operations at the locations. The sale is subject to an auction by the U.S. Bankruptcy Court, under which additional offers for the 17 stores, the remaining Filene’s Basement stores and the retailer’s other assets must be solicited.
EDGEWATER, N.J. — CVS/pharmacy has signed a lease for 11,000 square feet of space at Edgewater Square, a new mixed-use development currently under construction in Edgewater. CVS is the first retail tenant to sign at the project, which will ultimately include 100,000 square feet of retail and restaurant space. The pharmacy will be constructed on a pad site visible from River Road; groundbreaking is expected to occur this month. Edgewater Square is being developed by Levin Management Corp. In addition to the retail component, the project will feature 480 loft and townhome residences, a hotel, the new Edgewater Borough Hall and a 1,900-foot long river walk along the Hudson River.
NEW YORK CITY — Chinese company Vantone Industrial Co. has signed the first lease for One World Trade Center, a 102-story office tower currently under construction in Lower Manhattan, New York City. The company will lease 190,810 square feet over five floors of the building for a 20-year term. The space will be used as the China Center, which will provide business incubator space for Chinese companies. The space will feature a private club, event space, a cultural center and office space. Vantone also has the option to lease two more contiguous floors under the current lease terms — an option that expires at the end of the year. Jones Lang LaSalle’s Peter Riguardi, John Ryan and Paul Mas represented the tenant in lease negotiations. The building’s owner, the Port Authority of New York and New Jersey, utilized in-house representation. One World Trade Center is scheduled for completion in 2013. The Port Authority is finalizing leases with the U.S. General Services Administration and the New York Office of General Services that would total more than 1 million square feet of the tower’s 2.6 million total square feet of space.
JENKINTOWN, PA. — Philadelphia-based Michael Salove Company Commercial Real Estate has arranged a lease for 2,489 square feet in Jenkintown on behalf of Qdoba Mexican Grill. The fast-casual Mexican restaurant will occupy space at 261 Old York Rd. within Jenkintown Pavilion, a development of The Galman Group. The new location is expected to open this summer. Douglas Green of Michael Salove Co. represented the tenant in lease negotiations. Qdoba currently has 11 restaurants in the Philadelphia market, with an additional seven restaurants under development throughout the region.
WILLIAMSTOWN, MASS. — Boston-based EagleBridge Capital has arranged $825,000 in construction and permanent mortgage financing for Williamstown Plaza, an 8,900-square-foot retail project located at 384 Main St. in Williamstown. The project consists of the renovation of a 2,600-square-foot, former Alcaro Car & Leasing, as well as the addition of 6,300 square feet of retail and professional space. Tenants signed include Subway, Royal Cleaners and Wash & WiFi Laundry. EagleBridge’s Ted Sidel and Brian Sheehan arranged the loan on behalf of the undisclosed borrower with a regional thrift institution. The loan includes a 10-year term and a 25-year amortization schedule. The construction timetable was not released.
GREAT RIVER, N.Y. — Garden City, N.Y.-based Metropolitan Realty Associates has leased 13,600 square feet of office space within the 300 Building of Sunrise Business Center in Great River, Long Island. The space, located within a 161,500-square-foot building currently under construction, will be occupied by the Suffolk County Department of Social Services Medical Assistance Division. The agency will use the space, which is located at 3500 Sunrise Highway, for a Medicaid claim-processing center. Brian Lee and Dan Oliver of Newmark Knight Frank represented the tenant in lease negotiations. Metropolitan was represented by Raymond Ruiz, Marianne Dugan, Brian Cruz and Ryan Blaney of CB Richard Ellis. The 300 Building consists of the redevelopment of a former warehouse building into office space. Once it is complete, the business center will contain a total of 388,500 square feet.