EDISON, N.J., AND NEW YORK CITY — New York City-based The Singer & Bassuk Organization (SBO) has arranged a total of $103 million in financing for two multifamily projects. In the first transaction, Richard Bassuk and Evelyn Savino of SBO arranged a $70 million permanent loan for Durham Woods, a 1,000-unit apartment community located in Edison. The loan was secured through Wachovia Multifamily Capital with Freddie Mac. In the second transaction, Bassuk and James O’Reilly, also of SBO, arranged a $33 million construction loan for 34 Berry Street, a seven-story, 142-unit luxury apartment building located at the corner of Berry and North 12th streets in Brooklyn, New York City. The lender was Bank of America, and the borrower was LCOR Residential Associates. Terms of both loans were undisclosed.
BOSTON — The Boston office of Gilbane has completed the interior build-out for Cengage Learning’s new, expanded offices at 10 and 20 Channel Center St. in Boston. The office space totals 100,000 square feet over three floors of the two adjacent buildings. Interior construction was completed in 60 days. Gilbane served as construction manager; the project architect was Boston-based TRO Jung/Brannen. Channel Center, as the two office buildings are known, is owned by Channel Center Holdings VAF LLC, a joint venture between Commonwealth Ventures and GEAM Value Add Realty Partners.
PHOENIXVILLE, PA. — GVA Smith Mack has brokered the sale of a 35,000-square-foot industrial building located at 500 Schell Lane in Phoenixville. Neil Shupak and Justin Bell of GVA represented the seller, AWC Properties, which is run by the principals of Allied Wire & Cable, the building’s tenant for the past 6 years. Leonard Redeyoff of CB Richard Ellis represented the buyer, Innovative Print & Media Group, which will use the facility to consolidate its administration and distribution departments. The acquisition price was not disclosed.
NEW YORK CITY — Brooklyn, New York City-based Kalmon Dolgin Affiliates (KDA) has arranged the sale of a 5,000-square-foot warehouse, located at 1051 Wyckoff Ave. in the Ridgewood neighborhood of Queens, New York City, for $1.22 million. The property features 18-foot clear ceiling heights, heavy power capability and two drive-in doors. The buyer was Richard Kostelanetz, who plans to use the property as an artist’s studio for printing, publishing and storage. The buyer was represented by KDA’s Jean Cook. The seller, B.M.D. Sportswear, was represented by Dmitri Gourianov, also of KDA.
NEW YORK CITY — Rochester, N.Y.-based The Pike Company and Fairfax, Va.-based Dewberry have partnered to provide design and construction services for a $56 million project at Fort Hamilton Armed Forces Reserve Center in Brooklyn, New York City. Construction will consist of a new, 123,000-square-foot Armed Forces Reserve Center; a 3,500-square-foot maintenance training building; and other new facilities, including classrooms and arms rooms. Dewberry will serve as the primary designer for Pike’s design-build team. Dewberry will also provide overall project management and engineering services. Construction will begin this month, and is scheduled to take 30 months to complete. The project is being undertaken as part of the Armed Forces Reserve Centers’ Base Realignment and Closure Report (BRAC).
NEW YORK CITY — Manhattan, New York City-based Winoker Realty Co. has completed the sales of two office condominium units, located within the historic Bar Building at 36 W. 44th St. in Midtown Manhattan, for a total of $4.66 million. Both condo units are located on the seventh floor of the building, and both were sold by TGG Holdings. In the first transaction, the New York Genealogical & Biographical Society acquired a 4,045-square-foot unit for $3.03 million. Jonata Dayan and Adam Ben-Dayan of Winoker represented both parties in the transaction. In the second transaction, Solari Real Estate acquired a 1,635-square-foot block of space for $1.63 million. Dayan and Ben-Dayan represented the seller; Gregg Roberts of TGG Holdings represented the buyer.
WORMLEYSBURG, PA. — Camp Hill, Pa.-based CAMPBELL Commercial Real Estate has negotiated the sale of a 13,000-square-foot office building located at 1007 Mumma Rd. in Wormleysburg. One floor of the two-story, Class A building is occupied by Global Data; the other floor is currently vacant. Art Campbell and Derek Bicksler of CAMPBELL Commercial Real Estate represented the seller, Duquesne University. The buyer, 1007 Mumma Road LLC, was represented by Jamie Pascotti and Todd Decker of Realty Management, Inc.
HARRISBURG, PA. — The Princeton, N.J., office of PNC ARCS has arranged $13.98 million loan for Terraces at Springford Apartments, a 192-unit multifamily community located in Harrisburg. The garden-style apartment community is part of Heatherfield Community, the largest planned residential community in Pennsylvania. Terraces at Springford shares community amenities with nearby single-family and townhome residences, including a playground, several pools, a clubhouse, and basketball, volleyball and tennis courts. The loan carries a 10-year term, a 30-year amortization schedule and a 6.32 percent fixed interest rate. It was originated by PNC ARCS through Fannie Mae. The borrower was undisclosed.
NEW YORK CITY — New York City-based Itzhaki Properties has negotiated the sale of a walk-up apartment building, located at 1149 Greene Ave. in the Bushwick neighborhood of Brooklyn, New York City, for $640,000. The three-story property was vacant at the time of closing. It totals 5,000 square feet and contains six two-bedroom units. Shay Zach and Itai Akabi of Itzhaki Properties represented both undisclosed part in the transaction.
EXTON AND SCRANTON, PA. — Philadelphia-based Pennsylvania Real Estate Investment Trust (PREIT) has completed two loans totaling $118 million for two Pennsylvania malls. In the first transaction, PREIT secured a $70 million, non-recourse mortgage loan for Exton Square Mall, a 1.1 million-square-foot, enclosed mall located in Exton. The mall was acquired by PREIT in 2003, and is anchored by Boscov’s, JCPenney, Macy’s and Sears. As of closing, non-anchor occupancy was 83.6 percent and 12-month same-store sales were $359 per square foot. The loan carries a 7.5 percent fixed interest rate and a 5-year term. The lender was undisclosed. In the second transaction, PREIT secured a $48 million, non-recourse mortgage loan for Viewpoint Mall, a 750,000-square-foot, enclosed mall located in Scranton. The mall was also acquired by the company in 2003. It is anchored by JCPenney, Macy’s and Sears; non-anchor occupancy as of closing was 92.5 percent. The mall had 12-month same-store sales of $375 per square foot. The interest-only loan, which was provided by a commercial bank, carries a variable interest rate of LIBOR plus 2.35 percent that was swapped to a 5.24 percent fixed interest rate for its 5-year term.