NEW YORK CITY —A $55 million construction loan has been secured for a new upscale hotel currently under construction at the corner of Lexington Avenue and 48th Street in Midtown Manhattan, New York City. The 25-story tower will feature 116 guest suites. Hotel amenities will include a library lounge, a wine bar and café, an executive boardroom and a fitness center with in-room spa services. The project will also include 3,800 square feet of retail space fronting Lexington Avenue, which will be located on the ground and first floors of the building. Completion is scheduled for 2010. The loan was arranged by locally based Cushman & Wakefield Sonnenblick Goldman. The project is being developed by executives from Hersha Hospitality Trust. Upon completion, the hotel will be managed by Hersha Hospitality Management LP. Terms of the financing were not disclosed.
SOUTH BOUND BROOK, N.J. — Livingston, N.J.-based Gebroe-Hammer Associates (GHA) has arranged the sale of Towne Oaks, a 97-unit multifamily community located at 159 Main St. in South Bound Brook, for $8.77 million. The property contains a mix of studio, one- and two-bedroom units, each of which features an outdoor balcony or patio. Joseph Brecher of GHA represented the buyer, a North New Jersey-based 1031 investor, as well as the seller, The Lightstone Group.
LYNN, MASS. — Quincy, Mass.-based Marcone Capital has secured a $9.5 million loan for Harbor Place, a 47,662-square-foot retail center located at 395 Lynnway in Lynn. Situated on 2.61 acres, the retail center comprises three buildings. The first building contains a 30,972-square-foot Price Rite grocery store. The second building totals 7,390 square feet and is leased to Tello’s clothing store. The third building totals 9,300 square feet and is leased to a variety of tenants, including Verizon FIOS, T-Mobile and PCS Wireless. The property is approximately 99 percent leased. Mike Marcone of Marcone Capital originated the financing for the borrower, 395 Lynnway LLC, which completed the center last spring. The lender was a Connecticut-based mutual bank. Terms of the loan were not disclosed.
WEST WINDSOR, N.J. — Renovations are currently under way at Marketfair, a 240,000-square-foot retail center located along Route 1 in West Windsor. Designed by Michael Graves & Associates, the project includes new tiled flooring, modern furniture, new lighting schemes, improved indoor and outdoor signage, and new interior landscaping and paint. Most of the project will be completed in 2009. In addition, the food court will be updated in 2010 with a new configuration and new restaurants. The program was initiated by Marketfair’s owner, New York City-based TIAA-CREF. The program will be managed by Washington, D.C.-based Madison Marquette, which also provides property management and leasing services for Marketfair. Marketfair is anchored by Barnes & Noble and United Artists Theatres. Additional tenants include Anthropologie, Pottery Barn, Restoration Hardware, Smith & Hawkin, White House | Black Market and Williams Sonoma.
PITTSFIELD, MASS. — Pittsfield-based toy retailer KB Toys has filed for Chapter 11 bankruptcy. The chain intends to liquidate all of its stores, and has begun going-out-of-business sales to capitalize on the last two weeks of the holiday shopping season. This marks the second time the retailer has filed for bankruptcy in the past 4 years. KB Toys filed for Chapter 11 bankruptcy in 2004, and emerged in 2005 when it was purchased by Prentice Capital Management LP.
NEW YORK CITY — New York City-based UrbanAmerica LP, an affiliate of the Utendahl Organization, has acquired a 3.1 million-square-foot portfolio for $485 million. The portfolio comprises 13 office buildings and one distribution center. The properties include: 4820 University Square in Huntsville, Ala.; 1325 J St. in Sacramento, Calif.; 8808 and 8810 Rio San Diego Dr. in San Diego; 16401 E. Centre Tech Pkwy. in Aurora, Colo.; 755 Parfet St. in Lakewood, Colo.; 901 N. Fifth St. in Kansas City, Kan.; 696 Virginia Rd. in Concord, Mass.; 1900 River Rd. in Burlington, N.J.; 1600 Callowhill St. in Philadelphia; 380 Westminster St. in Providence, R.I.; 1433 West Loop South in Houston; 150 Corporate Blvd. in Norfolk, Va.; 116 Lakeview Pkwy. in Suffolk, Va.; and 999 East Street Pkwy. in Washington, D.C. The portfolio is 93 percent leased to Government Services Administration tenants, and is 98.2 percent leased in total. It marks UrbanAmerica’s largest one-time acquisition to date. The purchase was made on behalf of the company’s UrbanAmerica LP Fund II. CB Richard Ellis will continue to provide property management and leasing services for the portfolio. Tom Robinson of the Atlanta office of North Star Realty represented UrbanAmerica in the transaction. The …
NEW YORK CITY — Construction has commenced for the rehabilitation of four affordable housing properties located in the Hunts Point neighborhood of the South Bronx, New York City. Phoenix Estates, formerly known as Hunt’s Point I, comprises 717-719, 739 and 741 Coster St.; and 671 Manida St. The properties total 125 units, split between 19-one bedroom units, 64 two-bedrooms, 32 three-bedrooms and 10 four-bedrooms. Rents range from $725 to $1,330. Renovations, which will be completed without displacing residents, will include new kitchens, new apartment entries and interior doors, new paint, floor repairs, new plumbing fixtures, new window sills and electrical systems upgrades. Improvements to the building will include a cleaning of the exterior brick masonry walls, the repair and finishing of the courtyard rear and side yard wall, the replacement of the building entrance systems, the installation of exterior lighting and a security system, and the replacement of building roofs. The buildings were acquired out of foreclosure by Phoenix Estates LLC, a joint venture between New York ACORN Housing Co. and We Stay/Nos Quedamos, Inc. The Community Preservation Corp., in partnership with the New York City Department of Housing Preservation and Development, is providing a $13.3 million construction loan for …
THOROFARE, N.J. — Philadelphia-based The Flynn Company has brokered the sale of a 179,785-square-foot industrial facility, located at 1370 Imperial Way in Thorofare, for $8.27 million. The property is situated on 9.91 acres within MidAtlantic Corporate Center. David Ricci of Flynn represented the seller, Cobalt Industrial Partners LP, which is a private real estate investment trust operated by Dallas-based Cobalt Capital Partners. Ricci also represented the buyers, 1370 Imperial Way Associates LLC and GAMIJE 1370 Associates LLC. The facility has subsequently been leased to Camden International Commodities Terminal.
ASHFORD, CONN. — Chozick Realty has completed the sale of Birch Hill Apartments, a 44-unit multifamily community located in Ashford, for $3.85 million, or $87,500 per square foot. Constructed in 1972, the property comprises all two-bedroom, garden-style units, each measuring 856 square feet. Ryan Perkoski of Chozick represented the buyer, Birch Hill Investments LLC, and Tom Boyle, also of Chozick, represented the seller, Birch Hills Apartments LLC. Both parties are regional multifamily investors. Chozick Realty also arranged the previous sale of the property in June 2006.
PHILADELPHIA AND ALLENTOWN, PA. — Philadelphia-based Colliers Lanard & Axilbund has merged with Markward Group, a full-service commercial real estate firm located in Allentown. The merger increases Colliers coverage of the suburban Philadelphia and Lehigh Valley markets. Markward Group has been in business since 1997, and has posted year-over-year increases in sales volume, revenue and market share each year since its inception. Markward’s six brokers will continue to work out of the Allentown office