MATTAPAN, MASS. — Arbor Commercial Funding has arranged a $7.22 million loan for Tennis Road Apartments, a 55-unit community located in Mattapan. The loan carries a 10-year term with a 30-year amortization schedule and a 6.12 percent interest rate. John Kelly of Arbor’s Boston office originated the financing through the Fannie Mae DUS product line. The borrower was not disclosed.
NEW YORK CITY — New York City-based Metro Loft Management has opened the remaining 200 rental apartments at 20 Exchange Place for occupancy. The luxury apartment tower is located in the Financial District of Manhattan, New York City, and is bordered by Hanover, William, and Beaver streets. The units are located on floors 16 through 57 and range from studio to two bedrooms. Unit amenities include 11-foot ceilings and views of the Manhattan skyline. Building amenities include 24-hour doorman, concierge and valet services; a fully equipped fitness center; and a residents’ lounge with pool tables and plasma televisions. A landscaped sundeck on the 19th floor will be open by spring. In addition, the building features more than 100,000 square feet of retail space. Monthly rents for the apartments start at $2,100. Metro Loft Management is the owner and developer of the project.
NEW BRUNSWICK, N.J. — New Brunswick-based Tekton Development Corp. is eyeing a January 2010 completion date for its renovation and restoration of the 16,000-square-foot Convent of St. Peter the Apostle in New Brunswick. The $3.8 million project will transform the property, which is located at 94 Somerset St. on the Rutgers University campus, into the Campus Ministry office of the Diocese of Metuchen. Construction will involve updating pieces of the development that were originally built in the early 1800s. The new property will include a chapel, offices, a library, meeting rooms and a kitchen.
BUFFALO, N.Y. — The Upstate New York office of NorthMarq Capital has arranged $1.4 million in first-mortgage financing for a 14,550-square-foot Walgreens pharmacy located in Buffalo. Michael James of NorthMarq originated the loan on behalf of the undisclosed borrower through Sun Life Assurance Company of Canada. Terms of the loan were not disclosed.
YORK, PA. — Hartley Street Properties has purchased a 9,930-square-foot former body shop from Sunrise Holdings for an undisclosed amount. The property is located at 1000 Roosevelt Ave. in York. York-based ROCK Commercial Real Estate brokered the sale.
PRINCETON, N.J. — Princeton-based NAI Global, in cooperation with Lakeland, Fla.-based Higgenbotham Auctioneers International, will hold its first ever Commercial Property PowerSale, an online auction of commercial real estate, May 1. Buyers will be able to participate live or submit a sealed bid before the auction starts. More than $150 million worth of properties are expected to be auctioned off during the first PowerSale. Everything from investment-grade retail, office and multifamily developments to vacant land in 20 states around the nation will be put on the auction block. A second PowerSale is scheduled for June 11, with monthly auctions to follow.
WYNCOTE, PA. — New York City-based Nassimi Realty has completed East Cedarbrook Plaza, an outlot expansion of Cedarbrook Plaza shopping center in Wyncote. The final component of the expansion, a 30,000-square-foot Ross Dress For Less, held its grand opening last week. The new location marks the 26th store for the apparel retailer in the greater Philadelphia market. Other tenants at East Cedarbrook Plaza include Old Country Buffet, Joyce Leslie, K&G Superstore, Payless Shoesouce, Cold Stone Creamery and Sprint Wireless. Cedarbrook Plaza is a 600,000-square-foot retail center located at the intersection of Cheltenham Avenue and Easton Road. It is anchored by Walmart, Pathmark and Toys ‘R Us.
PARSIPPANY, N.J. — Cranbury, N.J.-based Sweetwater Construction Corp. has commenced construction for Morris County Surgical Center, located at 3695 Hill Rd. in Parsippany. The 12,000-square-foot ambulatory surgery center will feature three operating rooms, two endoscopy rooms and 8,000 square feet of offices. The project consists of the complete interior and exterior renovation of an existing office building at the site. Completion is scheduled for June. The facility will be owned by Morris County Surgical Center and managed by Ambulatory Management LLC. It is being developed by Hill Road Properties LLC. Sweetwater is providing pre-construction and construction management services, and Old Tappan, N.J.-based Robert Zaccone & Associates is serving as project architect. The project marks the 15th surgical center that Sweetwater has built in New Jersey in the past 5 years.
NEW YORK CITY — The Kaufman Organization has arranged a 32,359-square-foot office lease at 1407 Broadway, a 42-story, 1.1 million-square-foot office building located in the Fashion District of Manhattan, New York City, for Geneva Watch Group. The watchmaker will occupy a full floor of the building and will relocate is corporate headquarters here from its previous location in Long Island City, Queens. The office space features a wraparound terrace that runs the length of an entire city block. The price of the lease was not disclosed, but the asking price was $52 per square foot. It carries a 10-year term. Grant Greenspan and Michael Heaner of Kaufman represented the undisclosed landlord. Geneva Watch Group was represented by Steven Kaplan and Jack Wallis of Lansco Corp.
YORK, PA. — Convenience store chain Sheetz has acquired a 2.44-acre land parcel located at the intersection of East Market Street and Stonewood Road in Springettsbury Township, York, for the construction of a new convenience store. Locally based ROCK Commercial Real Estate represented the undisclosed seller in the land transaction. The acquisition price also was not released. Sheetz currently operates more than 350 convenience store locations in six states.