FLORHAM PARK, N.J. — NorthMarq Capital has closed $9 million in construction-to-permanent financing for a 55,000-square-foot medical office building located in Florham Park. NorthMarq was able to secure a 2-year term with a sub-5 percent interest rate, no floor and interest-only payments with minimal guarantees. At stabilization, the loan rolls into a 5-year term with a fixed rate. The borrower was undisclosed and the lender was a regional bank.
NEW YORK CITY – The Visionaire, a multifamily property located in New York City, has received the LEED-Platinum certification. It is the only one on the East Coast to receive this rating and is one of the greenest residential projects in the United States. Located in Manhattan’s Battery Park City, the 35-story condominium tower features a high-efficiency air filtration system that conditions, filters and supplies fresh air to each home; a water treatment system that recycles water and provides make-up water for the HVAC cooling system tower; and building-integrated solar panels that harvest a portion of the building’s electric load. The complex was completed in 2008 and contains 247 homes. The project architect was SLCE, and the design architect was Pelli Clarke Pelli. The developers for the project were The Albanese Organization and Starwood Capital.
RIDGEFIELD PARK, N.J. — KABR Real Estate Investment Partners has purchased a 235,000-square-foot office building in Ridgefield Park for an undisclosed price from AIG. Located at 85 Challenger Rd. the facility is part of the 60-acre Overpeck Centre, which sits at the junction of Route 46, I-80 and the New Jersey Turnpike. Other tenants within the park include Bank of America, Samsung and AGFA. KABR is a newly formed fund, founded by noted investment partners, which is dedicated to purchasing commercial and residential properties within 150 miles of the New York area.
TIVERTON, R.I. — EagleBridge Capital has arranged $5.4 million in acquisition and permanent mortgage financing for CVS Plaza located at 500 Main Rd. in Tiverton. A new free-standing 13,500-square-foot CVS pharmacy is slated to be constructed on the site, and a retail strip currently located on the site will be fully renovated. The existing retail strip contains 5,000 square feet of space and is being redeveloped for multi-tenant use. Ted Sidel and Brian Sheehan of EagleBridge arranged the financing, which was provided by a multi-state commercial bank. Zachary Darrow, Esq., of DarrowEverett, represented the borrower in negotiating the lease with CVS and at the loan closing.
GARDEN CITY, N.Y. — The Treeline Companies has completed a lease with the U.S. Army corps of engineers for 12,805 square feet of space at Atria East. The six-story, 207,000-square-foot office building is located at 990 Stewart Ave. in Garden City. The new tenant will use the space for administrative and recruitment purposes, among other functions. Atria East is located near the Meadowbrook State Parkway and just minutes from the Long Island Expressway. The concrete and steel building features four high-capacity elevators, a cafeteria, a bi-level underground parking garage and street level parking accommodating nearly 750 vehicles, as well as ample loading facilities on the main level. The building was designed by architect Michael Harris Spector.
NEW YORK CITY – Plans are underway for a new Mandell School at 795 Columbus Ave. in Manhattan, New York City. 795 Columbus Avenue is a 15-story apartment building that is part of Columbus Square, a retail and residential community currently under development between 97th and 100th Streets. The entire project is slated to feature more than 320,000 square feet and is being developed by the Chetrit Group. Aragon Construction and JRS Architect have been tapped to lead the 50,000-square-foot build-out, which will comprise the building’s entire second floor and half of both the first floor and cellar. Numerous sustainable materials are being utilized in construction and in the long term Mandell School hopes to be LEED certified. For instance, the school will have rubber flooring, which is comprised of tire rubber and other recycled waste materials. Also, all classrooms will have high-efficiency lighting, using digital photo sensors and dimmers that comply with the Daylight Harvesting requirement. As well as renovating the cellar, first and second floors, Aragon will be building out an 8,000-square-foot outdoor terrace.
HAWTHORNE, N.J. – Anna McGivaren and Andrew Stewart of David Cronheim Mortgage have arranged $15 million in permanent financing for Hawthorne Discount Plaza, a retail center located at 111 Wagaraw Rd. in Hawthorne. Hawthorne Discount Plaza is set on 7.7 acres and consists of a 110,285-square-foot retail center anchored by Value Village. Other notable tenants include CVS, Dollar Tree, Ace Hardware, Payless Shoe Source and Mandee's. The loan has a 10-year term and a 30-year amortization.
NANTUCKET, MASS. — Construction is complete for the $29 million expansion and renovation of Nantucket Memorial Airport, located in Nantucket. The project included a 23,000-square-foot expansion of the terminal, including a 6,000-square-foot basement addition and 6,300 square feet of airline office space. New elevator and baggage handling systems were installed, and new gift shop and car rental areas were built. Renovations included the refurbishing of the airport’s windows, roofing, trim and siding. The project also had a number of sustainable measures. The building had a geothermal HVAC system installed, in addition to tankless water heaters and low-flow bathroom fixtures. All of the building’s flooring and roofing, as well as half of the wall surfaces, was reused in the renovation. The construction manager for the airport project was Skanska USA Building, with design services provided by AECOM, formerly Earth Tech Architecture.
BOSTON — CB Richard Ellis Capital Markets (CBRE) has arranged $13.91 million in debt and equity to refinance the construction loan for the Holiday Inn Express Hotel & Suites Boston – Downtown, located at 280 Friend St. in Boston’s North End. The borrower originally purchased the property, a five-story, 54,000-square-foot boutique hotel, in 2007 and undertook a $6 million renovation that included its re-branding as a Holiday Inn Express. The property contains 72 rooms as well as 6,000 square feet of ground-floor retail space. The financing included an $11 million, fixed-rate first mortgage and $2.91 million in preferred equity. The mortgage carries a 5-year term with a 25-year amortization schedule and a 4 percent interest rate. Keith Braddish and Jason Gaccione of CBRE’s New York City office, along with Michael Prakken of the firm’s Boston office, arranged the financing. Braddish and Gaccione also originated the original construction loan 18 months prior.
NEW CASTLE, DEL. — Patterson-Woods Commercial Properties/CORFAC International has arranged a lease for a 10,800-square-foot warehouse, located at 4060 N. DuPont Highway in New Castle. The building will be occupied by Thunder Stix Baseball & Softball Academy, which plans to operate it as a baseball and softball training facility. It will feature four automated batting cages and four training tunnels. Greg Ellis of Patterson-Woods represented the tenant in lease negotiations. Paul Bryant and Tripp Way of Emory Hill Real Estate Services represented the undisclosed landlord.