ORANGE, CONN. — The Hartford, Conn., office of Colliers Dow & Condon has brokered the sale of the former Showcase Cinema located at 110 Marsh Hill Rd. in Orange for $18 million. Nicholas Morizio and John Cafasso of Colliers represented the buyer, South Norwalk, Conn.-based Summit Development dba Summit Orange LLC, as well as the undisclosed seller. The buyer plans to redevelop the property into a new 350,000-square-foot regional service center for The United Illuminating, which acquired the property from Summit in a subsequent transaction. Colliers Dow & Condon has three additional Showcase Cinema locations under contract to Summit Development for retail development.
JACKSON, N.J. — Chicago-based Lillibridge is partnering with Meridian Health for the development of Meridian Health Village, a 150,000-square-foot outpatient medical facility located in Jackson. Situated at the corner of Cooks Bridge and Bennett’s Mill roads, the three-story facility will contain an internal medicine/family practice area, a women and children’s health area, and a section for medical and surgical specialists. Facilities will include a surgery center, an imaging center, an urgent care center, a rehabilitation area, a phlebotomy laboratory and a patient education area. Groundbreaking is scheduled to occur in spring 2009, with completion expected in summer 2010.
NEW YORK CITY —Long Island, New York City-based The Arker Companies has finalized the financing package for Hewitt House Apartments, an 83-unit affordable housing project located at 886 Westchester Ave. in the Longwood neighborhood of the Bronx, New York City. In addition to the residential units, the 75,300-square-foot development will contain approximately 11,500 square feet of ground-floor retail space. The residential units will be reserved for households earning up to 60 percent of the city’s annual median income, with 17 units set aside for formerly homeless families and individuals. Construction will begin this month, with completion scheduled for fall 2010. The financing package comprises $11 million in tax-exempt bonds and $4.56 million in subordinate financing provided by the New York City Housing Development Corp. Wachovia Securities is providing $7.4 million in tax credit equity, and Bank of America is providing a construction letter of credit totaling $11.1 million, as well as a $2.16 million loan to finance the retail portion of the project. Lastly, Freddie Mac, through MMA Financial, is providing credit enhancement for a $4.1 million permanent mortgage. The project is expected to cost $24.4 million.
PLAINFIELD, N.J. — Gebroe-Hammer Associates (GHA) has arranged the sale of a 33-unit multifamily community, located at 715-725 Arlington Ave., for $2.4 million. The property comprises two four-story brick buildings; residences consist of a mix of one-, two- and three-bedroom units. The community was fully occupied at the time of closing. Alan Lieberman and Steven Tenenbaum of GHA procured the buyer, a New Jersey-based investment group, and represented the undisclosed seller.
BOSTON — The Federal Home Loan Bank of Boston has awarded approximately $22.1 million in grants, loans and rate subsidies for 21 affordable housing initiatives in New England. The funds were awarded as part of the bank’s Affordable Housing Program, which seeks to create or preserve rental and for-sale housing for low-income individuals and families. The bank commits 10 percent of its net profits each year to the program, which provides funds to help pay for construction, acquisition or rehabilitation costs. In Massachusetts, $10.2 million was awarded for nine projects totaling 390 units. In Vermont, $5 million was awarded for four projects totaling 158 units. In Maine, $2 million was awarded for two projects totaling 67 units. In Connecticut, $1.8 million was awarded for three projects totaling 33 units. In Rhode Island, $1.6 million was awarded for a 10-unit project. Finally, in New Hampshire, $1.5 million was awarded for two project totaling 63 units.
STAMFORD, CONN. — Memphis, Tenn.-based Davidson Hotel Co. has completed a $20 million renovation to the Holiday Inn Stamford Downtown, located at 700 E. Main St. in Stamford. Improvements to the 10-story, 380-room hotel include the relocation of the lobby lounge, front desk and pool. A new health club with an indoor lap pool was added, and guestrooms received new hard and soft goods. The hotel’s front façade and meeting facilities were redesigned. DiLeonardo International served as the design firm for the project; StudioAD served as project architect, and Shakman Construction served as general contractor. The Holiday Inn Stamford Downtown is owned by a joint venture between Davidson and Rockbridge Capital, under an exclusive franchise agreement with InterContinental Hotels Group. Amenities at the hotel include 20,000 square feet of meeting space, on-site guest laundry facilities, a full-service business center and the 700 Main restaurant.
NEW YORK CITY — Groundbreaking has occurred for Phase I of a $98 million project that will create a commercial district in Downtown Jamaica, located in the Queens borough of New York City. Phase I will redevelop a series of garbage loading docks located on Sutphin Boulevard, directly across from the AitTrain/Long Island Rail Road Jamaica Station entrance, into retail space. Overhead lighting will be installed, the area’s empty spaces will be filled with retail storefronts, and a new sidewalk and roadbed will be installed. In addition, loading zones for bus stops will be widened and signage will be made more visible. The project is being developed by the Greater Jamaica Development Corp. (GJDC). Funding for this phase of the project is being provided by the Federal Transit Administration, the Port Authority of New York and New Jersey, and the Federal Highway Administration by way of the New York City Economic Development Corp. The GJDC will open the bidding process for the project soon; it hopes to achieve a 20 percent participation rate for minority/woman-owned businesses and disadvantaged businesses in the construction and design of the project. The second phase of the Downtown Jamaica project will extend Atlantic Avenue to …
PHILADELPHIA — U.S. Realty Capital has arranged a $7.77 million loan for the refinancing of two office buildings located near the Temple University Medical Campus in Philadelphia. Terms of the financing include a 6.25 percent interest rate, a 7-year term and a 25-year amortization schedule. The loan was originated by Brenner Green of U.S. Realty Capital’s Philadelphia office. The borrower and lender were undisclosed.
BALTIMORE, MD. — KeyBank Real Estate Capital has provided a total of $53.7 million in financing for a portfolio of four Northeast senior housing properties. The borrower is Baltimore-based Capital Health Group. In the first part of the transaction, KeyBank provided $24.8 million through Fannie Mae’s DMBS program for Forge Hill Senior Living in Franklin and The Inn at Robbins Brook in Acton. The remainder of the proceeds, which were funded through KeyBank’s balance sheet, went toward the financing of The Inn at Spruce Wood in Durham and Village at Fillmore Pond in Bennington. Terms of the loans were not disclosed.
NEW YORK CITY — CB Richard Ellis (CBRE) has brokered a 15-year, 100,000-square-foot office lease at 7 Times Square in Manhattan, New York City. Law firm Pryor Cashman will relocate to the space, which encompasses the 39th through 41st floors of the tower, as well as almost half of the third floor. The move will consolidate the firm’s offices, which are located at 400 and 410 Park Ave., as well as 70 E. 55th St. The new space also contains 10,000 additional square feet, allowing for future growth. Pryor Cashman will occupy the space in mid-2009. CBRE’s Mark Ravesloot, Lewis Miller, Jason Gorman and Mike Wellen represented the tenants. The landlord, Boston Properties, was represented by John Powers, Peter Turchin and Christie Harle, also of CBRE. The deal follows two other recent large Manhattan office leases CBRE has arranged. The firm brokered Viacom’s renewal of 1.3 million square feet at 1515 Broadway, as well as Mercedes-Benz USA’s relocation of its flagship car dealership to 332,982 square feet at 770 11th Ave.