BOSTON — Winchester, Mass.-based Wise Construction Corp. has completed the interior build-out, renovation and expansion of multiple buildings within the campus of the MGH Institute of Health Professions, located within the Charlestown Navy Yard in Boston. The construction included approximately 30,000 square feet within three buildings. MGH’s administrative spaces were relocated to provide additional classroom and library space for the school, which now consists of three buildings.
NEW YORK CITY — Vertical construction has topped out for Trump SoHo New York, a 400-unit luxury hotel condominium building located at 246 Spring St. in the SoHo neighborhood of Manhattan, New York City. Standing at 46 stories, the tower is the largest building in the neighborhood. Upon completion in fall 2009, the project will comprise 141 deluxe suites, 253 studio suites, five penthouse suites and one Presidential Suite. Units will range in size from 422 to 905 square feet, with the three highest floors devoted to the penthouses and the Presidential Suite. Building amenities include world-class restaurant Quattro, 24-hour room service, a library, a business center, a private rooftop venue named SoHi, an approximately 11,000-square-foot spa, a full-service lobby, a ground-level bar and 12,000 square feet of meeting space. The project is being developed as a joint venture between The Trump Organization, Bayrock Group and The Sapir Organization. The exterior was designed by Handel Architects, and the interior designer is Rockwell Group. Bovis Lend Lease is the construction manager, and Prodigy International Development Sales is serving as exclusive sales and marketing agent.
STAMFORD, CONN. — The Westchester/Fairfield Private Client Group of CB Richard Ellis (CBRE) has brokered the sale of a portion of the YMCA building located at 909 Washington Blvd. in Stamford. The two-story building was split into two units concurrent to the sale; approximately 40,000 square feet of the building will remain under the ownership of the Stamford YMCA, which will renovate the space to include a gym, a pool, a fitness center, child care facilities and administration offices. The other unit was acquired by locally based RMS Construction and North Brunswick, N.J.-based Apex Hospitalities, which plan to convert it into a 99-room hotel. The sale transaction was negotiated by Al Mirin, Silvia Pogosyan and Susanne Dengenis of CBRE.
NANUET, N.Y. — The grand opening has been held for a new 30,000-square-foot P.C. Richard & Son retail store, located at Mall at 59, a shopping center located in Nanuet that is owned by DLC Management Corp. The opening marks the electronics retailer’s expansion into the Rockland County market.
DOVER, N.H. — Boston-based Fantini & Gorga (F&G) has arranged a $10.9 million self-liquidating loan secured by Indian Brook Commons, a shopping center located at the intersection of state routes 9 and 108 in Dover. The property comprises five detached buildings that are fully leased and occupied by six tenants, including Staples, Applebee’s and Uno Chicago Grill. The property is subject to a master ground lease from Stop & Shop. John Gorga and Mark Whelan of F&G originated the loan on behalf of the borrower, an affiliate of The Richmond Company, through a national credit tenant lease financier. Terms of the loan were not disclosed.
WORCESTER, MASS. — Marcone Capital has secured a $9.3 million construction loan for a 58,114-square-foot retail center to be located at 514, 542 and 558 Southbridge St. in Worcester. Construction will comprise three single-story buildings on a 3.16-acre parcel. The largest building, which totals 36,050 square feet, has been leased on a long-term basis to Price Rite. The other two buildings are currently available for lease. Mike Marcone of Marcone Capital arranges the financing on behalf of the borrower, 542 Southbridge Street LLC. The loan was provided by a national bank. Construction of the retail center will be complete within the next few months.
MILFORD, CONN. — Cohen and Co., Inc. Real Estate has arranged the sale of Milford Plaza Shopping Center, a 180,101-square-foot shopping center located at 155-213 Cherry St. in Milford. The property is anchored by ShopRite Supermarket and Bob’s Stores; additional tenants include UPS, Blockbuster Video and Payless Shoe Source. The property was 88 percent occupied at the time of closing, with three contiguous vacancies totaling approximately 28,000 square feet. Helen Putterman and Michael Cleeman of Cohen & Co. represented the seller, a Connecticut-based, family-owned developer, as well as the buyer, a New York City-based investment and acquisitions company. The sale price was not disclosed.
BAYONNE AND WEST NEW YORK, N.J. — Woodbridge, N.J.-based The Kislak Company has brokered the sale of two New Jersey multifamily properties. Jonathan Greenberg and Don Baxter of Kislak represented the sellers in both transactions. The first property is located at 548-554 Avenue C in Bayonne. It contains 42 residential units and 6 retail units, and was 95 percent occupied at the time of closing. The property traded at a price of $3.36 million. The second property is a 30-unit building located at 205 66th St. in West New York. Fully occupied at the time of closing, the property traded at a price of $2.7 million. The new owner plans to renovate the property in the near-term in an effort to increase rents. The parties in both transactions were undisclosed.
ELIZABETH, N.J. — Following a $10 million renovation and conversion, the grand reopening has been held for the Crowne Plaza Newark Airport, located at 901 Spring St. in Elizabeth. Formerly a Four Points by Sheraton, the 11-story hotel features 260 rooms. Amenities include indoor and outdoor swimming pools, a fitness center, a business center, 6,000 square feet of meeting space and complimentary shuttle service to nearby Newark Liberty International Airport. The hotel is owned and managed by Newark Four Port LLC under an exclusive license agreement with InterContinental Hotels Group.
CICERO, N.Y. — The Upstate New York regional office of NorthMarq Capital has secured approximately $2 million in first-mortgage financing for New Country Village, a 48-unit multifamily property located in Cicero. Michael James of NorthMarq originated the loan, which includes a 10-year fixed term plus 1-year floating and a 30-year amortization schedule. The undisclosed borrower utilized the Streamlined Refinance Program of the lender, Freddie Mac, in completing the transaction.