NEWARK, DEL. — GPX Realty Partners has arranged a 20,319-square-foot office lease on behalf of BE&K at University Office Plaza, located at 258 Chapman Rd. in Newark. Terms of the lease were not disclosed. BE&K is an industrial engineering, construction and maintenance company. University Office Plaza consists of six, two-story office buildings totaling 183,629 square feet. The property has recently received property upgrades, including new interior and exterior finishes, new signage, roof repairs, new HVAC systems and a surface repaving.
NEW YORK CITY — A partnership between Jonathan Rose Cos. and The Fortune Society has broken ground for the construction of a $42 million affordable housing complex located at 625 W. 140th St. in West Harlem, New York City. The 114-unit building is located adjacent to The Fortune Academy, a complex run by The Fortune Society that provides transitional housing and services for formerly incarcerated men and women. The new project will provide affordable housing for Fortune Society and the surrounding Harlem community, as well 20,000 square feet of program space for Fortune Society. In addition, the project is applying for LEED-Gold certification. Sustainable features include a green roof with a rooftop garden and a rainwater harvesting system, aluminum solar shades on the building’s south-facing façade, toxin-free paints and materials, and high-efficiency mechanical systems. The project is being developed jointly by Jonathan Rose Cos. and The Fortune Society. The project architect is Curtis + Ginsberg Architects and the general contractor is Lettire Construction. Completion is expected in mid-2010.
PHILADELPHIA — Livingston, N.J.-based Gebroe-Hammer Associates (GHA) has completed two multifamily sales for a total of $3.1 million. The first property, The Marsden Apartment, is a 32-unit community located at 8532-8552 Marsden St. The second property, Palmar Apartments, is a 25-unit community located at 5926 Bustleton Ave. The former property traded for $1.85 million and the latter traded for $1.25 million. GHA’s Eli Rosen represented the seller, Marsden-Palmer Management, and procured the private buyer in both transactions.
QUAKERTOWN, PA. — The Annapolis, Md., office of Tremont Realty Capital has arranged a $9.36 million loan for the refinancing of Richland Meadows, a 70-acre, 406-unit manufactured housing community located near Interstate 476 in Quakertown. John Chase of Tremont originated the financing through one of Tremont’s correspondent lenders. Terms of the loan include a 10-year term, non-recourse, with a 65 percent loan-to-value ration and a 6.4 percent interest rate. The borrower was not disclosed.
NEW YORK CITY — New York City-based The Sapir Organization has leased 65,000 square feet of office space to Interactive Data Corp. (IDC) within Manhattan’s 100 Church Street building. IDC will initially occupy 51,000 square feet of the tower, followed by 14,000 additional square feet on the 11th floor during the next 5 years. It will relocate 212 employees within its Pricing & Reference Data division to the new office from its current midtown Manhattan offices. IDC plans to take occupancy in November. CB Richard Ellis’ Stephen Siegel, Howard Fiddle, Brad Gerla, Zachary Freeman and Gerry Miovski represented the landlord. Richard Berzine, Robert DeAngelis and Richard Fenn of Richard Berzine & Co. represented the tenant. The 100 Church Street building is a 21-story, 1.12 million-square-foot office tower that was built in 1958 and is currently undergoing a multi-million dollar capital improvements program. Tenants in addition to IDC include Niche Media, Regus HQ, New York City Law Department, New York City Mayor’s Office and CCA.
LEONIA, N.J. — Ridgewood, N.J.-based Poskanzer Skott Architects has begun a renovation and expansion project for Bergen Equestrian Center, located at 40 Fort Lee Rd. in Leonia. Construction will encompass the existing clubhouse and staff quarters. The equestrian center has recently undergone renovations, which were designed by RSC Architects. Poskanzer Skott will be providing full design services for this newest renovation project. The construction timetable was not released.
CLAYMONT, DEL. — Woodbridge, N.J.-based The Kislak Company has completed the sale of East Pointe Apartments, a 206-unit multifamily community located at 2610 Philadelphia Turnpike in Claymont, for $12.8 million. East Pointe Apartments contains one-, two- and three-bedroom units, as well as a 10,000-square-foot retail building with five suites and two garages. All units have been recently upgraded with new windows and carpeting, and some units have received new kitchens and bathrooms. Occupancy was 94 percent at the time of closing. Kislak’s Robert Holland represented the seller, a joint venture between White Plains, N.Y.-based Houlihan-Parnes Realtors and Great Neck, N.Y.-based CLK Properties. Kislak also represented the buyer, East Pointe Associates LLC, a subsidiary of Geller Associates.
JERSEY CITY, N.J. — A joint venture between New York City-based The LeFrak Organization and Melvin Simon & Associates has held the grand opening for The Westin Jersey City Newport, a 429-room hotel located at 479 Washington Blvd. in Jersey City. The hotel features 15 suites, a fitness center with a heated indoor pool and whirlpool, a lobby lounge, dining options and 20,500 square feet of meeting space. The hotel is part of LeFrak’s Newport master-planned community and is located adjacent to the1.2 million-square-foot Newport Centre Mall.
TRUMBULL, CONN. — New Boston Fund has leased 45,615 square feet of office space to Sun Products Corp. in Trumbull. Sun Products will occupy the entire building, which is located at 30 Trefoil Dr. within Trefoil Corporate Park, for a 15-year term. The building will undergo a complete renovation to accommodate Sun Products’ needs. The facility will be used by the company for the research, development, testing and quality control of its laundry detergent product line. Cushman & Wakefield’s (C&W) Tom O’Leary represented New Boston Fund in lease negotiations, while C&W’s Gregory Frisoli represented Sun Products Corp. New Boston Fund originally acquired the five-building Trefoil Corporate Park in 1998.
RANDOLPH, MASS. — Uniondale, N.Y.-based Arbor Commercial Funding has arranged a $2.69 million loan for the refinancing of Thompson Drive, a 24-unit multifamily community located in Randolph. The loan carries a 10-year term with a 30-year amortization schedule and a 6.51 percent interest rate. The loan was funded under the Fannie Mae DUS Small Loan product line. The borrower was not disclosed.