GLEN ROCK, N.J., AND ROCHESTER AND CLIFTON PARK, N.Y. — NorthMarq Capital has secured a total of $11.47 million for three Northeast Properties. In Glen Rock, NorthMarq arranged $6.5 million in first-mortgage financing for a 60,500-square-foot office building located at 266 Harristown Rd. The loan carries a 5-year term and a 25-year amortization schedule. It was originated by Ernest DesRochers and Deanna Polizzo of NorthMarq’s New York Metro office on behalf of Glen Rock Property LLC. The lender was United Bank. In Rochester, Polizzo and Nancy Vanlsegham, of NorthMarq’s Upstate New York office, arranged $2.47 million in construction/permanent financing for the Kirstein Building. The six-story property is currently being redeveloped into a residential building that will contain 30 loft apartments and 7,600 square feet of first-floor retail space. Terms of the loan include a 30-year term and a 30-year amortization schedule. The borrower was 234-250 Andrews St. LLC and the lender was the Community Preservation Corp. Finally, in Clifton Park, Scott DeVinney of NorthMarq’s Upstate New York office originated $2.5 million in first-mortgage financing for the 111-unit Martindale Court. The loan carries a 7-year term and a 15-year amortization schedule. The borrower and lender were undisclosed.
JERSEY CITY, N.J. — The grand opening has been held for The Westin Jersey City Newport, a 429-room hotel located in Jersey City. Developed by a joint venture between The LeFrak Organization and Melvin Simon & Associates, the hotel features 20,500 square feet of meeting space, including 30 meeting rooms and an approximately 10,000-square-foot grand ballroom. The hotel is located near Newark Liberty International Airport and is 15 minutes away from Manhattan. Numerous public transportation options are located a block away from the hotel.
BUFFALO, N.Y. — CB Richard Ellis Hotels has arranged the sale of Adam’s Mark Hotel, a 486-room, full-service hotel located in Buffalo. Located in the city’s downtown district, the hotel features three dining facilities, more than 72,000 square feet of meeting space, 12,600 square feet of commercial space, a fitness facility with an indoor pool, a gift shop, a business center and approximately 650 parking spaces. CBRE Hotels represented the seller, Chartres Lodging Group. The property was acquired by Visions Hotels and is part of a two-property hotel portfolio.
WILMINGTON, DEL. — Construction is under way for the Star Building, a 163,800-square-foot office building located at 123 Justison St. in Wilmington. Upon completion in early 2010, the building will rise seven stories and include 25,000-square-foot floor plates. It will contain on-site and structured parking. The building is also located near the Wilmington riverfront, which is currently undergoing a revitalization. William Netta Architects is designing the project, with Newport, Del.-based Pettinaro Management providing leasing services.
NEWARK, N.J. — New Brunswick, N.J.-based Tekton Development Corp. has been selected as the general contractor for Richardson Building Lofts, an approximately $17 million apartment conversion project located at 50-60 Columbia St. in Newark. The building currently consists of a six-story, 66,000-square-foot structure originally constructed in 1912 as a jewelry factory. It will be converted into 67 loft-style apartment units. Sizes will range from 750 to 1,300 square feet, with some duplex units available. Building amenities will include a business center, two fitness rooms and cold storage space. A two-story addition will be added to the building, which will be capped by a green roof. Richardson Building Lofts is being developed by Newwork Real Estate and will apply for LEED-Silver certification. Completion is scheduled for September.
WILMINGTON, DEL., AND NEW YORK CITY — Marcus & Millichap has completed two Northeast multifamily transactions for a total of $5.66 million. In the first transaction, Mark Thompson and Adam Simon of the firm’s Philadelphia office represented the buyer in the $3.42 million purchase of Courtyard Apartments. The 122-unit, garden-style property is located at 9 Courtyard Lane in Wilmington. It comprises two- and three-bedroom units. The buyer, a limited liability company, plans to invest approximately $2 million in capital improvements to the property. In the second transaction, Marcus & Millichap’s Peter Von Der Ahe and Matthew Barbaccia represented both parties in the $2.24 million sale of a two-property portfolio located in the Bronx, New York City. The two buildings are located at 1049 and 1153 Boynton Ave.; the former property contains 20 units and the latter contains 24 units. Both properties have undergone recent renovations and both include 3,693 square feet of developable air rights.
NEW YORK CITY — Boston Properties has announced plans to suspend construction for its new office development located at 250 W. 55th St. in New York City. The real estate investment trust stated in a press release that the decision stemmed from a lease agreement with a major law firm that fell through. The law firm had reached an agreement with the REIT last year, but recently informed Boston Properties that it could not proceed on those terms. Boston Properties states that the loss of this major tenant “render[ed] the project economically infeasible in today’s environment.” Current plans for the project include the construction of a 1 million square feet office building, which was originally slated for completion in 2011. Construction of the foundation is already under way, and Boston Properties plans to restart construction at a later date. As a result of this decision, the REIT expects to reduce its capital commitments through 2011 by approximately $450 million.
NORTH BRUNSWICK, N.J. — Woodbridge, N.J.-based The Kislak Company has brokered the sale of Northwood Estates, a 253-unit apartment community located at 500 Adams Lane in North Brunswick, for $27.5 million. In addition to the apartment units, the property includes 17 townhomes and six ranches. Occupancy was 93 percent at the time of closing. Kislak’s Barry Waisbrod represented the seller, an estate, and Jonathan Greenberg, also of Kislak, represented the buyer, a private investor.
PORT CHESTER, N.Y. — CB Richard Ellis (CBRE) has completed the sale of the Ernest Simons building, located at 181 Westchester Ave. in Port Chester, for $13.9 million. The 170,000-square-foot building was originally constructed in the late 1800s to house the Ernest Simons Manufacturing Co., but has recently been converted by the seller into a multi-tenant, loft-style office building. It features tenants spaces ranging from 300 to 13,000 square feet, as well as a retail component. Al Mirin and Silvia Pogosyan of CBRE’s Westchester, N.Y./Fairfield County, Conn., office and Michael Monahan of the firm’s Midtown Manhattan, New York City, office represented the seller, Ernest Simons Inc. The buyer was not disclosed.
HAMILTON TOWNSHIP, N.J. — Gebroe-Hammer Associates (GHA) has arranged the sale of Miry Run, a 144-unit multifamily community located at 145 Brookwood Rd. in Hamilton Township, for $11.12 million. The garden-style apartment community comprises 108 one-bedroom and 36 two-bedroom units; it was 98 percent occupied at the time of closing. GHA’s Joseph Brecher and Joel Schwartz represented the seller, Tower Management, and procured the buyer, an undisclosed investor.