NEW YORK CITY — The New York City and Hartford, Conn., offices of Holliday Fenoglio Fowler (HFF) have secured a $94 million loan for the refinancing of Riverbank West, a 44-story multifamily building located at 560 W. 43rd St. in the Midtown West neighborhood of Manhattan, New York City. The building contains 418 residential units, 25,738 square feet of retail space and an 84-space underground parking garage. Community amenities include a 24-hour doorman and concierge, a business center, and laundry facilities with a valet dry cleaning service. The property was 97 percent occupied at the time of closing. HFF’s Mike Tepedino, Dana Brome, Joe Morningstar and Andrew Scandalios originated the loan on behalf of the borrower, an undisclosed company advised by Cornerstone Real Estate Advisors. The loan carries a 4-year term, with a fixed interest rate and a 5-year extension option. Cornerstone is a subsidiary of Massachusetts Mutual Life Insurance Co.
FINDLAY TOWNSHIP, PA. — Pittsburgh-based Burns & Scalo Real Estate Services has announced preliminary plans for the construction of an office/flex building located at the intersection of Industry Drive and McClaren Road in Findlay Township, near Pittsburgh International Airport. The property is owned by Allegheny County and leased to the Allegheny County Airport Authority, which has leased the 8-acre property to Burns & Scalo. Tentative plans include the construction of an approximately 50,000-square-foot, LEED-certified building, which can either be one or three stories depending on the needs of the user. Early interest in the site has been for medical office, professional office, and research and development uses. Burns & Scalo will begin marketing the site in the first quarter, with construction commencing shortly thereafter.
BROCKTON, MASS. — Marcus & Millichap has completed the sale of Colonel Bell Apartments, a 27-unit apartment community located on Colonel Bell Drive in Brockton, for $2.15 million. Situated on 1.09 acres, the property contains three buildings with 11 one-bedroom units, 14 two-bedroom townhomes and two, two-bedroom units. Bob Horvath and Todd Tremblay of Marcus & Millichap’s Boston office were the sole brokers in the transaction between the buyer, Summit Properties LLC, and the seller, Colonel Bell Apartments LLC. The property traded at a price of $79,815 per unit.
CHICOPEE, MASS. — NorthMarq Capital has arranged $6.5 million in first-mortgage financing for Montcalm Heights Apartments, a 192-unit multifamily property located in Chicopee. The loan carries a 10-year term plus 1 year fixed to float with 5 years of interest-only payments and a 30-year amortization schedule. Robert Rainieri of NorthMarq’s Greater Westchester, New York/Connecticut office arranged the financing on behalf of the borrower, Montcalm Associates LP, through Freddie Mac.
READING, MASS. — CB Richard Ellis/New England (CBRE) has brokered the sale of Archstone Reading, a 204-unit luxury apartment community located at 7 Archstone Circle in Reading. Situated on 11.5 acres, the property comprises 11 apartment buildings and a clubhouse/leasing office. The units are a mix of one-, two- and three-bedroom residences. CBRE’s Paul Donahue, Travis D’Amato, Bill Moylan and Gary Lemire represented the seller, Denver-based Archstone, and procured the buyer, an affiliate of Henderson Global Investors. The acquisition price was not disclosed. Archstone was responsible for building the property in 2006.
PHILADELPHIA — Marcus & Millichap has arranged the sale of a Wachovia branch, located at 2227 S. Broad St. in Philadelphia, for $4.4 million. Wachovia had recently signed a 20-year ground lease for the property. Matthew Gorrman and Thomas Gorman of Marcus & Millichap’s Philadelphia office represented the seller, a joint venture between local developers Pineville Properties and Pintzuk Brown Realty Group. The seller was represented by Stephen Weiss of Baltimore-based Colliers Pinkard. The property traded at a 6.16 percent capitalization rate.
NEW YORK CITY — New York City-based Time Equities has acquired a 40,000-square-foot, net-leased parking garage, located in Arris Lofts at 27-28 Thomson Ave. in the Long Island City neighborhood of Queens, New York City, for $4.3 million. The parking garage contains 200 spaces. Francis Greenberger provided in-house representation for Time Equities; Ronald Solarz and Eric Anton of Eastern Consolidated represented the seller, Tag Court Square LLC. The 237-unit Arris Lofts is a luxury condo conversion of the former Eagle Electric Factory that was completed in 2007.
PARAMUS, N.J. — Ridgewood, N.J.-based Poskanzer Skott Architects has completed the first two phases of a multi-phase redesign and renovation of the 8,000-square-foot emergency department for Bergen Regional Medical Center in Paramus. The first phase consisted of a new entryway, waiting room, triage section and administrative space. The second phase included the construction of eight behavioral care rooms, which can also be used as isolation rooms in case of a major emergency. The final two phases will be complete in early 2009. Upon completion, the new emergency department will have 12 emergency bays and eight behavioral care bays. Bergen Regional Medical Center is situated on 65 acres at 230 Ridgewood Ave.; it is the largest hospital in the state, with more than 1,000 beds.
LAKE HIAWATHA, N.J. — Cranbury, N.J.-based Sweetwater Construction Corp. has completed a $1.1 million renovation and addition to the Lake Hiawatha Fire Department, located in Lake Hiawatha. The two-story addition included a conference room, office space and an additional truck bay. Other additions included a basement, an elevator and a new rear entrance. The existing building also received a new roof. The project architect was Rockaway, N.J.-based Parette Somjen Architects.
NEW YORK CITY — The grand opening has been held for the new $31 million Holiday Inn Long Island City – Manhattan View, a 136-room hotel located at 39-05 29th St. in the Long Island City neighborhood of Queens, New York City. The hotel totals 75,000 square feet; amenities include an indoor swimming pool, a fitness center, and wireless Internet access throughout the hotel. Many of the rooms offer balconies with views of the Manhattan skyline. Dining options include the hotel’s dining facility, 39 Below, and Swirl, a lounge that includes an outdoor patio. The Holiday Inn also features 1,000 square feet of meeting space. The hotel is managed by InterContinental Hotels Group on behalf of Queens Plaza North.