HOLTSVILLE, N.Y. — Construction has been completed for The Crowne Plaza Long Island-MacArthur Airport, located at 1730 N. Ocean Ave. in Holtsville. The hotel underwent an approximately $7 million renovation that converted it from a Radisson-branded hotel. The Crown Plaza features 188 rooms, 5,500 square feet of flexible meeting space, including a 3,000-square-foot ballroom, and a YOGI’S Grill & Sports Bar restaurant. The hotel is owned by Holtsville Hospitality and managed by Om Hospitality, under a license agreement with Atlanta-based InterContinental Hotels Group.
NEW YORK CITY — PNC ARCS has arranged a $9.41 million loan for Fourth Avenue Apartments in Brooklyn, New York City. Constructed in 2008, the 10-story, Class A building contains 56 apartments and a 28-car parking garage. The loan carries a 15-year term, a 30-year amortization schedule and a 6.24 percent fixed interest rate. It was originated by PNC ARCS’ Princeton, N.J., office through Fannie Mae. The borrower was not disclosed.
PLYMOUTH MEETING, PA. — RockBridge has secured $11.7 million in first-mortgage financing for a 150-suite Hyatt Summerfield Suites located in Plymouth Meeting. The all-suite, extended stay hotel features rooms with fully equipped kitchens, walk-in closets and dedicated work space. The owner-operator of the property, Wichita, Kan.-based LodgeWorks, plans to complete a $1.3 million renovation to the property in the future. The lender, as well as the terms of the loan, were undisclosed.
NEWARK, DEL. — Nationwide Finance Network has completed the sale and partial leaseback of its approximately 160,000-square-foot corporate offices, located at 300 Continental Dr. in Newark, for $20.75 million. The three-story, Class A building is situated on 22 acres. It features a data center on the second floor, 720 parking spaces and expansion capability. The buyer, Sallie Mae, plans to open a new credit operations center at the site. The company subsequently leased 72,000 square feet to Nationwide Financial Network for a 1-year term. Daniel Reeder and John Kaczowka of CB Richard Ellis’ Greater Philadelphia/Wilmington, Del., office, along with Terry Matthews of the Columbus, Ohio, office of CB Richard Ellis, represented the seller.
EDISON, N.J., AND NEW YORK CITY — New York City-based The Singer & Bassuk Organization (SBO) has arranged a total of $103 million in financing for two multifamily projects. In the first transaction, Richard Bassuk and Evelyn Savino of SBO arranged a $70 million permanent loan for Durham Woods, a 1,000-unit apartment community located in Edison. The loan was secured through Wachovia Multifamily Capital with Freddie Mac. In the second transaction, Bassuk and James O’Reilly, also of SBO, arranged a $33 million construction loan for 34 Berry Street, a seven-story, 142-unit luxury apartment building located at the corner of Berry and North 12th streets in Brooklyn, New York City. The lender was Bank of America, and the borrower was LCOR Residential Associates. Terms of both loans were undisclosed.
BOSTON — The Boston office of Gilbane has completed the interior build-out for Cengage Learning’s new, expanded offices at 10 and 20 Channel Center St. in Boston. The office space totals 100,000 square feet over three floors of the two adjacent buildings. Interior construction was completed in 60 days. Gilbane served as construction manager; the project architect was Boston-based TRO Jung/Brannen. Channel Center, as the two office buildings are known, is owned by Channel Center Holdings VAF LLC, a joint venture between Commonwealth Ventures and GEAM Value Add Realty Partners.
PHOENIXVILLE, PA. — GVA Smith Mack has brokered the sale of a 35,000-square-foot industrial building located at 500 Schell Lane in Phoenixville. Neil Shupak and Justin Bell of GVA represented the seller, AWC Properties, which is run by the principals of Allied Wire & Cable, the building’s tenant for the past 6 years. Leonard Redeyoff of CB Richard Ellis represented the buyer, Innovative Print & Media Group, which will use the facility to consolidate its administration and distribution departments. The acquisition price was not disclosed.
NEW YORK CITY — Brooklyn, New York City-based Kalmon Dolgin Affiliates (KDA) has arranged the sale of a 5,000-square-foot warehouse, located at 1051 Wyckoff Ave. in the Ridgewood neighborhood of Queens, New York City, for $1.22 million. The property features 18-foot clear ceiling heights, heavy power capability and two drive-in doors. The buyer was Richard Kostelanetz, who plans to use the property as an artist’s studio for printing, publishing and storage. The buyer was represented by KDA’s Jean Cook. The seller, B.M.D. Sportswear, was represented by Dmitri Gourianov, also of KDA.
NEW YORK CITY — Rochester, N.Y.-based The Pike Company and Fairfax, Va.-based Dewberry have partnered to provide design and construction services for a $56 million project at Fort Hamilton Armed Forces Reserve Center in Brooklyn, New York City. Construction will consist of a new, 123,000-square-foot Armed Forces Reserve Center; a 3,500-square-foot maintenance training building; and other new facilities, including classrooms and arms rooms. Dewberry will serve as the primary designer for Pike’s design-build team. Dewberry will also provide overall project management and engineering services. Construction will begin this month, and is scheduled to take 30 months to complete. The project is being undertaken as part of the Armed Forces Reserve Centers’ Base Realignment and Closure Report (BRAC).
NEW YORK CITY — Manhattan, New York City-based Winoker Realty Co. has completed the sales of two office condominium units, located within the historic Bar Building at 36 W. 44th St. in Midtown Manhattan, for a total of $4.66 million. Both condo units are located on the seventh floor of the building, and both were sold by TGG Holdings. In the first transaction, the New York Genealogical & Biographical Society acquired a 4,045-square-foot unit for $3.03 million. Jonata Dayan and Adam Ben-Dayan of Winoker represented both parties in the transaction. In the second transaction, Solari Real Estate acquired a 1,635-square-foot block of space for $1.63 million. Dayan and Ben-Dayan represented the seller; Gregg Roberts of TGG Holdings represented the buyer.