YONKERS, N.Y. — The grand opening has been held for Croton Heights Apartments, a 60-unit affordable housing community located at 193 Ashburton Ave. in Yonkers. The community comprises one-, two- and three-bedroom units, and includes an exercise facility, a community room and on-site parking. It was developed by Richman Group Development Corp. and Landex Development. It is part of the HOPE VI Revitalization Plan that also includes the demolition and redevelopment of the nearby Mulford Gardens public housing community.
NEW YORK CITY — Construction is under way for Green Beginnings Academy & Arts Center, an 8,000-square-foot pre-school located within the Clinton Greens luxury multifamily development at 515 W. 51st St. in Manhattan. The project is being developed by Wonder Works Construction & Development Corp., and marks the developer’s fourth Manhattan pre-school in a little more than 3 years. The project will encompass ground-level and second-floor space within the building. It will be able to accommodate up to 100 students, ages 6 months to 5 years. It will be complete in time for the spring 2009 semester. The project is owned by the Manhattan Jewish Education Network. The project architect is DIA/WRKS.
BANGOR, MAINE — Boston-based Fantini & Gorga has arranged $4.4 million in permanent financing for a recently completed Walgreens pharmacy located in Bangor. The 14,550-square-foot, freestanding building is situated on approximately 2 acres at 706 Broadway, opposite the intersection of Broadway and School Street in downtown Bangor. The loan was originated by Tim O’Donnell and Joseph Eddy of Fantini & Gorga. The lender and borrower were not disclosed.
NEW YORK CITY — Marcus & Millichap has brokered the $13 million sale of Kent Arms Apartments, an 80-unit multifamily property located at 85-02 139th St. in the Briarwood neighborhood of Jamaica, Queens. The six-story apartment building contains one- and two-bedroom units, as well as indoor parking. The property features two commercial spaces, one of which is currently vacant and the other that is leased until 2011. Peter Vassiliou and John Stewart of Marcus & Millichap’s Manhattan office represented the seller, Kent Properties Co., as well as the buyer, 85-02 139th Realty LLC. The property traded at a per unit price of $162,500.
NEW YORK CITY —A $55 million construction loan has been secured for a new upscale hotel currently under construction at the corner of Lexington Avenue and 48th Street in Midtown Manhattan, New York City. The 25-story tower will feature 116 guest suites. Hotel amenities will include a library lounge, a wine bar and café, an executive boardroom and a fitness center with in-room spa services. The project will also include 3,800 square feet of retail space fronting Lexington Avenue, which will be located on the ground and first floors of the building. Completion is scheduled for 2010. The loan was arranged by locally based Cushman & Wakefield Sonnenblick Goldman. The project is being developed by executives from Hersha Hospitality Trust. Upon completion, the hotel will be managed by Hersha Hospitality Management LP. Terms of the financing were not disclosed.
SOUTH BOUND BROOK, N.J. — Livingston, N.J.-based Gebroe-Hammer Associates (GHA) has arranged the sale of Towne Oaks, a 97-unit multifamily community located at 159 Main St. in South Bound Brook, for $8.77 million. The property contains a mix of studio, one- and two-bedroom units, each of which features an outdoor balcony or patio. Joseph Brecher of GHA represented the buyer, a North New Jersey-based 1031 investor, as well as the seller, The Lightstone Group.
LYNN, MASS. — Quincy, Mass.-based Marcone Capital has secured a $9.5 million loan for Harbor Place, a 47,662-square-foot retail center located at 395 Lynnway in Lynn. Situated on 2.61 acres, the retail center comprises three buildings. The first building contains a 30,972-square-foot Price Rite grocery store. The second building totals 7,390 square feet and is leased to Tello’s clothing store. The third building totals 9,300 square feet and is leased to a variety of tenants, including Verizon FIOS, T-Mobile and PCS Wireless. The property is approximately 99 percent leased. Mike Marcone of Marcone Capital originated the financing for the borrower, 395 Lynnway LLC, which completed the center last spring. The lender was a Connecticut-based mutual bank. Terms of the loan were not disclosed.
WEST WINDSOR, N.J. — Renovations are currently under way at Marketfair, a 240,000-square-foot retail center located along Route 1 in West Windsor. Designed by Michael Graves & Associates, the project includes new tiled flooring, modern furniture, new lighting schemes, improved indoor and outdoor signage, and new interior landscaping and paint. Most of the project will be completed in 2009. In addition, the food court will be updated in 2010 with a new configuration and new restaurants. The program was initiated by Marketfair’s owner, New York City-based TIAA-CREF. The program will be managed by Washington, D.C.-based Madison Marquette, which also provides property management and leasing services for Marketfair. Marketfair is anchored by Barnes & Noble and United Artists Theatres. Additional tenants include Anthropologie, Pottery Barn, Restoration Hardware, Smith & Hawkin, White House | Black Market and Williams Sonoma.
PITTSFIELD, MASS. — Pittsfield-based toy retailer KB Toys has filed for Chapter 11 bankruptcy. The chain intends to liquidate all of its stores, and has begun going-out-of-business sales to capitalize on the last two weeks of the holiday shopping season. This marks the second time the retailer has filed for bankruptcy in the past 4 years. KB Toys filed for Chapter 11 bankruptcy in 2004, and emerged in 2005 when it was purchased by Prentice Capital Management LP.
NEW YORK CITY — New York City-based UrbanAmerica LP, an affiliate of the Utendahl Organization, has acquired a 3.1 million-square-foot portfolio for $485 million. The portfolio comprises 13 office buildings and one distribution center. The properties include: 4820 University Square in Huntsville, Ala.; 1325 J St. in Sacramento, Calif.; 8808 and 8810 Rio San Diego Dr. in San Diego; 16401 E. Centre Tech Pkwy. in Aurora, Colo.; 755 Parfet St. in Lakewood, Colo.; 901 N. Fifth St. in Kansas City, Kan.; 696 Virginia Rd. in Concord, Mass.; 1900 River Rd. in Burlington, N.J.; 1600 Callowhill St. in Philadelphia; 380 Westminster St. in Providence, R.I.; 1433 West Loop South in Houston; 150 Corporate Blvd. in Norfolk, Va.; 116 Lakeview Pkwy. in Suffolk, Va.; and 999 East Street Pkwy. in Washington, D.C. The portfolio is 93 percent leased to Government Services Administration tenants, and is 98.2 percent leased in total. It marks UrbanAmerica’s largest one-time acquisition to date. The purchase was made on behalf of the company’s UrbanAmerica LP Fund II. CB Richard Ellis will continue to provide property management and leasing services for the portfolio. Tom Robinson of the Atlanta office of North Star Realty represented UrbanAmerica in the transaction. The …