NEW YORK CITY — Construction has commenced for the rehabilitation of four affordable housing properties located in the Hunts Point neighborhood of the South Bronx, New York City. Phoenix Estates, formerly known as Hunt’s Point I, comprises 717-719, 739 and 741 Coster St.; and 671 Manida St. The properties total 125 units, split between 19-one bedroom units, 64 two-bedrooms, 32 three-bedrooms and 10 four-bedrooms. Rents range from $725 to $1,330. Renovations, which will be completed without displacing residents, will include new kitchens, new apartment entries and interior doors, new paint, floor repairs, new plumbing fixtures, new window sills and electrical systems upgrades. Improvements to the building will include a cleaning of the exterior brick masonry walls, the repair and finishing of the courtyard rear and side yard wall, the replacement of the building entrance systems, the installation of exterior lighting and a security system, and the replacement of building roofs. The buildings were acquired out of foreclosure by Phoenix Estates LLC, a joint venture between New York ACORN Housing Co. and We Stay/Nos Quedamos, Inc. The Community Preservation Corp., in partnership with the New York City Department of Housing Preservation and Development, is providing a $13.3 million construction loan for …
THOROFARE, N.J. — Philadelphia-based The Flynn Company has brokered the sale of a 179,785-square-foot industrial facility, located at 1370 Imperial Way in Thorofare, for $8.27 million. The property is situated on 9.91 acres within MidAtlantic Corporate Center. David Ricci of Flynn represented the seller, Cobalt Industrial Partners LP, which is a private real estate investment trust operated by Dallas-based Cobalt Capital Partners. Ricci also represented the buyers, 1370 Imperial Way Associates LLC and GAMIJE 1370 Associates LLC. The facility has subsequently been leased to Camden International Commodities Terminal.
ASHFORD, CONN. — Chozick Realty has completed the sale of Birch Hill Apartments, a 44-unit multifamily community located in Ashford, for $3.85 million, or $87,500 per square foot. Constructed in 1972, the property comprises all two-bedroom, garden-style units, each measuring 856 square feet. Ryan Perkoski of Chozick represented the buyer, Birch Hill Investments LLC, and Tom Boyle, also of Chozick, represented the seller, Birch Hills Apartments LLC. Both parties are regional multifamily investors. Chozick Realty also arranged the previous sale of the property in June 2006.
PHILADELPHIA AND ALLENTOWN, PA. — Philadelphia-based Colliers Lanard & Axilbund has merged with Markward Group, a full-service commercial real estate firm located in Allentown. The merger increases Colliers coverage of the suburban Philadelphia and Lehigh Valley markets. Markward Group has been in business since 1997, and has posted year-over-year increases in sales volume, revenue and market share each year since its inception. Markward’s six brokers will continue to work out of the Allentown office
READING, MASS. — Henderson Global Investors has acquired Reading Commons, a 204-unit luxury multifamily community located in the Boston suburb of Reading, for $48.5 million. The property was originally developed by Archstone Properties in 2006; occupancy was 97 percent at the time of closing. Henderson has selected Boston-based Corcoran Management Co. to manage day-to-day operations of the property. Henderson acquired Reading Commons on behalf of CASA Partners IV, the company’s value-add fund. The acquisition marks the funds first purchase in the Northeast and its third property acquired in 2008.
ALBANY, N.Y. — The grand opening has been held for Hotel Indigo Albany–Latham, a 107-room boutique hotel located in the Wolf Road business district of Albany. Owned by Shaker Hills Hospitality under an exclusive license agreement with Atlanta-based InterContinental Hotels Group, the five-story hotel features a fitness center, a 24-hour business center and approximately 1,200 square feet of meeting space. Food and beverage options include a Starbucks Coffee location and Blue Stone Bistro, which contains a 40-foot long bar and two separate dining rooms that can accommodate up to 125 people. The restaurant will open in January. The hotel was re-branded a Hotel Indigo after a $4 million renovation. DeLaCruz Enterprises provided interior design work for the project. The Albany location marks the second Hotel Indigo in New York.
NEW YORK CITY — LCOR has secured $33 million in construction financing for a 142-unit residential rental property located at 34 Berry St. in the Williamsburg neighborhood of Brooklyn. Amenities for the $69 million project, which is scheduled for a spring 2010 completion, will include a landscaped outdoor garden, a rooftop terrace and lounge, a fitness center, a business meeting room and on-site parking for 71 cars. The loan was originated by Richard Bassuk of Singer & Bassuk; the lender was bank of America. Terms of the financing were not disclosed. The project was designed by Perkins Eastman; the general contractor is Ryder Construction. Leasing is being handled by Rose Associates.
MILFORD, CONN. — Whole Foods Market has joined the tenant roster at Milford Marketplace, a 112,000-square-foot lifestyle center currently under development by Chattanooga, Tenn.-based CBL & Associates Properties. Located at the intersection of Boston Post and Woodruff roads, the property features buildings with two-story façades, as well as curbside parking. Tenants at the center include Ann Taylor LOFT, Banana Republic, Blue Tulip, Coldwater Creek, Chico’s, J. Jill, Jos A. Bank, Tengda Asian Bistro, People’s Bank and White House | Black Market. Construction for the Whole Foods is under way, with the grand opening scheduled for fall 2009.
JERSEY CITY, N.J., AND MACUNGIE AND ALLENTOWN, PA. — Bridgewater, N.J.-based SK Properties (SKP) has secured more than $170 million in construction financing for three multifamily properties located in New Jersey and Pennsylvania. In Jersey City, SKP closed on a $107.5 million loan for 225 Grand, a 12-story, 348-unit building located along the Hudson River waterfront that the company is developing in partnership with Applied Development Co. The building is part of the Liberty Harbor North development. The loan carries a 3-year term and was placed with PNC Bank, TD Banknorth, Capital One and Commonwealth Bank Group, with PNC Bank serving as lead lender. SKP closed on a $46 million loan for Centronia Road Apartments, a 364-unit, garden-style apartment community located on Centronia Road in Upper Macungie Township. The community comprises 26 buildings, a clubhouse and a pool. The loan carries a 3-year term, and was placed with Capital One, with TD Bank participating. Finally, SKP closed on a $17.1 million loan for Allenbrook Apartments, a 133-unit community located in Allentown. The loan carries a 3-year term, and was placed with Bank of America.
EAST WINDSOR, N.J. — Woodmont Properties and Simon Developments have completed construction of the first of four buildings that will comprise SciPark, a 240,000-square-foot, Class A office complex located in East Windsor. Building 1 totals 65,975 square feet and is divisible from 6,000 square feet. It was designed by CUH2A; Parsippany, N.J.-based GVA Williams New Jersey will serve as exclusive leasing agent for the building. SciPark will cater to pharmaceutical, biomedical and high-tech companies looking for laboratory and office space. The four buildings will face each other in a plaza orientation, and the complex will contain a total of 750 parking spaces. Amenities include a jogging path and picnic tables. Buildings will offer private drives, corporate signage, 18-foot clear ceiling heights, 44-foot by 33-foot column spacing, effluent cleaning areas and under-floor drainage systems. The project is applying for LEED certification from the U.S. Green Building Council.