MIDDLETOWN AND HAMDEN, CONN. — NorthMarq Capital has arranged a total of $26 million in first-mortgage loans for the refinancing of three Connecticut multifamily properties. In Middletown, $13.75 million was secured for the 262-unit Ridgefield Apartments. In Hamden, $9.73 million was secured for the 135-unit Hamden Ridge Apartments, and $2.51 million was secured for the 47-unit Jefferson Arms Apartments. Robert Ranieri originated the loans for the borrower, Midcon Partners, through Freddie Mac. Terms of the loans include a 10-year term plus 1 year fixed to float with 5 years interest-only payments, followed by a 30-year amortization schedule.
OSTERVILLE, MASS. — Boston-based EagleBridge Capital has arranged $2.2 million in acquisition financing for 846 Main Street, a 19,950-square-foot retail center located in Osterville. The property comprises 18,450 square feet of first-floor retail space, as well as 1,500 square feet of second-floor office space. It is anchored by Osterville House & Garden; additional tenants include Books by the Sea, Oyster Island Emporium, Cape Cod Originals, Christine’s Osterville Needlepoint, Gone Chocolate and Upstairs Imports. Ted Sidel and Brian Sheehan of EagleBridge Capital originated the financing for the undisclosed borrower through a regional thrift institution. Terms of the financing include a 90 percent loan-to-value ratio; the interest rate was not disclosed.
NEW YORK CITY — New York City-based The Nicotra Group has acquired Teleport I and II, two three-story office buildings located in the Staten Island borough of New York City, for $25 million. The two properties contain approximately 300,000 square feet of Class A office space. The buyer has renamed the buildings Corporate Commons, and plans to incorporate them into its existing office park, The Corporate Park of Staten Island, which contains five additional office buildings, two hotels, a conference center, and a restaurant and cabaret within a 415-acre wildlife preserve. The office park is currently the only one of its kind in New York City. The Nicotra Group plans to invest between $10 and $15 million to renovate the two buildings, and will also donate 25 percent of Corporate Commons’ profits to the newly created Lois and Richard Nicotra Foundation. The sellers were Murray Construction and Silverstein Properties.
PHILADELPHIA —The grand opening has been held for Four Points by Sheraton Philadelphia Convention Center, a 92-room hotel located at 1201 Race St. in Philadelphia, across the street from the Philadelphia Convention Center. Amenities at the hotel include 2,688 square feet of flexible meeting space, a full-service restaurant, a fitness center, a hotel lounge, and free high-speed Internet access in all public areas and guestrooms. The hotel will be managed by Salisbury, Md.-based Marshall Management under an agreement with locally based Lam’s Realty Corp. The Four Points by Sheraton is Marshall’s second managed hotel in the city and its seventh in the state.
EAST HARTFORD, CONN. — Hamden, Conn.-based Press/Cuozzo Commercial Services has brokered a 121,750-square-foot industrial sale in East Hartford for $3.6 million. The property comprises two distribution centers situated on 2 acres at 166 and 188-200 Prestige Park Rd. The buildings total 81,750 and 40,000 square feet; they feature 27-foot clear ceiling heights and a total of eight tailgate loading docks. Albert Scafati of Press/Cuozzo represented the buyer, 55 Pent Highway Associates. Nicholas Morizio of Colliers Dow & Condon represented the seller, A&M Cohen & Family.
ANDOVER, MASS. — Newton, Mass.-based Diversified Project Management has completed renovations and an expansion to The Pike School, an independent pre-K through 9th grade school located at 34 Sunset Rock Rd. in Andover. Construction consisted of a 21,500-square-foot addition to the school, as well as a 7,300-square-foot renovation. Construction was focused on enhancing the school’s visual and performing arts programs.
MASSACHUSETTS AND NEW YORK — KeyBank Real Estate Capital has arranged a total of $51.8 million in Fannie Mae and Freddie Mac loans for four projects located in Massachusetts and New York. In Cambridge, Mass., Forest City 91 Sidney Street LLC borrowed $25 million in Fannie Mae DMBS funds to refinance a 10-story, 135-unit property located within the 27-acre University Park at MIT master-planned development. In Great Neck, N.Y., Oxford Developers LLC borrowed $17.4 million in Freddie Mac immediate funding for Oxford Court, a 65-unit, Class A apartment complex. In Penfield, N.Y., Willow Pond Apartments LLC borrowed $6.5 million in Freddie Mac funds to refinance the 182-unit, Class B Willow Pond Apartments. Finally, in Danvers, Mass., Spring Meadows Associates LLC borrowed $2.9 million in Fannie Mae funding for the acquisition of a 22-unit multifamily property. Terms of the four loans were not disclosed.
BOSTON — The Boston and Dallas offices of Holliday Fenoglio Fowler (HFF) have secured $13.7 million in financing for 147 Milk St., a 52,337-square-foot medical office building located in Boston’s Financial District. The 10-story property, which was constructed in 1910 and renovated in 1984, is fully leased to Harvard Vanguard Medical Associates. Todd Armstrong and Janet Krolman arranged the fixed-rate loan on behalf of Lexington Realty Trust with Delaware Investments. Terms of the financing were not disclosed.
YORK, PA. — York-based ROCK Commercial Real Estate has brokered the sale of a 7,100-square-foot industrial property located at 31-33 S. Seward St. in York. The property was acquired by York Habitat for Humanity. ROCK represented both parties in the transaction. The acquisition price was not disclosed.
PHILADELPHIA — Minneapolis-based NorthMarq has secured a 303,149-square-foot lease extension for two members of the AmeriHealth Mercy Family of Companies in Philadelphia. The companies, Keystone Mercy Health Plan and AmeriHealth Mercy Health Plan are headquartered at 100 and 200 Stevens Dr. in Philadelphia, located near Philadelphia International Airport. The buildings are owned by Edison, N.J.-based Mack-Cali. The new leases extend to 2020.