BRIDGEPORT, CONN. — People’s United Bank has disposed of a nine-property portfolio covering approximately two blocks of downtown Bridgeport. The portfolio totals 255,548 square feet of commercial space, and includes 167, 177, 189 and 211 State St.; 779, 815, 855 and 899 Main St.; and 830/880 Broad St. The bank’s headquarters building, located within the portfolio’s area at 850 Main St., was not included in the sale. The portfolio was acquired by Main State Ventures, a partnership between Norwalk, Conn.-based companies Forstone Capital and Spinnaker Real Estate Partners. The acquisition brings Forstone’s downtown Bridgeport holdings to approximately 425,000 square feet of commercial space. Jeffrey Dunne and Steven Bardsley of CB Richard Ellis represented the seller. Immediate plans for the portfolio were not disclosed.
BELLMAWR, N.J. — Grubb & Ellis has negotiated the sale of a 40,000-square-foot office building, located at 211 Benigno Blvd. in Bellmawr, for $2.8 million. Kurt Montagano and Joseph Sklencar, Jr. of Grubb & Ellis represented the seller, Bessemer Group, Inc. The buyer was Children’s Choice of New Jersey.
PEMBROKE, MASS. — Boston-based Fantini & Gorga (F&G) has arranged $29.7 million in first mortgage financing for Alexan Pembroke Woods, a 240-unit multifamily property located in Pembroke. Amenities at the Class A community include a fitness center, a swimming pool, a community room and a business center. George Fantini, Jr., Tim O’Donnell and Derek Coulombe of F&G arranged the financing on behalf of the borrower, BC Pembroke Woods LLC. The lender was a national agency lender. BC Pembroke Woods LLC is a joint venture between Boston Capital Real Estate Partners and Trammell Crow Residential. Terms of the financing were not disclosed.
NEW YORK CITY — Skyline Developers has leased the 10th floor of 1040 Avenue of the Americas, located in Midtown Manhattan, New York City. The 12,000-square-foot space will be occupied by Northeast Power Coordinating Council. William Cohen of Newmark Knight Frank represented the landlord; Barry Rosner, also of Newmark Knight Frank, represented the tenant. The office building at 1040 Avenue of the Americas totals 24 stories and 256,000 square feet.
ORANGE, CONN. — The Hartford, Conn., office of Colliers Dow & Condon has brokered the sale of the former Showcase Cinema located at 110 Marsh Hill Rd. in Orange for $18 million. Nicholas Morizio and John Cafasso of Colliers represented the buyer, South Norwalk, Conn.-based Summit Development dba Summit Orange LLC, as well as the undisclosed seller. The buyer plans to redevelop the property into a new 350,000-square-foot regional service center for The United Illuminating, which acquired the property from Summit in a subsequent transaction. Colliers Dow & Condon has three additional Showcase Cinema locations under contract to Summit Development for retail development.
JACKSON, N.J. — Chicago-based Lillibridge is partnering with Meridian Health for the development of Meridian Health Village, a 150,000-square-foot outpatient medical facility located in Jackson. Situated at the corner of Cooks Bridge and Bennett’s Mill roads, the three-story facility will contain an internal medicine/family practice area, a women and children’s health area, and a section for medical and surgical specialists. Facilities will include a surgery center, an imaging center, an urgent care center, a rehabilitation area, a phlebotomy laboratory and a patient education area. Groundbreaking is scheduled to occur in spring 2009, with completion expected in summer 2010.
NEW YORK CITY —Long Island, New York City-based The Arker Companies has finalized the financing package for Hewitt House Apartments, an 83-unit affordable housing project located at 886 Westchester Ave. in the Longwood neighborhood of the Bronx, New York City. In addition to the residential units, the 75,300-square-foot development will contain approximately 11,500 square feet of ground-floor retail space. The residential units will be reserved for households earning up to 60 percent of the city’s annual median income, with 17 units set aside for formerly homeless families and individuals. Construction will begin this month, with completion scheduled for fall 2010. The financing package comprises $11 million in tax-exempt bonds and $4.56 million in subordinate financing provided by the New York City Housing Development Corp. Wachovia Securities is providing $7.4 million in tax credit equity, and Bank of America is providing a construction letter of credit totaling $11.1 million, as well as a $2.16 million loan to finance the retail portion of the project. Lastly, Freddie Mac, through MMA Financial, is providing credit enhancement for a $4.1 million permanent mortgage. The project is expected to cost $24.4 million.
PLAINFIELD, N.J. — Gebroe-Hammer Associates (GHA) has arranged the sale of a 33-unit multifamily community, located at 715-725 Arlington Ave., for $2.4 million. The property comprises two four-story brick buildings; residences consist of a mix of one-, two- and three-bedroom units. The community was fully occupied at the time of closing. Alan Lieberman and Steven Tenenbaum of GHA procured the buyer, a New Jersey-based investment group, and represented the undisclosed seller.
BOSTON — The Federal Home Loan Bank of Boston has awarded approximately $22.1 million in grants, loans and rate subsidies for 21 affordable housing initiatives in New England. The funds were awarded as part of the bank’s Affordable Housing Program, which seeks to create or preserve rental and for-sale housing for low-income individuals and families. The bank commits 10 percent of its net profits each year to the program, which provides funds to help pay for construction, acquisition or rehabilitation costs. In Massachusetts, $10.2 million was awarded for nine projects totaling 390 units. In Vermont, $5 million was awarded for four projects totaling 158 units. In Maine, $2 million was awarded for two projects totaling 67 units. In Connecticut, $1.8 million was awarded for three projects totaling 33 units. In Rhode Island, $1.6 million was awarded for a 10-unit project. Finally, in New Hampshire, $1.5 million was awarded for two project totaling 63 units.
STAMFORD, CONN. — Memphis, Tenn.-based Davidson Hotel Co. has completed a $20 million renovation to the Holiday Inn Stamford Downtown, located at 700 E. Main St. in Stamford. Improvements to the 10-story, 380-room hotel include the relocation of the lobby lounge, front desk and pool. A new health club with an indoor lap pool was added, and guestrooms received new hard and soft goods. The hotel’s front façade and meeting facilities were redesigned. DiLeonardo International served as the design firm for the project; StudioAD served as project architect, and Shakman Construction served as general contractor. The Holiday Inn Stamford Downtown is owned by a joint venture between Davidson and Rockbridge Capital, under an exclusive franchise agreement with InterContinental Hotels Group. Amenities at the hotel include 20,000 square feet of meeting space, on-site guest laundry facilities, a full-service business center and the 700 Main restaurant.