PHILADELPHIA — U.S. Realty Capital has arranged a $7.77 million loan for the refinancing of two office buildings located near the Temple University Medical Campus in Philadelphia. Terms of the financing include a 6.25 percent interest rate, a 7-year term and a 25-year amortization schedule. The loan was originated by Brenner Green of U.S. Realty Capital’s Philadelphia office. The borrower and lender were undisclosed.
Northeast
BALTIMORE, MD. — KeyBank Real Estate Capital has provided a total of $53.7 million in financing for a portfolio of four Northeast senior housing properties. The borrower is Baltimore-based Capital Health Group. In the first part of the transaction, KeyBank provided $24.8 million through Fannie Mae’s DMBS program for Forge Hill Senior Living in Franklin and The Inn at Robbins Brook in Acton. The remainder of the proceeds, which were funded through KeyBank’s balance sheet, went toward the financing of The Inn at Spruce Wood in Durham and Village at Fillmore Pond in Bennington. Terms of the loans were not disclosed.
NEW YORK CITY — CB Richard Ellis (CBRE) has brokered a 15-year, 100,000-square-foot office lease at 7 Times Square in Manhattan, New York City. Law firm Pryor Cashman will relocate to the space, which encompasses the 39th through 41st floors of the tower, as well as almost half of the third floor. The move will consolidate the firm’s offices, which are located at 400 and 410 Park Ave., as well as 70 E. 55th St. The new space also contains 10,000 additional square feet, allowing for future growth. Pryor Cashman will occupy the space in mid-2009. CBRE’s Mark Ravesloot, Lewis Miller, Jason Gorman and Mike Wellen represented the tenants. The landlord, Boston Properties, was represented by John Powers, Peter Turchin and Christie Harle, also of CBRE. The deal follows two other recent large Manhattan office leases CBRE has arranged. The firm brokered Viacom’s renewal of 1.3 million square feet at 1515 Broadway, as well as Mercedes-Benz USA’s relocation of its flagship car dealership to 332,982 square feet at 770 11th Ave.
PLYMOUTH MEETING, PA. — Plymouth Meeting-based RAS Brokerage has arranged three Pennsylvania leases for Plaza Azteca Restaurantes Mexicanos. The restaurant chain will open a 6,921-square-foot location in a freestanding building near the intersection of Plymouth Road and Germantown Pike in Plymouth Meeting, as well as another freestanding, 6,400-square-foot location in Wyomissing across from Berkshire Mall. Finally, the chain will open a 4,600-square-foot location for its high-end concept, Salsa’s Mexican Grill, in front of Montgomeryville Mall in Montgomeryville. Marc Mandel of RAS Brokerage represented the tenant in each of the lease transactions. Plaza Azteca is based out of Virginia Beach, Va., and plans to expand into the New England area, specifically, Pennsylvania, New Jersey and Delaware, over the course of the coming year.
BOSTON — Construction has topped out for The Clarendon, a 33-story residential tower under development in the Back Bay neighborhood of Boston. The project consists of 103 one- to four-bedroom condominiums starting on the 15th floor, as well as 178 rental residences, more than three dozen of which will be designated affordable housing. The Clarendon will also include a signature restaurant and a gourmet market operated by American Food Management. The post office that formerly occupied the property will relocate to the building upon completion in late 2009. The project will be applying for LEED-Silver certification from the U.S. Green Building Council. It is being developed by a joint venture between New York-based Related Cos. and Boston-based The Beal Companies. The project was designed by Robert A.M. Stern Architects.
NEW YORK CITY — The topping off ceremony has been held for the structural steel of 11 Times Square, a 1.1 million-square-foot office tower under construction in Midtown Manhattan, New York City. Developed by SJP Properties, the building is on schedule for a 2010 completion. The building’s unique concrete core, which rises the entire height of the 40-story building and encases all of the building’s critical elements, was completed in October. The project is applying for LEED-Gold certification, making it one of the largest environmentally sustainable commercial projects in the Northeast.
PHILADELPHIA — The Falcone Group has signed Philadelphia restaurant Rae to 11,000 square feet at The Residences at Two Liberty Place in Philadelphia. The restaurant will relocate from its previous spot in Philadelphia’s Cira Centre to the 37th floor of the Two Liberty Place building — making it the highest restaurant in the region. The restaurant, which is run by executive chef David Stern, will share the floor with The Residences’ 10,000-square-foot Owner’s Club. In addition to serving the general public, Rae will provide preferred seating for residents of the tower, as well as room service. The Residences at Two Liberty Place comprises the top 20 floors of the Two Liberty Place Tower. It consists of 90 units that span from the 40th to the 57th floor of the building. First occupancies began in March, and full occupancy is expected in 2009.
NEW YORK CITY — Calabasas Hills, Calif.-based PNC ARCS has arranged a $2.1 million loan for Central Park South Apartments, a 21-story, Class A apartment building located in New York City. The property contains 37 owner-occupied units and a ground-floor commercial unit. Terms of the loan include a 5.82 percent fixed interest rate and a 10-year term with interest-only payments. The loan was secured on behalf of the borrower by the Princeton, N.J., office of PNC through Fannie Mae.
BOSTON — BNY Mellon Center at One Boston Place, an approximately 800,000-square-foot office tower located in Boston and the third largest tower in the city, has been awarded LEED for Existing Buildings Gold certification from the U.S. Green Building Council. The property is owned by a joint venture between TIAA-CREF and SITQ. Anchor tenants at the tower include Bank of New York Mellon, Boston Capital Corp., Robinson & Cole and Wells Fargo. The tower also received the Environmental Protection Agency’s Energy Star rating in 2007.
BOSTON — Four projects, totaling more than $75 million in private investment, received approvals from the Boston Redevelopment Authority’s Board of Directors. The individual projects include: Seaport Square’s First Residential Building — Known as Parcel A, this $40 million project is one of 20 parcels that comprise the Seaport Square Project, located on the South Boston Waterfront. The 54,400-square-foot, six-story building will include 34 residential units. It will feature one-, two-, and three-bedroom floor plans and ground-level retail space. The joint venture of MS Boston Seaport and Boston Residential Group is developing Parcel A. Construction is scheduled to begin second quarter 2009, with an estimated completion date in fourth quarter 2010. Fenway Residential Project — This $20 million project will bring 45 residential units to the East Fenway neighborhood of Boston. The 47,000-square-foot building will consist of nine floors. Catamount Westland is developing the property, which will feature loft-style and two-bedroom units. Construction is scheduled to begin third quarter 2009, with an estimated completion date in first quarter 2011. Beacon Hill Project — Originally designated as residential and retail space, developer Talanian Realty recently decided to scratch those plans in favor of a $9.5 million, five-story office building with ground-level …