BOSTON — John Kelly of Arbor Commercial Funding originated a $5.32 million loan for the refinancing of the Mission Hill portfolio, an 18-unit complex in Boston. The loan was provided under the Fannie Mae DUS product line. The 10-year loan amortizes on a 30-year schedule and carries a note of 6.59 percent.
ERIE, PA. — Acquest Development, in partnership with the Erie County Convention Center Authority, has completed construction of the Sheraton Erie Bayfront Hotel located on Pesque Isle Bay in Erie. The eight-story hotel features 200 guestrooms, a 65-foot pedestrian skywalk and a 300-space parking garage. The hotel, which is surrounded by water on three sides, will feature amenities such as lobby seating with a fireplace, a bar, a dining room and a spa and exercise room. Acquest will manage the hotel in partnership with White Lodging Services Corp.
BALDWIN TOWNSHIP, PA. — Burns & Scalo Real Estate, through a related entity, has acquired a 43,000-square-foot retail center in Baldwin Township. The neighborhood center is situated on Curry Hollow Road in the center of the Baldwin Township school district. The firm plans to commence a $2 million capital improvement program in second quarter 2008. The purchase price of the center was undisclosed.
WALDWICK AND WASHINGTON TOWNSHIP, N.J. — Seth Pollack of Marcus & Millichap has completed the $6.9 million sale of a strip shopping center in Waldwick. The 27,000-square-foot strip center is anchored by a Stop & Shop Supermarket and includes four other tenants. The center was 100 percent leased at the time of the sale. Pollack represented the seller, Waldwick Realty Investments #1, and the buyer, DRC Development, in the transaction. Ben Sgambati and Michael Lombardi of Marcus & Millichap’s New Jersey office have closed the $6.83 million sale of a net leased drug store in Washington Township. The 14,000-square-foot store is located at Gantown Road and Egg Harbor Road. Sgambati and Lombardi represented the undisclosed buyer and seller in the disposition.
ROSELLE PARK, N.J. — The Kislak Company has completed the $1.85 million sale of 22 Westfield Ave. in Roselle Park. The 17-unit multifamily facility was purchased by Warinanco Gardens from Esquire Realty in an all-cash transaction. Jeffrey Squires of Kislak represented both parties in the disposition.
NEW YORK CITY — Ashkenazy Acquisition Corp. and The Carlyle Group have acquired 650 Madison Ave. in Manhattan, New York City, for $680 million from Hiro Real Estate Co. Spanning 59th and 60th streets on Madison Avenue in the heart of the Plaza District, the trophy office and retail tower contains approximately 600,000 square feet of space. Retail tenants include Crate and Barrel and Todd’s, and office tenants include the corporate headquarters of Polo Ralph Lauren and Columbia Presbyterian. Financing was provided by a syndicate of lenders that include Natixis and Shorenstein. Ackman Ziff secured the financing for the transaction. Eastdil Secured provided an advisory role on behalf of the buyer, and JP Morgan Chase Realty Advisors represented the seller in the transaction. Kriss & Feuerstein LLP and Greenberg Traurig LLP provided counsel for the joint venture.
PRINCETON, N.J. — RexCorp Realty has completed construction on University Square, a 313,000-square-foot Class A office building in Princeton. The five-story, next generation office building features a two-story atrium lobby, multi-dimensional teleconferencing capabilities, a state-of-the-art health club and a full-service cafeteria. Located at the intersection of U.S. Highway 1 and Alexander Road, the office building is in close proximity to the New Jersey Transit Station and the Princeton Junction Amtrak. GVA Williams New Jersey is heading up the leasing efforts for the new facility.
LINDEN AND JERSEY CITY, N.J., AND FORDHAM, WEBSTER AND LAWRENCE, N.Y. — GE Real Estate has provided $41.5 million to an investment fund managed by Acadia Realty Trust for the purchase of five self-storage properties. The facilities are located in Linden and Jersey City, and Fordham, Webster and Lawrence. The five properties were part of a 10-property portfolio that was acquired by the Acadia Strategic Opportunity Fund III, LLC, a $500 million equity fund. The loan was arranged under GE’s Flexible Fixed-Rate Finance Program.
NEW YORK CITY — Joseph Koicim of Marcus & Millichap’s Manhattan office has completed the $1.03 million sale of an 11-unit multifamily building in the Morris Heights section of the Bronx. The property, located at 1917 Andrews Ave. S. between West Burnside Avenue and W. 197th St., features all large three-bedroom apartments and totals 12,500 square feet. Koicim represented the undisclosed buyer, a local Bronx landlord, and the undisclosed seller, a private investor.
NEW YORK CITY — CB Richard Ellis’ Capital Markets Group has secured $24 million in financing on behalf of the Hampshire Partners Fund VII, L.P. for the Pelham Bay Professional Center in the Bronx, New York City. The multi-use complex features 117,500 square feet of space, which is currently 100 percent leased to retail, medical office and commercial tenants such as Subway, CVS/pharmacy and Modality Radiology Facility. The loan was financed by Babson Capital Management LLC. Michael Sherman and Efrat Sharon of CBRE secured the financing for the borrower.