WYNNEWOOD, PA., AND WILMINGTON, DEL. — Green Park Financial has provided two multifamily loans totaling $12.1 million. In Wynnewood, the company provided $7.6 million for the refinancing of Brynwood Apartments, a 143-unit, Class B multifamily community. The property comprises eight two-story buildings and was 97 percent occupied at the time of closing. The loan carries a 10-year term and a 30-year amortization schedule. It was originated on behalf of the undisclosed borrower by Don Pettit of Carey, Kramer, Pettit & Panichelli (CKPP). Jay Thomas of Green Park Financial represented his company in the transaction. In Wilmington, Green Park provided a $4.5 million supplemental loan for Arbor Pointe Apartments, a 264-unit community located within a Wilmington residential subdivision. The property contains 11 three-story buildings and was 94 percent occupied at the time of closing. The loan carries a 5.66 percent fixed interest rate for a plus 1-year term with a 30-year amortization schedule. It has a 71 percent loan-to-value ratio with a 1.25x debt-service coverage ratio and a 6.25 percent capitalization rate. Brad Johnson of CKPP originated the loan on behalf of the borrower, Arbor Pointe Rental Co. Thomas represented Green Park in the transaction.
NEW HAVEN, CONN. — The Milford, Conn., office of Turner Construction Co. has been selected to provide construction management services for Yale University’s new $97 million Health Services Center located in New Haven. The 140,000-square-foot outpatient medical facility will be applying for LEED-Silver certification from the U.S. Green Building Council. Completion is scheduled for 2010.
HARTFORD, CONN. — The New Haven, Conn., office of Marcus & Millichap has brokered the sale of Morgan at the Park, a 10-story apartment building located in the central business district of Hartford, for $17 million. The 227,500-square-foot tower is situated on 1.27 acres at 600 Asylum Ave. It contains 270 residences comprising 128 studio units, 140 one-bedroom units and two two-bedroom units, in addition to 10,000 square feet of ground-level retail space. Steven Witten and Victor Nolletti of Marcus & Millichap represented the seller, Capitol Garden LLC, and the undisclosed buyer.
NEW YORK CITY — Philadelphia-based Hersha Hospitality Trust (HHT) has opened The Nu, a 93-room hotel located inside Boymelgreen Development’s condo project at the corner of Smith Street and Atlantic Avenue in Brooklyn, New York City. HHT purchased an interest in the building for $17.24 million, and has spent an additional $6 million completing the hotel. Rates are expected to range from $200 to $400 per room once the hotel is fully operational.
STATE COLLEGE AND HARRISBURG, PA. — Calabasas Hills, Calif.-based PNC ARCS has secured two multifamily loans in Pennsylvania totaling $17.9 million. In State College, the firm provided $9.1 million for Cooper’s Pond Townhomes and Turtle Creek Apartments, two multifamily communities that total 297 units. The loans carry a 10-year term, interest-only, at a rate of 5.815 percent. The Princeton, N.J., office of PNC originated the loans through Fannie Mae. In Harrisburg, PNC’s Princeton office originated $8.8 million for Treeview Apartments, a 210-unit multifamily property located in Harrisburg. The loan carries a 10-year term with a 30-year amortization schedule at an interest rate of 6.01 percent. PNC also originated this transaction through Fannie Mae. The borrowers in both transactions were undisclosed.
MINEOLA, N.Y. — CB Richard Ellis (CBRE) has brokered the sale of Century Plaza, a three-story, Class A office building located at 330 Old Country Rd. in Mineola. The building totals approximately 107,071 square feet, and was 96.8 percent leased at the time of closing. Tenants at Century Plaza include Forchelli, Curto, Schwartz, Mineo, Carlino & Cohn LLP; Fatwire Corp.; Liberty Mutual Insurance Co.; American Student List; and Kelly, Rode & Kelly LLP. Jeffrey Dunne, Steven Bardsley and Chris Leonard of CBRE’s New York Institutional Group, along with Martin Lomazow and Roy Chipkin of the company’s Long Island office, represented the owner and procured the buyer. Both parties were undisclosed.
NEW YORK CITY — SJP Residential Properties has held the grand opening for Platinum, a 43-story, 220-unit residential tower located at the corner of Eighth Avenue and 46th Street in the Midtown neighborhood of Manhattan, New York City. The building features a full-floor of amenities, including a spa and sauna; a lounge with a plasma-screen TV and a bar; a fitness center; and a landscaped terrace with a fireplace, a misting area and cabana lounge chairs. The lobby of Platinum is designed as an island surrounded by moving water with a 26-foot long fireplace and 15 feet of plasma-screen televisions. The community is currently more than 70 percent sold.
LYNNFIELD, MASS. — Braintree, Mass.-based John M. Corcoran & Co. has broken ground for the construction of Lynnfield Commons, a 200-unit luxury apartment community located in Lynnfield. The community comprises three buildings containing a mix of one- and two-bedroom units. Community amenities include a fitness center, an outdoor pool with a sundeck, wireless Internet access, and a furnished clubhouse. Residents will also have easy access to the 2,200-acre Lynn Woods Reservation conservation area. The community is being developed by Corcoran in partnership with Assurant Asset Management. Russell, Scott, Steedle & Capone is serving as project architect, with general contracting services being provided by Plumb House. Construction financing is being provided by Eastern Bank. Upon completion, property management services will be provided by Corcoran Management Co.
BOUND BROOK, N.J., AND LATHAM, N.Y. — NorthMarq Capital has arranged a total of $24 million in financing for two properties in New Jersey and New York. In Bound Brook, NorthMarq secured an $18 million loan for a 105,000-square-foot neighborhood retail center. The loan carries a 10-year term with a 30-year amortization schedule. The borrower was a Somerset County-based developer. In Latham, NorthMarq arranged $6 million in first-mortgage financing for the Sunmark Federal Credit Union Building, a 43,753-square-foot office building located in Latham. The financing includes a 10-year term with a 22-year amortization schedule. The lender was State Farm Realty Mortgage.
With more and more New York City industrial neighborhoods becoming gentrified, industrial properties are in increasingly short supply. The situation is especially notable in the outer boroughs, where most of city’s industrial real estate activity is focused. Over the past ten years, approximately 30% of industrial property in the outer boroughs has been converted for other uses. In fact, the city’s decision to rezone industrial neighborhoods for residential and commercial development has created a strong market for warehouse and manufacturing spaces. The outer boroughs are all experiencing similar industrial market conditions, with a vacancy rate hovering at about a mere 3%. In Brooklyn, the Bush Terminal and Gowanus areas remain heavily industrial, while Red Hook, Green Point and Sunset Park are seeing an increase in residential developments. The Bronx has always offered a smaller inventory of warehouse and manufacturing facilities, predominately in Port Morris and Hunts Point, and recent conversions have made availabilities tighter than ever. The industrial market on Staten Island, which was always limited, has not experienced much change. Queens is currently the most active borough in the industrial sector. Many neighborhoods, such as Woodside, Maspeth, Corona and College Point, have kept their industrial identities. Other areas, like …