NEW YORK CITY — Naomi Shu of Marcus & Millichap has completed the $6.4 million sale of a 13,515-square-foot retail property in Queens, New York City. The six-story property is situated on a 6,947-square-foot lot in Queen’s Elmhurst neighborhood between Roosevelt Avenue and 40th Road. Shu represented the seller, Slope Realty Co., and the buyer, 53-55 Hester LLC, in the 1031 exchange transaction.
HAVERHILL, MASS. — Fantini & Gorga has arranged $6.1 million in construction financing for Lafayette Crossing in Haverhill. The 12,000-square-foot, standalone CVS Pharmacy is situated on a 1.2-acre site at the intersection of Lafayette Square, which is the apex of five major streets in Haverhill. The borrower is Hecht Development.
NEW YORK CITY — Forest City Enterprises is set to construct Beekman, a 76-story tower in Lower Manhattan, New York City. The new tower will total 1.1 million square feet and feature 900 market-rate apartments, a pre-K through 8th grade school, an ambulatory care center for New York Downtown Hospital, ground-floor retail space and below-grade parking. The site is bounded by Beekman Street to the south, William Street to the east and Spruce Street to the north, and is adjacent to the New York Downtown Hospital. Forest City recently closed a $680 million construction loan for the development. The loan was funded by Eurohypo, NordLB, ING Real Estate Finance, Fifth Third Bank, National Electrical Benefit Fund and the New York Housing Development Corp.
DALLAS TOWNSHIP, PA. — Construction is set to begin in November on a 220,000-square-foot high school in the Dallas Township school district. Developed by Crabtree Rohrbaugh Associates, the school is set on approximately 100 acres and will serve 1,400 students. The $43 million project is slated for completion fall 2010. K&W Engineers and Consultants is providing the site/civil engineering services for the project.
PORTLAND, MAINE —Wells Fargo has provided a $26 million loan for the construction of a Residence Inn by Marriott in Portland. Located at Hancock and Fore streets in the Eastern Waterfront section of Portland, the five-story hotel will contain 137 studio suites, 34 one-bedroom suites, eight two-bedroom suites and 2,500 square feet of retail space. Susan Leff of Wells Fargo originated the loan on behalf of the borrower, Norwich Partners of Florida LLC and Summit Hotel Properties. The hotel will be managed by True North Hotel Group.
BROOKHAVEN, PA. — Time Equities has acquired Cambridge Square in Brookhaven for $8 million. The 60,000-square-foot retail facility is located at 4801-4811 Edgemont Ave. across from Colonial Mall Macon. The property is currently 92 percent occupied. Luis Cozza of Time Equities represented the firm in-house, and Sperry Van Ness and Mark Berk of Millhaven LLC represented the seller in the transaction.
WALTHAM, MASS. — Boston Realty Advisors has completed the $1.62 million sale of a mixed-use building in Waltham. The 8,200-square-foot building, located at 443-445 Moody St., features three retail storefronts with long-term leases, two residential units and a 21-space parking lot. Jason Weissman of Boston Realty Advisors represented the seller, Waltham Realty Advisors, and Prudential Prime Properties represented the buyer, Sol and Jessica Cohen, in the disposition.
NEW YORK CITY — Eastern Consolidated has completed the $14.65 million sale of a 45-unit apartment facility located at 111-115 E. 7th St. in the East Village neighborhood of Manhattan, New York City. The sever-story, elevator building features two- and three-bedroom units. Brian Ezratty, Marty Neuman, Yair Levy and several other partners at Eastern Consolidated represented the seller, Jonis Realty, and procured the undisclosed buyer in the transaction.
NEW YORK CITY — Eastern Consolidated has completed the $14.65 million sale of a 45-unit apartment facility located at 111-115 E. 7th St. in the East Village neighborhood of Manhattan, New York City. The seven-story, elevator building features two- and three-bedroom units. Brian Ezratty represented the seller, Jonis Realty, and procured the buyer.
NEWINGTON, CONN. — The Hampshire Companies has acquired a 614,600-square-foot industrial/warehouse building in Newington, Conn., from Newington Business Park, LLC. The facility is located in the Newington Business Park with easy access to I-91. Hampshire plans to reposition the facility into a multi-tenant warehousing/light industrial facility and develop an additional 21 acres of excess land. The purchase was made on behalf of Hampshire Partners Fund VII, the firm’s $350 million institutional real estate investment fund.