ROCKY HILL, CONN. — Renovations have begun on The Glenbrook at Rocky Hill, a garden-style apartment community in Rocky Hill. The community includes 400 one-, two- and three-bedroom residents set on 40-plus acres within close proximity to Interstate 91. Renovations include new kitchens, bathrooms, balconies and common areas, as well as new landscaping, walking paths, exterior siding and energy-efficient windows and sliders.
PHILADELPHIA — Wachovia Bank has provided $50 million in financing for the redevelopment of the Architect’s Building located in Center City Philadelphia. Klimpton Hotels & Restaurants is redeveloping the building into The Hotel Palomar, a luxury 230-room boutique hotel. The hotel will feature amenities such as a ground-floor restaurant and bar, 6,500 square feet of meeting space and a 650-square-foot fitness center. The hotel is set within the Rittenhouse Square neighborhood at 117 S. 17th St., which offers a wide variety of shopping, dining and cultural activities for tourists. The hotel is scheduled for completion in late 2009.
BOSTON — Turner Construction Co. has begun construction on ONE Marina Park Drive, a new $125 million Class A office building that is part of the Fan Pier development in Boston. Situated along the waterfront, the 18-story, approximately 500,000-square-foot office building is part of the first phase of construction for the 21-acre master planned project. Developed by The Fallon Company, Fan Pier is set to include 3 million square feet of first-class office space, a hotel and spa, luxury residences and a 6-acre marina.
NEW YORK CITY — The GLC Group is constructing Nforth, a ground-up residential community in the Williamsburg neighborhood of Brooklyn, New York City. Designed by Karl Fisher with interior design by Andres Escobar, the four-story building contains 37 units. Units range in size from a 480-square-foot studio to a 1,286-square-foot two-bedroom unit. Prices for the residences begin at $375,000. Occupancy is slated for this fall. The Developers Group is the exclusive marketing and sales agent for the project.
KING OF PRUSSIA, PA. — U.S. Realty Capital (USRC) has arranged a $14 million first mortgage for the refinancing of a multi-tenant office facility in suburban King of Prussia. The facility is located off North Gulf Road. The loan has a 15-year fixed rate term with a 20-year amortization schedule. The loan was funded by a life insurance company. The borrower was undisclosed.
PASSAIC, N.J. — Robert Squires of The Kislak Company has completed the $4.11 million sale of 37-47 Westervelt Place, a 43-unit apartment complex in Passaic. The five-story facility is located off Main Ave, and includes newly renovated units. Squires represented the seller, OSBF LLC, and the buyer, 37-47 Westervelt Place LLC, in the disposition.
SECAUCUS, N.J. — Kerasotes ShowPlace Theatres is set to open a 14-screen multiplex in Hartz Mountain’s Harmon Meadow development in Secaucus. The theater will feature 2,752 seats for moviegoers. Construction on the project is slated to begin this July with completion scheduled for summer 2009. Harmon Meadow is a 175-acre mixed-use development.
NEW YORK CITY — The Metropolitan Transit Authority (MTA), along with Governor David Paterson and Mayor Michael Bloomberg, have announced the conditional selection of the Related Cos. and Goldman Sachs to develop the $1 billion Hudson Yards project in New York City. Comprised of the Western Rail Yard and the Eastern Rail Yard, the development team plans to turn the area into a dynamic mixed-use neighborhood that will feature affordable housing, retail stores, restaurants, office space, an expansive public space as well as galleries, arts and culture. The extension of the #7 line is expected to make the area a thriving transit oriented community. The joint venture was selected after Tishman Speyer withdrew its bid for the project.
PHILADELPHIA — BDB Co., a private partnership affiliated with Brooks Provisions, has sold 3445 and 3535 S. Front St. in Philadelphia to Ashforth Paradigm Capital Advisors for $7.65 million. Located on 3.26 acres within the Food Distribution Center of the city, the 86,315-square-foot cold storage food warehouse and distribution facility comprises a one-story facility and three stories of office space. Brooks Division, the sole tenant, will continue to lease the facility in its entirety. Stephen Marzullo of CB Richard Ellis and the firm’s Investment Properties Group represented the seller in the transaction. Patrick Green and Michael Mullin of CB Richard Ellis’ Industrial Properties team assisted in the disposition as well.
BUFFALO, N.Y. — The Rose Hill Group has arranged $6.6 million in permanent financing for a multi-tenant office building located on the waterfront in downtown Buffalo. The 139,844-square-foot project is part of the Waterfront Village Center, which overlooks the Erie Basin Marina/Lake Erie. Tenants include Travelers Insurance and M/E Engineering. Financing was arranged by Daniel Monte of the Rose Hill Group for the undisclosed borrower. Funding was provided by Delaware Investments, a correspondent life insurance company.