PENNSYLVANIA AND NEVADA — Allstate Real Estate Investment Group has provided an $80 million fixed-rate loan to ProLogis North American Industrial Fund III for a portfolio of industrial properties in Reno and Las Vegas, Nev., and Harrisburg, Pa. The portfolio, totaling more than 3.8 million square feet, consists of 13 warehouse and distribution buildings. Dave Tomfohrde of Draper and Kramer arranged the financing on Allstate’s behalf.
CHESHIRE, CONN. — Press/Cuozzo Commercial Services has brokered the $1.35 million sale of an 11,500-square-foot retail building in Cheshire. The single-story building is situated on 1.36 acres at 882 S. Main St. The buyer, Whitney Cheshire, was represented in-house by Stephen Press. Lou Proto of The Proto Group represented the seller, Delaware-based seller Home Fabric Mills, in the transaction.
NEW YORK CITY — Construction on The Absolute, a 35-unit boutique condominium in the Clinton Hill neighborhood in Brooklyn, New York City, is underway. Located at 111 Steuben St., the facility will feature 684-square-foot one-bedrooms and 1,877-square-foot three-bedroom units. The residences start at $410,000. The building is scheduled for completion spring 2008.
ALLENDALE, FRANKLIN TOWNSHIP AND EDISON, N.J. — Cushman & Wakefield have brokered the sale of an 11-building industrial portfolio in Allendale, Franklin Township and Edison. The portfolio includes seven buildings totaling 368,863 square feet in Allendale, two buildings totaling 176,459 square feet in Franklin Township and one building in Edison totaling 204,440 square feet. The portfolio was purchased by High Street Equity Advisors for an undisclosed price from an undisclosed seller.
NEW YORK CITY — A new 100-suite Homewood Suites by Hilton is slated for construction in Brooklyn, New York City. The hotel, located at 313 Gold Street, is scheduled to break ground this September with completion slated for September 2009. The hotel will be the first Homewood Suites in New York City.
NEW YORK CITY — A $157 million loan has been secured for Two Northside Piers, a residential development in Brooklyn, New York City. The 30-story facility will feature 270 studios, one-, two- and three-bedroom units. The facility is being developed by Toll Brothers City Living, RD Management and L&M Development Partners. The loan was funded by Citibank.
NEW YORK CITY — A new IKEA store is nearing completion in Brooklyn, New York City. The 346,000-square-foot store is situated on 22 acres along the Erie Basin waterfront in Red Hook, south of the BQE/Gowanus Expressway and southeast of the Brooklyn-Battery Tunnel. The store will feature 50 different room settings, three model home interiors, a supervised children’s play area and a 450-seat restaurant. The project also features a 6.5-acre public waterfront esplanade. The store is slated to open this June.
NEW YORK CITY — Red Stone Partners has closed a $74 million tax-exempt financing and a $35 million direct equity placement for the preservation and rehabilitation of Linden Plaza, a low-income multifamily facility in Brooklyn, New York City. The facility contains five high-rise buildings with 1,527 rental units. The borrower, The DeMatteis Organization, plans to utilize approximately $52 million to renovate the property. Funding was provided by Wachovia Multifamily Capital and Freddie Mac. Red Stone provided first loss mezzanine credit enhancement and arranged for the direct placement of $35 million in tax credit equity with a single investor. The NYC Housing Development Corporation issued tax-exempt multifamily housing bonds for the facility.
NEW YORK CITY — Sam Schneider and Daniel Glaser of Eastern Consolidated have completed the $7 million sale of a four-story townhome in Manhattan’s Greenwich Village in New York City. Located at 129 Charles St., the property also includes 9,000 square feet of air rights. The new owner plans to restore the property for use as a residential facility. Schneider and Glaser represented the seller, Ed Friedman, and procured the undisclosed buyer in the sale.
NEW YORK CITY — iCap Realty Advisors of NY has arranged a $7.5 million loan for a 12-story commercial loft building in the Flatiron district in Manhattan, New York City. The facility comprises 45,000 square feet of space and it is currently 100 percent leased to a ground-floor retailer, residential loft tenants and a variety of office tenants. The permanent first mortgage loan was arranged by Harout Ghazarian of iCap for an undisclosed borrower.