NEW YORK CITY — New Jersey-based financial intermediary Cronheim Mortgage has arranged a loan of an undisclosed amount for the refinancing of the Sheraton Brooklyn New York Hotel. The 321-room hotel is located at 228 Duffield St. in the downtown area and offers a fitness center, lounge and an onsite restaurant and bar. Beau Williams of Cronheim Mortgage arranged the fixed-rate, nonrecourse loan through Deutsche Bank on behalf of the borrower, locally based investment firm Lam Group.
ISLIP, N.Y. — A partnership between Chicago-based Venture One Real Estate and New York City-based Affinius Capital has delivered a 121,270 square-foot speculative industrial project in the Long Island community of Islip. The site at 2950 Veterans Memorial Highway spans 9.7 acres, and the building features a clear height of 36 feet, 130-foot truck court depths and parking for 122 cars and 119 trailers. Cushman & Wakefield is marketing the property for lease.
ALLENDALE, N.J. — Locally based developer The Hampshire Cos. has completed The Vale, a 70-unit multifamily project in the Northern New Jersey community of Allendale. Designed by DMR Architects, the complex offers one- and two-bedroom units, with nine residences subject to income restrictions, including three units that have specifically been set aside for first responders. Amenities will include a clubroom, lounge and an outdoor courtyard. Rents start at roughly $2,800 per month for a one-bedroom apartment.
BOSTON — Ironside Realty has acquired a 3,300-square-foot single-tenant retail property located at 177 State St. in downtown Boston. The building is located within the 1 McKinley Square mixed-use development and is net leased to 7-Eleven. An undisclosed, third-party broker represented the seller, which also requested anonymity, in the transaction. Ironside Realty was self-represented.
MANHASSET, N.Y. — General contractor Skanska USA has completed the Petrocelli Surgical Pavilion, a $560 million healthcare project in the Long Island community of Manhasset for Northwell Health, the state’s largest provider. Skanska USA broke ground on the 288,000-square-foot project, which is located on the 756-bed North Shore University Hospital campus, in spring 2020. The facility houses 18 operating rooms, including three hybrid rooms with advanced imaging, along with 132 intensive care rooms. The Petrocelli Pavilion will also serve as the home of the Sandra Atlas Bass Heart Hospital.
CAMDEN, N.J. — Hudson Valley Property Group has purchased Northgate One, a 321-unit affordable housing building located in the Southern New Jersey city of Camden. The 21-story building was originally constructed in 1963, and the majority of the units are reserved for households earning 60 percent or less of the area median income. The new ownership plans to rehabilitate the property with infrastructural upgrades, mechanical system replacements and in-unit bathroom, kitchen and apartment safety improvements. The project is expected to last about two years and will be funded with a mix of federal and state tax credits as well as private capital, including a $40.7 million FHA loan originated by PGIM Real Estate.
NEW YORK CITY — Cushman & Wakefield has brokered the $27 million sale of a 17,185-square-foot office building located at 25 E. 22nd St. in Manhattan’s Flatiron District. Audrey Cappell, whose three nonprofit organizations previously occupied the six-story building, sold the asset to Japanese publishing and comic book company Kodansha USA. The nonprofits are relocating to a nearby property to accommodate their growth. The building also housed Nike’s New York City office in the 1990s. Craig Waggner, John Ciraulo, Jack Stephen, Carri Lyon and Mark Mandell of Cushman & Wakefield brokered the deal.
HAUPPAGE, N.Y. — A partnership between Chicago-based Venture One Real Estate and New York City-based Affinius Capital has delivered a 123,970-square-foot speculative industrial project in the Long Island community of Hauppage. The site at 49 Wireless Blvd. is located within Hauppage Innovation Park, and the building features a clear height of 36 feet, 130-foot truck court depths and parking for 131 cars and 40 trailers. Cushman & Wakefield is marketing the property for lease.
FRAMINGHAM, MASS. — Boston-based brokerage firm Freudenheim Partners has arranged the $7.3 million sale of a 31,199-square-foot retail building in Framingham, located on the western outskirts of the state capital. The building at 280 Worcester Road was constructed in 1930, according to LoopNet Inc. Leigh Freudenheim of Freudenheim Partners represented the seller, Bosse Framingham Turf LLC, in the transaction. Cindy Laughrea of Engel & Volkers represented the buyer, William Marsh Holdings LLC.
TAUNTON, MASS. — Atlanta-based Portman Holdings will undertake a redevelopment project in Taunton, located south of Boston and east of Providence, that will convert the site of the former Silver City Galleria mall into a 1.1 million-square-foot industrial park. The mall closed in 2020 after nearly 30 years of operation. For the first phase of the project, Portman plans to demolish existing structures and construct a 248,435-square-foot-building with a clear height of 32 feet, 38 dock positions, two drive-in doors and parking for 270 cars and 29 trailers. On behalf of Portman, Jody Thornton, Brett Paulsrud, Ryan Parker and Ari Bogen of JLL arranged a $29 million construction loan through BMO Harris for the first phase of the redevelopment.