NEW YORK CITY — Newmark has arranged a $350 million loan for the refinancing of a portfolio of 16 office properties totaling approximately 2 million square feet that are located throughout Long Island’s Nassau and Suffolk counties. The portfolio, which includes both traditional and medical office buildings, was 89.3 percent leased at the time of sale. Dustin Stolly and Jordan Roeschlaub of Newmark arranged the floating-rate financing through Barclays and Citigroup on behalf of the borrower, a joint venture between global alternative investment manager Angelo Gordon and locally based developer The We’re Group.
NEW YORK CITY — Los Angeles-based Parkview Financial has provided a $90 million construction loan for a 23-story mixed-use project that will be located at 1 Park Row in Manhattan’s Financial District. The 103,000-square-foot building will comprise 58 condos in one-, two- and three-bedroom formats, as well as 19,000 square feet of office space and retail condos. Residential amenities will include a gym, package room, common garden/terrace and a children’s playroom. Demolition is underway on an existing six-story building at the site, and the new project is slated for completion in April 2023. The borrower and developer is 1 Park Row Development LLC, an entity of Circle F Capital. New York-based Fogarty Finger is the project architect, and New York-based MJM Associates Construction is the general contractor.
YAPHANK, N.Y. — 3650 REIT has funded a $59 million acquisition loan for 50 Horseblock, a 491,200-square-foot industrial property in the Long Island community of Yaphank. Built in 1986, the property was fully leased to New Jersey-based drug manufacturer Amneal Pharmaceuticals at the time of sale. Building features include a clear height of 28 feet and 12 loading docks. Adam Licari and Jeff Shriver of Eastdil Secured arranged the 10-year loan on behalf of the borrower, private equity firm New Mountain Capital.
BOURNE, MASS. — National self-storage developer True Storage has completed a 1,033-unit facility that will be operated under the CubeSmart brand in Bourne, located at the nexus of Cape Cod and mainland Massachusetts. The facility occupies the site of a former Grand Union supermarket and spans 111,000 square feet. The majority of the units are located indoors and feature climate-controlled space, multiple loading bays and elevator access to the second floor. The remaining units are located outside and offer drive-up access.
BRISTOL, PA. — CBRE has brokered the sale of 360 George Patterson Boulevard, a 50,000-square-foot life sciences building situated within Bridge Business Center in Bristol, located in Bucks County. At the time of sale, the building was fully leased to Abzena, a pharmacological research and manufacturing company that recently extended its lease through 2032. Stephen Marzullo, Adam Silverman, Robert Zwengler, Ken Zirk, Matthew Knowles and Anthony Hayes of CBRE represented the undisclosed seller in the transaction.
NEW YORK CITY — Newmark has arranged a $500 million acquisition and construction loan for the redevelopment of 111 Wall Street, a 1.2 million-square-foot office building in downtown Manhattan. The 25-story building spans a full city block. The borrower, a joint venture between Nightingale Partners and Wafra Capital Partners, will reposition the property to feature touchless and smart-building technology and add new amenities. The new suite of amenities will include a 125-seat conference center, café and barista bar, upscale food and beverage options, an event room and a fitness center. The new ownership will also install new windows and HVAC systems. Dustin Stolly and Jordan Roeschlaub of Newmark arranged the financing through an undisclosed direct lender. The redevelopment is expected to take about two years to complete.
RED BANK, N.J. — Mack-Cali Realty Corp. (NYSE: CLI) has sold River Centre, a six-building, 639,490-square-foot office complex in the Northern New Jersey community of Red Bank, for $84 million. First Mile Properties, an affiliate of New York-based Crown Acquisitions, acquired the Class A complex, which was 66 percent leased at the time of sale. The property offers amenities such as a fitness center, tenant lounge and a café with outdoor seating. Andy Merin, David Bernhaut, Gary Gabriel, Frank DiTommaso, Seth Zuidema, Kevin Carton and Todd Elfand of Cushman & Wakefield represented Mack-Cali in the transaction. John Alascio, Alex Hernandez, Chuck Kohaut and T.J. Sullivan of Cushman & Wakefield arranged acquisition financing on behalf of First Mile Properties. The deal follows Mack-Cali’s divestiture of other office assets in Northern New Jersey, including its holdings in Short Hills (sold for $255 million) and in Edison and Iselin (sold for $254 million).
HARTFORD, CONN. — Locally based brokerage firm Chozick Realty has negotiated the $22 million sale of a hotel and multifamily property located at 50 Morgan St. in Hartford. The 18-story building was originally constructed in 1971 as a 350-room hotel and currently houses 150 hotel rooms and 96 apartments following a recent conversion. The buyer, a partnership between Alexa Group and Shelbourne International, plan to reposition the remaining 150 hotel rooms into 164 apartments, bringing the total number of residences to 260. The new owners will also convert existing banquet space into an amenity area with a fitness center and coworking lounge and add a 380-space parking garage and a pool with a sun deck. Rick Chozick and Tom Boyle of Chozick Realty represented the seller, DW Capital, in the transaction and procured the buyer.
NEW YORK CITY —Global real estate advisory firm Savills Inc. has acquired T3 Advisors, which provides site selection, project management and strategic planning services for life sciences and tech users. T3 Advisors, which was founded in 2001 and has offices in Boston, New York City, San Francisco and Palo Alto, will rebrand as T3 Advisors, A Savills Company. Roy Hirshland, CEO and founder of T3 Advisors, will become a vice chairman at Savills and will continue to lead the company. In addition, T3 Managing Partners Austin Barrett, David Bergeron and Mark Cote will become executive vice presidents and continue in their leadership roles with Savills.
NORTH BRUNSWICK, N.J. — Mayweather Boxing + Fitness has opened a 3,397-square-foot gym at The Shoppes at North Brunswick, an upscale retail center located about 40 miles south of New York City. This will be the tenant’s first location in New Jersey. Azarian Realty Co. represented the undisclosed landlord in the lease negotiations.