SOMERVILLE, MASS. —Fantini & Gorga has originated $2.7 million in first mortgage financing for a mixed-use building in Somerville. A Boston-area investor acquired the fully leased property for $3.5 million. The building includes 15 apartment units and 4 street-level rental units. Keith Wentzel of Fantini & Gorga arranged the loan through a Boston area community bank.
WESTMINSTER, COLO. – The Village at Park Centre, a 38,892-square-foot retail and office complex in Westminster, has received a $6.1-million refinancing. The three-building property is located at 1001-1005 W. 120th Ave. Notable tenants include Qdoba Mexican Grill, Subway, State Farm Insurance and H&R Block. The refinancing was arranged by John M. Stewart and Brock Yaffe out of NorthMarq Capital’s Denver office through the firm’s correspondent relationship with one of its life insurance companies.
NEW YORK CITY — A mixed-use building at 37 Crosby St. in Manhattan has sold for $4.3 million. The seven-story building includes ground-floor retail space and 12 apartment units. Due to a fire on the top floor apartment, the entire building is currently vacant and in need of renovation. Two tenants plan to return to the building when construction is complete. Robert Burton of Massey Knakal Realty Services represented the buyers, Todd Cohen and Terrence Lowenberg of Icon Realty Management. They also represented the seller, Bob Kahn.
ROCKY HILL, CONN. — A 109,000-square-foot office and retail center has sold for $10.1 million at 30 Waterchase Dr. in Rocky Hill. The property is 83 percent occupied and anchored by Porter and Chester Institute, a technical school. Joseph French of Marcus & Millichap's White Plains, N.Y. office represented the seller, a private investor based in Florida. The buyer was a private firm located in Trumbull, Conn.
OWINGS MILLS, MD. — Owings Mills Transit has plans to break ground on Phase I of the 1.2 million-square-foot Metro Centre at Owings Mills, a mixed-use development located on 45 acres at the intersection of Interstate 795 and Painters Mill Road in Owings Mills. Owings Mills Transit is developing the project and David S. Brown Enterprises will oversee construction and management. The first phase will include 300,000 square feet of office space, up to 100,000 square feet of retail space and approximately 250 apartment units. Additionally, the 120,000-square-foot Owings Mills Learning Center, which is currently under construction, is included in Phase I. The Baltimore County Public Library has signed a lease for 40,000 square feet of the space and the Community College of Baltimore County has leased the remaining 80,000 square feet. Completion for the first phase is slated for the spring of 2013. The State of Maryland and Baltimore County have currently invested more than $57 million in Metro Centre at Owings Mills.
BOSTON — Suffolk Construction will oversee the renovation of 50 Post Office Square, an 18-story art deco tower in Boston. Formerly 185 Franklin Street, the building will be open to the public for the first time in 60 years after the 12-month project is complete. The property was originally the headquarters for New England Telephone and Telegraph Co., followed by Verizon Communications Inc. Commonwealth Ventures purchased the property for $192 million in 2008. The renovation will include upgrades to the building's lobby, common areas and commercial space. It also includes the addition of 21,000 square feet of retail space and 110 new underground parking spaces. The project is slated to be completed in 2013.
NEW YORK CITY — Manhattan-based RBH Group has broken ground on Teachers Village, a $149 million retail, educational and residential development in downtown Newark. The Richard Meijer-designed complex will house three new schools, a daycare center and provide rental apartments for more than 200 Newark teachers. It will also include 70,000 square feet of retail space. Retail tenants are expected to open in the summer of 2013, and the the first residents are slated to occupy apartments in the fall of 2013.
MT. VERNON, YONKERS, N.Y. — Jerry Houlihan of Houlihan-Parnes Realtors has arranged $2.1 million loan for the refinancing of two properties, located at 6-8 E. Sydney Ave. in Mount Vernon and 829 Midland Ave. in Yonkers. The loans each have a five-year term.
NEW YORK CITY —Meridian Capital Group has negotiated a $55 million financing package for a mixed-use office and retail building located at 430 W. 14th St. in the Meatpacking District. The 3-year financing contains a $45 million senior loan provided by Citigroup Global Markets Inc., and a $10 million mezzanine loan provided by SL Green. Cary Pollack of Meridian's New York headquarters arranged the transaction. The 61,000-square-foot property includes 18,000 square feet of retail space and 43,000 square feet of office space.
PHILADELPHIA — Drexel University will break ground this month on a $97.6 million mixed-use project at the Philadelphia-based school.Drexel entered into a partnership with Austin-based American Campus Communities to construct 361,000 square feet of student housing and retail space on land it owns on Chestnut, between 32nd and 33rd streets. Under the agreement, American Campus has a 70-year ground lease with Drexel and will also manage the property. Designed by Robert A.M. Stern Architects, the development will include a 19-story residential tower and two eight-story, mixed-use buildings. The project is slated for completion in September 2013.
