NEW YORK CITY — An affiliate of Vanbarton Group has received $67.5 million in acquisition financing for The Astor retail condominium located at 2139-2157 Broadway in Manhattan. Cushman & Wakefield arranged the floating-rate financing, which was provided by an affiliate of Mesa West Capital. The 31,210-square-foot property is at the base of the The Astor, a 12-story luxury residential complex. The condo features 18,902 square feet of ground-floor space and 12,308 square feet of basement-level space. The property is 100 percent leased to nine commercial tenants, including Barneys New York, Lululemon, Stuart Weitzman, Papyrus and L’Occitane. Steve Kohn, Alex Hernandez and Alex Lapidus of Cushman & Wakefield arranged the financing for the borrower.
HAMILTON TOWNSHIP, N.J. — Cushman & Wakefield has arranged the sale of a distribution facility located at 401 Cabot Drive in Hamilton Township. The 600,600-square-foot building serves as the Eastern region distribution hub for Colgate-Palmolive. Completed in 2006, the property features 36-foot clear heights, 52-foot by 50-foot column spacing, 120-foot truck courts and ample car and trailer parking. Colgate-Palmolive currently occupies 431,340 square feet, with the remaining 169,260 square feet available for lease. Andrew Merin, David Bernhaut, Brian Whitmer, Kyle Schmidt, Andrew MacDonald, Stan Danzig and Jules Nissim of Cushman & Wakefield represented the undisclosed seller and buyer in the transaction.
BRIDGEWATER, N.J. — Denholtz Associates has secured a 10-year, $4 million refinancing on five of its flex-industrial properties located at 1W-5W Chimney Rock Road in Bridgewater. Totaling 115,714 square feet, the properties are part of the Bridgewater Business Park. Michael Cook of First Bank NJ negotiated the terms of the refinance. Bridgewater Business Park features 380,000 square feet of flex-industrial space.
NEW YORK CITY — Macklowe Properties has partnered with Whole Foods Market to anchor One Wall Street, a residential redevelopment in downtown Manhattan. A three-story 44,000-square-foot Whole Foods Market will anchor the 155,000-square-foot retail portion of the redevelopment. The store is slated to open in late 2018. Designed by Robert A.M. Stern Architects, the retail component will feature 22-foot ceilings. The full renovation of the Ralph Walker-designed Art Deco tower will include a restoration of the iconic three-story Hildreth Meier-designed Red Room into a showroom.
LOWELL, MASS. — Anchor Line Partners and Farallon Capital Management have renewed the lease of its long-term tenant, ARRIS, at CrossPoint in Lowell. The provider of entertainment and communications solutions has signed a 10-year lease renewal for 143,594 square feet of space in Tower 3 at CrossPoint. The new term will expire in 2026. Farrallon Capital Management and Anchor Line Partners have invested more than $11 million to create a modern workspace at CrossPoint with flexible work environments, easy access and a rich amenity campus.
SHAKOPEE, MINN. — The Opus Group has broken ground on a 122,400-square-foot speculative industrial building in Shakopee, approximately 25 miles southwest of Minneapolis. The building, which will be located in the 50-acre Valley Park Business Center, is the final phase of the development. The building can accommodate users looking for anywhere between 20,000 square feet and 122,000 square feet and will feature 28-foot clear heights, 193 parking stalls, 24 docks and six drive-in doors. The project is slated for completion by the end of the year. Opus is providing development, design, construction and architectural services, and Colliers International will market the property for lease.
WOODBURY, MINN. AND JOLIET, ILL. — Cronheim Mortgage has arranged two loans totaling $16.9 million to refinance two Gander Mountain stores in the Midwest. The buildings, located in Woodbury, Minn. and Joliet, Ill., are each approximately 66,000 square feet. David Turley, Janet Proscia and Jeff Pacailler of Cronheim Mortgage arranged the non-recourse, fixed-rate bank loans. Both the lender and borrower in the deal are undisclosed.
MOKENA, ILL. — Capital One has provided an $11.9 million acquisition loan for a 28,000-square-foot medical property in Mokena, approximately 40 miles southwest of Chicago. MedProperties Holdings LLC acquired the Center for Minimally Invasive Surgery, which features four operating rooms, a 14,000-square-foot surgery center and a 5,350-square-foot recovery center. The seller and terms of the loan were undisclosed.
MILWAUKEE — Boston Capital has invested in the construction of a 90-unit apartment community in Milwaukee. Cardinal Capital Management is the general partner in the development. The Germania will feature 44 tax credit units and 46 market rate units. Tenants of the tax credit units must earn 60 percent or less of the area’s median income. The apartments will be located in an eight-story, vacant building that was constructed in 1896 and is listed on the National Register of Historic Places. The project will also include 8,500 square feet of ground-floor commercial space. The Germania will provide 38 one-bedroom units and 52 two-bedroom units ranging from 446 square feet to 1,210 square feet. Unit amenities will include washers and dryers, central air conditioning and dishwashers. Community amenities will include a leasing office, community room with kitchen, fitness center and storage lockers. The Germania will be built with tax credit equity from the Low Income Housing Tax Credit program, as well as federal and state historic tax credit programs.
BATON ROUGE, LA. — CBRE has arranged $48 million in construction financing for the development of Park Place, a 745-bed student housing community to be located adjacent to the Louisiana State University campus in Baton Rouge. The six-story project is scheduled for completion in 2017. CBRE secured the three-year, floating-rate loan through Commercial Bank Syndication on behalf of the Park 7 Group.