NEW YORK CITY — Madison Realty Capital (MRC) has closed a $32 million construction loan for a mixed-use project at the former 266,322-square-foot St. John’s Queens Hospital, located at 90-02 Queens Blvd. in the Elmhurst neighborhood of Queens. The construction financing follows an initial $38 million acquisition loan provided by MRC in December 2013, which brings the total financing package from MRC to $70 million. Located along Queens Boulevard between 57th Avenue and Woodhaven Boulevard, the property allows for 148,109 square feet of residential space and 118,213 square feet of commercial and community space. Once redeveloped, the project will offer retail space and 144 residential units. Additionally, the purchaser acquired the four-story, 89,601-square-foot parking garage located behind the hospital building, which offers 290 parking spaces and direct access from Queens Boulevard. After the $38 million acquisition loan closed, MRC offered a conditional commitment to fund the remaining renovation of the property once the borrower received approvals on all building plans. St. John’s Queens Hospital has been closed since the hospital’s operator filed for bankruptcy in 2009.
LANSDALE, PA. — A joint venture partnership between Advance Realty and The Davies Companies has acquired 2750 Morris Road, a 675,000-square-foot high-tech assembly and warehouse facility in Lansdale. The facility features 570,000 square feet of climate-controlled technology, assembly, warehouse and production space and 105,000 square feet of two-story office space. Additionally, the property features dual substation power feeds, systems for delivery of chilled water and compressed air, and five diesel generators that are capable of providing continuous power to the entire building without interruption. Current tenants include Vygon Corp., Metso Corp. and Fox Bindery. The property also has 350,156 square feet of warehouse/manufacturing space and 70,442 square feet of office space available to lease. Christopher Bellapianta of Advance Realty represented the joint venture partnership in the transaction. Greg Nalbandian of NorthMarq Capital arranged debt financing through Wells Fargo for this acquisition. Additionally, Paul Touhey, Brian Smyth and Drew Green of CBRE have been retained to lease the property.
NEW YORK CITY — Cignature Realty Associates has brokered the sale of a 43,160-square-foot residential building, which is located at 880 Saint Nicholas Ave. within the Sugar Hill neighborhood of Harlem. The six-story, 36-unit apartment building sold for $7 million. Peter Vanderpool and Lazer Sterhell of Cignature Realty represented both the buyer, 880 St. Nick LLC, and seller, 880 St. Nicholas Avenue Holdings LP, in the transaction.
PHILLIPSBURG, N.J. — National Realty & Development Corp. has signed two new tenants, totaling 49,480 square feet, at Pohatcong Plaza in Phillipsburg. Marshalls/HomeGoods and Quaker Steak & Lube have joined the 562,000-square-foot shopping center, which is located at the intersection of Route 22 and Greenwich Road. Marshalls/HomeGoods held its grand openings on September 18 and occupy 42,430 square feet of a redesigned building, which was formerly occupied by Walmart. Quaker Steak & Lube, a motor sports-themed casual dining concept, opened a 7,048-square-foot restaurant at Pohatcong Plaza II in late August.
RIDGEWOOD, N.Y. — Marcus & Millichap has arranged the sale of 759 Seneca Ave., an apartment building located in Ridgewood. The five-unit residential property sold for $2 million. Derek Bestreich, Lucien Sproviero and Steve Reynolds of Marcus & Millichap’s Brooklyn office represented the seller, a limited liability company, and the buyer, another limited liability company, in the transaction.
LACOMBE, LA. — Weyerhaeuser Real Estate Development Co. (WREDCO) has begun developing Tamanend, an 848-acre master-planned community that will feature office space, a college, retail, restaurants and single- and multifamily residential units. Tamanend will be located in the centermost part of St. Tammany Parish north of Lacombe, which is approximately 45 minutes north of New Orleans. Gulf States Real Estate Services is providing project management, marketing and real estate consulting for the project. Northshore Technical Community College is planning to open an advanced technology center and STEM campus at Tamanend.
PHOENIX – The 385-unit Villa Encanto apartment complex in Phoenix has received $25.7 million in financing. The community is located at 4315 E. Thunderbird Road. The borrower was a company formed by CVG Properties. CBRE’s Bruce Francis, Dana Summers and Robert Ybarra arranged the financing from GS Commercial Real Estate, a limited partnership formed by Goldman Sachs & Co.
MOUNT LAUREL, N.J. — NAI Mertz has arranged the sale of two office buildings totaling 100,000 square feet in Mount Laurel for an undisclosed price. Situated at 5000 and 7000 Atrium Way within Horizon Corporate Center, the bulidings each offer 50,000 square feet of Class A office space. Currently, 5000 Atrium Way is 100 percent lease and 7000 Atrium Way has one 12,000-square-foot unit available for lease. Rebecca Ting and Julie Kronfield of NAI Mertz represented the seller, Cherry Hill, N.J.-based SJS Realty. The buyer was Main Line Development LLC.
NEW YORK CITY — Thor Equities has acquired a six-story pre-war residential property located at 840 West End Ave. in New York City’s Upper West Side. Built in 1910, the property features 40 residential units and close proximity to Riverside Park, a 330-acre landscaped, waterfront park. Mesa West Capital provided the acquisition loan. Steve Vegh of Westwood Realty Associates brokered the transaction. The seller and acquisition price were not disclosed.
PHOENIX – The 582-unit Sierra Ranch Apartments in Phoenix has received a $21.5-million loan. The community is located at 4722 East Bell Road. The property is 95 percent occupied. The 10-year, fixed-rate loan was arranged by Charlie Williams of Berkadia Commercial Mortgage’s Phoenix office through a life company correspondent.