NEW YORK CITY — NorthMarq Capital has arranged a $68.5 million loan for the refinancing of the New York Hilton Hotel at JFK Airport, a 356-room hotel in the Jamaica neighborhood of Queens. Ernest DesRochers, senior vice president and managing director of NorthMarq’s New York City office, arranged the 10-year loan, which includes a 30-year amortization schedule. Built in 1987 and renovated in 2012, the property is located at 144-02 135th Ave
PHILADELPHIA — A joint venture partnership between Keystone Property Group, Mack-Cali Realty Corp. and Parkway Corp. has acquired 100 Independence Mall West in Philadelphia for $40.5 million. The nine-story, 400,000-square-foot office building is located across from the historic Liberty Bell, the National Constitution Center and Independence National Park. The partnership purchased the Class A property from an affiliate of The Dow Chemical Co. The building is 85 percent leased to two tenants: Dow, which occupies 173,000 square feet as its Northeast headquarters; and the U.S. General Services Administration, which will occupy 135,715 square feet in July 2014. The partnership was represented in-house in the transaction. Robert Fahey, Jerry Kranzel, Lizann McGowen and George Cauffman of CBRE represented Dow.
BRIDGEWATER, MASS. — Paul V. Profeta & Associates has purchased a 132,984-square-foot property occupied by Home Depot in suburban Boston for more than $24 million. Gvest Partners LLC sold the property, which is located on 27 acres in Bridgewater. The purchase price for the property includes a first mortgage loan of more than $14 million, a mezzanine loan of $7.6 million and an equity investment of more than $3 million. Home Depot has 24 years remaining on its 30-year lease term. Sterling Champ, executive vice president at CBRE, represented Paul V. Profeta & Associates in the transaction.
NEW YORK CITY — Marcus & Millichap has arranged the $1.3 million sale of 355 Stockholm Street, a six-unit apartment property in Brooklyn. Said Boukhalfa of Marcus & Millichap’s Manhattan office marketed the property on behalf of the seller and represented the buyer, a developer, in the transaction. The three-story apartment building is located on Stockholm Street between Wyckoff and St. Nicholas avenues in the Bushwick section of Brooklyn. All of the two-bedroom units in the building were recently renovated and include mahogany wood cabinets, granite counter tops and stainless steel appliances. The property’s basement is finished with tile floors and may be leased as a medical office.
DALLAS, HOUSTON AND SAN ANTONIO — CBRE Capital Markets has arranged a $52.2 million refinancing loan for a portfolio of nine industrial properties in Dallas, Houston, San Antonio and Atlanta. The assets comprise 20 multi-tenant buildings totaling nearly 2 million square feet, including 19 buildings and 1.5 million square feet in Texas. The Texas properties are located in the Northwest Dallas, South Stemmons (Dallas), Northwest Houston and North Central San Antonio submarkets. The portfolio was 90 percent leased to a total of 62 tenants at the time of the sale. The five-year, floating-rate loan includes interest-only payments for the entire term. CBRE arranged the loan through J.P. Morgan on behalf of a joint venture between Sealy & Co. and AEW Capital Management.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of McKinney Park, a 250-unit multifamily community in Denton, a northern suburb of the Dallas/Fort Worth Metroplex. Constructed in 1999, the property is located at 191 Duchess Drive, in close proximity to Loop 288 and Interstate 35. The complex offers one-, two- and three-bedroom units, which were approximately 90 percent occupied at the time of the sale. Al Silva of Marcus & Millichap, in conjunction with the firm’s Seattle-based Tax Credit Group, represented the seller, a national owner based in Washington state. Silva also secured the buyer, a local partnership that plans renovations for the complex.
SAN ANTONIO — Developer Carter has broken ground on Tetro Student Village, a 198-unit, 590-bed student housing complex serving the University of Texas at San Antonio. The Atlanta-based firm is using a 14-foot food truck known as the Tetro Truck as a “mobile leasing center,” as it will visit nearby festivals, parks, sporting events, restaurants and bars to promote the new community. Cardinal Group Management is currently leasing units for the 2014-2015 academic year and will manage the property upon opening. Units will range from one to four bedrooms, and amenities will include a coffee shop, sports bar, fitness center, media room, swimming pool and tanning room.
SAN MARCOS, TEXAS — World Class Capital Group LLC has acquired State Flats, a 162-unit student housing community near the campus of Texas State University in San Marcos. The property, located at 1640 Aquarena Springs Drive with frontage on Interstate 35, offers one- and two-bedroom apartments in townhome and single-floor configurations. Amenities include two swimming pools, a fitness center and a sand volleyball court. World Class Capital, based in Austin, operates a commercial portfolio in 12 states.
IRVINE, CALIF. — Von Karman Plaza, a 241,539-square-foot retail property in Irvine, has received $35 million in refinancing. The plaza is located at 16585 Von Karman Ave. The center was undergoing a repositioning prior to the refinancing, as several large blocks of space had been vacated, including a Sam’s Club building. The owner, Harsch Investment Corp., renovatedthe plaza and has since filled a majority of the vacated space with new tenants, including Walmart. The loan features a 10-year term and a 30-year amortization schedule. It was arranged by Ken Griggs and Paddy Ryan of Norris, Beggs & Simpson Financial Services. Financing was provided by ING Investment Management.
LOS ANGELES — The Balcony at Beverwil, a 75,000-square-foot retail center in Los Angeles, has received a $28-million loan. The center is located on the southeastern corner of Pico Boulevard and Beverwil Drive. It was built in 1996. The current owner acquired the asset in 2007. It assumed a $30-million securitized loan from PNC Bank upon acquisition. The new 10-year loan has a 30-year amortization schedule and an interest rate in the mid-4 percent range. It was provided by Allstate. The loan was originated by Pacific Southwest Realty Services.
