EWING, N.J. — Hersha Hospitality has purchased the remaining 50 percent interest in a 130-room Courtyard by Marriott in Ewing, a submarket of Princeton. Philadelphia-based Hesha has been part of an unconsolidated joint venture in the hotel since 2004. The company has repaid the first mortgage and entered into a $9 million revolving line of credit for the property. The deal entitles Hersha to all profits and losses from the hotel as of the third quarter of 2012.
NEW YORK CITY — Beech Street Capital has arranged a $9.5 million Freddie Mac loan to refinance 184 Noll St., a recently constructed apartment building in Brooklyn. The 32-unit property includes a 16-space parking garage and a roof deck with views of Manhattan. The building is fully leased. Aaron Appel of Meridian Capital Group originated the seven-year loan, which includes a 30-year amortization schedule.
NORTH BERGEN, N.J. — Cory 1st Choice Home Delivery has signed a lease for 175,000 square feet at 5601 Westside Ave. in North Bergen. The company, which specializes in warehousing and home delivery of fine furnishings, appliances and consumer electronics, relocated its primary distribution operation to the property from Elizabeth, N.J. The property is five miles from the Lincoln Tunnel and is positioned between Interstate 95 and Interstate 80. Stan Danzig, Jules Nissim, Stephen Elman and Cathy Bounczek of Cushman & Wakefield represented the tenant in the transaction. Hartz Mountain Industrials owns the building.
NEWARK, DEL. — NorthMarq Capital has arranged a $7.1 million loan for the refinancing of Southgate Apartments, an off-campus student housing property at 24 Marvin Dr. in Newark. The 150-unit building is located near the University of Delaware. Joseph Sweeney of NorthMarq negotiated the 10-year loan, which includes a 30-year amortization schedule, through Freddie Mac. The borrower is Southgate Realty Associates.
HOUSTON — Oak Brook, Ill.-based Inland Real Estate Acquisitions has purchased the 256,815-square-foot, two-building FedEx Center, a distribution facility located at William P. Hobby Airport in Houston, for $39.3 million. FedEx Corp. is the guarantor for both facilities, which are leased for more than 10 years to FedEx Freight and FedEx Ground.
HOUSTON — Los Angeles-based Canyon-Johnson Urban Funds has partnered with Houston-based Midway to acquire Houston Pavilions, a Class A, mixed-use project spanning three blocks and 556,000 square feet on the eastern side of downtown Houston. The buildings making up Houston Pavilions are connected throughout via sky bridges and above-ground walkways. The development includes the fully leased, 11-story regional headquarters for NRG Energy, as well as House of Blues, Forever XXI, McCormick & Schmick's and Lucky Strike. Canyon-Johnson and Midway plan to invest additional funds to revitalize the property and accelerate leasing. Ken Page, Scott Myers and Micha Van Marcke of Transwestern's Houston office represented the seller in the transaction. Transwestern was appointed as receiver for Houston Pavilions late last year after the original developer, Houston Pavilions LP, defaulted on its loan.
WEATHERFORD — Roseville, Calif.-based TRI Commercial/CORFAC has arranged the $3 million sale of a 4,098-square-foot IHOP restaurant, located at 2005 S. Main St. in Weatherford. Dine Equity Inc., owner of IHOP, guarantees the lease with 15 years remaining. Bob King of TRI Commercial/CORFAC represented the seller, WB Equities, in the transaction. The buyer was Nevada-based Floken
HOUSTON — HFF has arranged acquisition financing and joint venture equity for the 240-unit Timberstone Apartments, located at 4200 W. FM 1960 in Houston. The complex is 95 percent occupied and includes amenities such as barbeque grills, a pool, clubhouse and fitness center. Douglas Opalka, Matt Kafka and Robert Wooten of HFF arranged an acquisition loan through RGA Reinsurance Co. and joint venture equity through a private investor on behalf of the borrower, Commerce Capital Partners.
NEWPORT BEACH, CALIF. — Sabal Financial Group has purchased a $96-million portfolio of performing and non-performing loans from Bank of the West. The portfolio is secured by commercial real estate and land in California, Colorado, Arizona, Oklahoma and Iowa. In addition to this acquisition, Sabal also recently established a residential builder-lending platform that provides non-recourse acquisition and development loans to homebuilders throughout California, Seattle and the Portland metro areas.
WOODLAND HILLS, CALIF. — Warner Center Towers, a 1.9-million-square-foot office campus in the Los Angeles submarket of Woodland Hills, has received a new loan for $285 million. Half of the loan was provided to Douglas Emmett by Northwestern Mutual Life Insurance Company, while the other half was supplied by Prudential Mortgage Capital Company. This is a new seven-year, fixed-rate loan. Warner Center consists of five office towers, along with a gym and a restaurant that are all situated on 21.1 acres. This is the largest office complex in the San Fernando Valley.