NEW YORK CITY — Deerwood Real Estate Capital has arranged $160 million in financing for the Gansevoort Park Hotel, located at 420 Park Ave. South in Manhattan. Deerwood's Abe Katz, Mark Silbersher and Russell Kimyagarov negotiated the 10-year, fixed-rate loan, comprised of senior and mezzanine debt. Opened since 2010, the hotel includes 249 rooms, a heated indoor and outdoor pool, six event spaces and a full-service spa. The hotel is also home to Ristorante Asellina and Winston's Champagne Bar.
BOSTON — The Boston Redevelopment Authority has approved plans for an 11-story office building on the South Boston waterfront, known as 1 Channel Center. The construction is reportedly $225 million and the building will contain 500,000 square feet. State Street Corp., a financial services company, has pre-leased the full office space. The project will also include the construction of a 980-space parking garage. Construction is scheduled for completion in February 2014.
NEW YORK CITY — Marcus & Millichap has arranged the sale of three Brooklyn apartment buildings for $3.3 million, or $126.92 per square foot. The properties include two, 12-unit buildings located at 1182-1186 Putman Ave. and a six-unit building at 564 Evergreen Ave. Shaun Riney, Matthew Fotis, Peter Von Der Ahe and Scott Edelstein of Marcus & Millichap represented the seller, a limited liability company. Fotis and Riney also secured the buyer, a private investor.
NEW YORK CITY — Construction is complete on the New York Police Department's (NYPD) auto pound in Springfield Garden, Queens. The project included the construction of a 10,000-square-foot facility, which contains a public redemption area, enclosed offices and locker rooms. The 550,800-square-foot site also contains storage for up to 4,000 automobiles impounded by the NYPD. The auto pound was relocated from its former location in College Point, Queens, to make way for a new police academy. Spacesmith served as the architect for the project and Hudson Meridian Construction Group was the project manager. The project team also included MG Engineering, Hage Engineering and Langan Engineering & Environmental Services.
WILLIAMSTOWN, N.J. —NorthMarq Capital has arranged $2.2 million in acquisition financing for Monroe Commerce Center, a 96,800-square-foot industrial property at 1031 Glassboro Road in Williamstown. Michael Aylmer and Doug Austin of NorthMarq Capital secured the 15-year loan through a life insurance lender. The loan contains a 15-year amortization schedule.
PEARLAND — Steel Castle Property Partners has purchased the 212-unit Club at Tranquility Lake, a Class A multifamily property located in Pearland. Steel Castle acquired the property through an REO auction at the time of foreclosure, closing in just 30 days. Steel Castle will continue to reposition and make capital improvements to the property, which already features a swimming pool and views of Tranquility Lake.
SCHERTZ — Marcus & Millichap has sold the 4,921-square-foot Christian Brothers Automotive, a car dealership located at 205 FM 3009 in Schertz. Jason Vitorino of Marcus & Millichap’s Dallas office represented the seller. The buyer was an out-of-state investor.
GRAND PRAIRIE — Stream Realty Partners has secured a new lease of 225,000 square feet for Southwest Molding in Grand Lakes Distribution Center, located at 3845 Gifford St. in Grand Prairie. This transaction stabilizes the 636,000-square-foot speculative distribution center. Cannon Green and Bob Hagewood of Stream Realty represented landlord, Crow Holdings, in the transaction. Nathan Orbin and Michael Swaldi of Jones Lang LaSalle represented the tenant.
TULSA, OKLA. — Dallas-based Prescott Realty Group has secured new and renewal leases totaling 167,000 square feet at 110 West Seventh Place Tower in Tulsa. Three new tenants have been added: an oil and gas exploration firm has leased 44,681 square feet, a major national bank has leased 21,961 square feet and Airgas Mid-South Inc., has leased 58,640 square feet. Additionally, Atlas Pipeline Mid-Continent has renewed its 42,164-square-foot lease. The 28-story, 521,854-square-foot Class A office building is 96 percent leased, with the average lease term being 101 months. The building offers building automation system, a top-floor conference room with panoramic views, 11 newly renovated elevators, on-site management and an attached 586-space parking garage. Michael Predovic and Derek Bateman of Trinity Corporate Real Estate represented the landlord in the transactions.
IRVING — Johnson Capital has procured a $2.55 million loan to refinance the 62,615-square-foot Story Business Center, an industrial property located on Story Road near Beltline Road in Irving. Jason Pumpelly of Johnson Capital’s Dallas office originated the 10-year, non-recourse loan through a CMBS lender.
