MOUNT KISCO, NY-CB Richard Ellis/Melody's office here reports it has arranged bridge financing of $30 million on behalf of Diamond Properties LLC of Valhalla, the owner of 333 North Bedford Rd. here. The financing will help facilitate tenant improvements and other capital upgrades in connection with the conversion of the 574,600-sf flex/industrial/office building from single tenant to multi-tenant use.

In addition to that deal, CBRE's New York Debt & Equity Group has arranged $97 million in financing on behalf of Treeline Franklin Avenue Plaza LLC, an affiliate of the Treeline Cos. and First Round Partners, in connection with the $98.7-million purchase of the four-building Franklin Avenue Plaza office complex in Garden City. As reported on GlobeSt.com, Franklin Avenue Plaza, a 520,000-sf complex, was sold to the Treeline/First Round Partners venture by New York City-based Cammeby's International Ltd.

Michael Sherman and Efrat Sharon of CBRE Capital Markets arranged the acquisition financing with an undisclosed lender. Jeffrey Dunne of CBRE's New York Tri-State Region Institutional Group arranged the sale of the properties.

In the Westchester County transaction, Ron Roth, director of CBRE/Melody's Stamford, CT office, arranged the financing transaction with "a balance sheet lender." The deal involved the refinancing of Diamond Properties' acquisition financing and will also provide funds for tenant improvements, leasing commissions, capital improvements and return of equity, Roth notes. Terms of the financing deal include a floating rate, non-recourse loan.

Diamond Properties acquired the former Grand Union distribution building in 2005. The firm studied redevelopment options for the property, which had been vacant for eight years prior to the sale. Since the purchase, the company has obtained municipal approvals to convert the property to multi-tenant use. Roth says the building, which was originally constructed 50 years ago, is about 50% leased.