News

The Moinian Group, a national real estate owner and operator of real estate, has secured a $105 million loan from the Bank of China to refinance 572 11th Ave. on the southeast corner of West 43rd Street and 11th Avenue, in Hell's Kitchen, Manhattan.

The nine-story addition to the existing 112-room Onyx Hotel in Downtown will add 77 hotel rooms to the property.

CLK, LLC acquired the complex for $94 million, according to Cagan's Realty, Inc., an affiliate of Cagan Property Management Inc. of Skokie, IL, which represented CLK in the transaction.

The $25.7-million project would include $3.04 million in mortgage financing from NJHMFA, $1.5 million from its Special Needs Housing Trust Fund, as well as $4 million from its hospital program to be matched by RWJBarnabas Health.

The largest transactions were renewals by Genex totaling 50,037 square feet at 440 East Swedesford Road and Tekni-Lex's 17,219-square-foot renewal at 460 Swedesford Place. The Provident Bank also signed a lease renewal for its 3,350-square-foot operations at 460 Swedesford Road.

Urban Edge Properties, a real estate investment trust focused on urban retail real estate, has acquired two mixed-use buildings in the Midwood submarket of Brooklyn for $165 million.