REBusinessOnline

Madison Realty Capital Originates $36.1M Construction Loan for Mixed-Use Development in Upper West Side

NEW YORK CITY — Madison Realty Capital has provided a $36.1 million construction loan for a mixed-use development in the Upper West Side neighborhood of Manhattan. Located at 214 W. 72nd St., a vacant, five-story building currently occupies the property. The borrower, a partnership between Scott Shnay of SK Development and Charles Blaichman of CB Developers, is planning to construct a 21-story, 38,000-square-foot mixed-use project on the site that will include both residential and retail

Greystone Provides $19.5M Acquisition Financing for Skilled Nursing Facility in Pittsburgh

PITTSBURGH — Greystone has provided $19.5 million in bridge financing for the acquisition of Squirrel Hill Center for Rehabilitation and Health in Pittsburgh. The borrower is Squirrel Hill PA Realty LLC. The property is an eight-story, 178-bed skilled nursing facility, and will be renamed The Squirrel Hill Wellness & Rehabilitation Center. It was originally built in 1964 and is currently undergoing refurbishing and improvements. Fred Levine of Greystone originated the non-recourse, …

NKF Arranges $10.7M Sale of Retail Center in Cambridge

CAMBRIDGE, MASS. — Newmark Knight Frank has arranged the $10.7 million sale of a 12,128-square-foot retail strip center in Cambridge. Located at 351-359 Fresh Pond Parkway, the property is fully leased to a tenant roster that includes Bank of America, AT&T, Sherwin Williams, Sleep Number and The Vitamin Shoppe. The retail center was built in 2013. NKF represented the seller, a joint venture between Spellman Ventures and Sydney Associates, in the transaction. The buyer was an affiliate of …

HFF Brokers Sale of 120,000 SF Office Building in New Jersey

CEDAR KNOLLS, N.J. — HFF has brokered the sale of a 120,000-square-foot office building in Cedar Knolls. Located at 240 Cedar Knolls Road, the four-story property is situated on 14 acres and is approximately two miles from downtown Morristown. HFF represented the seller, MB1 Capital Partners, in the transaction. The buyer was Highstone Equity Group. The building is currently 78 percent leased to a tenant roster that includes JAG Physical Therapy and P Value

Marcus & Millichap Negotiates $6.7M Sale of Development Site in Brooklyn

NEW YORK CITY — Marcus & Millichap has negotiated the $6.7 million sale of a 14,000-square-foot development site in the Red Hook neighborhood of Brooklyn. Located at 153-161 Van Dyke St., the property includes 140 feet of frontage on Van Dyke Street. Jakub H. Nowak, Matthew Rosenzweig and Jesse Kay of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was also a private

NKF Negotiates $108M Sale of Office Tower in Conshohocken, Pennsylvania

CONSHOHOCKEN, PA. — Newmark Knight Frank has negotiated the $108 million sale of Eight Tower Bridge, a 16-story, 346,659-square-foot office tower in Conshohocken. The property features a tenant roster that includes Marsh & McLennan Cos., Allied Universal, Penn Mutual, AMG Funds and Airgas. Edward Maher, Matthew Pullen and James Tribble of NKF represented the seller, Barings, in the transaction. The buyer was American Real Estate Partners. The property also includes a seven-level, …

S3 Capital Partners Arranges $76M Construction Loan for 21-Story Hotel in Manhattan

NEW YORK CITY — S3 Capital Partners has arranged a $76 million construction loan for a 21-story, 87,655-square-foot hotel in the NoMad neighborhood of Manhattan. Located at 292 Fifth Ave., the hotel will consist of 182 rooms and a restaurant. The borrower is Sam Chang, the owner and founder of McSam Hotel Group. The lender was undisclosed. Nearby hotel properties include the Ace Hotel, Royalton Park Avenue, The Nomad Hotel and The Langham New York Fifth Avenue. The hotel will be flagged as an …

KeyBank Provides $38.1M CMBS Loan for Medical Office Property in Greenlawn, New York

GREENLAWN, N.Y. — KeyBank Real Estate Capital has provided a $38.1 million CMBS loan for a 199,128-square-foot medical office property in Greenlawn. Built in 1966 and renovated in 2017, the 17.7-acre property is located at 5 Cuba Hill Road and is comprised of four two-story buildings. William Cassidy of KeyBank provided the undisclosed borrower with a non-recourse, fixed-rate loan with a 10-year term and a 30-year amortization schedule. The loan was used to refinance existing

Marcus & Millichap Orchestrates $6.8M Sale of Mixed-Use Building in Manhattan

NEW YORK CITY — Marcus & Millichap has brokered the sale of a six-story mixed-use building in Manhattan for $6.8 million. Located at 1469 Saint Nicholas Ave., the 22,008-square-foot property contains 23 apartments and three retail stores. Peter Von Der Ahe, Seth Glasser and Jacob Kahn of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was also a private

IPA Brokers Sale of 339-Unit Multifamily Property in Groton, Connecticut

GROTON, CONN. — Institutional Property Advisors has brokered the sale of The Ledges Apartment Homes, a 339-unit multifamily property in Groton. The sales price was undisclosed. The property was built in 2004 and comprises 14 buildings on nearly 30 acres. The average unit size is 1,034 square feet. Victor Nolletti and Eric Pentore of IPA represented the seller, B.A.G. Investments Inc., in the transaction. The buyer was Merion Realty

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