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Northeast

Cornerstone Realty Capital Arranges $38.5M in Financing for Mixed-Use Development in Boston

BOSTON — Cornerstone Realty Capital has arranged $38.5 million in financing for Mount Vernon Co.’s development of a mixed-use building, located at the intersection of Western Avenue and Leo M Birmingham Parkway in Boston’s Brighton neighborhood. Cornerstone secured the fixed-rate financing structure, including an interest-only period during construction followed by a 30-year amortization schedule. The six-story building will feature parking for 108 vehicles; three on-street retail spaces..

September 20, 2017

WinnCompanies Completes $19.3M Rehabilitation of Affordable Housing Community in Malone, New York

MALONE, N.Y. — WinnCompanies has completed the $19.3 million rehabilitation of The Trails at Malone, an affordable housing community in Malone. The project included the modernization of the units’ kitchens, bathrooms, wiring, heating and cooling systems, handicapped accessibility, exteriors, community room, playgrounds, security systems and landscaping. The 128-unit property comprises 26 two-story apartment buildings totaling 116,620 square feet. Of the 128 units, 100 are low-income..

September 20, 2017

Gebroe-Hammer Associates Brokers $33.7M Sale of Two-Property Multifamily Portfolio

WHITEHALL, PA., AND RUNNEMEDE, N.J. — Gebroe-Hammer Associates has brokered the sale of a two-property multifamily portfolio in Whitehall and Runnemede. Joseph Brecher, David Jarvis and Adam Zweibel of Gebroe-Hammer represented the seller and buyer, a private investor, in the deal. Orchard Drive Associates sold Orchard Drive Apartments, located at 1239 Washington St. in Whitehall, for $18.2 million. The buyer was a private investor. The community features 264 one- and two-bedroom units..

September 20, 2017

Denholtz Associates, Bytech International Open 75,000 SF Industrial Building in Franklin, New Jersey

FRANKLIN, N.J. — Denholtz Associates has completed the redevelopment of a former manufacturing facility located at 655 Howard Ave. in Franklin. Bytech International has purchased the newly remediated and renovated building, a former stainless-steel manufacturing facility that was vacant for 15 years. Denholtz Associates completed a $1.5 million rehabilitation of the property, including a new roof, heating, lighting, landscaping, electric, parking lot and paint. Bytech International is an..

September 20, 2017

Inland Real Estate Facilitates Acquisition of Two Medical Office Buildings in Connecticut

NEW BRITAIN, CONN. — Inland Real Estate Acquisitions has arranged the sale of two medical office buildings located in New Britain for an undisclosed price. Mark Cosenza and David Neboyskey of Inland Real Estate represented the buyer, an Inland affiliate, in the deal. The properties are a two-story building located at 300 Kensington Ave. and a 62,000-square-foot building at 1 Lake St. Starling Physicians P.C. occupies both properties.

September 20, 2017

Faros Properties Receives $127.5M in Financing for Two Office Properties in Pittsburgh

PITTSBURGH — Faros Properties has received $127.5 million in financing for Nova Place and 106 Isabella in Pittsburgh. Gerard Sansosti and Nick Matt of HFF secured the five-year, floating-rate loan through Wells Fargo for the borrower. Nova Place is a former urban mall that was converted into office use in the early 1990s. The complex now offers 1.3 million square feet of office space and is 86 percent occupied by a variety of tenants, including PNC Bank, Microbac, Continental Broadband,..

September 19, 2017

Seagis Property Group Acquires Three Warehouses in Brooklyn Totaling 135,000 SF

NEW YORK CITY — Seagis Property Group has purchased three warehouse buildings in South Brooklyn in three separate transactions. The properties are a 22,000-square-foot building at 931 Stanley Ave., a 42,500-square-foot building at 1010 Stanley Ave. and a 70,000-square-foot property at 1970 Pitkin Ave. The three buildings were vacant at the time of acquisition and are immediately available for lease. These transactions add to Seagis’ existing portfolio of 40 properties totaling 750,000..

September 19, 2017

Cushman & Wakefield Arranges $80.7M in Financing for Office Building in Warren, New Jersey

WARREN, N.J. — Cushman & Wakefield has arranged $80.7 million in financing for Normandy Real Estate Partners and Greenfield Partners. The financing is secured by Center 78, an office building located at 184 Liberty Corner Road in Warren. The 10-year, fixed-rate financing was provided by Natixis Real Estate Capital. Center 78 is a 369,797-square-foot institutional quality office building situated on a 47-acre site in Somerset County. John Alascio and Sridhar Vankayala of Cushman & Wakefield..

September 19, 2017

Gebroe-Hammer Associates Brokers $7.5M Sale of Apartment Property in Southern New Jersey

LINDENWOLD, N.J. — Gebroe-Hammer Associates has arranged the sale of Summit Place, a multifamily property located at 411 E. Gibbsboro Road in Lindenwold. A private investor acquired the property from ARD Lindenwold for $7.5 million. Built in 1971, the property features 148 garden-style apartments and has undergone comprehensive capital improvements. Adam Zweibel of Gebroe-Hammer represented the seller and procured the buyer in the deal.

September 19, 2017

Key Properties Opens 170,000 SF Shopping Center in Cedar Knolls, New Jersey

CEDAR KNOLLS, N.J. — Key Properties has opened Hanover Crossroads, a 170,000-square-foot shopping center located in Cedar Knolls. The retail property is situated on a 43-acre former Berlex Laboratories campus, which became a vacant brownfield in 1995. The property’s in-line retail building, which is nearing completion, houses a newly opened T.J.Maxx, HomeGoods, Five Below and Ulta Beauty. Additionally, interior fit-out work is underway for Old Navy and Famous Footwear. Auto Zone, QuickChek..

September 19, 2017