REBusinessOnline

Northeast

New York Life Real Estate Investors Originates $42M Loan for Office Building in Boston’s Seaport District

BOSTON — New York Life Real Estate Investors has originated a $42 million loan for Tower Point, a 157,000-square-foot office building located in Boston’s Seaport District. The property is owned by an institutional fund represented by Bayerische Versorgungskammer. The fund’s investment manager is a German company, Universal-Investment, as advised by Northwood Investors LLC. The loan has a 10-year term. Mark Young of New York Life Real Estate negotiated the loan.

February 15, 2018

MassHousing Provides $10.6M in Financing for Affordable Housing Property in East Boston

BOSTON — MassHousing has provided $10.6 million in financing to East Boston Community Development Corp. for the acquisition, renovation and preservation of Landfall Community Associates properties totaling 111 units in East Boston. The transaction refinances and consolidates two existing affordable housing communities: the 15-unit Landfall Apartments and the 96-unit East Boston Rehab portfolio. In addition to rehabilitating the property and extending the affordability on the 111 units, the..

February 15, 2018

Denholtz Associates Secures $9.2M in Refinancing for Industrial Park in New Jersey

BRIDGEWATER AND BOUND BROOK, N.J. — Denholtz Associates has secured a five-year, $9.2 million refinancing from Provident Bank for industrial properties on Chimney Rock Road and Kearney Street in Bridgewater and Bound Brook. Denholtz owns 11 buildings, totaling 264,163 square feet of industrial space, at the 16-building Bridgewater Business Park. Current tenants include Zoned Inc., The Airsoft Factory and Bridgewater Marble. The financing will enable Denholtz to renovate the portfolio of..

February 15, 2018

Progress Capital Arranges $8.2M in Refinancing for Retail Property in the Bronx

NEW YORK CITY — Progress Capital has arranged $8.2 million in refinancing for the former Apple Bank Building at 2526 Grand Concourse in the Bronx. The borrower, Madd Equities, plans to use proceeds of the loan to renovate the street- and basement-level retail spaces at the property. Brad Domenico of Progress Capital secured the financing, which includes a 24-month interest-only payment period.

February 15, 2018

Money360 Funds $7.5M Loan for 215-Room Hotel in Cromwell, Connecticut

CROMWELL, CONN. — Money360 has funded a $7.5 million bridge loan for a hotel in Cromwell. The financing allows the undisclosed borrower to utilize the cash-out loan proceeds for additional hospitality acquisitions. The 24-month loan features a fixed rate and interest-only payment options. The full-service hotel features 215 guest rooms.

February 15, 2018

KeyBank Provides $12.6M in Financing for Redevelopment of Multifamily Property in Connecticut

HARTFORD, CONN. — KeyBank Real Estate Capital has provided $12.6 million in construction-to-permanent financing to support the redevelopment of an office building located at 101 Pearl St. in downtown Hartford. The long-vacant building will be converted into a 12-story multifamily property featuring 157 market-rate apartment units and 6,113 square feet of ground-floor retail space. Peter Hausherr, Melissa Maher and Kirsten Carlson of Key’s Commercial Mortgage Group arranged the first..

February 14, 2018

GHP Office Realty Sells Office Property in Wilton, Connecticut, for $9.2M

WILTON, CONN. — GHP Office Realty has completed the sale of an office and flex building located at 131 Danbury Road in Wilton. A Westchester County, Conn.-based real estate holding company purchased the property for $9.2 million. Omnicom Group and Enterprise Rent-A-Car occupy the 52,500-square-foot building. Elizabeth Smith of Goldberg Weprin Finkel Goldstein represented the seller, while Bill Anson of RM Friedland represented the buyer in the deal. GHP Office Realty, a division of..

February 14, 2018

NAI Hunneman Negotiates $5.2M Sale of Two-Building Apartment Complex in Winthrop, Massachusetts

WINTHROP, MASS. — NAI Hunneman has arranged the sale of a two-building, 38-unit apartment complex located at 87 and 90 Winthrop Shore Drive in Winthrop. RCG LLC purchased the multifamily property from Winthrop Shore Drive for $5.2 million. The property comprises two 19-unit apartment buildings with a mix of studio, one- and two-bedroom layouts. Robert Tito and Gina Barroso of NAI Hunneman represented the seller and procured the buyer in deal.

February 14, 2018

Island Associates Brokers $3.2M Acquisition of Retail Property in Commack, New York

COMMACK, N.Y. — Island Associates has arranged the purchase of a retail property located at 6233 Jericho Turnpike in Commack. An undisclosed buyer acquired the property for $3.2 million. Situated on 1.9 acres, the site was a former car dealership and features a 15,000-square-foot building. The buyer plans to redevelop the property into a retail use. Roger Delisle of Island Associates represented the buyer, while Bruce Nelson of CBRE represented the undisclosed seller in the transaction.

February 14, 2018

Marcus & Millichap Arranges $1.1M Sale of Retail Property in Union, New Jersey

UNION, N.J. — Marcus & Millichap has facilitated the sale of a retail property located at 1929 Morris Ave. in Union. A private investor sold the property for $1.1 million. The property features 7,360 square feet of retail space. Michael Lombardi and Marc Karlin of Marcus & Millichap represented the seller and buyer, a private investor, in the deal.

February 14, 2018