REBusinessOnline

Northeast

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

Job Growth Bodes Well for Greater Philadelphia Market

Philadelphia’s office and industrial markets have been on a hot streak for the past year, with lower vacancy rates and greater rent growth than the national average. Office vacancies are enjoying far lower vacancy rates than regional and national averages for both Class A and Class B properties in the central business district and the suburbs. Flex and industrial vacancy rates are below 7 percent overall, well below regional and national averages, with average asking rents at about $5 per..

February 14, 2018

Broadway Construction, RXR Realty Top Out 393,000 SF Mixed-Use Project in Brooklyn

NEW YORK CITY — Broadway Construction Group and RXR Realty have topped out 810 Fulton Street, a 12-story residential and retail property in the Fort Greene section of Brooklyn. Slated for completion in 2019, the 393,000-square-foot property will feature 363 apartments, 163 parking spaces, a full amenity suite and 33,000 square feet of ground-floor retail space.

February 13, 2018

Cushman & Wakefield Arranges $23M Sale of Development Site in Queens

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a corner development site located at 141-57 Northern Blvd. in the Flushing neighborhood of Queens. NY EZ Property Holdings LLC acquired the site from 141-57 Northern Boulevard Inc. for $23 million. The 22,663-square-foot lot allows up to 67,989 square feet of mixed-use development. The site currently features a 14,200-square-foot building occupied by a commercial tenant and Bank of America. Stephen Preuss and Stephen Palmese of..

February 13, 2018

WinnCompanies Starts $11.2M Rehabilitation Project for Affordable Housing in Worcester, Massachusetts

WORCESTER, MASS. — WinnCompanies has started construction on an $11.2 million rehabilitation of the Wellington Community, an 180-unit elderly and low-income housing community in Worcester. The renovation project will upgrade the interior and exterior of the property’s 11 buildings, 10 of which are historic, and will extend its affordability provision for 30 years. Improvements will include restoration of masonry exteriors, replacement of roofs, installation of historically-sensitive doors..

February 13, 2018