New Jersey

Erickson Living Plans 114-Unit Expansion to Independent Living Community in New Jersey

by Amy Works January 25, 2017

NEW PROVIDENCE, N.J. — Erickson Living, one of the largest seniors housing operators in the United States, has announced a Phase II expansion of Lantern Hill, the company’s 161-unit independent living community in New Providence, approximately 30 miles west of New York City. The expansion will add 114 additional independent living units to the property, for a total of 275. The new units will be in two new buildings scheduled to open in early 2018. Long-term, Erickson plans to turn the 20-acre property into a 360-unit continuing care retirement community. The first independent living phase opened in June 2016 and sold out in 10 weeks, according to Erickson.

January 25, 2017

Loans Multifamily New Jersey Northeast Seniors Housing

Walker & Dunlop Provides $28.4M Loan for 14 Memory Care Properties in New Jersey

by Amy Works January 20, 2017

NEW JERSEY — Walker & Dunlop has structured a $28.4 million loan for Valstone Partners. The transaction consists of a U.S. Department of Housing and Urban Development portfolio backed by 14 cottage-style memory care properties located across New Jersey. Kevin Giusti and Michael Vaughn of Walker & Dunlop arranged the 35-year, fixed-rate loan, which was structured as a 232/223(f) Health Care Facility refinance with an 80 percent loan to value. Loan proceeds were used to refinance 12 of the properties and acquire and refinance two properties.

January 20, 2017

Loans New Jersey Northeast Office

New York Life Real Estate Investors Originates $146.6M Loan for Office Building in Jersey City

by Amy Works January 18, 2017

JERSEY CITY, N.J. — New York Life Real Estate Investors, on behalf of Dividend Capital Diversified Property Fund Inc., has originated a $146.6 million loan for an office building located at 3 Second St. in Jersey City. The floating-rate loan has an initial term of three years with two one-year extensions.

January 18, 2017

Dolce-Basking-Ridge-Hotel-Basking-Ridge-NJ

Hospitality New Jersey Northeast

Broadreach Capital Partners Completes $30M Sale of 171-Room Hotel in Basking Ridge, New Jersey

by Amy Works January 18, 2017

BASKING RIDGE, N.J. — Broadreach Capital Partners has completed the disposition of Dolce Basking Ridge Hotel, a full-service hotel located at 300 N. Maple Ave. in Basking Ridge. An undisclosed buyer acquired the 171-room hotel for $30 million. Built in 1995, the property features 21,000 square feet of function space, Vita Restaurant, Vita Bar, an indoor pool, whirlpool, fitness center, business center, basketball court and tennis court. Daniel Peek, KC Patel and Marc Duval of HFF represented the seller in the deal.

January 18, 2017

Loans New Jersey Northeast Office

Cohen Financial Secures $42M Refinance Loan for Office Building in Newark

by Amy Works January 17, 2017

NEWARK, N.J. — Cohen Financial has closed a $42 million loan for the refinancing of Centre Market Building in downtown Newark. Built in the 1960s, the building features 393,343 square feet of office space. The U.S. Customs and Border Protection, U.S. Drug Enforcement Agency and U.S. Social Security Administration occupy 90 percent of the building. Dan Rosenberg and Matt Terpstra of Cohen Financial secured the fixed-rate, 10-year CMBS loan for the borrower, an affiliate of Kaufman Jacobs.

January 17, 2017

New Jersey Northeast Retail

Marcus & Millichap Negotiates $5.9M Sale of Shopping Center in Northfield, New Jersey

by Amy Works January 17, 2017

NORTHFIELD, N.J. — Marcus & Millichap has brokered the sale of Island Gym Plaza, a shopping center located at 801 Tilton Road in Northfield. An undisclosed buyer acquired the 48,536-square-foot property for $5.9 million. At the time of sale, the property was 95 percent occupied. Derrick Dougherty of Marcus & Millichap, in collaboration with DSM Commercial Real Estate Services, represented the undisclosed seller, while Shannon Bona of Marcus & Millichap represented the buyer in the deal. J.D. Parker was the Marcus & Millichap broker of record in New Jersey.

January 17, 2017

Loans Multifamily New Jersey Northeast Seniors Housing

Monticello Asset Management Facilitates $28.5M Mortgage Financing for Skilled Nursing Facility in New Jersey

by Amy Works January 16, 2017

PERTH AMBOY, N.J. — Investment advisor Monticello Asset Management LLC has originated $28.5 million in financing for The Alameda Center for Rehabilitation and Healthcare, a skilled nursing facility in the New York City suburb of Perth Amboy. The bridge-to-HUD loan provided capital for the acquisition of the property by a seniors housing owner-operator. The property consists of a six-story, 82,205-square-foot structure containing the healthcare facility and a detached one-story, 3,400-square-foot retail building. The facility contains 130 resident rooms and is licensed for 250 skilled nursing beds.

January 16, 2017

New Jersey Northeast Office

LNR Property Sells 450,000 SF Office Tower in Downtown Newark

by Amy Works January 13, 2017

NEWARK, N.J. — LNR Property, a subsidiary of Starwood Property Trust Inc., has completed the sale of 33 Washington Street, an iconic office tower located in downtown Newark. Berger Organization acquired the 450,000-square-foot property for an undisclosed price. Situated on 1.6 acres, the 18-story property features a fitness center, shared conference rooms, on-site parking, a lobby and views of the Manhattan skyline. Audible and DHL, among other tenants, occupy the multi-tenant building. Jose Cruz, Kevin O’Hearn, Stephen Simonelli and Michael Oliver of HFF represented the seller in the deal.

January 13, 2017

Hospitality Loans New Jersey Northeast Pennsylvania

Sonnenblick-Eichner Co. Arranges $92M in Refinancing for Four Hotels

by Amy Works January 13, 2017

BEVERLY HILLS, CALIF. — Beverly Hills-based Sonnenblick-Eichner Co. has arranged $92 million in first mortgage debt to refinance a portfolio of four hotels totaling 592 rooms. The financing consists of four separate non-recourse, non-cross collateralized loans from three different lenders. Sonnenblick-Eichner Co. was able to arrange for a money center commercial bank to provide 10-year, fixed-rate financing on each of the Hyatt House properties and LIBOR-based floating rate financing from two regional banks for the remaining properties. The properties are the 147-room Hyatt House Philadelphia/King of Prussia in King of Prussia, Pa., the 126-room Hilton Garden Inn Albany/SUNY in Albany, N.Y., the 171-room Archer Hotel in Austin, Texas, and the 148-room Hyatt House Falls Church/Merrifield in Falls Church, Va.

January 13, 2017

Loans New Jersey Northeast Office

CBRE Secures $24M in Refinancing for 154,776 SF Office Building in Hanover, New Jersey

by Amy Works January 13, 2017

HANOVER, N.J. — CBRE Capital Markets has arranged a $24 million bridge loan for the refinancing of 10 Park Avenue, a vacant office building located in Hanover. The borrower was Ravine Development Co. Built in 2001, the 154,776-square-foot Class A office building features a 376-person full-service cafeteria, fitness center and multi-media room. The property housed Metropolitan Life’s international fixed-income investment division for 13.5 years until the tenant move to MetLife’s new global headquarters at the end of October 2016. James Gunning, Donna Falzarano and Stephen Joseph of CBRE secured the loan, which was provided by The Provident Bank of New Jersey.

January 13, 2017

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