New York

Bridge Investment Group Acquires Somerby Living Services, Including Nine Seniors Housing Communities

by John Nelson January 7, 2019

NEW YORK CITY AND BIRMINGHAM, ALA. — An affiliate of Bridge Investment Group has purchased Somerby Senior Living Services, a seniors housing operator based in Birmingham. The seniors housing firm is a wholly owned subsidiary of Dominion Partners, a Birmingham-based real estate developer. The sales price was not disclosed. The acquisition includes a nine-property portfolio of seniors housing assets located in prime markets in Alabama, Florida, Georgia, South Carolina and Tennessee. The portfolio’s unit mix includes 134 independent living villas, 771 independent living units, 393 assisted living units and 260 memory care units. Ryan Maconachy and Chad Lavender of HFF represented Dominion Partners in the portfolio sale. Sarah Anderson led HFF’s debt placement team to secure acquisition financing on behalf of Bridge. Bridge currently owns 90 properties totaling 10,600 units across two private equity funds managed by its seniors housing affiliate, Bridge Seniors Housing Fund Manager. “We are excited to further vertically integrate Bridge Seniors Housing Fund Manager through this acquisition,” says Robert Chapin, CEO of Bridge Seniors Housing Fund Manager. Bridge plans to retain David Grady, president and chief operating officer of Somerby, to lead the company post-acquisition. Somerby currently has 20 corporate-level employees and more than 1,350 property-level …

January 7, 2019

Loans Multifamily New York Northeast

HFF Secures $32M Refinancing for Caesura Apartment Building in Brooklyn

by David Cohen January 4, 2019

NEW YORK CITY — HFF has secured a $32 million loan to refinance Caesura, a newly completed, 123-unit apartment building in Brooklyn’s cultural district. Located at 280 Ashland Place, the 12-story property comprises a mix of 74 market-rate and 49 affordable units. Amenities at Caesura include walk-in closets, in-unit washers and dryers, and a fitness center. Steven Klein and Geoff Goldstein of HFF secured the 10-year, fixed-rate financing on behalf of the borrower, Jonathan Rose Companies through lender Allegiant Real Estate Capital LP. Loan proceeds were used to replace the existing construction loan.

January 4, 2019

Acquisitions New York Northeast Retail

Cushman & Wakefield Brokers $7M Sale of Retail Building in Queens

by David Cohen January 4, 2019

NEW YORK CITY — Cushman & Wakefield has brokered the $7 million sale of an 8,730-square-foot retail building in the Jackson Heights neighborhood of Queens. Located at 84-02 Roosevelt Ave., the property is situated in an R6/C1-3 zoning district, which allows for a maximum mixed-use development potential of 35,000 square feet. Stephen Preuss of Cushman & Wakefield represented the seller, LDG Associates LLC, in the transaction. The buyer was Malachite Services LLC.

January 4, 2019

Loans Multifamily New York Northeast

Greystone Arranges $11.7M Refinancing for Multifamily Portfolio in Brooklyn

by David Cohen January 3, 2019

NEW YORK CITY — Greystone has arranged $11.7 million in Fannie Mae loans to refinance a portfolio of multifamily properties in Brooklyn. The four-property portfolio is located at 867-869 Knickerbocker Ave., 221 Himrod St., 299 Throop Ave. and 634 Wilson Ave. The refinancing included four separate Fannie Mae loans, which are all seven-year hybrid adjustable-rate mortgages (ARMs). The loan proceeds will be used for value-add improvements to the properties. Anthony Cristi in Greystone’s New York office secured the financing on behalf of borrower Zalmen Wagschal.

January 3, 2019

Acquisitions Mixed-Use New York Northeast

Cushman & Wakefield Brokers $5.4M Sale of Mixed-Use Building on Lower East Side

by David Cohen January 3, 2019

NEW YORK CITY — Cushman & Wakefield has brokered the $5.4 million sale of a 5,467-square-foot mixed-use building on the Lower East Side of Manhattan. Located at 48 Clinton St., the four-story property was formerly known as the Loho Studios and has hosted a number of recording artists through the years, including Willie Nelson, John Mayer, Joey Ramone, Phish, Patti Smith, Lindsay Lohan, OAR, Art Garfunkel and Joan Jett. Michael F. DeCheser, Patrick Dugan, Mei Ling Wong, Andrew T. Berry and Bryan Hurley of Cushman & Wakefield represented the seller, the Blue Man Group, in the transaction. The buyer was Arani Bose.

January 3, 2019

Development Multifamily New York Northeast

DXA Studio Completes 80,000 SF Condominium Building in Brooklyn

by David Cohen January 3, 2019

NEW YORK CITY — Architecture and design firm DXA Studio has completed 280 St. Marks, a 31-unit condominium project in the Prospect Heights neighborhood of Brooklyn. Located at 280 St. Marks Ave., the 80,000-square-foot building includes a suite of community-focused amenity spaces, including a rooftop terrace and public garden. Units include white oak floors with walnut accents and Olympian Danby stone counters.

January 3, 2019

Acquisitions Company News Healthcare Maryland Multifamily New York Northeast Seniors Housing Southeast Tennessee Top Stories

Omega Healthcare Investors Agrees to Acquire MedEquities Realty Trust for $600M

by David Cohen January 2, 2019

HUNT VALLEY, MD. AND NASHVILLE, TENN. — Real estate investment trust Omega Healthcare Advisors (NYSE: OHI) has agreed to acquire MedEquities Realty Trust (NYSE: MRT) in a cash and stock transaction valued at $600 million. As part of the transaction, Omega will acquire the fee simple interest in 34 facilities operated by 11 operators in seven states. Omega will also acquire approximately $34 million in mortgage loans. Under the terms of the transaction, MRT shareholders will receive $2 in cash and 0.235 OHI shares for each MRT share owned, which represents $10.26 per share based on Monday’s closing price for OHI. The boards of directors for both companies have unanimously approved the transaction. “This acquisition reinforces our commitment to the skilled nursing and senior housing industry, while adding new asset types to our portfolio furthering our strategic objectives,” says Taylor Pickett, CEO of Hunt Valley-based Omega. “MedEquities has built a high-quality diversified portfolio, which should provide Omega with meaningful future growth opportunities.” Omega is a real estate investment trust that invests in the long-term healthcare industry, primarily in skilled nursing and assisted living facilities. As of Sept. 30, 2018, Omega’s total portfolio consisted of 917 facilities spread across 41 states and the United Kingdom. …

January 2, 2019

Industrial Loans New York Northeast

Cushman & Wakefield Secures $28M Construction Loan for Industrial Facility in Hicksville, New York

by David Cohen January 2, 2019

HICKSVILLE, N.Y. — Cushman & Wakefield has arranged a $28 million construction loan for the development of a 195,610-square-foot distribution facility in Hicksville. Located at 344 Duffy Ave., the ground-up construction project sits on an approximately nine-acre lot. John Alascio, Sridhar Vankayala and Noble Carpenter III of Cushman & Wakefield secured the financing for the borrower, Lincoln Equities Group. The lender was Heitman Capital Group. Terms of the financing were not disclosed.

January 2, 2019

Acquisitions Multifamily New York Northeast

Brax Realty Brokers $4.7M Sale of Apartment Building in Hell’s Kitchen

by David Cohen January 2, 2019

NEW YORK CITY — Brax Realty has brokered the $4.7 million sale of a 15-unit apartment building in the Hell’s Kitchen neighborhood of Manhattan. Located at 340 W. 48th St., the property consists of 14 studio and a single one-bedroom apartment. Of the 15 units, six were vacant at the time of sale. Alan Stenson of Brax Realty represented the seller, 340 W. 48th Street LLC, in the transaction. The seller had owned the property for 44 years. The buyer was undisclosed.

January 2, 2019

Acquisitions New York Northeast Retail

Compass Commercial Arranges Sale of 8,400 SF Retail Center in Greenwich Village

by David Cohen January 2, 2019

NEW YORK CITY — Compass Commercial has arranged the sale of an 8,400-square-foot retail center in the Greenwich Village neighborhood of Manhattan. The sales price was not disclosed. Located at 44-58 E. 8th St., the property is comprised of seven retail units. The tenant roster includes Dunkin’ Donuts, Verizon, uBreakiFix and a Chinese restaurant. Also included in the sale is an underground parking garage with 40 spaces. Adelaide Polsinelli and Mitchell Goldstick of Compass represented both the seller, Three Street Realty Co., and the buyer, a local investor, in the transaction.

January 2, 2019

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