Northeast

Pennrose Opens First Phase of 151-Unit Multifamily Community in Connecticut

by David Cohen July 31, 2018

MERIDEN, CONN. — Pennrose has opened Meriden Commons I, a 75-unit multifamily community in Meriden. The community is the first of a two-phase transit oriented development that will bring 151 mixed-income apartment units and more than 6,500 square feet of retail space to the City of Meriden. Once completed in the fall of 2019, Meriden Commons II will consist of 76 mixed-income apartments. Located at 161 and 177 State St., Meriden Commons I and II are within close proximity to downtown Meriden and Meriden’s Amtrak Center.

July 31, 2018

Acquisitions Multifamily New York Northeast

Cushman & Wakefield Negotiates $1.6M Sale of Three-Story Multifamily Building in Queens

by David Cohen July 31, 2018

NEW YORK CITY — Cushman & Wakefield has negotiated the $1.6 million sale of a multifamily building in the Jackson Heights neighborhood of Queens. Stephen R. Preuss, Denise Prevete and Kevin Louie of Cushman & Wakefield represented the seller, Tina M. Ng & Katherine Y. Ng, in the transaction. The buyer was Harry Otterman. Located at 35-15 72nd St., the three-story property consists of six units. Recent upgrades to the building include an updated roof, and boiler within the past four years.

July 31, 2018

Acquisitions Multifamily New Jersey Northeast

KRE Group, Verde Capital Acquire Multifamily Community in New Jersey for $56M

by David Cohen July 30, 2018

ATLANTIC HIGHLANDS, N.J. — KRE Group, in partnership with Verde Capital, has acquired Thousand Oaks Village, a 304-unit garden-style apartment property in Atlantic Highlands. The 36-acre property sold for $56 million. The seller was not disclosed. Located at 165 Thousand Oaks Drive, the community will be renamed Atlantic Pointe after capital investments that will include unit renovations and upgrades to amenities. Thousand Oaks Village is KRE Group’s fifth garden apartment acquisition within New Jersey in three years.

July 30, 2018

Hospitality Loans New York Northeast

Madison Realty Provides $38M Construction Loan for Hotel Development in Manhattan

by David Cohen July 30, 2018

NEW YORK CITY — Madison Realty Capital has provided a $38 million construction loan for the development of a new hotel in Midtown, Manhattan. The borrower, McSam Hotel Group led by New York developer Sam Chang, is currently constructing a 106,827-square-foot, 28-story building that will feature a 320-key Radisson hotel upon completion. Loan proceeds will be used to finalize construction of the building. The ground-up development is slated for completion in the next 12 months. Terms of the loan were not disclosed.

July 30, 2018

Development Multifamily New York Northeast Seniors Housing

Rochester Management Plans Modernization of Seniors Housing Community in Rochester

by David Cohen July 30, 2018

ROCHESTER, N.Y. — The Rochester City Council has approved the renovation plans for Cobbs Hill Village, an affordable seniors housing community in Rochester. The approval was the last step before Rochester Management can begin work on the project. The modernization project will replace several existing structures at the property, which has served as affordable seniors housing since 1957. The new apartments will feature full-size appliances and energy-efficient HVAC systems. Amenities at the community will feature laundry rooms, a fitness center, computer lab and indoor community space accessible to those with mobility issues. Construction, expected to begin later this year, will take place in three phases, allowing current residents to move directly from existing units into newly constructed homes. All 104 units are reserved for persons over the age of 55 with maximum incomes ranging from 30 percent of area median income ($15,550) to 80 percent of area median income ($41,450).

July 30, 2018

Acquisitions New York Northeast Retail

Cushman & Wakefield Arranges $3M Sale of Retail Building in Brooklyn

by David Cohen July 30, 2018

NEW YORK CITY — Cushman & Wakefield has arranged the sale of a 2,919-square-foot retail building in the Bensonhurst neighborhood of Brooklyn. The two-story property sold for $3 million or $1,028 per square foot. Jeffrey A. Shalom of Cushman & Wakefield represented the undisclosed seller in the transaction. The buyer was a private investor. The entire building is currently leased through August 2019 to Free Time Hangout, a Cantonese restaurant.

July 30, 2018

Acquisitions Mixed-Use New Jersey Northeast

Marcus & Millichap Brokers $1.9M Sale of Mixed-Use Building in Bayonne, New Jersey

by David Cohen July 30, 2018

BAYONNE, N.J. — Marcus & Millichap has brokered the sale of a mixed-use building in Bayonne for $1.9 million. Fahri Ozturk and Tyler Van Wagoner of Marcus & Millichap represented the seller, a private owner, in the transaction. The buyer was undisclosed. Located at 554-556 Broadway, the building contains 10,260 square feet of ground-floor retail space and 7,510 square feet of second-floor office space. The new owner plans to redevelop the property into a four-story mixed-use building.

July 30, 2018

Loans Northeast Office Pennsylvania

HFF Arranges $90M Refinancing of Office Campus Near Pittsburgh

by David Cohen July 27, 2018

CANONSBURG, PA. — HFF has arranged the $90 million refinancing of Zenith Ridge Corporate Campus, a 486,000-square-foot, three-building office park in Canonsburg. HFF represented the borrower, Quattro LP, in securing a 10-year, fixed-rate loan through Starwood Mortgage Capital. Burns Scalo Real Estate currently manages the property. Amenities at the office campus include walking trails, outdoor exercise stations, ping pong tables, communal fire pits, outdoor patios and outdoor meeting areas. Zenith Ridge Corporate Campus is fully leased.

July 27, 2018

Connecticut Loans Multifamily Northeast

KeyBank Provides $20M Refinancing for Multifamily Community in Connecticut

by David Cohen July 27, 2018

WINDSOR, CONN. — KeyBank Real Estate Capital has provided a $20 million Freddie Mac, first mortgage loan for Windsor Station, a 130-unit multifamily community in Windsor. Built in 2017, the property sits on 6.5 acres and comprises two four-story buildings. Tom Peloquin of KeyBank arranged the non-recourse, fixed-rate financing with a 12-year term, six years of interest-only payments and a 30-year amortization schedule. The loan will be used to refinance existing debt. The lender was undisclosed. Lexington Partners LLC and LAZ Investments developed Windsor Station.

July 27, 2018

Acquisitions Mixed-Use New York Northeast

RD Management, Yassky Properties Acquire Mixed-Use Building in Brooklyn for $4.1M

by David Cohen July 27, 2018

NEW YORK CITY — RD Management and partner Yassky Properties have acquired a 6,316-square-foot mixed-use building located at 55 5th Ave. in Brooklyn for $4.1 million. The seller was Burke Leighton Asset Management. The four-story building was built in 1920 and includes six apartments and a 1,390-square-foot, ground-level retail space that is currently vacant. Yassky will manage the property.

July 27, 2018

Newer Posts

Older Posts