Northeast

Progress Capital Secures $4.8M Refinancing for Multifamily Community in Newark

by David Cohen July 25, 2018

NEWARK, N.J. — Progress Capital has secured a $4.8 million refinancing for a six-story multifamily property in Newark. Located at 469 Elizabeth Ave., the building contains 58 residential units and was built in 2016. Brad Domenico of Progress Capital arranged the loan with an initial five-year, 4 percent fixed-rate. After the initial term, the loan becomes a variable rate with a 20-year term and a 30-year amortization. The lender was undisclosed. The proceeds of the loan will be used to retire the existing debt on the property and provide a cash-out to the undisclosed borrower, which will be used to fund additional property acquisitions.

July 25, 2018

Development Northeast Office Pennsylvania

PREIT Signs Global Incubator 1776 to 11,000 SF Lease at Cherry Hill Mall in New Jersey

by David Cohen July 25, 2018

Cherry Hill, N.J. — PREIT has signed 1776 to a lease at Cherry Hill Mall, a 1.3 million-square-foot shopping center in Cherry Hill, located nine miles east of Philadelphia. Founded in 2013, 1776 is a public benefit corporation that scouts and funds business startups focused on sectors like education, energy, transportation and financial services. The incubator will occupy more than 11,000 square feet of space at the property for its local member community, which will focus on retail and e-commerce initiatives and will be home to corporate and startup members in the retail and e-commerce industries. This will be the first mall location for 1776, which joins tenants including Nordstrom, Apple, Zara, Hugo Boss, The LEGO Store, The North Face Seasons 52 and Maggiano’s.

July 25, 2018

Connecticut Market Reports Multifamily Northeast Northeast Market Reports

Rent Growth, Higher Demand Lead to Improved Outlook for Connecticut Multifamily Market

by David Cohen July 25, 2018

More apartments are being rented in Southern Connecticut, which is benefiting multifamily properties in the Fairfield County/New Haven region in several important ways. For New Haven, this means the return of rent growth. In Fairfield County, the added demand for rentals continues to support new development. An improved outlook for both markets has also positively influenced investment activity. In 2017, multifamily operators in the New Haven metropolitan area had one of their best years since the recession, thanks to improvements on multiple fronts. Appeal for apartments has generated the second-highest net absorption level so far this decade. Demand increased in the city itself, where Yale University and Yale New Haven Hospital offer numerous employment opportunities, as well as in the surrounding greater New Haven suburbs. Absorption of rental units surpassed that of deliveries by a multiple of three, facilitating a major drop in vacancy. The metro’s overall vacancy rate at the end of the first quarter was 4.7 percent, 270 basis points below where it was just two years ago. Equally important, healthier demand has also aided rent values. Monthly effective rates started to rise in 2017 after retreating in 2015 and 2016, with rent growth nearing 6 percent year over …

July 25, 2018

Development Loans New York Northeast Office Top Stories

JLL Arranges $235M Construction Loan for 34-Story Office Tower in Brooklyn

by David Cohen July 25, 2018

NEW YORK CITY — JLL Capital Markets has arranged a $235 million loan for the construction of One Willoughby Square, a 34-story, Class A office tower in downtown Brooklyn. One Willoughby Square will rise 560 feet above the future Willoughby Park, a one-acre public green space on top of a 700-space underground parking garage in Brooklyn’s Tech Triangle. The building will feature column-free floor plates as well as 10-foot windows. The tower is the first ground-up office development in downtown Brooklyn in decades, according to JLL. Aaron Appel, Keith Kurland, Aaron Niedermayer, David Sitt and Eliott Zetioune of JLL arranged the four-year, floating-rate loan through Québec-based Otéra Capital Inc. for borrower JEMB Realty. The planned 462,656-square-foot tower is already 27 percent leased to two tenants: architectural firm NYC School Construction Authority and FXCollaborative, the executive architect of One Willoughby Square. JEMB will seek LEED Silver certification for the project, which is scheduled for completion in 2021. “The lending community was impressed by the experienced sponsorship of this project as well as its quality design, location and preleasing,” says Kurland. “Clearly, One Willoughby is destined to become Brooklyn’s most distinctive and sought-after office address.” — David Cohen

July 25, 2018

Loans Mixed-Use New York Northeast

JLL Secures $20.7M Acquisition Loan for Mixed-Use Portfolio in Chelsea

by David Cohen July 24, 2018

NEW YORK CITY — JLL has secured a $20.7 million acquisition loan for the High Line Portfolio, a four-building, mixed-use portfolio in the Chelsea neighborhood of Manhattan. Jonathan Schwartz, Aaron Appel, Brian Buglione and Patrick Cotter of JLL arranged the financing for Morgenstern Capital through an undisclosed lender. Terms of the loan were not disclosed. The portfolio includes three contiguous mixed-use buildings at 505 W. 22nd St., 203 and 205 10th Ave. as well as one retail building at 207 10th Ave. All totaled, the properties include 26 residential and four retail units.

July 24, 2018

Acquisitions Connecticut Multifamily Northeast

IPA Negotiates $26.8M Sale of Multifamily Community Near Hartford, Connecticut

by David Cohen July 24, 2018

BLOOMFIELD, CONN. — Institutional Property Advisors, a division of Marcus & Millichap, has negotiated the $26.8 million sale of The Arbors at Brighton Park, a 132-unit multifamily community in Bloomfield. Victor Nolletti, Wes Klockner and Eric Pentore of IPA represented the seller, Bloomfield Realty Partners. The buyer was an affiliate of Paredim Partners. Situated on more than 14 acres, The Arbors at Brighton Park is located within five miles of Hartford Hospital, The University of Hartford, Trinity College and the 800-acre Penwood State Park.

July 24, 2018

Industrial Loans New Jersey Northeast

HFF Arranges $9.1M Financing for Industrial Facility near Philadelphia

by David Cohen July 24, 2018

SWEDESBORO, N.J. — HFF has arranged $9.1 million in financing for a 254,250-square-foot industrial facility in Swedesboro. The property is located at 405 Heron Drive, approximately 25 miles south of Philadelphia. HFF arranged a 10-year, fixed-rate loan for the borrower, Burton Real Estate through lender CUNA Mutual Group. The permanent fixed-rate loan will be added to an existing mortgage collateralized by a three-building industrial portfolio. Burton Real Estate purchased the property in November 2017. At the time, the property was 88 percent leased. Loan proceeds will be utilized to return equity to the sponsorship. Situated on more than 25 acres, 405 Heron Drive features 24- to 25-foot clear heights, nine dock-high doors and two drive-in doors.

July 24, 2018

Acquisitions Multifamily New York Northeast

Meridian Brokers $11M Sale of Turtle Bay Music School Building in Manhattan

by David Cohen July 24, 2018

NEW YORK CITY — Meridian Investment Sales has brokered the sale of the Turtle Bay Music School in the Midtown East neighborhood of Manhattan for $11 million. Located at 244 E. 52nd St., the three-story property was built in 1865 and has been occupied by the Turtle Bay Music School since 1935. The undisclosed buyer plans to convert the property into residential condominiums. David Schechtman, Lipa Lieberman and Abie Kassin of Meridian represented the undisclosed seller in the transaction.

July 24, 2018

Acquisitions Northeast Office Pennsylvania

NKF Capital Markets Negotiates $11.2M Sale of Office Building Near Philadelphia

by David Cohen July 24, 2018

WARMINSTER, PENN. — NKF Capital Markets has negotiated the $11.2 million sale of County Line Commerce Center, a 427,421-square-foot office building in Warminster. Mike Margolis, Dave Dolan and Dave Garonzik of NKF Capital Markets represented the seller, Crossroad Partners, in the transaction. The buyer was a joint venture between Corvest Realty Group and Balashine Properties. County Line Commerce Center is currently occupied by tenants ABB and Advanced Coatings with an additional 275,000 square feet of vacant space. The new owners plan to install a full suite of amenities including a fitness center, on-site food service and conference facilities. The property also offers a shuttle service to and from the Warminster Regional rail line.

July 24, 2018

Loans Multifamily New York Northeast

Meridian Capital Arranges $155M Refinancing for Multifamily Community in Brooklyn

by David Cohen July 23, 2018

NEW YORK CITY — Meridian Capital Group has arranged a $155 million cash-out refinancing for a multifamily community in Brooklyn, located at 1277 east 14th St. The borrower, Hampshire Properties, is midway through construction on the eight-story, 302-unit property. Morris Betesh of Meridan arranged the loan, provided by Square Mile Capital. The building is the former site of the Shulamith School for Girls. Amenities will include a fitness center, game room, concierge desk and rooftop with views of the Manhattan skyline.

July 23, 2018

Newer Posts

Older Posts