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

Affordable Housing Loans Multifamily New York Northeast Property Type

KeyBank Provides $19.6M Construction Loan for Affordable Housing Community in New York

by David Cohen July 23, 2018

COHOES, N.Y. — KeyBank has provided $19.6 million in financing for the development of Mosaic Village, a 68-unit affordable housing community in Cohoes. KeyBank provided a $10.7 million construction loan as well as $8.9 million in Low-Income Housing Tax Credit equity for the borrower, Vecino Group. When completed, Mosaic Village will include 68 one-, two- and three-bedroom units for individuals and families earning between 30 and 80 percent of the area median income. A number of units will also be available for individuals with mobility impairments who meet the Empire State Supportive Housing Initiative homeless criteria. Additional sources of financing were provided by New York State Homes and Community Renewal, New York State Housing Trust Fund Corporation and Community Preservation Corporation.

July 23, 2018

Industrial Leasing Activity New Jersey Northeast

CBRE Secures 110,000 SF Industrial Lease in Kearny, New Jersey

by David Cohen July 23, 2018

KEARNY, N.J. — CBRE has secured a 110,147-square-foot industrial lease for global logistics provider Mainfreight in Kearny. CBRE represented Mainfreight in the full-building lease at RTC Properties’ 50 Cable Drive in Kearny. Terms of the lease were not disclosed. Mainfreight was founded in 1978 and is a provider of managed warehousing, as well as international and domestic freight forwarding services. The property features on-site management, 24-hour security and is located near the New Jersey Turnpike.

July 23, 2018

Acquisitions Multifamily New Jersey Northeast

Marcus & Millichap Brokers $3M Sale of Apartment Community in Union City, New Jersey

by David Cohen July 23, 2018

UNION CITY, N.J. — Marcus & Millichap has brokered the sale of a recently constructed apartment community in Union City. The 12-unit property sold for $3 million, or approximately $252,000 per door, which is the highest price per unit in the history of Union City, according to Marcus & Millichap. The property, which was built in 2015, is located at 536-538 29th St. Marcus & Millichap represented the seller, a private investor. The buyer was also a private investor.

July 23, 2018

Development Multifamily Northeast Pennsylvania Seniors Housing

Presbyterian Senior Living Completes $10M Expansion at CCRC in Pennsylvania

by David Cohen July 23, 2018

PHILIPSBURG, PA. — Presbyterian Senior Living has completed a $10 million expansion at Windy Hill Village, a continuing care retirement community (CCRC) in the Central Pennsylvania borough of Philipsburg. The project added a 48-unit apartment building to the property. The expansion was based on the Passive House design, which requires 50 percent less energy than other heating and cooling systems. Dan Rothschild served as the project architect. Of the 48 total units, eight are priced at market rate, ranging from $850 to $1,100, and the remaining rentals will be subsidized by tax credits for individuals who apply and meet income-limit requirements. Presbyterian Senior Living was awarded $7.7 million in tax credits by the Pennsylvania Housing Finance Agency for this project.

July 23, 2018

Acquisitions Mixed-Use New York Northeast

Marcus & Millichap Brokers Sale of Two Mixed-Use Buildings in Brooklyn for $18.7M

by David Cohen July 20, 2018

NEW YORK CITY — Marcus & Millichap has brokered the $18.7 million sale of two mixed-use properties in Brooklyn located at 984-994 Winthrop St. and 4512-4524 Church Ave. Matt Fotis, Matt Shapiro and Tyler Workman of Marcus & Millichap represented the seller, Renaissance Realty Associates, in the transaction. The Bauta Family purchased both properties. The first property, 984-994 Winthrop St., is a four-story building consisting of five retail units and 39 residential units. The second, 4512-4524 Church Ave., is a six-story building consisting of eight retail units and 50 residential units.

July 20, 2018

Loans Massachusetts Multifamily Northeast Seniors Housing

Capital One Provides $47.2M HUD Refinancing for Three Skilled Nursing Facilities in Massachusetts

by David Cohen July 20, 2018

CHELSEA, FALL RIVER, BROCKTON, MASS. — Capital One has provided $47.2 million to refinance a portfolio of skilled nursing facilities in Massachusetts. The three facilities have a combined 512 beds and were purchased as part of a four-facility portfolio in 2016. The properties are Eastpointe Rehabilitation and Skilled Care Center in Chelsea with 195 beds, Southpointe Rehabilitation and Skilled Care Center in Fall River with 152 beds, and Baypointe Rehabilitation and Skilled Care Center in Brockton with 169 beds. Although the borrower was not disclosed, the properties are all listed on the website of The Pointe Group. Joshua Rosen of Capital One originated the transaction. The three HUD loans feature fixed rates and 35-year terms.

July 20, 2018

Healthcare Leasing Activity Massachusetts Northeast

Davis Cos. Arranges 48,700 SF Lease for Pharmaceutical Company at Alewife Research Center in Cambridge

by David Cohen July 20, 2018

CAMBRIDGE, MASS. — The Davis Cos. has arranged a 48,700-square-foot lease for Japanese pharmaceutical conglomerate Eisai Inc. at the Alewife Research Center in Cambridge. Eisai will relocate from its current site in Andover in the first quarter of 2019. Developed by The Davis Cos., the Alewife Research Center is a LEED Silver-certified, 224,000-square-foot laboratory building with ground-floor retail. Located at 35 Cambridgepark Drive, the five-story facility is scheduled for completion by Oct. 1, 2018.

July 20, 2018

Acquisitions Mixed-Use New York Northeast

TerraCRG Negotiates Sale of Mixed-Use Portfolio in Brooklyn for $8.5M

by David Cohen July 20, 2018

NEW YORK CITY — TerraCRG has negotiated the $8.5 million sale of a mixed-use portfolio in the Bushwick neighborhood of Brooklyn. The three adjacent properties are located at 373, 375 and 379 Knickerbocker Ave. and total 16,390 square feet, featuring three ground-level retail stores and four residential apartments. The properties also have approximately 8,900 square feet of additional buildable square footage. TerraCRG represented the sellers, Beth and Sue Kneller, in the transaction. Keller Williams Realty Gold Coast represented the buyers, Karthik Gujja and Gopi Punukollu. Long-term tenants currently occupy all three retail stores.

July 20, 2018

Acquisitions Hospitality Northeast Rhode Island

MCR Acquires Hilton Garden Inn at T.F. Green International Airport in Rhode Island

by David Cohen July 20, 2018

WARWICK, R.I. — MCR Development has acquired the Hilton Garden Inn Providence Airport/Warwick in Warwick. The price was not disclosed. The 160-room hotel opened in 2005 and is located at Rhode Island’s T.F. Green International Airport, which serves 4 million passengers annually. Amenities at the hotel include a fitness center, indoor pool, 24-hour convenience store, free airport shuttle and a connection to the Iron Works Tavern, a community bar housed in the historic 1867 R.I. Malleable Iron Works Factory building. The seller was not disclosed.

July 20, 2018

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