Northeast

MassHousing Provides $2.1M Construction Loan for Workforce Housing Community in Boston

by David Cohen January 10, 2019

BOSTON — MassHousing has provided $2.1 million in affordable housing financing from the agency’s Workforce Housing Initiative to support the development of 233 Hancock, a five-story, 36-unit workforce housing community being developed by Arx Urban in Dorchester. The financing will help transform two former automobile repair shops into 36 units of new mixed-income homes, including 21 units of workforce housing. Of the 36 new apartments, 10 will be affordable for working households earning up to 80 percent of the Area Median Income (AMI), and 11 apartments will be affordable for working households earning up to 100 percent of AMI. The remaining 15 units will be rented at market rates. The AMI for Boston is $107,800 for a family of four. Additional financing for the project is being provided by the Property and Casualty Initiative, which is providing $9.4 million in construction and permanent financing. Other sources include $3.2 million of private equity and $500,000 in Community Preservation funding from the City of Boston. Haycon is serving as general contractor on the project. The architect is RODE Architects Inc.

January 10, 2019

Acquisitions Connecticut Mixed-Use Northeast

HFF Brokers $21.7M Sale of Mixed-Use Portfolio in Bridgeport, Connecticut

by David Cohen January 9, 2019

BRIDGEPORT, CONN. — HFF has brokered the $21.7 million sale of a mixed-use portfolio totaling 176 apartments and approximately 100,000 square feet of retail and office space in downtown Bridgeport. The three-building portfolio includes the City Trust Building, an 11-story, 135,544-square-foot property; Arcade Mall, a four-story, 52,355-square-foot structure; and Golden Hill, an eight-story, 51,194-square-foot building. Stephen Simonelli, Jose Cruz, Michael Oliver, Kevin O’Hearn, Steven Rutman, JB Bruno, and Dana Brome of HFF represented the seller, Ginsburg Development Cos., in the transaction. The buyer was Time Equities Inc.

January 9, 2019

Loans Multifamily Northeast Pennsylvania

Hunt Real Estate Capital Secures $5.85M Refinancing for Multifamily Community in Philadelphia

by David Cohen January 9, 2019

PHILADELPHIA — Hunt Real Estate Capital has secured a $5.85 million loan to refinance Terrace Lofts, a four-story, 32-unit multifamily building in the Manayunk neighborhood of Philadelphia. The property includes both one- and two-bedroom floor plans. Hunt Real Estate Capital secured a 10-year, fixed-rate loan with a 30-year amortization schedule on behalf of the borrower, a local real estate investor. The lender was not disclosed.

January 9, 2019

Acquisitions Multifamily Northeast Pennsylvania Seniors Housing

Blueprint Negotiates Sale of Three-Property Skilled Nursing Portfolio in Pennsylvania

by David Cohen January 9, 2019

SCRANTON, PA. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a three-property skilled nursing portfolio in the Wyoming Valley region of Northeast Pennsylvania. Blueprint represented the sellers, a private investor and regional operator. A REIT, along with an operational partner with an existing presence in the state, acquired the properties for an undisclosed price. Located along a 25-mile stretch in the Scranton/Wilkes-Barre market, the portfolio consists of 416 licensed beds. Ownership recently completed substantial renovations. The facilities were 85 percent occupied and generating over $34 million in total revenue with improving operating margins. Christopher Hyldahl, Michael Segal and Gideon Orion of Blueprint handled the transaction.

January 9, 2019

Loans Massachusetts Multifamily Northeast

Cornerstone Realty Capital Arranges $5.8M Acquisition Loan for Apartment Building in Massachusetts

by David Cohen January 9, 2019

WHITMAN, MASS. — Cornerstone Realty Capital has arranged $5.8 million in acquisition financing for a three-story, 45-unit apartment building in Whitman. The property features a unit mix of 15 one-bedroom and 30 two-bedroom units. All units include stainless steel appliances, granite countertops, in-unit laundry and hardwood floors. Patrick Brady of Cornerstone secured financing for the borrower, a private family office, in the transaction. The lender was a local bank. Whitman is located approximately 24 miles south of Boston.

January 9, 2019

Acquisitions Connecticut Northeast Office

Vidal/Wettenstein Orchestrates $2.6M Sale of Office Building in Fairfield, Connecticut

by David Cohen January 9, 2019

FAIRFIELD, CONN. — Vidal/Wettenstein has arranged the $2.6 million sale of a 7,326-square-foot office building in Fairfield. Located at 95 Reef Road, the property currently houses an architectural firm, interior design company, a children’s medical walk-in facility and a residence and storage area in the lower level. Bruce Wettenstein of Vidal/Wettenstein represented the undisclosed seller in the transaction. The buyer was 1222 Wisconsin Ave LLC, an investor that purchased the property via a 1031 exchange. Jamar Arbelo of J Aaron Investments represented the buyer in the transaction.

January 9, 2019

Market Reports New Jersey Northeast Northeast Market Reports Office

Adaptive Reuse Projects Spur Growth in New Jersey Office Market

by David Cohen January 9, 2019

Adaptive reuse and redevelopment projects along with a robust job market—particularly in the financial and professional services sectors—are the linchpins driving New Jersey’s office market growth. The availability rate, which is at its lowest point in nine years, has improved thanks to the repurposing of obsolete office product. Last year, 12 properties totaling 2.3 million square feet were marked for redevelopment, taking them out of inventory. Through the first half of 2018, 20 office properties totaling 2.7 million square feet are slated for redevelopment, which will further lower the availability rate. The redevelopment of these spaces has also steadily driven up Class A asking rents over the past three years by 6.1 percent to 29.62 per square foot. The positive momentum in the market can also be attributed to the 4.2 percent unemployment rate, a 10-year low, and incentive programs, like Grow NJ, that have attracted and retained businesses in the Garden State, sustaining demand. The most significant adaptive reuse project currently under way is at 110 Edison Place in Newark. Also known as Ironside, the 22-acre project will transform a historic obsolete building at the corner of Edison Place and McCarter Highway into a 450,000-square-foot state-of-the-art office and retail …

January 9, 2019

Acquisitions Multifamily New Jersey Northeast Seniors Housing

SVN Affordable | Levental Realty Brokers $47.5M Sale of Age-Restricted Community in Newark

by David Cohen January 8, 2019

NEWARK, N.J. — SVN Affordable | Levental Realty has brokered the $47.5 million sale of St. Mary’s Villa, a 360-unit, age-restricted community in Newark. The property is located at 425 Sanford Ave. Jamie Renzenbrink of SVN represented the undisclosed seller in the transaction. The buyer was Paces St. Mary’s. A number of energy-efficient upgrades are planned by the buyer at the property, including a new roof and solar panel installation.

January 8, 2019

Healthcare New York Northeast

NYC Health + Hospitals Signs 25-Year, $758M Office Lease in Manhattan

by David Cohen January 8, 2019

NEW YORK CITY — NYC Health + Hospitals has signed a 25-year, $758 million lease agreement with GFP Real Estate for 525,000 square feet of office space at 50 Water Street in Manhattan. With the lease transaction, NYC Health + Hospitals becomes the first major tenant that will occupy the GFP office complex at the building formerly known as 7 Hanover Square. The agreement enables the public health system to consolidate multiple administrative office sites into one Lower Manhattan campus. Newmark Knight Frank brokered the transaction on behalf of NYC Health + Hospitals.

January 8, 2019

Acquisitions New Jersey Northeast Office

CBRE Negotiates $13.3M Sale of Office Building in Springfield, New Jersey

by David Cohen January 8, 2019

SPRINGFIELD, N.J. — CBRE has negotiated the $13.3 million sale of a 60,000-square-foot office building in Springfield. Located at 966 South Springfield Ave., the property currently serves as the national headquarters for the watch and jewelry divisions of LVMH Moët Hennessy Louis Vuitton SE, a French multinational luxury goods conglomerate headquartered in Paris. Charles Berger, Elli Klapper and Mark Silverman of CBRE represented the seller, a tenancy-in-common, in the transaction. The buyer was a private investor in a 1031 exchange.

January 8, 2019

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