Northeast

Houlihan-Parnes Arranges $17M Refinancing for Independence Plaza in Central New Jersey

by David Cohen June 21, 2018

HAMILTON, N.J. — Houlihan Parnes Realtors has arranged a $17 million refinancing for Independence Plaza, a shopping center in Hamilton. Located at 2465 South Broad St., the center is currently 75 percent occupied with a tenant roster that includes Regal Cinemas, Crunch Fitness, Save-a-lot, and Dollar Tree. The property is owned jointly by members of the Jemal and Houlihan families, of JJ Operating Inc. and Houlihan-Parnes Realtors, LLC. The property was recently appraised for $28.5 million, according to Houlihan Parnes. Houlihan Parnes secured a fixed-rate loan for the borrower for a term of five years with the option for ownership to extend for an additional five years. The lender was not disclosed.

June 21, 2018

Acquisitions Loans Massachusetts Multifamily Northeast

EagleBridge Capital Secures $21.5M Acquisition Loan for Multifamily Portfolio in Southern New England

by David Cohen June 21, 2018

SOUTHERN NEW ENGLAND — EagleBridge Capital has secured a $21.5 million acquisition loan for a 370-unit multifamily portfolio in Southern New England. The portfolio is made up of multiple buildings ranging in size from two to 18 units. Brian Sheehan and Ted Sidel of EagleBridge arranged the financing through an agency lender. The borrower was undisclosed. The 10-year non-recourse mortgage carries a long-term fixed interest rate with a 30-year amortization.

June 21, 2018

Leasing Activity New York Northeast Office

Knotel Signs 23,800 SF Office Lease in Midtown Manhattan

by David Cohen June 21, 2018

NEW YORK CITY — Flexible workspace provider Knotel has signed a 10-year, 23,800-square-foot lease at 6 West 48th St. in Midtown Manhattan. Knotel will occupy the entire second floor through the fourth floor at the 12-story office building as well as the top floor and penthouse. Amanda Bokman and Lloyd Desatnick of JLL represented the building owner in the transaction. Knotel was represented by Elie Reiss of Skylight Leasing. Constructed in 1919, the boutique office building features a recently renovated lobby and is located between Fifth Avenue and Rockefeller Plaza.

June 21, 2018

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $2.9M Sale of Apartment Building in Brooklyn

by David Cohen June 21, 2018

NEW YORK CITY — Marcus & Millichap has arranged the sale of 934 Sterling Place, an eight-unit apartment property in Brooklyn. The sales price was $2.9 million. Shaun Riney of Marcus & Millichap represented the seller, a private investor, and the buyer, also a private investor, in the transaction. The four-story property was built in 1905 and is located in the Crown Heights neighborhood of Brooklyn.

June 21, 2018

Loans New York Northeast Office

NKF Capital Markets, Cooper-Horowitz Secure $342M Refinancing for Office Tower in Midtown Manhattan

by David Cohen June 20, 2018

NEW YORK CITY — NKF Capital Markets and Cooper-Horowitz have secured a $342 million refinancing for 850 Third Ave., a 21-story, 617,322-square-foot office building in Midtown Manhattan. The owner is a partnership between HNA Property Holdings, ATCO Properties & Management, and MHP Real Estate Services. NKF Capital Markets and Cooper-Horowitz arranged the short term, floating-rate loan through Natixis and Paramount Group. The NKF Capital Markets’ team was led by Jordan Roeschlaub, Dustin Stolly, Nick Scribani and Chris Kramer. Spanning a full block with continuous frontage along Third Avenue between East 51st and 52nd Streets, the building is currently 91 percent occupied by tenants in the media, legal, real estate, entertainment, healthcare and financial sectors. Discovery Communications is currently the building’s largest tenant at 189,470 square feet.

June 20, 2018

Acquisitions Mixed-Use New York Northeast

Meridian Capital Arranges $68M in Acquisition Financing for Mixed-Use Building in Brooklyn

by David Cohen June 20, 2018

NEW YORK CITY — Meridian Capital Group has arranged $68 million in acquisition financing for a 12-story mixed-use building in Brooklyn. Drew Anderman, Grant Carlson and Josh Berman of Meridian represented the borrower, Trinity Place Holdings, in the transaction. The 24-month loan, which an undisclosed lender provided, features a floating rate of 3.72 percent over the 30-day LIBOR and full-term interest-only payments. Located at 237 11th St. in the Park Slope neighborhood of Brooklyn, the newly built property contains 105 residential units and 6,200 square feet of retail space, which is partially leased to Starbucks. Amenities include washers and dryers in all units, tenant-controlled HVAC systems, a doorman, rooftop terrace, fitness center and parking garage.

June 20, 2018

Acquisitions Multifamily New Jersey Northeast

Gebroe-Hammer Brokers $15.4M Sale of Two Apartment Buildings in Plainfield, New Jersey

by David Cohen June 20, 2018

PLAINFIELD, N.J. — Gebroe-Hammer Associates has brokered the $15.4 million sale of two apartment buildings in Plainfield. Stephen Tragash and Gehane Triarsi of Gebroe-Hammer represented the undisclosed seller of Cornell Arms and Pingry Arms apartments, which are located a half-mile apart at 735 Park Ave. and 606 Crescent Ave., respectively. The buyer was also undisclosed. Comprised of 114 total units, the six-story mid-rise properties each feature a mix of studio and one-, two- and three-bedroom layouts. Amenities include elevators, laundry facilities and paved-surface parking.

June 20, 2018

Acquisitions Northeast Pennsylvania Retail

The Stro Companies Acquires 26,500 SF Retail Building in New Jersey

by David Cohen June 20, 2018

LODI, N.J. — The Stro Companies has acquired 240 Route 17, a 26,500-square-foot retail building in Lodi for $4 million. The property was home to a local party good store for decades but was vacant at the time of the sale. Stro purchased the property from the former owner occupant and has plans to upgrade and reposition the asset. The Bank of New Jersey provided acquisition financing.

June 20, 2018

Acquisitions Industrial Northeast Pennsylvania

MRP Industrial, Cabot Purchase 23-Acre Industrial Development Site in Quakertown, Pennsylvania

by David Cohen June 20, 2018

QUAKERTOWN, PA. — A joint venture of MRP Industrial and Cabot Properties has purchased a nearly 23-acre site in Quakertown for the development of a speculative two-building industrial facility that will total more than 260,000 square feet. Quakertown is approximately 47 miles north of Philadelphia and 14 miles south of Allentown. Known as Park 309, the facility is expected to be completed in late 2018. Brian Knowles and Andrew Komisor of Lee & Associates brokered the transaction on behalf of the joint venture. Building I is a 114,400-square-foot warehouse and building II is 145,800 square feet. Both buildings feature 32-foot clear heights and two drive-in doors.

June 20, 2018

Acquisitions Multifamily Northeast Pennsylvania Student Housing

HFF Brokers $30M Sale of Student Housing Portfolio at Lehigh University

by David Cohen June 19, 2018

BETHLEHEM, PA. — HFF has brokered the $30 million sale of a 71-building, 383-bed student housing portfolio at Lehigh University in Bethlehem. HFF represented the seller, Campus Apartments, in the transaction. A private investment vehicle managed by Hong Kong-based Beacon Assets purchased the property free and clear of existing debt. The portfolio has achieved close to 99 percent occupancy during the last two academic years. Lehigh University has an enrollment of more than 7,000 students.

June 19, 2018

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