Northeast

Newmark Group to Acquire RKF Retail Holdings for Undisclosed Price

by David Cohen May 30, 2018

NEW YORK CITY — Newmark Group Inc. (NASDAQ: NMRK) has agreed to acquire RKF Retail Holdings LLC, a real estate firm specializing in retail leasing, for an undisclosed price. The acquisition is expected to close later this year, and will grow New York-based Newmark’s already robust retail business, which includes leasing, investment sales and retail occupier services alongside Excess Space Retail Services Inc., a Newmark company specializing in real estate disposition and lease restructuring. Robert K. Futterman will serve as chairman of Newmark RKF, Newmark’s retail leasing division, and will be responsible for leading the growth of the company’s retail real estate business throughout North America.

May 30, 2018

Acquisitions Mixed-Use New York Northeast

Meridian Brokers $22.5M Sale of Mixed-Use Portfolio in Brooklyn

by David Cohen May 29, 2018

NEW YORK CITY — Meridian Investment Sales has brokered the $22.5 million sale of three contiguous mixed-use buildings in the Williamsburg neighborhood of Brooklyn. The Williamsburg neighborhood underwent gentrification starting in the late 1990s mostly due to low rents. Average rents today range from $1,400 for a studio apartment to $2,600 to $4,000 for a two-bedroom unit. Located at 119-123 Kent Avenue, the buildings contain 17 fully renovated residential apartment units and three ground-floor retail units. David Schechtman, Lipa Lieberman and Abie Kassin of Meridian represented the undisclosed seller in the transaction. The buyer was a private family via a 1031 exchange. Meridian also arranged $12 million in acquisition financing through a local savings bank.

May 29, 2018

Loans Mixed-Use New York Northeast

Leviathan Capital Arranges $7.3M Loan for Mixed-Use Property in Soho

by David Cohen May 29, 2018

NEW YORK CITY — Leviathan Capital has arranged $7.3 million in permanent mortgage financing for a mixed-use property in the Soho neighborhood of Manhattan. The property consists of 10 apartments and one retail unit occupied by a long-term tenant. Leviathan secured a 10-year, fixed-rate loan at 4.26 percent with five years of interest-only financing. The lender, a money center bank, charged no origination fee. The borrower was a local owner-operator.

May 29, 2018

Acquisitions Multifamily New Jersey Northeast

Marcus & Millichap Negotiates Sale of Apartment Tower in New Jersey for $22M

by David Cohen May 29, 2018

EAST ORANGE, N.J. — Marcus & Millichap has negotiated the $22 million sale of Robert Towers, an 11-story, 206-unit multifamily tower in East Orange. The sales price equates to $106,796 per unit. Built in 1950, Robert Towers is located at 60 S Munn Ave., near the East Orange and Brick Church train stations, I-280 and the Garden State Parkway. The property is 10 minutes from Newark International Airport. Marcus & Millichap represented the seller, Metropolitan America, in the transaction. Marcus & Millichap Capital Corp. arranged $19.8 million in acquisition financing for the buyer, EOA 206 LP. The lender was undisclosed.

May 29, 2018

Acquisitions Healthcare Northeast Rhode Island

CBRE Brokers $1.7M Sale of Medical Facility in Rhode Island

by David Cohen May 29, 2018

NORTH PROVIDENCE, R.I. — CBRE has brokered the $1.7 million sale of 1635 Mineral Spring Ave., a two-story, 20,694-square-foot medical office facility in North Providence. The property, which is 80 percent leased, was built in 1976 and renovated in 2016. Located on a two-acre lot, the property includes 82 parking spaces. John Cregan of CBRE represented the undisclosed seller in the transaction. The buyer was Arkland LLC.

May 29, 2018

Loans Massachusetts Mixed-Use Northeast

Cornerstone Realty Capital Arranges $6.5M Construction Loan for Condo Development in Boston

by David Cohen May 29, 2018

BOSTON — Cornerstone Realty Capital has arranged a $6.5 million construction loan for a 12-unit mixed-use condominium development in Boston’s Jamaica Plain neighborhood. The borrower was undisclosed. Located at 114-120 Brookside Ave., the building will feature three retail and nine residential condominiums. All residences will feature hardwood floors, in-unit washers and dryers and high-end finishes that include granite countertops, stainless steel appliances and custom-tile surround showers. Each unit will also have a private balcony. The square footage will vary depending on the unit style, but will average around 1,098 square feet. The building is slated for completion in 2019.

May 29, 2018

Acquisitions New York Northeast Office

Savanna Acquires Office Tower in Midtown Manhattan for $640M

by David Cohen May 25, 2018

NEW YORK CITY — New York City-based real estate investment manager Savanna has acquired a 682,988-square-foot office and retail property in Midtown Manhattan for $640 million. The property, known as 5 Bryant Park, was purchased from an affiliate of Blackstone. Savanna plans to modernize the property through a capital improvement program that will include a redesigned lobby, entrance and building signage. 5 Bryant Park is located directly across from Bryant Park on Sixth Avenue and features 100 feet of frontage facing the park. A joint team of JLL and HFF represented Savanna in the financing of the acquisition. Laurie Grasso of Hunton Andrews Kurth represented Savanna as legal counsel in the transaction. CBRE has been selected as the exclusive leasing agent for the property.

May 25, 2018

Acquisitions Industrial Leasing Activity Northeast Pennsylvania

CBRE Arranges Sale-Leaseback of 300,000 SF Industrial Facility in Pennsburg

by David Cohen May 25, 2018

PENNSBURG, PA. — CBRE has arranged the sale-leaseback of a 291,203-square-foot industrial building located at 2452 Quakertown Road in Pennsburg. The building, which is net leased through 2028, was acquired by One Liberty Properties. Michael Hines, Brian Fiumara, Brad Ruppel and Lauren Dawicki of CBRE represented the seller, RAF Industries, in the transaction. The warehouse and distribution facility was completed and expanded between 1986 and 1994 and has served as the headquarters for both Campania International and U.S. Tape, portfolio companies of RAF Industries since 2006.

May 25, 2018

Development Massachusetts Multifamily Northeast

Berkeley Investments Begins Work on Modular Mixed-Use Building in Charlestown

by David Cohen May 25, 2018

CHARLESTOWN, MASS. — Developer Berkeley Investments has begun work on The Graphic, a modular, mixed-use project located at 32 Cambridge St. in Charlestown. The apartment building will be constructed of 129 modular boxes, each of which are 65 feet long and weigh approximately 30,000 to 35,000 pounds. Each box requires 20 minutes to be lifted into position and 14 boxes on average can be placed daily. The Graphic will include 171 residential units spanning two buildings and 4,000 square feet of retail space. Amenities at the development will include a lounge, club room and bike storage facilities as well as a private courtyard for residents and a roof deck with skyline views of Charlestown and Boston. The project is expected to be completed by October 2018. Berkeley Investments is The Graphic’s developer; ICON Architecture, Inc. is the architect and Tocci Building Corporation is the general contractor.

May 25, 2018

Connecticut Loans Multifamily Northeast Seniors Housing

CA Ventures Secures Construction Financing for Two Senior Living Communities Near Hartford

by David Cohen May 25, 2018

FARMINGTON, SIMSBURY, CONN. — CBRE has arranged an undisclosed amount of financing for a joint venture between CA Ventures and a global investment manager. The funds will be used for the construction of two seniors housing communities in the Hartford area. Farmington Senior Living in Farmington and Simsbury Senior Living in Simsbury will each offer 80 assisted living units and 40 memory care units. Integral Senior Living will operate the two properties under a third-party management contract. Aron Will of CBRE National Senior Housing arranged the five-year, floating-rate loans with 42 months of interest-only payments. A regional bank provided the two identical loans.

May 25, 2018

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