Northeast

Holiday-Inn-Boston-Bunker-Hill-Area-Somerville-MA

HFF Secures Refinancing for 623-Room Hotel Portfolio in Boston Suburbs

by Amy Works October 10, 2017

NATICK AND SOMERVILLE, MASS. — HFF has arranged refinancing for a three-property hotel portfolio in the Boston suburbs of Natick and Somerville. Distinctive Hospitality Group received the 10-year, fixed-rate loan, which was provided by Bank of America’s CMBS Group. The portfolio comprises the 251-room VERVE-Crowne Plaza Boston-Natick and the 188-room Hampton Inn Boston-Natick in Natick as well as the 184-room Holiday Inn Boston Bunker Hill Area in Somerville. Located at 1360 Worcester St., VERVE-Crowne Plaza Boston-Natick underwent a renovation in 2012 and features a fitness center, a business center, 17,000 square feet of event space and a full-service restaurant. Hampton Inn Boston-Natick, located at 318 Speen St., was completed in 1976 and renovated in 2008. The hotel features a fitness center, a business center, 12,000 square feet of meeting space and a restaurant. Located at 30 Washington St. in Somerville, Holiday Inn Boston Bunker Hill Area was most recently renovated in 2013 and features a fitness center, a basketball court, an indoor pool, a business center, 9,700 square feet of meeting and event space, and a restaurant and lounge. Mark Remington, Alan Suzuki and Evan Parker of HFF secured the financing for the borrower.

October 10, 2017

Multifamily Northeast Pennsylvania

Gebroe-Hammer Facilitates $14M Sale of 20-Property Multifamily Portfolio in Philadelphia

by Amy Works October 10, 2017

PHILADELPHIA — Gebroe-Hammer Associates has brokered the sale of a 20-property multifamily portfolio in Philadelphia. A private investor acquired the 83-unit portfolio from West Village UCA for $14 million. Situated on the 3200 block of Powelton Avenue, 11 of the properties (3201-3027) are on the odd side of the street while two are even-numbered buildings (3214 and 3220). The 3214-3218 Pearl St. properties feature three two-unit townhomes with patios and garages, as well as an additional loft in two of the units. The properties at 311-313 N. 33rd St. include a 24-unit building with an adjacent parking lot. The portfolio comprises a mix of studio, one-, two-, three- and four-bedroom layouts, totaling 144 beds. Eli Rosen of Gebroe-Hammer Associates represented the seller and procured the buyer in the deal.

October 10, 2017

Loans Mixed-Use New Jersey Northeast

ReadyCap Commercial Closes $4.5M Freddie Mac Small Balance Loan for Mixed-Use Property in Jersey City

by Amy Works October 10, 2017

JERSEY CITY, N.J. — ReadyCap Commercial has arranged a $4.5 million Freddie Mac Small Business Loan for a mixed-use property located in Jersey City. The cash-out refinancing features a 20-year term with a 30-year amortization schedule. The name of the borrower was not released. John Drennan of ReadyCap Commercial executed the financing for the borrower.

October 10, 2017

Industrial Massachusetts Northeast

Campanelli, Clarion Partners Break Ground on 427,500 SF Industrial Project in Bellingham, Massachusetts

by Amy Works October 9, 2017

BELLINGHAM, MASS. — Campanelli and Clarion Partners have broken ground for The Campanelli Business Park of Bellingham, a Class A speculative industrial project located in Bellingham. Situated on 90 acres, the two-building park will feature 427,500 square feet of industrial space. Slated for completion in August 2018, Building I will feature 127,500 square feet and Building II will feature 300,000 square feet. The partnership acquired the land parcel from Welltower, an Ohio-based healthcare REIT. Andrew Sacher of AIS CRE represented the seller in the acquisition. Richard Schuhwerk and Edward Jarosz of JLL have been retained as exclusive leasing agents for the speculative warehouses. Campanelli Construction is building the two warehouses simultaneously.

October 9, 2017

Loans Northeast Office Pennsylvania

JLL Secures $96M in Acquisition Financing for Office Tower in Philadelphia

by Amy Works October 9, 2017

PHILADELPHIA — JLL’s Capital Markets team has secured $96 million in financing for a partnership between Taconic Capital Advisors and Cohen Equities. Provided by Deutsche Bank and Square Mile, the financing package will be used for the acquisition and rehabilitation of 801 Market Street, a 695,130-square-foot office tower in Philadelphia’s Market East submarket. Adam Schwartz, Aaron Appel, Jonathan Schwartz and Chad Orcutt of JLL arranged the financing for the borrowers.

October 9, 2017

Connecticut Mixed-Use Multifamily Northeast Restaurant Retail

RBH Group Acquires Vacant Commercial Building in Hartford, Connecticut, for $20M

by Amy Works October 9, 2017

HARTFORD, CONN. — RBH Group has acquired a long-vacant commercial building, located at 370 Asylum St. in Hartford, for $20 million. RBH Group plans to redevelop the building into Teachers Corner Hartford, a mixed-use space. The development will feature market-rate and affordable residential units, space for educational opportunities and cultural performances, as well as restaurant and retail components. Laurie Grasso and Douglas Hoffmann of Hunton & Williams advised in the acquisition. Teachers Corner Hartford represents the first transaction in RBH Group’s national rollout of its Teachers Village concept following the first Teachers Village project in Newark, N.J., a $150 million, 23-acre mixed-use community. Teachers Corner Hartford is a realization of RBH Group’s continued joint venture with the Goldman Sachs Urban Investment Group and its partnering with Hartford’s Community Solutions and The Prudential Social Investment Group, with funding provided by the City of Hartford and various Connecticut state agencies.

October 9, 2017

Loans Multifamily New Hampshire Northeast

NorthMarq Capital Arranges $4.1M in Refinancing for Multifamily Property in New Hampshire

by Amy Works October 9, 2017

HUDSON, N.H. — NorthMarq Capital has arranged $4.1 million in refinancing for a multifamily property located in Hudson. The financing features a 10-year term on a 25-year amortization schedule. Mark Whelan of NorthMarq secured the financing through a regional bank for the undisclosed borrower. The multifamily property features 36 apartment units.

October 9, 2017

Multifamily New York Northeast

Marcus & Millichap Negotiates $12.2M Sale of Multifamily Portfolio in Manhattan

by Amy Works October 9, 2017

NEW YORK CITY — Marcus & Millichap has brokered the sale of a two-building multifamily portfolio located at 128 and 130 First Ave. in Manhattan’s East Village. HUBB NYC acquired the assets from a private investor for $12.2 million. The two five-story walk-up buildings feature 16 one-bedroom apartments and three ground-floor commercial units. John Stewart, James O’Leary, Dylan Torey and David Thurston of Marcus & Millichap represented the seller and secured the buyer in the deal.

October 9, 2017

Hospitality Loans Massachusetts Northeast

HFF Arranges $205M in Financing for Mixed-Use Development in Burlington, Massachusetts

by Amy Works October 6, 2017

BURLINGTON, MASS. — HFF has arranged $205 million in financing for The District Burlington, a more than 1 million-square-foot mixed-use development in Burlington. Fred Wittman, Greg LaBine and Robyn King of HFF secured the seven-year, fixed-rate permanent loan through a major institutional life insurance company for the borrower, affiliates of Charles River Realty Investors, National Development and AEW Capital Management. Recently repositioned and rebranded, the property includes a 30,000-square-foot retail cluster anchored by Island Creek Oyster Bar, Tuscan Kitchen and Market and TD Bank; a 350-space parking garage; a Residence Inn by Marriott; an 8,000-square-foot fitness center and OMMMSpace, a yoga and meditation studio. The District Burlington is 85 percent leased to a roster of more than 40 regional, national and global tenants, including BAE Systems, Black Duck Software, Charles River Development (no affiliation with Charles River Realty Investors) and Decision Resources.

October 6, 2017

Loans Multifamily New York Northeast

Eastern Consolidated Secures $215M Construction Loan for Condominium Development in Manhattan

by Amy Works October 6, 2017

NEW YORK CITY — Eastern Consolidated’s Capital Advisory Division has arranged a $215 million construction loan for the development of a 27-story condominium project at 537 Greenwich St. within the Special Hudson Square Zoning District in Manhattan. Adam Hakim and James Murad of Eastern Consolidated represented the borrower, Cape Advisors, and its new equity partner, Strategic Real Estate. Bank of the Ozarks provided the financing for the shovel-ready project. Designed by Loci Anima and Adamson Associates, the development will feature 170 units, 2,332 square feet of ground floor retail space and 31 on-site parking spaces. Residential units, designed by Sebastien Segers Architecture, will average approximately 1,211 square feet with prices starting at under $1.2 million and averaging $2.8 million. The development site offers a zoning floor area of 228,000 square feet, resulting from two combined lots—537 Greenwich St. and 110 Charlton St.— and air rights obtained from five adjacent and nearby properties. Strategic Real Estate will be the managing partner and lead developer for the project.

October 6, 2017

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