Northeast

Rosewood Negotiates $7.3M Sale of Four Apartment Buildings in the Bronx

by David Cohen May 8, 2018

NEW YORK CITY — Rosewood Realty Group has negotiated the sale of four walk-up apartment buildings in the Bronx for $7.3 million. The properties sold for 11 times the current rent roll at a 5.5 percent cap rate. The four-story buildings, which are located at 2542-2548 White Plains Road, are comprised of 24 residential units and eight retail storefronts that include a local grocery, restaurant and beauty salon. Built in 2008, the attached properties total 29,140 square feet. Rosewood Realty represented the buyer, a group of private investors, and the seller, Madison Realty Capital, in the transaction.

May 8, 2018

Loans Mixed-Use New York Northeast Office

Avison Young Arranges $120.3M Loan for Acquisition, Redevelopment of Office Complex in White Plains

by David Cohen May 7, 2018

WHITE PLAINS, N.Y. — Avison Young has arranged a $120.3 million financing package for the acquisition and redevelopment of the Westchester Financial Center in White Plains. Bridge Investment Group provided the financing. The 571,000-square-foot office complex is located at 50 Main St. and 1-11 Martine Ave. The buyers, a joint venture of Ginsburg Development Cos. and Robert Martin Co., plan to reposition the complex as a pedestrian-friendly, mixed-use development comprised of offices, retail shops, restaurants and luxury residences. The new development will be called City Square. Mack Cali Realty Corp. sold the property. David Krasnoff of Avison Young secured the financing, which will cover the purchase price, residential conversion costs, tenant improvements, capital expenditures, closing fees and other financing costs.

May 7, 2018

Acquisitions Connecticut Northeast Pennsylvania Retail

Wilder Acquires Two Shopping Centers in Pennsylvania and Connecticut Totaling 800,000 SF

by David Cohen May 7, 2018

MECHANICSBURG, PA., NEW HAVEN, CONN. — Wilder Cos., in partnership with an institutional retail real estate fund, has acquired Silver Spring Square in Mechanicsburg and the Marketplace at Hamden in New Haven. The sales prices in the separate transactions were not disclosed. Together, the two shopping centers total 800,000 square feet of space. The 570,000-square-foot Silver Spring Square is home to the only Wegmans in the Harrisburg trade area and is shadow anchored by a Target and Kohl’s. The Marketplace at Hamden, which was purchased in partnership with Silver Peak Real Estate Partners, features 235,000 square feet of retail space. Current tenants include T.J. Maxx, Staples, Old Navy, Petco, Pier One Imports, and TGI Fridays.

May 7, 2018

Loans Mixed-Use New York Northeast

Madison Realty Capital Provides $35M Loan for Mixed-Use Development in Queens

by David Cohen May 7, 2018

NEW YORK CITY — Madison Realty Capital has provided a $35 million first mortgage loan for the development of a mixed-use project at 90-75 Sutphin Boulevard in Jamaica, Queens. The site currently houses a vacant, six-story 92,000-square-foot commercial building. The borrower, a Queens-based developer, plans to expand the property into a 19-story, 206,197-square-foot development that will include a 181-room hotel, 28,103 square feet of office space and 3,729 square feet of retail space. The loan proceeds will be used to refinance the existing debt, fund an interest reserve and cover costs. Construction on the project is expected to take place over the next 24 months.

May 7, 2018

Acquisitions Mixed-Use New York Northeast

Cushman & Wakefield Negotiates $31.1M Sale of Boricua College Campus in Williamsburg

by David Cohen May 7, 2018

NEW YORK CITY — Cushman & Wakefield has negotiated the sale of the Williamsburg campus of Boricua College located at 186 N 6th St. in Brooklyn for $31.1 million. The buyer was developer David Dweck. The campus consists of two adjoining lots with three brick buildings — a main school building, a gymnasium and a four-story multifamily building. All three buildings are vacant. Boricua College maintains three campuses in Manhattan at 3755 Broadway, the Bronx at 890 Washington and in Brooklyn at 9 Graham Ave. Guthrie Garvin, Brendan Maddigan, Ethan Stanton, Michael Gembecki and Alexander Ball of Cushman & Wakefield represented the seller, Boricua College, in the transaction.

May 7, 2018

Acquisitions Hospitality Multifamily Northeast Pennsylvania Seniors Housing

Marcus & Millichap Brokers Sale of Former Embassy Suites Pittsburgh Airport for $25M

by David Cohen May 7, 2018

PITTSBURGH — Marcus & Millichap has brokered the sale of the former 223-room Embassy Suites Pittsburgh Airport hotel in Coraopolis for $25 million. Coraopolis is located about five miles north of Pittsburgh International Airport. The hotel, which was built in 1990, closed in early 2018. Jerry Swon and Daniel Zagoria represented the seller, NHH CMS Pittsburgh LP, in the transaction. The buyer was a private developer. The Pittsburgh Post Gazettehas reported that the building will be repurposed into a 220-unit assisted living and memory care facility called Tapestry Senior Living at Moon Township. The property is located on a hilltop and is highly visible from the intersection of Coraopolis Heights Road and Cherrington Parkway.

May 7, 2018

Loans New York Northeast Office

JLL Arranges $120M in Refinancing for Bryant Park Office Tower

by David Cohen May 4, 2018

NEW YORK CITY — JLL Capital Markets has arranged a $120 million floating-rate loan to refinance 130 West 42nd street, a Class A office tower with ground-floor retail in the Bryant Park neighborhood of Manhattan. The borrower was Tribeca Associates. Aaron Appel, Jonathan Schwartz, Brett Rosenberg and Adam Schwartz led the JLL team in handling the debt assignment. The 29-story office building, which was built in 1918, totals 250,000 square feet and is located within one block of 15 subway lines. Tribeca Associates spent $27 million to upgrade and renovate the property in 2015.

May 4, 2018

Loans New Jersey Northeast

Thrivent Provides $27.2M in Financing for Industrial Portfolio in New Jersey

by David Cohen May 4, 2018

MORRISTOWN, N.J. — Thrivent Financial for Lutherans has provided $27.2 million in financing for a three-building industrial portfolio in Central New Jersey. The borrower was undisclosed. The 410,000-square-foot portfolio consisted of two recently constructed warehouse distribution properties and one existing facility. The location of the properties was not disclosed. The 20-year, fixed-rate loan includes a 30-year amortization schedule. Gretchen S. Wilcox, Al Raymond and Wesley Wilcox of G.S. Wilcox arranged the financing.

May 4, 2018

Acquisitions Connecticut Multifamily Northeast

HFF Arranges Sale of 80-Unit Multifamily Community in Southern Connecticut

by David Cohen May 4, 2018

NEW LONDON, CONN. — HFF has arranged the sale of Gull Harbor, an 80-unit, garden-style multifamily community at 83 Mansfield Road in New London. The sale pertains to 80 one-bedroom units of a 99-unit fractured condominium development. The remaining 19 units are individually owned. The units range in size from 600 to 625 square feet. Adam Dunn and Steven Rutman of HFF represented the seller, Gull Harbor New London LLC and New England Holdings II LLC, and procured the undisclosed buyer. The community features on-site laundry, private off-street parking and on-site management.

May 4, 2018

Acquisitions Mixed-Use New York Northeast

Cushman & Wakefield Brokers Sale of Commercial Building in East Village for $12M

by David Cohen May 4, 2018

NEW YORK CITY — Cushman & Wakefield has arranged the sale of 238-240 East 3rd Street in Manhattan’s East Village neighborhood for $12 million. Michael F. DeCheser,Patrick Dugan, Mei Ling Wong, Andrew Berry and Bryan Hurley of Cushman & Wakefield represented the seller, Third Street Theater LLC, in the transaction. The buyer was Craftwood Partners. The property currently consists of a commercial building that houses offices, a meeting area and a large theatrical studio. The ground floor is approximately 4,500 square feet with 850 square feet on the mezzanine level and 800 square feet in the basement.

May 4, 2018

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