Northeast

O,R&L Commercial Brokers $15.5M Sale of Regional Retail Plaza in East Lyme, Connecticut

by Amy Works October 3, 2017

EAST LYME, CONN. — O,R&L Commercial has arranged the sale of Flanders Plaza, a regional shopping center located at 9-19 Chesterfield Road in East Lyme. Developers Consolidated Realty acquired the property from GFP Flanders Plaza LLC for $15.5 million. Situated on 7.2 acres, the 60,000-square-foot property is anchored by CVS/pharmacy, Tri-Town Foods Supermarket, McDonald’s and Citizens Bank. Jay Morris of O,R&L Commercial represented the seller in the deal. Brett Eagleson of Guilford Savings Bank arranged acquisition financing for the buyer.

October 3, 2017

Massachusetts Northeast Retail

NKF Facilitates Sale of Shopping Center in Burlington, Massachusetts

by Amy Works October 3, 2017

BURLINGTON, MASS. — NKF has arranged the sale of The Shops at Mall Road in Burlington. A private equity fund managed by Crow Holdings Capital Partners acquired the 31,623-square-foot shopping center for an undisclosed price. Current tenants at the fully occupied property include Duluth Trading Co., Catherines, Cycl3, Orangetheory Fitness, Wendy’s and Supercuts. Geoffrey Millerd, Justin Smith, Paul Penman and Christopher Peterson of NKF represented the seller, RJ Kelly, in the transaction.

October 3, 2017

New Jersey Northeast Office

NAI Hanson Negotiates Sale of 16,500 SF Office Building in River Edge, New Jersey

by Amy Works October 3, 2017

RIVER EDGE, N.J. — NAI James E. Hanson has brokered the sale of an office building located at 10 Elizabeth St. in River Edge. Crestview Associates sold the 16,500-square-foot property to NJCF Property for an undisclosed price. The buyer, a check cashing service based in Chicago, plans to renovate the property to bring the building, which was constructed in 1983, up to modern standards. Andrew Somple and Anthony Cassano of NAI Hanson represented the seller in the deal.

October 3, 2017

Massachusetts Multifamily Northeast

WinnCompanies Completes $24.2M Adaptive Reuse of Historic Mill into Multifamily Housing

by Amy Works October 2, 2017

FITCHBURG, MASS. — WinnCompanies has completed a $24.5 million transformation of a 112-year-old yarn mill into a mixed-income multifamily property in Fitchburg. Situated on 7.4 acres along the Nashua River, the three-story, 190,000-square-foot Yarn Works Apartments features 96 residential rental units. The property features a current tenancy mix of 30 percent market renters, 30 percent middle income/workforce earners and 40 percent for residents earning 60 percent or below the area median income. The Architectural Team served as architect, while Colantonia Inc. served as general contractor. WinnResidential manages the property.

October 2, 2017

Loans New Jersey Northeast Retail

CBRE DSF Arranges $14.1M in Acquisition Financing for 88,265 SF Retail Center in New Jersey

by Amy Works October 2, 2017

MOUNT LAUREL, N.J. — CBRE Debt & Structured Finance (CBRE DSF) has arranged $14.1 million in financing for Towne Square Shopping Center in Mount Laurel. The borrower, The Westover Cos., used the loan proceeds to purchase the 88,265-square-foot retail center located at 872 Union Mill Road. At the time of closing, the shopping center was 94 percent occupied. ShopRite Supermarket anchors the center, which was built in 1996. Thomas Gorman and Steven Doherty of CBRE DSF represented the borrower in the transaction. Additionally, Brad Nathanson, Adam Rosenzweig and John Colussi of CBRE arranged the sale of property. The team represented the seller, The Hampshire Cos., in the deal.

October 2, 2017

Massachusetts Multifamily Northeast

Akelius US Acquires 58-Unit Apartment Building in Boston’s Back Bay for $33.5M

by Amy Works October 2, 2017

BOSTON — Akelius US has purchased a multifamily building located at 12-14 Commonwealth Ave. in the Back Bay neighborhood of Boston. An undisclosed seller sold the asset for $33.5 million. Built in 1928, the property features 58 apartments.

October 2, 2017

Industrial Loans Massachusetts Northeast

EagleBridge Capital Arranges $9M in Financing for Industrial Property in Boston

by Amy Works October 2, 2017

BOSTON — EagleBridge Capital has arranged $9 million in permanent mortgage financing for an industrial facility located at 173 Boston St. in Boston. Situated on 3.8 acres, the 57,600-square-foot warehouse and service facility features 20,000 square feet of office space, multiple drive-in doors and a carport. The facility is net leased to Verizon. Ted Sidel and Brian Sheehan of EagleBridge secured the loan for the undisclosed borrower through a financial institution.

October 2, 2017

New Jersey Northeast Office

Rhodium Capital Advisors Buys Office Building in Somerset, New Jersey, for $5.8M

by Amy Works October 2, 2017

SOMERSET, N.J. — Rhodium Capital Advisors has acquired an office building located at 100 Franklin Square Drive in Somerset for $5.8 million. The 107,000-square-foot office building is occupied by a mix of healthcare, education, insurance, technology and legal firms. Rhodium plans to spend $2.4 million for tenant improvements and leasing commissions for existing and new tenants, as well as $350,000 on building-wide capital improvements. Slava Vaynberg of Cushman & Wakefield represented Rhodium in the acquisition. Sol Kinraich and Ryan Goldstein of MLK Real Estate Capital arranged the debt financing, while Jeffrey Zwick & Associates acted as Rhodium’s legal counsel.

October 2, 2017

Multifamily Northeast Pennsylvania

Hanover Co. Opens 339-Unit Apartment Building in Philadelphia

by Amy Works September 29, 2017

PHILADELPHIA — Houston-based Hanover Co. has opened Hanover North Broad, an apartment building located at the corner of North Broad and Callowhill streets in Philadelphia. The property features 339 studio, one- and two-bedroom apartments, as well as 17,000 square feet of retail space. Units feature designer kitchens with stainless steel appliances, granite countertops and luxury finishes, including frameless cabinetry, expansive windows and nine-foot ceilings. On-site amenities include a residents’ clubhouse with private gym, lounge and media room, as well as landscaped courtyards with fire pit, grilling areas, dining areas and a bocce ball court.

September 29, 2017

Connecticut Loans Multifamily Northeast Seniors Housing

KeyBank Provides $12.9M in FHA Financing for Seniors Housing Property in Connecticut

by Amy Works September 29, 2017

NEW HAVEN, CONN. — KeyBank Real Estate Capital has provided $12.9 million in FHA financing to the Jewish Federation of Greater New Haven for Tower One & Tower East, a seniors housing property in New Haven. Built in 1969 and 1981, the apartment complex features 328 age- and incomed-restricted units. Ed Foulon of Key’s Commercial Mortgage Group arranged the financing, which features a 35-year amortization schedule, through the FHA 223(f) mortgage insurance program. Loan proceeds were used to refinance existing debt. The Jewish Federation of Greater New Haven is a non-profit, faith-based, service-oriented organization that provides continuing care and affordable housing to seniors.

September 29, 2017

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