Northeast

Joint Venture Receives $1.5B Construction Financing for 50 Hudson Yards Office Tower in Manhattan

by Katie Sloan September 5, 2017

NEW YORK CITY — A joint venture between Related Cos., Oxford Properties Group and Mitsui Fudosan America Inc. has received $1.5 billion in construction financing for 50 Hudson Yards, a 58-story office tower located within the Hudson Yards development on Manhattan’s West Side. The joint venture has also committed $2.3 billion, bringing the total planned construction costs to $3.8 billion. Wells Fargo, Deutsche Bank, HSBC, Bank of China and Sumitomo Mitsui Banking Corp. served as co-lead arrangers for the $1.5 billion senior construction loan. Located at the northwest corner of 33rd Street and 10th Avenue, the 2.9 million-square-foot building will be New York City’s fourth largest commercial office tower, according to the joint venture. BlackRock, an investment management firm, will locate its corporate headquarters at the property, occupying 850,000 square feet across 15 floors. The building — designed by architecture firm Foster + Partners — will feature access points on all four sides and a subway concourse below; private sky lobbies; outdoor terraces; executive valet parking; on-site bike storage; connection to shops and restaurants at Hudson Yards; and an outdoor observation deck. Site work has commenced with vertical construction scheduled to begin this fall. The building is slated for completion in 2022. Related Cos. and Oxford Properties …

September 5, 2017

Multifamily New York Northeast

Jefferson Avenue Apartments Underway in Buffalo, New York

by Jaime Lackey September 1, 2017

BUFFALO, N.Y. — Sinatra & Company Real Estate and People Inc. have broken ground on Jefferson Avenue Apartments, a $24 million, two-building project in Buffalo’s Masten District. The project will include 84 mixed-income units, with 16 units to be reserved for people who have developmental disabilities but live independently. The apartment buildings will feature one- and two-bedroom units, a community room with a small kitchen, on-site laundry facilities, green space and off-street parking. The project will also include a 23,000-square-foot space that will house a recruitment and program services office for People Inc. Development team partners include Creative Structures Services, Bellamy Enterprises and Long Associates Architects. Financing for the project is expected to come from the City of Buffalo, Empire State Development, NYS Housing Finance Agency, NYS Housing and Community Renewal and the NYS Office for Persons with Developmental Disabilities, as well as federal and state low-income housing tax credits.

September 1, 2017

New York Northeast Office

NYC Department of Investigation Signs 276,000 SF Lease at 180 Maiden Lane

by Jaime Lackey September 1, 2017

NEW YORK CITY — Meyer Last and Ross Wasserman of Fried Frank acted as counsel to Downtown NYC Owner LLC, a joint venture of MHP Real Estate Services and Clarion Partners, in connection with a nine-floor, 276,000-square-foot lease to New York City’s Department of Citywide Administrative Services at 180 Maiden Lane, a 1.2-million-square-foot Class A building in Lower Manhattan. The city’s Department of Investigation will consolidate from five separate offices into one location.

September 1, 2017

Multifamily New York Northeast

HFF Arranges $60.9M Sale of 117-Unit Multifamily Property in Manhattan

by Jaime Lackey September 1, 2017

NEW YORK CITY — Holliday Fenoglio Fowler (HFF) has brokered the $60.9 million sale of 321 East 22nd Street, a multifamily property in Manhattan’s Gramercy Park neighborhood. The property is located within three blocks of the 4, 6, N, Q, R and W train lines and near Gramercy Park and Madison Square Park. The six-story building encompasses 117 residential units and 2,800 square feet of commercial space, which is leased to Synergy Fitness. Jeff Julien, Rob Hinckley and Andrew Scandalios of HFF represented the seller, Benedict Realty Group, and procured the buyer, Akelius.

September 1, 2017

Multifamily New York Northeast Student Housing

DMG Investments Breaks Ground on 322-Bed Community Near the State University of New York at Albany

by Jaime Lackey September 1, 2017

Albany, N.Y. — DMG Investments has broken ground on a 322-bed student housing community located near the State University of New York at Albany campus in Albany. The $30.5 million community will be located at the former Red Carpet Inn site at 1385 Washington Ave. The four-story, 142,000-square-foot property will offer one-, two-, three- and four-bedroom, fully furnished units with bed-to-bath parity. Shared amenities will include partially underground parking, in-unit washers and dryers, a fitness center, study room, resident’s lounge, gaming room, on-site tanning and courtyards. A timeline for the project has yet to be announced.

September 1, 2017

Loans Massachusetts Multifamily Northeast

MassHousing Closes on $37.2M in Financing for Workforce Housing in Quincy, Massachusetts

by Jaime Lackey August 31, 2017

QUINCY, MASS. — Construction is underway at The Watson, a 140-unit multifamily project on a 1.7-acre site at 116 East Howard Street in Quincy, adjacent to the former Fore River Shipyard. The project involves the demolition of a long-vacant former office building. DellBrook Construction is building the project, with completion slated for July 2018. Eighty-six of the 140 units at the Watson will be workforce housing units, affordable to middle-income households. The workforce housing units will be targeted to households earning at or below 110 percent of the Area Median Income, or $113,740 for a family of four. Twenty-eight of the units will be affordable to households earning at or below 50 percent of AMI, or $51,700 for a family of four. The remaining 26 apartments will be rented at market rates. MassHousing is providing developers, the WinnCompanies and NeighborWorks, a $29.3 million permanent mortgage, $7 million in workforce housing financing from MassHousing’s Opportunity Fund, and $900,000 from the Affordable Housing Trust Fund, which MassHousing manages on behalf of the Massachusetts Department of Housing and Community Development (DHCD). The 86 workforce housing units at the Watson represent the largest number of workforce units for a single project financed through MassHousing’s …

August 31, 2017

Healthcare New York Northeast

The Congress Cos. to Break Ground on $60M White Plains Institute for Rehabilitation & Healthcare

by Jaime Lackey August 31, 2017

WHITE PLAINS, N.Y. — White Plains Healthcare Properties I LLC has selected The Congress Companies as developer and the joint venture Congress/Consigli JV as the construction manager for the 110,000-square-foot White Plains Institute for Rehabilitation & Healthcare. The $60 million dollar facility consists of 160 beds of skilled nursing, including 76 specialized rehabilitation beds, 42 Alzheimer’s secure beds, and 42 long-term care beds. It will be operated by tenant EPIC Healthcare. The Architectural Team (TAT), of Chelsea, Mass., designed the facility. Congress/Consigli JV worked with TAT and EPIC to bring the project through pre-construction to the construction phase, providing scheduling, line item budgeting, value engineering, cost estimating, and evaluations of alternative building system options. A groundbreaking ceremony will be held Sept. 7.

August 31, 2017

LBC-Boston_1505-Comm-Ave-Nova-Residences_Rendering-by-SN-Consulting-Group-DF-Pray

Massachusetts Multifamily Northeast

LBC Boston Opens 80-Unit Nova Residences in Boston

by Jaime Lackey August 31, 2017

BOSTON — LBC Boston has opened Nova Residences, a six-story, 68,000-square-foot building that offers 80 residential units at 1505 Commonwealth Avenue in the Brighton neighborhood of Boston. Ten of the units at the $25 million complex are designated as affordable. Developed, owned and operated by LBC Boston, Nova Residences offers energy-efficient stainless-steel appliances, modern cabinetry, and laundry appliances in each unit. Designed to achieve LEED certification, the building features a fitness center, community/game room, dog grooming station, and on-site management office with package receiving service. Community space extends outdoors with landscaped patios, an 80-car parking lot, and on-site bike storage. The three-year project — LBC Boston’s first residential project in Boston — is part of “Housing a Changing City: Boston 2030,” the city of Boston’s housing plan. The project was 100 percent occupied at opening. Rents range from $1,850 to $3,250 per month, with the unit mix including studios, lofts, and a mix of one- and two-bedroom apartments. The project team included SN Consulting Group as architect; D.F. Pray Contractors, construction manager; RBLA Design, landscape architect; Zade Associates, MEP engineer; Allen & Major Associates, structural engineer; Bohler Engineering, civil engineer; Wayne J. Griffin Electric, electrical contractor; NV5, LEED consultant; and …

August 31, 2017

Multifamily Northeast Pennsylvania Seniors Housing

Presbyterian Senior Living Completes 41-Unit Expansion in Pennsylvania

by Jeff Shaw August 31, 2017

HOLLIDAYSBURG, PA. — Presbyterian Senior Living recently held a dedication for Inglenook at Presbyterian Village, a 41-unit expansion at Presbyterian Village at Hollidaysburg, approximately 90 miles east of Pittsburgh. The new building will add to the property’s existing 31 independent living, 43 assisted living and 67 skilled nursing units. Albarano Construction began work on the property in January 2016.

August 31, 2017

Industrial Massachusetts Northeast

Gramercy Property Trust to Purchase $331M, Nine-Property Industrial Portfolio

by Jaime Lackey August 30, 2017

NEW YORK CITY — New York City-based REIT Gramercy Property Trust (GPT) has entered into an agreement with a private real estate development and investment company to acquire a nine-property, 2 million-square-foot portfolio of Class A industrial buildings for $331 million. The portfolio is 100 percent leased with a weighted average remaining lease term of 10.4 years. The properties are located in Atlanta; Boston; Charlotte, North Carolina; Chicago; the Inland Empire; Minneapolis; Reno, Nevada; and Spartanburg, South Carolina. More than 80 percent of the NOI for the portfolio is concentrated in four markets (Atlanta, Boston, Chicago and the Inland Empire) and nearly 90 percent of the rent from the portfolio comes from a single tenant. At closing, which is expected to occur by the end of third quarter 2017, GPT will assume $137 million of in-place debt, and will issue $133 million in operating partnership units (OP units) to fund the acquisition. The OP unit price will be based on a 30-day volume-weighted average price as of August 29, 2017, or $29.56 per share. The company is acquiring the portfolio at a 6.3 percent cash capitalization rate. Including this nine-property industrial portfolio, as well as other recently announced transactions under …

August 30, 2017

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