Northeast

Sun Equity Partners Acquires 452,414 SF Flex Building in Shelton, Connecticut, for $26.2M

by Amy Works August 14, 2017

SHELTON, CONN. — Sun Equity Partners has purchased a flex building located at 710 Bridgeport Ave. in Shelton. RA 710 Bridgeport Avenue LLC, an entity controlled by RNY Property Trust, sold the property for $26.2 million. At the time of sale, the 452,414-square-foot property was 72 percent leased by a variety of tenants, including PerkinElmer Health Sciences and Panolam Industries International. The property is approximately 30 percent office and R&D space, with the remainder warehouse and distribution space. Additionally, the facility features 16 loading docks and nearly 870 parking spaces. Jeffrey Dunne and Steven Bardsley of CBRE represented the seller and procured the buyer in the deal.

August 14, 2017

Maine Multifamily Northeast

Presidium Group, Helios Purchase 407-Unit Multifamily Portfolio in Mid-Coast Maine

by Amy Works August 14, 2017

BRUNSWICK AND TOPSHAM, MAINE — A joint venture between Presidium Group and Portland, Maine-based Helios has acquired a 407-unit multifamily portfolio in the Mid-Coast area of Maine for an undisclosed price. The portfolio includes five assets located adjacent to the former Brunswick Naval Air Base in Brunswick and a sixth property located in the neighboring town of Topsham. The portfolio consists of a combination of townhouses, garden-style apartments, single-family homes and land for future development. The Mid-Coast area consists of approximately 95,000 people within a 15-mile radius. The name of the seller was not released.

August 14, 2017

Loans Multifamily New Jersey Northeast

Sterling Properties Receives $146.6M in Refinancing for Apartment Community in New Jersey

by Amy Works August 14, 2017

FRANKLIN LAKES, N.J. — Sterling Properties has received a $146.6 million mortgage loan for the refinancing of Mill Pond Apartments, a garden-style apartment complex located in Franklin Lakes. New York Life Real Estate Investors arranged the 10-year, fixed-rate loan. The Class A property features 100 apartments.

August 14, 2017

Loans New York Northeast Retail

Associated Bank Funds $15.3M Loan for Building Conversion to Self-Storage Facility in New York

by Amy Works August 14, 2017

HEWLETT, N.Y. — Chicago-based Associated Bank has closed a $15.3 million construction loan for 1150 Broadway Holdings LLC/LSC Development. The borrower plans to convert an existing warehouse/office building, located at 1150 Broadway in Hewlett, into a 111,900-square-foot multi-story self-storage facility. Slated to open in late 2018 or early 2019, the new facility will feature approximately 2,116 climate-controlled storage units. Edward (Ted) Notz of Associated Bank’s commercial real estate division managed the loan and closing.

August 14, 2017

Industrial New Jersey Northeast Office

Weiss Realty Brokers Sale of Office, Flex Building in Pine Brook, New Jersey

by Amy Works August 14, 2017

PINE BROOK, N.J. — Weiss Realty has arranged the sale of an office and flex building located at 34 Maple Ave. in Pine Brook. iStar Realty acquired the property from a partnership between the principals of CHT Group and Jaime Weiss, managing member of 34 Maple Avenue LLC, for an undisclosed price. Situated on 10.4 acres, the property features 130,180 square feet of space. Prior to the sale, Weiss Realty acted as property manager and leasing agent for the ownership. Greg Sabato and Scott Peck of Resource Realty of Northern New Jersey represented the buyer in the transaction. Meyner & Landis of Newark, N.J., acted as legal advisor to the seller, while Roseland, N.J.-based Mandelbaum Salsburg acted as counsel to the buyer.

August 14, 2017

Massachusetts Multifamily Northeast Top Stories

BHA Selects WinnCompanies for $1.6B Redevelopment of Public Housing Property in Boston

by Taylor Williams August 14, 2017

BOSTON — The Boston Housing Authority (BHA) has selected WinnCompanies, a Boston-based developer of mixed-income multifamily properties, to deliver a $1.6 billion redevelopment of the Mary Ellen McCormack public housing development in South Boston. The redevelopment project will demolish the 27 three-story buildings that comprise the property. It will replace all of the existing 1,016 units with a combination of workforce housing for middle-income residents, as well as market-rate apartments and condominiums. The total number of units will remain the same. The BHA intends for the project to leverage the 27-acre property’s market value to avoid displacement of and preserve affordability for the city’s low-income residents. It also aims to ensure that the property will remain operational in the long run. “It is important that we think outside the box to preserve our existing affordable housing and develop new housing to meet the future needs of all our city’s residents,” says Boston Mayor Martin Walsh. “This project has the potential to meet the housing needs of people from a broad spectrum of economic backgrounds.” Mary Ellen McCormack was built in the 1930s and is the first public housing project in New England. The redevelopment site will be located along Old …

August 14, 2017

Multifamily New York Northeast Student Housing

United Group Opens 268-Bed Community Near Hudson Valley Community College in Troy, New York

by Amy Works August 11, 2017

TROY, N.Y. — United Group of Companies Inc. has opened College Suites at Hudson Valley, a 268-bed student housing community located near Hudson Valley Community College in Troy, New York. The $24 million property offers two- and four-bedroom, fully furnished units. Shared amenities include a fitness center and bike storage, laundry facility, and computer studio, as well as study and lounge areas.

August 11, 2017

Healthcare Loans New York Northeast Office

Case Real Estate Capital Funds $16M Loan for Commercial Redevelopment Site in Queens

by Amy Works August 11, 2017

NEW YORK CITY — Case Real Estate Capital has funded a $16 million first mortgage loan secured by a commercial redevelopment site in the Flushing neighborhood of Queens. The borrower is Regent Medical Properties. The loan proceeds will be utilized to facilitate the acquisition of land and initiate pre-development work on the 20,803-square-foot site. The land parcel is slated for a 12-story medical office building with an ambulatory surgery center and street-level commercial space.

August 11, 2017

Industrial New Jersey Northeast

HFF Secures $14.9M in Financing for Warehouse Facility, Land Site in South Brunswick, New Jersey

by Amy Works August 11, 2017

SOUTH BRUNSWICK, N.J. — HFF has secured $14.9 million in financing for a warehouse distribution building and adjacent 16-acre development site located at 83 Stults Road in South Brunswick. Michael Klein and Eric Tupler of HFF arranged the three-year, floating-rate loan through Malvern Federal Savings Bank for the borrower, a partnership between EverWest Real Estate Partners and Accordia Realty Ventures. Loan proceeds will be used to cover acquisition and closing costs associated with the purchase, pay for planned capital improvements to the property and cover soft costs associated with securing approvals for the development site. The 368,537-square-foot, rail-served warehouse building features 24-foot clear ceiling heights, 23 loading docks, one drive-in dock and 14,745 square feet of office space. The borrower plans to subdivide the property and erect a 200,000-square-foot warehouse on the adjacent land parcel. The existing property is subject to a short-term sale-leaseback with Hermann Services Inc.

August 11, 2017

Connecticut Multifamily Northeast

Northeast Private Client Group Facilitates $3M Sale of Apartment Property in Ashford, Connecticut

by Amy Works August 11, 2017

ASHFORD, CONN. — Northeast Private Client Group has brokered the sale of Ashford Hills Apartments, a 52-unit apartment community located at 95 Varga Road in Ashford. Brookline, Mass.-based Naviah Investment LLC acquired the property from Affordable Realty One LLC for $3 million. Bradley Balletto and Taylor Perum of Northeast Private Client Group represented the undisclosed seller and sourced the buyer in the deal. The property features 28 one-bedroom, 20 two-bedroom and four three-bedroom units with parking.

August 11, 2017

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