Northeast

MassHousing Provides $5.1M in Financing for Redevelopment of Central Building in Worcester

by David Cohen May 10, 2018

WORCESTER, MASS. — MassHousing has provided $5.1 million in affordable housing financing to support the redevelopment of Worcester’s Central Building. The financing will allow the borrower, Central Building Development Group, to transform a vacant office building into a 55-unit, mixed-income housing community with 14 workforce-housing units. Dellbrook JKS is serving as general contractor on the project with The Architectural Team serving as architect. MassHousing provided a $3.7 million permanent loan and $1.4 million in workforce housing funding from the agency’s $100 million workforce housing initiative. The project also received $12 million through an allocation of federal and state low-income housing tax credits by the Massachusetts Department of Housing and Community Development. The property, which is located at 332 Main St., was built in 1925 as an office building and has been vacant for several years. Of the 55 units in the building, 50 will be allocated to lower-income households.

May 10, 2018

Industrial Leasing Activity New Jersey Northeast

Accordia, EverWest Lease 369,000 SF of Industrial Space to One Stop Logistics in New Jersey

by David Cohen May 10, 2018

SOUTH BRUNSWICK, N.J. — Accordia Realty Ventures and EverWest Real Estate Investors have leased 369,000 square feet of industrial space to One Stop Logistics LLC. The 10-year lease is for a property located at 83 Stults Road in the Dayton neighborhood of South Brunswick, approximately midway between New York City and Philadelphia. JLL represented Accordia and EverWest in the transaction. Blau & Berg Co. represented the tenant. Set on 34 acres, the distribution and warehouse facility was constructed in 1974 and includes 20,382 square feet of office space. The building offers 24 interior loading doors, with cross-dock loading. Accordia and EverWest acquired the property and an additional 20 acres of adjacent land from Hermann’s Services in February 2017.

May 10, 2018

Acquisitions Multifamily New York Northeast Seniors Housing

ESI Brokers Sale of Two-Property Seniors Housing Portfolio in Upstate New York

by David Cohen May 10, 2018

STAMFORD, N.Y. — Evans Senior Investments (ESI) has arranged the sale of Robinson Terrace, a two-building assisted living and skilled nursing campus in the small, Upstate New York town of Stamford. The property comprises a 120-bed skilled nursing facility built in 1973 and a 55-unit assisted living facility built in 2011. The two properties are located less than two miles from each other. Although the properties featured an occupancy rate above 90 percent over the 12 months preceding the sale, the property was operating at a loss. ESI represented the seller, a local nonprofit organization seeking an operator that could provide the same level of care but turn around the financial performance. The buyer was a regional, for-profit owner-operator. The price was not disclosed.

May 10, 2018

Acquisitions New York Northeast Retail

Charterhouse Acquires Kinney Drugs Location in New York for $2.8M

by David Cohen May 10, 2018

ELIZABETHTOWN, N.Y. — Charterhouse Development Corp. has acquired a Kinney Drugs retail store in Elizabethtown for $2.8 million. Located at 7550 Court St. in the small town in Upstate New York, STORE Master Funding X LLC sold the 11,598-square-foot store. Kinney Drugs is a national pharmacy chain with more than 110 locations primarily in Central and Northern New York.

May 10, 2018

Development Northeast Office Pennsylvania

City Center Investment Opens Class A Office, Retail Tower in Allentown

by David Cohen May 9, 2018

ALLENTOWN, PA. — City Center Investment Corp. has opened Tower 6, a Class A office and retail building in downtown Allentown. Tower 6 is a 145,000-square-foot, 12-story, glass and steel building with floor-to-ceiling windows and is located at 600 Hamilton St. The building officially opened May 3. The building’s tenants include Bank of America Merrill Lynch, Avantor, Talen Energy, CrossAmerica Partners, NJR Energy Services, fedRFP and Morton Brown Family Wealth. The top of Tower 6 features Merrill Lynch signage. City Center Investment Corp. partnered with a number of Lehigh Valley companies to design and construct Tower 6, including Spillman Farmer Architects, RETTEW Engineering, Serfass Construction, DesignPoint, Offix Systems, Lutron, K&H Window Treatments, ESG Systems and CFI, a Knoll furniture dealer.

May 9, 2018

Acquisitions Connecticut Northeast

Meridian Capital Arranges $53M Acquisition Loan for Apartment Community Near New Haven

by David Cohen May 9, 2018

HAMDEN, CONN. — Meridian Capital Group has arranged $53 million in acquisition financing for an apartment community in Hamden, six miles north of New Haven. The 10-year loan features a fixed rate of 4.49 percent with five years of interest-only payments followed by a 30-year amortization schedule. Shaya Ackerman and Shaya Sonnenschein of Meridian arranged the financing with the sponsor, GM Equities. Located at 676 Mix Ave., Broadmoor Apartments consists of 468 units spread across six, six-story buildings. Amenities include a clubhouse, fitness center, resort-style pool, tennis court and picnic areas.

May 9, 2018

Acquisitions Multifamily Northeast Pennsylvania

Marcus & Millichap Brokers $10.6M Sale of Apartment Complex in Suburban Philadelphia

by David Cohen May 9, 2018

CHALFONT, PA. — Marcus & Millichap has brokered the sale of Grey Friars at Chalfont, a 78-unit apartment complex in Chalfont, about 30 miles north of Philadelphia. The property, which is located at 4106 Grey Friars Terrace, sold for $10.6 million. The buyer and seller were undisclosed. The garden-style apartment complex is comprised of eight two-story buildings set on nearly nine acres and includes 26 one-bedroom and 52 two-bedroom units.

May 9, 2018

Acquisitions Mixed-Use New York Northeast

Rosewood Negotiates Sale of Office Building in Queens for $9.2M

by David Cohen May 9, 2018

NEW YORK CITY — Rosewood Realty Group has negotiated the sale of an office building in Jamaica, Queens for $9.2 million. The 16,791-square-foot building is located at 175-20 Hillside Ave. and was built in 1973. The four-story building is currently fully leased to St. Joseph’s Hospital, Labcorp and a pharmacy on the ground floor. The property also includes 30 outdoor parking spaces. Michael Guttman of Rosewood represented the seller, 175-20 Hillside LLC, in the transaction. Jacob Setton of Rosewood represented the undisclosed buyer.

May 9, 2018

New York Northeast Retail

A&G Realty Partners to Arrange Sale of More Than 230 Bon-Ton Owned, Leased Properties

by David Cohen May 9, 2018

MELVILLE, N.Y. — A&G Realty Partners has been retained to arrange the sale of all of The Bon-Ton Stores Inc.’s assets. The retailer, which has stores and leases in 23 states, filed for Chapter 11 bankruptcy in February. Melville-based A&G will arrange the transaction on behalf of a joint venture between Great American Group LLC, Tiger Capital Group LLC and Bon-Ton’s second lien noteholders. The joint venture acquired Bon-Ton’s assets in April after submitting the winning bid to the U.S. Bankruptcy Court for the District of Delaware. The retailer’s assets include 22 fee-owned properties, seven ground leases, and 194 leased properties with a significant amount of lease term remaining. The assets include 157 department stores at regional malls, 39 locations in open-air shopping centers, 16 freestanding stores, nine furniture galleries and two clearance stores, all operating under the Bon-Ton, Boston Store, Bergner’s, Carson’s, Elder-Beerman, Herberger’s and Younkers nameplates. Most of the company’s department stores range from 80,000 to 125,000 square feet, with some as large as 200,000 square feet. In addition to the stores, A&G is marketing the sale of five office facilities and four distribution centers, including a 1.1 million-square-foot fulfillment center in West Jefferson, Ohio.

May 9, 2018

Development Multifamily New York Northeast Top Stories

JD Carlisle, Fosun International Receive $350M Loan to Build Luxury Multifamily Tower in Manhattan

by Kristin Harlow May 9, 2018

NEW YORK CITY — JD Carlisle Development Group and Fosun International have received a $350 million loan for the construction of a 66-story luxury condominium project in Manhattan’s NoMad neighborhood. The 199-unit tower will be located at 126 Madison Ave., also known as 15 East 30th St. Once known for its wholesale stores along Broadway Street, NoMad is now a hotbed for luxury condo buildings. Designed by Handel Architects, the project will span 400,408 square feet and include 4,093 square feet of retail space. Amenities will include an indoor pool, private party room, dining room, lounge, fitness center and full-time doorman. The building is slated for completion in 2021. Adam Hakim, James Murad and Andrew Ladeluca of Eastern Consolidated arranged the construction loan, which was provided by Bank of the Ozarks. Jon Mechanic, Nathaniel Lifschitz, Danielle Frank and Shelby Smith of Fried Frank acted as counsel on behalf of the developers. Other recent luxury residential developments for JD Carlisle in Manhattan include 160 Madison Ave., the Beatrice, Centria, Cielo and Morton Square. The New York-based firm was founded in 1946. In addition to 126-132 Madison Ave., Shanghai-based Fosun International owns 28 Liberty St. in Manhattan. — Kristin Hiller

May 9, 2018

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