Northeast

Markward Group Arranges Sale of 18,086 SF Industrial Facility in Allentown

by David Cohen June 5, 2018

ALLENTOWN, PA. — The Markward Group has arranged the sale of 211 Lloyd Street, an 18,086-square-foot industrial facility located on 2.26 acres in Allentown. The sales price was not disclosed. Chip Miers of Markward Group represented the seller, Kay Louise Krapf, in the transaction. The buyer, Serfass Development and Acquisitions, was represented by Ann Kline of Markward Group. The building has been in use as a truck terminal and service repair garage for Ransome CAT. Prior to the sale, the property was leased to ABLE Equipment Rental Inc. ABLE is a supplier of construction equipment rentals and plans to open the Lloyd Street facility in Allentown as its fifth location in the Northeast.

June 5, 2018

Acquisitions Connecticut Mixed-Use Northeast

Allied Property Group Orchestrates Sale of Mixed-Use Building in Greenwich for $6.5M

by David Cohen June 5, 2018

GREENWICH, CONN. — Allied Property Group has orchestrated the sale of a mixed-use building at 171-173 Greenwich Ave. in Greenwich for $6.5 million. The three-story property consists of a 3,700-square-foot retail storefront leased to Club Monaco and four apartment units. Thomas Torelli of Allied Property Group represented the undisclosed seller in the transaction and Matt Torrance of Cushman & Wakefield represented the buyer, Winter HPG.

June 5, 2018

Acquisitions Hospitality New York Northeast

MGM Resorts, MGM Growth Properties to Acquire Empire City Casino in Yonkers for $850M

by David Cohen June 4, 2018

YONKERS, N.Y. — MGM Resorts International and MGM Growth Properties LLC have announced plans to acquire the property and operations associated with the Empire City Casino’s race track and casino for $850 million. MGM Resorts will buy the property, then transfer it to its real estate subsidiary, MGM Growth Properties, and execute a sale-leaseback transaction to make MGM Resorts the tenant on the 97-acre site. The transactions are expected to close in the first quarter. MGM Resorts will pay $850 million, including the refinancing of Empire City’s outstanding debt, which is expected to be $245 million. MGM Resorts has also agreed to pay an additional $50 million if Empire City is awarded a license for live table games on or prior to Dec. 31, 2022 and MGM Resorts accepts such license by Dec. 31, 2024. Empire City serves approximately 16 million eligible gaming customers in southern New York and is located only 15 miles from Times Square in Manhattan. The casino offers gaming, dining, and entertainment as well as slots, electronic table games and live horse racing.

June 4, 2018

Loans Multifamily Northeast Pennsylvania Student Housing

Grandbridge Secures $35.8M Refinancing Through Freddie Mac for Student Housing Property in Philadelphia

by David Cohen June 4, 2018

PHILADELPHIA — Grandbridge Real Estate Capital has secured a $35.8 million refinancing for The Edge, a 602-unit, purpose-built student housing property near Temple University in Philadelphia. Gill Dolan and Blake Willeford of Grandbridge arranged the floating-rate, first mortgage loan for the undisclosed borrower through Freddie Mac. The financing was structured with an initial period of interest-only payments, followed by a 10-year term and 30-year amortization. The borrower requested a floating-rate loan to facilitate the refinancing of the existing CMBS mortgage, according to Grandbridge Vice President Gill Dolan. Built in 2006, the property is situated on a 1.7-acre site just south of Temple University’s main campus. The 12-story student housing community contains 1,067 beds across 602 units. Amenities include a two-story fitness center, study rooms, grilling stations and on-site laundry facilities.

June 4, 2018

Acquisitions New Jersey Northeast Office

Colliers Negotiates $10M Sale of Office Building in New Jersey

by David Cohen June 4, 2018

PISCATAWAY, N.J. — Colliers International has negotiated the $10 million partial sale-leaseback of 1 Corporate Place South, a multi-tenant office building in Piscataway that spans 88,780 rentable square feet. Jacklene Chesler, Patrick Norris, Matthew Brown and Angelo Vitale of Colliers represented the seller, Princeton Equities LLC, in the transaction. The buyer was a private New Jersey-based investor. The property, which is situated on a 5.5-acre site, was built in 1981 and upgraded in 1997. Additional lobby and façade renovations were completed in 2009. The building is fully occupied by four tenants including Marlabs, a technology firm that is the properties’ anchor tenant.

June 4, 2018

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $5.2M Sale of Apartment Community in Harlem

by David Cohen June 4, 2018

NEW YORK CITY — Marcus & Millichap has brokered the sale of 1975 Adam Clayton Powell Jr. Blvd, a 20-unit apartment community located in Harlem. The property sold for $5.2 million at a cap rate of 3.7 percent. Peter Von Der Ahe, Joe Koicim, Seth Glasser and Jacob Kahn of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was Le Vian Properties. The 13,943-square-foot building features 37 feet of frontage on Adam Clayton Powell Jr. Blvd.

June 4, 2018

Loans Multifamily New York Northeast

Meridian Capital Arranges $4.5M Refinancing for Multifamily Property in Queens

by David Cohen June 4, 2018

NEW YORK CITY — Meridian Capital Group has arranged a $4.5 million refinancing for a 40-unit multifamily property in the Jackson Heights neighborhood of Queens. The 10-year loan, which was provided by a balance sheet lender, features a 4 percent interest rate with two years of interest-only payments followed by a 30-year amortization schedule. The borrower was undisclosed. Michael Homapour of Meridian arranged the financing. The four-story property is located on 88th Street in northwestern Queens.

June 4, 2018

Loans Mixed-Use New York Northeast

JLL Arranges $104M Refinancing for Mixed-Use Property in Brooklyn

by David Cohen June 1, 2018

NEW YORK CITY — JLL has arranged a $104 million loan to refinance Redbridge, an 85,000-square-foot mixed-use residential and retail property in the Williamsburg neighborhood of Brooklyn. The property is located at 237–241 Bedford Ave., 160–164 North 4th St. and 159–173 North 3rd St. Retail tenants at Redbridge include Sephora, Alo Yoga, Flywheel, by Chloe, Dig Inn, Sweetgreen and UVA Wines. JLL worked on behalf of RedSky Capital, JZ Capital Partners and Waterbridge Capital to place the loan with JP Morgan Chase & Co. RedSky Capital acquired the portfolio in 2012. The portfolio also includes 20,000 square feet of retail space at 247 Bedford Ave., which is currently occupied by Apple Inc. and The Corcoran Group.

June 1, 2018

Development Multifamily New York Northeast Seniors Housing

WinnDevelopment Officially Opens Active Adult Community in Rochester, New York

by David Cohen June 1, 2018

ROCHESTER, N.Y. — WinnDevelopment has officially opened The Landmark at Sibley Square, an active adult community located at 250 East Main St. in Rochester. Designed for active residents 55 and older, the units are located on floors 7 and 8 of the 1.1 million-square-foot building. The Landmark features one- and two-bedroom units with amenities that include a 24-hour fitness center, community space with a kitchen and living room, a library and a dog park. The opening of The Landmark follows the completion of the 104-unit Spectra at Sibley Square apartments on floors 9-12 of the building. Floors 3-5 have recently been approved for workforce housing with construction scheduled to begin later this year.

June 1, 2018

Delaware Hospitality Loans Northeast

Buccini/Pollin Receives $36.5M Loan to Refinance Westin Wilmington

by David Cohen June 1, 2018

WILMINGTON, DEL. — The Buccini/Pollin Group has received a $36.5 million loan to refinance the Westin Wilmington, a 180-room, full-service hotel located at 818 Shipyard Drive in Wilmington. Jordan Roeschlaub, Dustin Stolly, Nick Scribani and Chris Kramer of NKF Capital Markets arranged the loan on behalf of Buccini/Pollin through Goldman Sachs and Quadrant Real Estate Advisors. The hotel is connected to the Chase Center, which is the largest special event facility in the Brandywine Valley with more than 87,000 square feet of meeting space. The property was built in 2014 and features 5,780 square feet of meeting space as well as a restaurant, lounge, indoor pool and fitness center.

June 1, 2018

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