Northeast

The-Residence-at-Penniman-Hill-Hingham-MA

LCB Plans 90-Unit Seniors Housing Community Near Boston

by Amy Works January 23, 2018

HINGHAM, MASS. — The Town of Hingham, a suburb of Boston, has approved the construction of The Residence at Penniman Hill, a 90-unit independent living, assisted living and memory care community. LCB Senior Living LLC is developing the 89,000-square-foot building. All programming was developed in collaboration with the Harvard Medical School, McLean Hospital and Brigham & Women’s Hospital. LCB Senior Living is a Massachusetts-based seniors housing operator and developer with communities throughout New England and the Mid-Atlantic states.

January 23, 2018

Massachusetts Northeast Office Top Stories

CrossHarbor Capital Acquires 1.2 MSF Office Complex Near Boston for $227M

by Katie Sloan January 23, 2018

LOWELL, MASS. — CrossHarbor Capital Partners has acquired Cross Point, a 1.25 million-square-foot office complex located roughly 30 miles northwest of Boston in Lowell, for $227 million, according to reports by the Lowell Sun. The seller was Anchor Line Partners, which acquired the property for $100 million in 2014. The property was built in the early 1980s as the headquarters for Wang Laboratories, which owned the property until the company’s 1994 bankruptcy. Cross Point consists of three internally connected, 14-story office towers. Shared amenities include multiple restaurants and cafés, a fitness center, lawn auditorium, on-site daycare and event space. The property serves as the corporate headquarters for workforce management software company Kronos, which occupies more than 435,000 square feet at the property, according to lease agreements brokered by Cushman & Wakefield on behalf of Kronos in 2016. The company occupies the entire first tower — deemed the Kronos Tower — and additional floors in the second tower. Boston-based CrossHarbor Capital Partners is a commercial real estate investment and asset management firm. The company has invested in more than $13 billion worth of commercial real estate on behalf of endowments, foundations, public and corporate pension plans, financial institutions, family offices, and …

January 23, 2018

Features New York Northeast Top Stories

Attorney: Owners Need to Investigate Whether Possible Tax Increases from New Tax Law Can be Abated

by John Nelson January 23, 2018

President Trump’s Tax Cuts and Jobs Act is the first sweeping reform of the tax code in more than 30 years. Signed into law on Dec. 22, 2017, the plan drops top individual rates to 37 percent and doubles the child tax credit; it cuts income taxes, doubles the standard deduction, lessens the alternative minimum tax for individuals, and eliminates many personal exemptions, such as the state and local tax deduction, colloquially known as SALT. While Republicans and Democrats remain divided on the overhaul’s benefits, there is a single undeniable fact: The sharp reduction of the corporate tax rates from 35 percent to 21 percent will be a boon for most businesses. At the same time, employees seem to be benefiting too, with AT&T handing out $1,000 bonuses to some 200,000 workers, Fifth Third Bancorp awarding $1,000 bonuses to 75 percent of its workers, Wells Fargo raising its minimum wage by 11 percent and other companies sharing some of the increased profits with employees. Companies are showing understandable exuberance at the prospect of lower tax liability, but investments many firms are making in response to the changes may trigger increases in their property tax bills. Some companies already are reinvesting …

January 23, 2018

Northeast Office Pennsylvania

CBRE Arranges $76.9M Sale, Acquisition Financing for 14-Building Office Complex in Metro Philadelphia

by Amy Works January 22, 2018

KING OF PRUSSIA, PA. — CBRE has arranged the sale and acquisition financing of a 14-building office complex located within Renaissance Park in King of Prussia. Radnor, Pa.-based MLP Ventures acquired the portfolio from Liberty Property Trust for $76.9 million. The 641,325-square-foot portfolio consists of 14 single-story office and flex properties. At the time of sale, the buildings were 87 percent occupied. Major tenants include Marsh & McLennan Cos., IKEA, BB&T, RELX Group and MedRisk. Robert Fahey, Jerry Kranzel, Erin Hannan and Jack Corcoran of CBRE Capital Markets represented the seller, and Nick Harris and Steven Doherty of CBRE Debt & Structured Finance procured the financing for the buyer.

January 22, 2018

Multifamily New York Northeast

Delshah Capital Purchases Apartment Building in Manhattan for $18.9M

by Amy Works January 22, 2018

NEW YORK CITY — Delshah Capital has purchased an apartment building located at 138 Ludlow St. in Manhattan’s Lower East Side. Trikupa Realty sold the six-story property for $18.9 million. The six-story property features 27 apartments in a mix of one-, two- and three-bedroom layouts, and retail space that is occupied by two tenants. The buyer plans to renovate the property, including infrastructure improvements, upgraded kitchen appliances, installation of washers, dryers, wine chillers and flooring, and refurbished bathrooms. Michael DeChester of Cushman & Wakefield represented the buyer and seller in the transaction.

January 22, 2018

Multifamily New Jersey Northeast

AMS Acquisitions Buys 85-Unit Silk Lofts in Bayonne, New Jersey, for $32.1M

by Amy Works January 22, 2018

BAYONNE, N.J. — AMS Acquisitions has purchased Silk Lofts, a multifamily property located at 154 Avenue E in Bayonne, for $32.1 million. The former Maidenform factory was redeveloped into a residential loft building in 2009 by Doug Stern of Stern Capital and Leon Cohen (CSR Group). The five-story building features 85 studio, one- and two-bedroom apartments with modern finishes, a variety of amenities and views of the New York City skyline and Bayonne Bridge. AMS Acquisitions plans to add an additional 125 apartments to the site and construct at least two new buildings on the parking lots that surround the property. Steven Matovski of Redwood Realty Advisors represented the undisclosed seller, while Matovski and Jeremy Wernick, also of Redwood, co-represented the buyer in the deal.

January 22, 2018

Massachusetts Northeast Office

Kelleher & Sadowsky Associates Arranges $13.1M Acquisition of Two Office Buildings in Massachusetts

by Amy Works January 22, 2018

MARLBOROUGH, MASS. — Kelleher & Sadowsky Associates has brokered the acquisition of two office buildings located at 150 and 200 Donald Lynch Blvd. in Marlborough. The Minardi Limited Partnership purchased the two buildings from Pondview JV Owner LLC for $13.1 million. Super Stars Learning Center occupies the 9,257-square-foot building at 150 Donald Lynch Blvd., while Brookfield Power, Western Digital and ReWalk Robotics, among others, occupy the three-story 116,762-square-foot building at 200 Donald Lynch Blvd. At the time of sale, the property at 200 Donald Lynch Blvd. was 95 percent occupied. William Kelleher IV and James Cozza of Kelleher & Sadowsky Associates represented the buyer, while Newmark Knight Frank represented the seller in the deal.

January 22, 2018

Loans Mixed-Use Multifamily New York Northeast Office Retail

Ready Capital Structured Finance Secures $6M Loan for Mixed-Use Property in SoHo

by Amy Works January 22, 2018

NEW YORK CITY — Ready Capital Structured Finance has arranged $6 million in financing for the acquisition, renovation and stabilization of a mixed-use property in SoHo. The financing is a non-recourse senior floating-rate bridge loan. The property features 7,500 square feet of retail, office and multifamily space.

January 22, 2018

Massachusetts Northeast Office

NKF Orchestrates $80M Sale of Office Park in Waltham, Massachusetts

by Amy Works January 19, 2018

WALTHAM, MASS. — NKF Capital Markets has arranged the sale of Stony Brook Office Park in Waltham. Jumbo Capital and Sound Mark Partners acquired the office park for $80 million. Robert Griffin, Edward Maher, Matthew Pullen, James Trible and Samantha Hallowell of NKF Capital Markets represented the seller, Clarion Partners, in the deal. Situated on 16 acres, the office park comprises four interconnected buildings totaling 270,196 square feet of institutional-quality office space at 130 Turner St. and a 3,925-square-foot retail asset at Five Turner St. At the time of sale, the property was 100 percent leased, anchored by Brainshark, Wolters Kluwer, TIAA, Stanley Black & Decker, Ultratech, DDJ Capital Management and Wells Fargo.

January 19, 2018

Loans Multifamily New Jersey Northeast

HFF Secures Acquisition Financing for 312-Unit Apartment Community in Lawrenceville, New Jersey

by Amy Works January 19, 2018

LAWRENCEVILLE, N.J. — HFF has secured financing for a joint venture between Rockpoint Group and The Brooksville Co. for the acquisition of Avalon Run East, an apartment community located at 100 Avalon Way in Lawrenceville. Michael Klein and Matthew Pizzolato of HFF arranged the seven-year, floating-rate loan through a national bank. Situated on 69 acres, the property comprises 16 three-story buildings featuring a total of 312 units in a mix of one-, two- and three-bedroom units averaging 1,094 square feet. Community amenities include a heated outdoor pool, tennis courts, a playground, picnic and grilling areas, a fully equipped fitness center, an indoor basketball court and a resident lounge.

January 19, 2018

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