Northeast

Stonehill Taylor Designs 251-Room Hotel in Hudson Yards District of Manhattan

by Amy Works January 15, 2018

NEW YORK CITY — Stonehill Taylor has designed HY36, a hotel in the Hudson Yards district, for owners LLR Holdings LLC and Intercontinental Hotel Group. Open in fall 2017, the hotel features 251 rooms; a business lounge; an outside patio with a full bar and retractable skylight roof; a full gym; two meeting rooms; and The Great American, a destination restaurant. The hotel features an industrial design that emulates the nearby transportation hubs, including Penn Station, Port Authority Bus Terminal, Lincoln Tunnel and Grand Central Station. The façade is composed of corrugated metal and glass panels arranged in a rhythmic vertical configuration. K & Co. designed the interior spaces, with Glen Cohen designing the guestrooms. Intercontinental Hotel Group operates the property.

January 15, 2018

Mixed-Use Multifamily New York Northeast Retail

Rosewood Realty Facilitates $13.2M Sale of Three Mixed-Use Buildings in Manhattan

by Amy Works January 15, 2018

NEW YORK CITY — Rosewood Realty Group has arranged the sale of three contiguous mixed-use buildings on Amsterdam Avenue in Washington Heights. A private investor, 2372-2376 Amsterdam Avenue NYC, acquired the properties from 2372-2376 Amsterdam Avenue LLC for $13.2 million. The buildings, located at 2372, 2374 and 2376 Amsterdam Ave., total 41,353 square feet. The properties consist of two five-story mixed-use walk-up buildings and one six-story mixed-use building with a total of 58 apartments and eight retail stores, including a barbershop and a grocery store. The properties were built between 1906 and 1908.

January 15, 2018

Northeast Office Pennsylvania

HFF Brokers $6.6M Sale of Office Building in Metro Philadelphia

by Amy Works January 15, 2018

PHOENIXVILLE, PA. — HFF has arranged the sale of a single-tenant office building located at 1140 Valley Forge Road in Phoenixville, a suburb of Philadelphia. A Philadelphia-based family office sold the building for $6.6 million. Constructed as a build-to-suit in 1994 for Environmental Standards Inc., the property features 30,588 square feet of office space, including a 10,000-square-foot expansion that was added in 2013. Brett Segal and Doug Rodio of HFF represented the seller in the deal.

January 15, 2018

Mixed-Use Multifamily New York Northeast Retail

AMAC Acquires Mixed-Use Property in Manhattan for $59M

by Amy Works January 12, 2018

NEW YORK CITY — AMAC, a Midtown Manhattan-based real estate investment firm, has purchased 10 Rutgers Street, a mixed-use property located in downtown Manhattan. Hudson Cos. sold the property for $59 million. Located at the intersection of the Lower East Side and Two Bridges neighborhoods, the asset features 83 residential units and seven retail spaces. The eight-story property features a unit mix of studios, one- and two-bedroom units; amenities include a doorman, a gym, a landscaped garden and a bike room. AMAC plans to renovate the units, common areas and amenities.

January 12, 2018

Affordable Housing Connecticut Loans Multifamily Northeast

Greystone Provides $55.2M Loan for Affordable Housing Acquisition in Stamford, Connecticut

by Amy Works January 12, 2018

STAMFORD, CONN. — Greystone has provided $55.2 million in Freddie Mac financing for the acquisition of an affordable housing community in Stamford. Dan Sacks of Greystone originated the loan in conjunction with Greystone’s Affordable Lending team. The seven-year adjustable rate Freddie Mac Targeted Affordable Housing loan was provided to a New Jersey-based investment group for the acquisition of The Wescott Apartments, a 261-unit income-restricted property. Built in 1986, the asset was renovated over the last five years and restricts 20 percent of its units to households earning 80 percent or less of the average median income.

January 12, 2018

Connecticut Multifamily Northeast

Avalon Bay Communities Sells 246-Unit Apartment Community in Milford, Connecticut, for $50.5M

by Amy Works January 12, 2018

MILFORD, CONN. — Avalon Bay Communities has completed the sale of Avalon Milford, an apartment community located in Milford. An affiliate of DSF Group acquired the property for $50.5 million. Jeffrey Dunne, Gene Pride, Simon Butler and Biria St. John of CBRE New England represented the seller in the deal. Built in 2004, the community has 246 apartments with open floorplans, gas heat and cooking, walk-in closets, full-size in-home washer/dryers and 10-foot or more vaulted ceilings on the third floor.

January 12, 2018

Multifamily New Jersey Northeast

Friedkin Realty Group Acquires 170-Unit Apartment Property in Cherry Hill, New Jersey

by Amy Works January 12, 2018

CHERRY HILL, N.J. — Friedkin Realty Group has purchased The Highlands at Cherry Hill Apartments, a multifamily housing property situated on 11.3 acres at 1980 Route 70 in Cherry Hill. Equity Residential sold the 170-unit property for an undisclosed price. Completed in 2002, the property comprises 12 two-story residential buildings housing one-, two- and three-bedroom units. On-site amenities include a clubhouse with lounge, fitness center, business center, grilling area, resort-style swimming pool with Jacuzzi, valet dry cleaning service and parking. At the time of sale, the property was 97 percent leased. Jose Cruz, Mark Thomson, Kevin O’Hearn, Stephen Simonelli, Carl Fiebig and Fran Coyne of HFF represented the seller in the transaction.

January 12, 2018

Massachusetts Northeast Office Retail

Frazer Capital Sells Retail, Office Property in Boston for $24.8M

by Amy Works January 12, 2018

BOSTON — Frazer Capital has completed the sale of a retail and office building located at 41 Winter St. in Boston. Gazit Horizons Inc., a subsidiary of Israel-based Gazit-Globe, has purchased the property for $24.8 million, or $864 per square foot. Located in Boston’s Downtown Crossing district, the property features 28,690 square feet of retail and office space. At the time of sale the property was fully leased. Liberty Travel anchors the building. Robert Griffin, Edward Maher, Geoffrey Millred, Matthew Pullen, Justin Smith, Paul Penman and Christopher Peterson of NKF Capital Markets represented the seller in deal.

January 12, 2018

New York Northeast Office

StepStone Real Estate to Acquire Courtland Partners

by Amy Works January 11, 2018

NEW YORK CITY — StepStone Group Real Estate, a real estate investment firm, has entered into an agreement to acquire Cleveland, Ohio-based Courtland Partners, a real estate advisors group. The transaction is expected to close by the end of March, subject to customary closing conditions. Following the integration of Courtland, StepStone Real Estate (SRE) will be among the world’s largest and most active real estate solutions providers, managing approximately $100 billion of capital allocations from institutional investors, including more than $2 billion of assets under management and deploying over $10 billion per year to real estate investments through primary fund investments, co-investments, secondaries and recapitalizations. The combined real estate group will have more than 50 professionals working from offices in the United States, Europe and Asia. SRE is part of StepStone Group, a global private markets firm providing customized investment, portfolio monitoring and advisory solutions. StepStone is a global firm with 15 offices in 11 countries around the world, including New York City; Beijing; Dublin, Ireland; Hong Kong; La Jolla, Calif.; London; Luxembourg; Perth; San Francisco; Sao Paulo, Brazil; Seoul, South Korea; Sydney, Australia; Tokyo; Toronto; and Zurich, Switzerland.

January 11, 2018

Loans Multifamily Northeast Pennsylvania Seniors Housing

HJ Sims Provides $80.1M Bond Refinancing for Seniors Housing Portfolio in Pennsylvania

by Amy Works January 11, 2018

LAFAYETTE HILL, PA. — HJ Sims has completed an $88.1 million bond refinancing for Presby’s Inspired Life, a nonprofit seniors housing operator based in Lafayette Hill. The company owns and operates four market-rate seniors housing communities in the Philadelphia area: Rydal Park in Jenkintown, Rosemont Presbyterian Village in Bryn Mawr, Spring Mill Presbyterian Village in Lafayette Hill, and Broomall Presbyterian Village in Broomall. Presby has worked with HJ Sims since 2009, with the investment banking firm providing four financings totaling more than $183 million during the relationship. The current bonds will refinance bank debt and bonds from 2010 and 2013, with a maturity on the new bonds of 2048. Presby previously purchased land adjacent to its Rydal Park campus for a new independent living project: Rydal Waters. Refinancing the outstanding bank debt freed up capacity among Presby’s existing bank relationships to finance the Rydal Waters project once it completes its pre-development and pre-marketing process. The 2017 bonds eliminated Presby’s variable rate interest exposure, provided annual cash flow savings, boosted debt service coverage and leveled out and extended future debt service on a fixed-rate basis.

January 11, 2018

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