Northeast

HFF Arranges $38M Sale of Retail Property in Midtown Manhattan

by Amy Works July 12, 2017

NEW YORK CITY — HFF has brokered the sale of a fully leased retail property and parking garage located at 325 Fifth Ave. in Midtown Manhattan. HUBB NYC Properties acquired the property from an undisclosed seller for $38 million. Completed in 2005, the 35,262-square-foot features a 5,972-square-foot ground-floor retail condominium leased to Bonchon Chicken, I Love Souvenirs and Hanmi Bank, and a 174-space, 29,290-square-foot below-grade parking garage leased to GGMC Parking. Andrew Scandalios and Rob Rizzi of HFF represented the seller in the deal. Additionally, Michael Gigliotti and Scott Aiese, also of HFF, arranged a 10-year, fixed-rate loan with Allianz Real Estate of America for the acquisition of the property.

July 12, 2017

Loans Mixed-Use Multifamily New York Northeast Retail

Meridian Capital Secures $19M in Financing for Mixed-Use Property in Brooklyn

by Amy Works July 12, 2017

NEW YORK CITY — Meridian Capital Group has arranged $19 million in construction take-out financing for the refinance of a mixed-use property located at 1122 Chestnut Ave. in the Midwood neighborhood of Brooklyn. The seven-year loan, provided by a local balance sheet lender, features a fixed rate of 4.00 percent. Blake Orman of Meridian negotiated the financing for the undisclosed borrower. The seven-story building features 57 residential rental units and 12,600 square feet of ground-floor retail space. Building amenities include high-speed elevators, parking with optional valet service, a laundry facility and a bicycle storage room.

July 12, 2017

Loans Multifamily New Hampshire Northeast

Fantini & Gorga Negotiates $14.2M Loan for 183-Unit Multifamily Property in Nashua, New Hampshire

by Amy Works July 12, 2017

NASHUA, N.H. — Fantini & Gorga has arranged $14.2 million in permanent financing for Clocktower Place II, a multifamily property located in downtown Nashua. Jason Cunnane and Tim O’Donnell of Fantini & Gorga arranged the loan, which was placed through a national Fannie Mae lender, for an undisclosed borrower. Clocktower Place II is a five-story rehabilitated mill building that is contiguous with Clocktower Place I. The two phases function as a single rental property comprising one long continuous structure that was built and expanded throughout the 19th century. The property was converted to its current use in the late 1980s. Clocktower Place II features 128 market-rate and 55 affordable one-, two- and three-bedroom apartments. Additionally, the property features a fitness center, indoor pool, common room and surface and underground parking.

July 12, 2017

Loans Northeast Pennsylvania Retail

Natixis Provides $54.5M in Financing for Redevelopment of Suburban Philadelphia Retail Center

by Amy Works July 11, 2017

CHELTENHAM, PA. — Natixis has originated a $54.5 million floating-rate loan for New York City-based Sun Equities Partners. The borrowers will use the loan to redevelop the former Cheltenham Square Mall located in Cheltenham. The financing consists of a $42 million senior loan and a $12.5 million mezzanine loan. Initial loan proceeds of $16.9 million were used to retire existing property financing and an additional $40.1 million is earmarked for the redevelopment and future leasing of the property. The 429,617-square-foot retail center will be rebranded as Greenleaf at Cheltenham. The property is currently 60 percent leased and pre-leased to a variety of retailers, including The Home Depot, Marshalls, LA Fitness, TD Bank, Wells Fargo, T-Mobile, Chick-fil-A and Wendy’s. Eli Breiner and Jerry Boxer of ECB Capital Group arranged the financing for the borrower.

July 11, 2017

Multifamily Northeast Pennsylvania

Equus Sells 264-Unit Apartment Community in Hatfield, Pennsylvania, for $38.5M

by Amy Works July 11, 2017

HATFIELD, PA. — Equus Capital Partners has completed the sale of Madison Montgomery, an apartment community located in Hatfield. Morgan Properties purchased the 264-unit asset for $38.5 million. An affiliate of Equus acquired the 1969-built property in 2007 out of receivership from the prior owners. Upon acquisition, the company launched a $17 million interior and exterior renovation program, including the construction of a 4,000-square-foot clubhouse and leasing center, a resort-style swimming pool and outdoor grilling area. Lizann McGowan, Bob Miller and John McFadden of CBRE represented the seller in the transaction.

July 11, 2017

Delaware Multifamily Northeast

Concordia Properties Acquires 358-Unit Multifamily Property in Newark, Delaware, for $35.5M

by Amy Works July 11, 2017

NEWARK, DEL. — Concordia Properties has acquired Autumn Park, a multifamily property located in Newark, from Metropolitan Management Group for $35.5 million. Located on 16.9 acres, the property consists of 26 three- and four-story buildings featuring a total of 358 units in studio, one-, two- and three-bedroom layouts. At the time of sale, the property was 97 percent leased. On-site amenities include an outdoor swimming pool, 24-hour fitness center and playground. Mark Thomson, Carl Fiebig and Fran Coyne of HFF represented the seller in the deal. Additionally, Ryan Ade and Neil Campbell of HFF secured the floating-rate Fannie Mae acquisition loan for the buyer.

July 11, 2017

Loans Multifamily New York Northeast Seniors Housing

Greystone Provides $29M Loan for Skilled Nursing Facility in Queens

by Amy Works July 11, 2017

NEW YORK CITY — Greystone has provided a $29 million HUD-insured permanent loan for Sapphire Center for Rehab & Nursing of Central Queens. Located in the Flushing neighborhood of Queens, the skilled nursing facility offers 227 beds. Sapphire Care Group, the borrower, originally acquired the property in 2015 and rebranded and improved the facility. Fred Levine of Greystone’s Monsey, N.Y., office originated the loan.

July 11, 2017

Multifamily New Jersey Northeast

Marcus & Millichap Brokers $2.2M Sale of Two Multifamily Buildings in Guttenberg, New Jersey

by Amy Works July 11, 2017

GUTTENBERG, N.J. — Marcus & Millichap has negotiated the sale of two multifamily buildings located Guttenberg. A private investor acquired the properties for $2.2 million. Combined, the buildings offer 16 apartment units. Jonathan Zamora of Marcus & Millichap represented the seller, a private investor, and the buyer in the deal.

July 11, 2017

Mixed-Use Multifamily New York Northeast Retail Top Stories

Madison Realty Provides $270M Construction Financing for 1 MSF Mixed-Use Development in Brooklyn

by Katie Sloan July 11, 2017

NEW YORK CITY — Madison Realty Capital (MRC) has provided $270 million in construction financing for the development of a 1 million-square-foot mixed-use project at the former Rheingold Brewery site in Brooklyn’s Bushwick neighborhood. The developer, Brooklyn-based All Year Management, previously received a bridge loan for site acquisition and pre-development on the project from MRC. Construction is currently underway. The Rheingold Brewery opened in 1883, and was the eighth largest brewery in the nation in 1965, according to reports by the New York Daily News. The brewery closed in 1976, and was torn down in 1981. The site has been largely vacant since then, with the exception of 300 rental and privately owned apartments that were built on the southwest corner of the site in 2003. The two-building redevelopment is located at 123 Melrose St. and 54 Noll St., and will feature 911 residential units, 20,650 square feet of retail space and 533 parking spaces. Residential space will occupy floors one through nine in both buildings, offering studio, one-bedroom and two-bedroom units. Community amenities will include multiple fitness rooms including a boxing center, yoga studio, cycling room and exercise room; libraries; spas with saunas, steam and massage rooms; locker rooms; …

July 11, 2017

Loans Mixed-Use New York Northeast

Ceruzzi Holdings, SMI USA Receive $200M in Financing for Manhattan Mixed-Use Development

by Amy Works July 10, 2017

NEW YORK CITY — Ceruzzi Holdings and SMI USA have received $200 million in pre-development financing for 520 Fifth Avenue, a to-be-built, mixed-use property in Manhattan. Christopher Peck and David Nackoul of HFF arranged the floating-rate loan through Mack Real Estate Credit Strategies for the joint venture borrowers. Proceeds of the loan will be used to repay existing debt, conclude design and move forward with pre-development work. Situated at the corner of 43rd Street and Fifth Avenue, the development will comprise approximately 425,000 square feet, including luxury condominiums, a five-star hotel and more than 33,000 square feet of Fifth Avenue retail space.

July 10, 2017

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