Northeast

CBRE Brokers $3.4M Sale of Office Building in East Providence, Rhode Island

by David Cohen July 2, 2018

EAST PROVIDENCE, R.I. — CBRE New England has brokered the $3.4 million sale of a single-story, 50,664-square-foot office building in East Providence. Located on nearly eight acres at 20 Risho Ave., the property includes 283 parking spaces. John Cregan of CBRE represented the seller, the Maurice Mizrahi and Sophie Mizrahi Trust, in the transaction. Fox Paw Properties purchased the property. Currently two tenants occupy 13,164 square feet at the building. The buyer plans to renovate the property and occupy the remaining space.

July 2, 2018

Affordable Housing Loans Multifamily New York Northeast

KeyBank Provides $15.5M in Financing for Affordable Housing Community in Rochester

by David Cohen July 2, 2018

ROCHESTER, N.Y. — KeyBank has provided $15.5 million in financing to Home Leasing LLC for the construction of Charlotte Square, a 50-unit affordable housing community in Rochester. KeyBank provided a $6.6 million construction loan as well as $8.9 million in Low-Income Housing Tax Credit (LIHTC) equity. When completed, the project will have eight units set aside for individuals earning 30 percent of area median income (AMI); 26 units for individuals earning 60 percent of AMI; and 16 units for individuals earning 80 percent of AMI. Construction began in June. The New York State Division of Housing and Community Renewal and the City of Rochester provided additional funding.

July 2, 2018

Acquisitions Mixed-Use Northeast Pennsylvania

Dalzell Capital Partners Acquires Mixed-Use Property in Philadelphia

by David Cohen July 2, 2018

PHILADELPHIA — Dalzell Capital Partners has acquired Waverly Court, a mixed-use property located in Center City, Philadelphia, for $21 million. Originally built in the early 1900s, the property includes 61 apartments and 2,800 square feet of commercial space. All residential units feature factory-style windows, exposed brick walls, 12- to 14-foot ceiling heights and stainless steel appliances. Dalzell acquired the mixed-use building from Yess Properties. Waverly Court is Dalzell Capital’s third acquisition in Center City in less than a year.

July 2, 2018

Acquisitions Loans Multifamily New Jersey Northeast

Progress Capital Funds $2.3M Acquisition of Vacant Jersey City Gas Station

by David Cohen July 2, 2018

JERSEY CITY, N.J. — Progress Capital has provided a $2.3 million bridge loan for the acquisition of a vacant gas station located at 348 Baldwin Ave. in Jersey City. Kathy Anderson of Progress Capital arranged the financing for borrower, 350 Pavonia Group LLC. The term of the interest-only loan is 12 months accompanied by a fixed-rate of 12 percent. The gas station is slated to be demolished and the site has been approved for rezoning as residential. The borrower plans to construct a 45-unit multifamily building on the site. The below-ground tanks at the site were properly sealed at the time the gas station closed, according to the lender. Prior to purchase and approval of the multifamily development, testing at the site showed no risk of environmental hazard.

July 2, 2018

Acquisitions Multifamily New York Northeast

Gebroe-Hammer Brokers $30M Sale of Apartment Community in Northern New Jersey

by David Cohen June 29, 2018

HIGHLAND PARK, N.J. — Gebroe-Hammer Associates has brokered the $30 million sale of Donaldson Park Apartments, a 152-unit apartment community in Highland Park. Joseph Brecher of Gebroe-Hammer represented the seller, JGT Managing Partners, in the transaction. JGT was the original developer of the garden-style community, which was built in 1966. The buyer was Oxford Realty Group. Located at 321 Crowells Road, the six-building property features eat-in kitchens, hardwood floors and sliding-glass-door patios. The community is located near the 90-acre riverfront Middlesex County Park, which includes a boat ramp, sports fields and paved trails.

June 29, 2018

Loans New York Northeast Office

HKS Capital Arranges $19M Refinancing for Three-Building Portfolio in Chinatown

by David Cohen June 29, 2018

NEW YORK CITY — HKS Capital Partners has arranged a $19 million loan to refinance a three-building commercial portfolio in the Chinatown neighborhood of Manhattan. The loan included a seven-year term with a 4 percent fixed rate. The lender and borrower were not disclosed. The properties include an eight-story building with nine commercial condos; a three-story building with seven retail units and 14 office units and a four-story property with two retail units and five office units. The addresses of the properties were not disclosed. Refinancing proceeds will be used to replace the existing mortgage and term.

June 29, 2018

Leasing Activity New York Northeast Office

Fisher Brothers Signs Turkish Consulate to 20,000 SF Lease in Manhattan

by David Cohen June 29, 2018

NEW YORK CITY — Fisher Brothers has signed the Turkish Consulate General in New York to a nearly 20,000-square-foot lease at 605 Third Ave., a 1.1 million square-foot office tower in Manhattan. The Turkish Consulate will occupy the entire 30th floor of the building. Louis D’Avanzo and Maria Travlos of Cushman & Wakefield represented the Turkish Consulate in the transaction. Since completing a $25 million capital improvement program at 605 Third Avenue, Fisher Brothers has executed 260,000 square feet of leases at the tower. Originally built by Fisher Brothers in 1963, the 44-story building is certified LEED Gold by the U.S. Green Building Council with a tenant roster that includes Univision, AECOM, David Hutcher & Citron LLP and the United Nations Population Fund.

June 29, 2018

Acquisitions Northeast Office Pennsylvania

SVN Imperial Realty Negotiates $6.1M Sale of Office Building in Bethlehem

by David Cohen June 29, 2018

BETHLEHEM, PA. — SVN Imperial Realty has negotiated the sale of 95 Highland Ave., a three-story office building in Bethlehem. The 72,923-square-foot property was constructed in 1985 and is currently 75 percent occupied. Tom Skeans of SVN Imperial Realty represented the undisclosed seller, in the transaction. DLP Realty represented the undisclosed buyer. The property was sold through online CRE auction marketplace Ten-X.

June 29, 2018

Connecticut Loans Multifamily Northeast Property Type Seniors Housing

Contemporary Healthcare Capital Arranges $1.5M Mezzanine Loan for Skilled Nursing Acquisition in Connecticut

by David Cohen June 29, 2018

WINDHAM, CONN. — Contemporary Healthcare Capital has arranged a $1.5 million mezzanine loan, part of a $6.2 million total acquisition financing for a skilled nursing facility in Windham. Located approximately midway between Hartford and Providence, R.I., Douglas Manor includes 90 licensed skilled nursing beds. The borrower, affiliates of Ryders Healthcare Management, is acquiring the property out of receivership. The new owner plans to use the financing package to implement $1.6 million in capital improvements to the property. The senior lender on the transaction was CoastalStates Bank.

June 29, 2018

Acquisitions Multifamily New Jersey Northeast

Gebroe-Hammer Negotiates $32.1M Sale of Apartment Community in Southwest New Jersey

by David Cohen June 28, 2018

LINDENWOLD, N.J. — Gebroe-Hammer Associates has negotiated the $32.1 million sale of Woodland Village, a 546-unit, garden-style apartment community located at 401 E. Gibbsboro Rd., in Lindenwold. The property is approximately 16 miles southeast of Philadelphia. Built in 1970, the community features a mix of one- and two-bedroom layouts. Eli Rosen and Eli Herskowitz represented the seller, Odin Properties, in the transaction. The buyer was a private investor. Amenities at the property include newly renovated kitchens and separate dining rooms, bay windows, tennis courts and nearby shopping, dining and entertainment.

June 28, 2018

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