Northeast

CBRE/NE Negotiates Sale of 288-Unit Apartment Community in Cumberland, Rhode Island

by Amy Works June 30, 2017

CUMBERLAND, R.I. — CBRE/New England has arranged the sale of Cumberland Crossing, a garden-style apartment community located at 100 Crossing Drive in Cumberland. An affiliate of Jones Street Investment Partners acquired the 288-unit property for an undisclosed price. Completed in 2001, the 12-building community features 84 one-bedroom units, 204 two-bedroom units and a clubhouse. Simon Butler and Biria St. John of CBRE/New England represented the undisclosed seller and procured the buyer in the deal.

June 30, 2017

Multifamily New York Northeast

Alpha Realty Brokers Sales of Two Apartment Buildings in Brooklyn Totaling $7M

by Amy Works June 30, 2017

NEW YORK CITY — Alpha Realty has arranged the sales of two separate apartment buildings in the East Flatbush Section of Brooklyn. A private local investor acquired a 12,800-square-foot, 16-unit apartment building at 5601 Snyder Ave. for $3 million. A different private investor purchased a 21,000-square-foot, 26-unit apartment building at 545-555 E. 82nd St. for $4 million. Lev Mavashev of Alpha Realty represented the buyers and seller, Up Realty, in the off-market transaction.

June 30, 2017

Connecticut Multifamily Northeast

CCP Real Estate Partners Sells 32-Unit Apartment Property in New Haven, Connecticut for $3.1M

by Amy Works June 30, 2017

NEW HAVEN, CONN. — CCP Real Estate Partner has completed the disposition of Georgetown Apartments, a 32-unit multifamily property located at 241 Quinnipiac Ave. in New Haven. New York-based Loggerhead Investment Group acquired the community for $3.1 million. The property features 16 two-bedroom flats and 16 two-bedroom townhouse units with parking. Bradley Balletto and Mallory Chila of Northeast Private Client Group represented the seller and sourced the buyer in the transaction.

June 30, 2017

Northeast Office Rhode Island

Sweeney Real Estate Negotiates $2M Sale of Office Building in Cranston, Rhode Island

by Amy Works June 30, 2017

CRANSTON, R.I. — Sweeney Real Estate & Appraisal has arranged the sale of a three-story, multi-tenanted office building located at 1150 New London Ave. in Cranston. New London Real Estate sold the 24,586-square-foot property to Vancass Holdings LLC for $2 million. Thomas Sweeney of Sweeney Real Estate & Appraisal brokered the deal.

June 30, 2017

Hospitality New York Northeast

MCR Sells 18 Marriott and Hilton Hotels for $407.4M

by Amy Works June 29, 2017

NEW YORK CITY — MCR has sold 18 Marriott and Hilton assets to American Hotel Income Properties REIT for $407.4 million. The sale encompassed 2,187 rooms, which sold for roughly $186,000 each. The assets are in Maryland, New Jersey, New York, Connecticut and Pennsylvania. MCR is the seventh largest hotel owner-operator in the country and operates hotels under 10 brands.

June 29, 2017

Loans Multifamily Northeast Pennsylvania

HFF Secures $65M in Equity, Debt for 279-Unit Apartment Development in Philadelphia

by Amy Works June 29, 2017

PHILADELPHIA — HFF has arranged $65 million in preferred equity and construction financing for the development of The Hamilton, a 10-story apartment building located at 440 N. 15th St. in Philadelphia. Radnor Property Group is developing the 279-unit property, which is slated for completion in 2018. The Hamilton will feature studio, one- and two-bedroom layouts. HFF arranged a $48.5 million construction loan from Santander Commercial Real Estate and $16.5 million in preferred equity from an insurance company for the developer. Ryan Ade, Rob Hinckley, David Giancola and Michael Pagniucci of HFF arranged the financing for the borrower.

June 29, 2017

Loans Multifamily New York Northeast

Greystone Refinances $22.1M for 12-Property Multifamily Portfolio in Brooklyn

by Amy Works June 29, 2017

NEW YORK CITY — Greystone has provided $22.1 million in Freddie Mac financing for a 12-property multifamily portfolio in Brooklyn. The borrower is Yoel Goldman. The refinanced properties, which all contain between five and 12 units, all received five-year, fixed-rate Freddie Mac Small Balance Loans that include an additional 15 years and one-year of interest-only payments. The borrower received $9.6 million in cash-out proceeds and plans to invest capital into each property. The properties include 165 Central Ave.; 1358 Dekalb Ave.; 145 Driggs Ave.; 136 Kingsland Ave.; 146 Skillman St.; 161, 191 and 163 Troutman St.; 54 Lewis Ave.; 11 Gunther Place; 1136 Willoughby Ave.; and 189 Menahan St. Anthony Cristi of Greystone originated the loans.

June 29, 2017

Industrial Massachusetts Northeast

Transwestern Consulting Group Negotiates $6.4M Sale of Industrial Building in Franklin, Massachusetts

by Amy Works June 29, 2017

FRANKLIN, MASS. — Transwestern Consulting Group (TCG) has arranged the sale of an industrial building located at 130 Constitution Blvd. in Franklin. Novaya Real Estate Ventures sold the property to Albert Milstein, Barry Kirschenbaum and Sanford Bokor of $6.4 million. The property features 59,970 square feet of industrial space. John Lashar, Chris Skeffington and Roy Sandeman of TCG represented the seller and assisted in sourcing the buyer in deal.

June 29, 2017

Connecticut Multifamily Northeast

Northeast Private Client Group Arranges $5.2M Sale of Apartment Portfolio in Connecticut

by Amy Works June 29, 2017

ASHFORD AND MANSFIELD, CONN. — Northeast Private Client Group has brokered the sale of a three-building, 91-unit apartment portfolio located in Ashford and Mansfield. Harvest Properties sold the portfolio to Axela Group for $5.2 million, or $57,000 per unit. The portfolio includes the 24-unit Mar-Lea Park Apartments, located at 57-69 Varga Road in Ashford, and the 34-unit Woodlawn Apartments, located at 80 Bicknell Road in Ashford. Bradley Balletto and Edward Jordan of Northeast Private Client Group represented the seller and sourced the buyer in the deal.

June 29, 2017

Affordable Housing Multifamily Northeast Pennsylvania

Partnership Breaks Ground on $17M Affordable Housing Redevelopment in Upper Dublin, Pennsylvania

by Amy Works June 28, 2017

UPPER DUBLIN, PA. — Montgomery County Housing Authority (MCHA) and Pennrose Properties have partnered to redevelop North Hills Manor, an affordable housing property in Upper Dublin. The $17 million project includes the demolition of the existing 50-unit public housing development, which was originally built in 1954, and the construction of 50 new apartments ranging from one- to four-bedrooms located in 17 residential buildings. Additionally, the development will feature a shared building featuring a community room, computer lab and property management offices. The new units will feature modern kitchens, including dishwasher, spacious closets, ceramic-tiled bathrooms, resident-controlled heating and cooling, and in-unit washers/dryers.

June 28, 2017

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