Northeast

Lalezarian Properties Tops Out 38-Story Mixed-Use Tower in Manhattan

by Amy Works August 4, 2017

NEW YORK CITY — Lalezarian Properties has topped out 515 West 36th Street, a mixed-use tower located on Manhattan’s West Side. Designed by Ismael Leyva Architects, the 38-story, 248,000-square-foot tower will feature 13,000 square feet of commercial retail space on the cellar level, groundfloor and third floor; parking on the second floor; a community facility on the fourth through seventh floors; and residential space, totaling 251 units, on the remaining floors. Completion is tentatively slated for spring 2018.

August 4, 2017

Loans Northeast Office Rhode Island

Fantini & Gorga Arranges $21M in Refinancing for Office Condo Portfolio in Warwick, Rhode Island

by Amy Works August 4, 2017

WARWICK, R.I. — Fantini & Gorga has arranged a $21 million first mortgage to refinance office condominium space at The Summit, Jefferson Gateway and Metro East office parks, located within one mile of each other at 300 Centerville Road, 931 and 935 Jefferson Blvd. and 117 Metro Center Blvd. in Warwick. Totaling 160,000 square feet of office space, the parks are fully occupied three- and four-story buildings featuring ample parking, landscaped grounds and efficient and flexible floor plans. Jason Cunnane and Tim O’Donnell of Fantini & Gorga arranged the financing for the undisclosed borrower.

August 4, 2017

Mixed-Use Multifamily New York Northeast Retail

Meridian Investment Negotiates $19M Sale of Mixed-Use Property in Manhattan’s Kips Bay

by Amy Works August 4, 2017

NEW YORK CITY — Meridian Investment Sales has brokered the sale of a mixed-use property located at 240 E. 28th St. in Manhattan’s Kips Bay neighborhood. A.D. Real Estate Investors sold the property to a private buyer, managed by Sal Notaro, for $19 million. Built in 1920, the six-story building features 28 residential units and two ground-floor retail spaces. The property recently underwent a more than $1 million renovation program, which upgraded the lobby, interior hallways, laundry facilities and façade. Adam Sprung of Meridian represented the buyer and seller in the deal. Meridian Investment Sales is the commercial property sales division of Meridian Capital Group.

August 4, 2017

Loans Multifamily New Jersey Northeast

Love Funding Secures $13M FHA Loan for Section 8 Housing Community in Camden, New Jersey

by Amy Works August 4, 2017

CAMDEN, N.J. — Love Funding has secured a $13 million FHA loan to refinance and rehabilitate Camden Townhomes, a scattered-site affordable housing property located in Camden. Camden Townhomes is a collection of 89 units spread over 64 separate tax parcels scattered throughout the Lanning Square and Bergen Square areas of the city. The loans proceeds, along with 4 percent Low-Incoming Housing Tax Credits provided by the New Jersey Department of Community Affairs, will be used to renovate the property. The renovations will result in more than $125,000 in improvements, including the replacement of all systems and fixtures with energy-efficient upgrades, for each of the units being rehabbed. The New Jersey Department of Community Affairs originally purchased and assembled the units in 1992. At the time, the property was recognized as a single manageable and marketable development and awarded a 15-year Section 8 project-based voucher contract as part of a substantial rehabilitation. As part of the latest transaction, the project has been approved for a new 20-year contract. Leonard Lucas of Love Funding obtained the financing through the U.S. Department of Housing and Urban Development’s Section 221(d)(4) mortgage insurance program.

August 4, 2017

New Jersey Northeast Retail

Urstadt Biddle Properties Purchases 26,500 SF Shopping Center in Waldwick, New Jersey

by Amy Works August 4, 2017

WALDWICK, N.J. — Urstadt Biddle Properties has acquired Waldwick Plaza Shopping Center, a retail property located at the intersection of Franklin Turnpike and Wyckoff Avenue in Waldwick, for an undisclosed price. Tenants at the 26,500-square-foot property include the U.S. Post Office, Supercuts, Verizon Wireless, Massage Envy and The Little Gym, as well as local tenants, including a liquor store, dry cleaner, nail salon and Italian restaurant. The name of the seller was not released.

August 4, 2017

Loans Northeast Pennsylvania

Square Mile Originates $90.5M Loan for Office Building in Fort Washington, Pennsylvania

by Amy Works August 3, 2017

FORT WASHINGTON, PA. — Square Mile Capital Management has originated a $90.5 million loan secured by Fort Washington Technology Center, located at 1100 Virginia Drive in Fort Washington. The borrower was an entity owned by funds managed by Greenfield Partners, which acquired the property in 2013 as part of a multi-state office portfolio. Built in 1964, the 751,143-square-foot multi-tenant office building features a fitness center, basketball court, Starbucks Coffee shop and cafeteria. Jay Marshall of HFF arranged the financing for the borrower. The loan includes proceeds to repay existing debt and fund future property improvements and leasing costs.

August 3, 2017

Delaware Multifamily Northeast

Merion Realty Partners Sells 231-Unit Multifamily Property in Wilmington, Delaware

by Amy Works August 3, 2017

WILMINGTON, DEL. — Merion Realty Partners has completed the sale of 1303 Delaware Apartment Homes, a multifamily property located in the Trolley Square neighborhood of Wilmington. Capano Residential purchased the property free and clear of debt for an undisclosed price. Mark Thomson, Carl Fiebeg and Francis Coyne of HFF represented the seller in the deal. The property consists of 231 studio, one-, two- and three-bedroom apartments averaging 928 square feet. Additionally, James Conley of HFF arranged a fixed-rate Fannie Mae acquisition loan for the buyer.

August 3, 2017

Mixed-Use Multifamily New Jersey Northeast Retail

Urstadt Biddle Properties Acquires Equity Interest in 75,400 SF Mixed-Use Property in New Jersey

by Amy Works August 3, 2017

DUMONT, N.J. — Urstadt Biddle Properties (UBP) has purchased an equity interest in a new entity that owns Washington Commons Shopping Center, retail center that includes a residential component in Dumont. The two-building property features a freestanding 44,300-square-foot Stop & Shop and a three-story building that is occupied by retail tenants Valley Medical Group, Great Clips, Pet Valu, Blimpie and that includes 26 residential apartments. The residential unit mix consists of studio, one- and two-bedroom layouts. At the time of acquisition, the property was 100 percent leased. The transaction was structured as a DownREIT partnership whereby the seller, a regional real estate developer, received a combination of cash and operating partnership units in a new entity formed to purchase the property. UBP is the managing member of the newly formed entity and will manage and lease the property. UBP’s initial equity in the DownREIT was approximately $3.9 million, which represents an approximate 31.4 percent equity interest.

August 3, 2017

Hospitality Loans New Hampshire Northeast

Linchris Hotel Receives $16.8M Acquisition Loan for 230-Key Hotel in Nashua, New Hampshire

by Amy Works August 3, 2017

NASHUA, N.H. — Linchris Hotel Corp. has received a $16.8 million loan to acquire the Crowne Plaza Hotels & Resorts, located at 2 Somerset Parkway in Nashua. Linchris plans to reflag the 230-key hotel as a DoubleTree by Hilton following a property improvement plan. The property features an indoor pool, whirlpool, sauna, spa, fitness center, business center, meeting and banquet rooms, complimentary shuttle, club lounge and Speaker’s Corner & Pub. Greg LaBine and Martha Nay of HFF arranged the 10-year, fixed-rate loan through East Boston Savings Bank for the borrower.

August 3, 2017

Massachusetts Northeast Retail

RD Management Signs Leases with HomeGoods, T.J.Maxx at Milford Crossing in Massachusetts

by Amy Works August 3, 2017

MILFORD, MASS. — RD Management has signed leases with HomeGoods and T.J.Maxx at Milford Crossing, a shopping center located at 120-129 Medway Road in Milford. HomeGoods will occupy 24,628 square feet and T.J.Maxx will occupy 21,863 square feet. Both stores are expected to open this fall. The 157,921-square-foot shopping center is currently being redeveloped and will be anchored by a Stop & Shop, which is slated to open in November. Additionally, the center features new 6,000-square-foot and 20,000-square-foot buildings. The 20,000-square-foot building will be occupied by Chipotle and Starbucks Coffee, which are scheduled to open in the first quarter of 2018.

August 3, 2017

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