Northeast

CBRE Arranges $105.9M Sale, Acquisition Financing of Apartment Community in Norwalk, Connecticut

by Amy Works December 11, 2017

NORWALK, CONN. — CBRE has brokered the sale of 597 Westport, a Class A apartment community located in Norwalk. An affiliate of Hunt Investment Management sold the property to GDC Properties through a 1031 exchange for $105.9 million. Built in 2009, 597 Westport features 235 apartment units, a clubroom with full caterer’s kitchen, a media lounge and billiards room, a fitness center and an outdoor saltwater pool with sundeck, cabanas and an outdoor kitchen. Jeffrey Dunne, Gene Pride and Eric Apfel of CBRE represented the seller in the deal. Jim Gunning, Donna Falzarano and Kyle Saviano of CBRE procured first and mezzanine financing from The Guardian Life Insurance Co. and a pension fund client represented by Quadrant Real Estate Advisors, respectively.

December 11, 2017

White-Plains-Institute-Nursing-White-Plains-NY

Multifamily New York Northeast Seniors Housing

Congress/Consigli Starts Construction of $60M Skilled Nursing Facility Near New York City

by Amy Works December 11, 2017

WHITE PLAINS, N.Y. — Congress / Consigli, a joint venture between Congress Building Corp. and Consigli NY, has started construction of White Plains Institute for Nursing and Rehabilitation and Skilled Nursing, a skilled nursing facility in the New York City suburb of White Plains. Development costs for the 110,000-square-foot building are estimated at $60 million. When completed, the property will feature 160 skilled nursing beds, including 76 for specialized rehabilitation, 42 for memory care and 42 for long-term care. In addition to its part in the joint venture, Congress has also been selected as the developer. The Architectural Team is the architect for the project. The project is scheduled for a mid-2019 completion.

December 11, 2017

Multifamily New Jersey Northeast

Woodmont Properties Starts Construction on 220-Unit Apartment Community in Bayonne, New Jersey

by Amy Works December 11, 2017

BAYONNE, N.J. — Woodmont Properties, in partnership with Baker Residential, has broken ground for Woodmont Bay Club at Bayonne, an apartment community located in northwest Bayonne. Situated on four acres, the four-story property features nine studio, 123 one-bedroom, 64 two-bedroom and 24 three-bedroom units, ranging in size from 650 square feet to 1,500 square feet. Additionally, the 220-unit community features a 232-space ground-floor parking garage, a 3,000-square-foot rooftop terrace, a strength and cardio center, a business center, a game room, a pet spa, a golf simulator, a pool and sundeck, landscaped courtyards, picnic areas and a package collection service. Construction is slated for completion by spring 2019.

December 11, 2017

Civic New York Northeast

NYC School Construction Authority Breaks Ground on $52.4M Addition at Elementary School in Queens

by Amy Works December 11, 2017

NEW YORK CITY — The School Construction Authority and MPCC, as general contractor, have broken ground for the Public School 144 addition, an expansion at Colonel Jeromus Remsen School, located at 93-02 69th Ave. in the Forest Hills section of Queens. The $52.4 million, four-story addition will house 26 classrooms, an entrance lobby, an outdoor play area, a cafeteria, offices and a medical suite. The Pre-K through fifth grade school currently serves 894 students. Designed by Urbahn Architects, the expansion will accommodate 590 students and eliminate the need for temporary modular, outdoor classroom facilities. The project team includes MPCC, Leslie E. Robertson Associates LERA, Loring Consulting Engineering, YU + Associates Engineers, Edgewater Design, Lumen Architecture, Cerami & Associates and Schiavone Designs.

December 11, 2017

Affordable Housing Loans Multifamily New York Northeast

KeyBank Provides $8.2M in Financing for Construction of 50-Unit Affordable Housing Project in Utica, New York

by Amy Works December 11, 2017

UTICA, N.Y. — KeyBank Community Development Lending & Investment has provided an $8.2 million credit enhancement for the construction of Roosevelt Residences in Utica. Being developed by Norstar Development USA and the Municipal Housing Authority of the City of Utica, the property will feature 50 units, with eight units reserved for homeless veterans and the chronically homeless. Additionally, 25 units will be contracted by a project-based Section 8 Housing Assistance Program through the Municipal Housing Authority of the City of Utica. John Berry and Joe Eicheldinger of KeyBank’s lending group arranged the construction financing. The project is being funded in partnership with the City of Utica, the State of New York Mortgage Agency, Housing Financing Agency, the Office of Temporary and Disability Assistance’s Homeless Housing and Assistance Program and RBC Tax Credit Equity.

December 11, 2017

Hospitality Loans Massachusetts Northeast

Colliers Arranges $53M in Joint Venture Equity Financing for Dual-Branded Hotel in Woburn, Massachusetts

by Amy Works December 8, 2017

WOBURN, MASS. — Colliers International-Boston has arranged $53 million in joint venture equity financing for the construction of a dual-branded Hilton Hotel at 369 Washington St. in Woburn. Thomas Welch, Adam Coppola, John Poole, Tonia Jenkins and Richard Lillis of Colliers arranged the joint venture equity for owner Boston-based Madison Properties. Whitman Peterson is the equity investor and Concord Hospitality Enterprises Cos. is the developer/operator partner for the project. Since acquiring the now remediated site, Madison Properties has received entitlements for the hotel and three retail pad sites, already leased to Red Robin and Chick-fil-A, which is slated to open in 2018. The developer will break ground for the dual-branded Homewood Suites and Hampton Inn & Suites this month.

December 8, 2017

Loans Multifamily New York Northeast

KeyBank Secures $19M in Financing for Brooklyn Multifamily Property

by Amy Works December 8, 2017

NEW YORK CITY — KeyBank Real Estate Capital has secured a $19 million Freddie Mac first mortgage loan for a multifamily property, located at 178 N. 11th St. in Brooklyn. Built in 2017, the six-story building features 49 apartment units and 1,200 square feet of retail space. Ten units are reserved for tenants earning 60 percent or less of area median income. Tom Peloquin of Key’s Commercial Mortgage Group arranged the full-term interest-only loan for a term of 11 years. Proceeds of the loan will be used to refinance existing debt. The name of the borrower was not released.

December 8, 2017

New Jersey Northeast Retail

ShopOne Centers REIT Acquires 139,717 SF Retail Center in South Plainfield, New Jersey

by Amy Works December 8, 2017

SOUTH PLAINFIELD, N.J. — ShopOne Centers REIT has entered the metro New York City market with the acquisition of Oak Park Commons in South Plainfield. Located at the corner of Oak Tree Road and Park Avenue, the 139,717-square-foot property comprises three multi-tenant buildings and four single-tenant buildings. At the time of sale, the property was 98 percent occupied by a variety of tenants, including ACME Markets, CVS/pharmacy, Advance Auto Parts, Goodyear Tire, Dollar Tree, McDonald’s and Wells Fargo Bank. The acquisition price was not released.

December 8, 2017

Multifamily New Jersey Northeast Seniors Housing

Erickson Opens New Independent Living Building at CCRC in New Jersey

by Amy Works December 8, 2017

NEW PROVIDENCE, N.J. — Erickson Living has opened the doors on Maple Glen, an independent living expansion at Lantern Hill, a continuing care retirement community in New Providence, approximately 30 miles west of New York City. The residential community is part of a phased expansion of the 20-acre community. Maple Glen is part of Phase II, which also includes a second building — Oakwood Court — scheduled to open in February. Phase II will add a total of 114 independent living apartments. Phase I, which opened in June 2016, added 161 independent living apartments, all of which sold out in 10 weeks, according to Erickson. A climate-controlled walkway connects Maple Glen to Union Square where the community’s restaurants, medical center and amenities are located.

December 8, 2017

Loans New Jersey Northeast Retail

Money360 Funds $4.4M Acquisition Loan for Retail Property in Mount Olive, New Jersey

by Amy Works December 8, 2017

MOUNT OLIVE, N.J. — Money360 has funded a $4.4 million acquisition loan as part of its relationship with Ten-X Commercial. The fixed-rate loan features a 10-year term. Proceeds of the loan will be used to acquire a 47,752-square-foot retail center included in the larger International Trade Center Crossing retail complex in Mount Olive. The undisclosed borrower was the winning bidder for the asset and used Money360 as its debt provider.

December 8, 2017

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