Northeast

Savanna Launches $35M Capital Improvement Plan at 711,194 SF Office Building in Queens

by Amy Works December 6, 2017

NEW YORK CITY — Savanna has launched a $35 million capital improvement plan at Falchi Building, a five-story, 711,194-square-foot office and retail building located in the Factory District of Long Island City in Queens. The capital improvement program will be focused on modernizing the lobby and common areas, including the building systems, and reconfiguring the retail spaces to maximize value. The lobby renovation will revitalize the building entrance and improve the existing ground-floor retail space, which is a food-focused corridor similar to Chelsea Market. The new lobby will include Stonehard flooring, an accent wall with LED backlighting at the entrance, rectangular linear light fixtures, built-in retail millwork kiosks with stone countertops, and black porcelain accent subway tile. The lobby and retail corridor work is scheduled for completion in early 2018. Savanna has retained Cushman & Wakefield to manage leasing efforts at the property.

December 6, 2017

Connecticut Market Reports Northeast Northeast Market Reports Office

Connecticut’s Fairfield County Office Market Displays Healthy Indicators

by Taylor Williams December 6, 2017

Connecticut’s Fairfield County ranks among America’s 40 wealthiest counties with a median household income of $81,268 in 2010. And while some of its current office market data stand at low levels, many indicators point to a bright future. Year-to-date office leasing activity reached 1.7 million square feet as of the third quarter. This amounts to a 21 percent increase relative to the same period one year ago. While this figure stands 3.1 percent below the five-year historical average, overall leasing volume does not take into account a 500,000-square-foot, build-to-suit lease undertaken by Charter Communications at Gateway Harbor Point in Stamford. For the quarter, aggregate office leasing in the county totaled 555,629 square feet. Stamford and Greenwich accounted for more than 77 percent of the total. Major transactions included Bank of America’s 166,000-square-foot lease at 600 Washington Boulevard in Stamford and AQR Capital’s 90,000-square-foot expansion at One Greenwich Plaza. In August, Stamford scored its most impactful corporate attraction of the year when the German-based multinational Henkel moved its North American headquarters from Scottsdale, Arizona, to 155,000 square feet within the BLT Financial Centre at 200 Elm Street. The consumer products firm said its laundry, beauty and home-care divisions are employing approximately …

December 6, 2017

Multifamily Northeast Pennsylvania

Equus Sells 308-Unit Apartment Community Near Philadelphia for $64.5M

by Amy Works December 5, 2017

UPPER GYWNEDD, PA. — Equus Capital Partners has completed the disposition of Madison Willowyck, an apartment community located in Upper Gywnedd, a suburb of Philadelphia. New Jersey-based Friedman Realty Group acquired the property for $62.5 million. At the time of sale, the community was 96 percent occupied. Erin Miller and Marybeth Farris of Jones Lang LaSalle represented the seller in the deal. Built in 1972 on 28 acres, the garden-style apartment community features 308 apartments in a mix of one-, two- and three-bedroom layouts with private entrances. On-site amenities include a resort-style pool, a 24-hour fitness center, a clubhouse with community room and balcony. An affiliate of Equus acquired Madison Willowyck in 2007 from UBS. The transaction was made on behalf of BPG Investment Partnership VIII, a $550 million private equity fund.

December 5, 2017

Mixed-Use Multifamily New York Northeast Restaurant Retail

Kalikow Group, Steelpoint Property Sells Mixed-Use Building in Manhattan for $7.4M

by Amy Works December 5, 2017

NEW YORK CITY — The Kalikow Group and Steelpoint Property Group have completed the sale of a mixed-use property located at 517 Second Ave. in the Kips Bay neighborhood of Manhattan. An undisclosed buyer acquired the property for $7.4 million. The four-story building features a ground-level restaurant and three floor-through, three-bedroom apartments. The partnership originally purchased the property in 2014 for $5 million and implemented a three-year renovation project.

December 5, 2017

Loans New Jersey Northeast Retail

Cushman & Wakefield Arranges $6.5M in Financing for Retail Center in Galloway, New Jersey

by Amy Works December 5, 2017

GALLOWAY, N.J. — Cushman & Wakefield has secured $6.5 million in financing for P3RE Properties for Smithville Square, a retail center located in downtown Galloway. Atlantic Stewardship Bank provided the five-year, fixed-rate financing. Smithville Square is a recently renovated 107,000-square-foot retail center. The center is home to 19 tenants, including Dunkin’ Donuts, Petvalu, JD’s Pub and Grill, Village Dry Cleaners and Lucky Nails. The center also includes 542 parking spaces and 1,061 feet of frontage on South New York Avenue. John Alascio and Sridhar Vankayala of Cushman & Wakefield represented the sponsor, P3RE Properties, in the financing.

December 5, 2017

Hospitality Loans New York Northeast

Valencia Realty Secures $6.1M Loan for 42-Room Hotel in Saratoga Springs, New York

by Amy Works December 5, 2017

SARATOGA SPRINGS, N.Y. — Valencia Realty Capital has arranged a $6.1 million acquisition and redevelopment loan for Lark Hotels. The borrower will use proceeds of the three-year loan to purchase and renovate Saratoga Downtowner, a 42-room hotel located at 413 Broadway in Saratoga Springs. Lark Hotels plans to redevelop the centrally located property as a high-end lifestyle boutique hotel. The company currently owns and manages 23 hotels and four restaurants. Alex Riccio and Stephen Smeke of Valencia Realty secured the financing for the borrower.

December 5, 2017

Healthcare New York Northeast Office

Bent Tree Realty Completes Sale of 23,383 SF Medical Office Building in Johnson City, New York

by Amy Works December 5, 2017

JOHNSON CITY, N.Y. — Bent Tree Realty has completed the disposition of Our Lady of Lourdes Memorial Hospital Orthopedics Building in Johnson City. A privately held healthcare REIT purchased the 23,383-square-foot facility for an undisclosed price. The building is 96 percent occupied by Our Lady of Lourdes Memorial Hospital, a member of Ascension Health. Lisa Menin of Jacobson Properties and Leo Jones of Cushman & Wakefield/Pyramid Brokerage Company represented the seller in the transaction.

December 5, 2017

Multifamily New York Northeast

CBRE Facilitates Sale, Acquisition Financing for 207-Unit Multifamily Property in Mohegan Lake, New York

by Amy Works December 4, 2017

MOHEGAN LAKE, N.Y. — CBRE has brokered the sale of The Landing on Mohegan Lake, a 207-unit multifamily community located in Mohegan Lake. An affiliate of Ginsburg Development Cos. acquired the property from an international investment advisor for an undisclosed price. Jeffrey Dunne, Gene Pride and Eric Apfel of CBRE represented the seller in the deal. James Gunning and Donna Falzarano of CBRE Debt & Structured Finance represented the buyer in procuring a 10-year loan through Freddie Mac for the acquisition of the property. Completed in 1999, the community features a clubhouse, fitness center and outdoor pool with sundeck.

December 4, 2017

Loans Massachusetts Multifamily Northeast

Colliers Secures Joint Venture Equity, Construction Financing for Apartment Project in Everett, Massachusetts

by Amy Works December 4, 2017

EVERETT, MASS. — Colliers International has arranged joint venture equity and construction financing for the development of The Pioneer, a transit-oriented apartment community situated on 2.7 acres at 1760 Revere Beach Parkway in Everett. Colliers worked on behalf of the developer, Post Road Residential, to arrange a joint-venture partnership with Boston-based CrossHarbor Capital Partners. Jeff Black and Kevin Phelan of Colliers also secured $57.4 million in construction financing through TD Bank and People’s United Bank. Construction on The Pioneer has already begun, with delivery of the first units slated for fall 2018. The six-story building will feature 286 market-rate units with 425 parking spaces and 2,500 square feet of retail space. On-site amenities will include a dual-use coffee shop and leasing office; bicycle parking and repair space; Maker Space workspaces; two-level fitness center with Peloton Cycle spin studio; golf simulator; resident lounge with a rotating draft beer program; courtyard with a heated pool; and rooftop lounge.

December 4, 2017

Loans New Jersey Northeast Office

Cushman & Wakefield Brokers $66.6M in Financing for One Newark Center in New Jersey

by Amy Works December 4, 2017

NEWARK, N.J. — Cushman & Wakefield has arranged $66.6 million in acquisition financing secured by One Newark Center, located at 1085 Raymond Blvd. in Newark, for Beijing Ideal Group. Morgan Stanley Bank provided the 10-year, fixed-rate financing. The property in the transaction represented floors 6 through 22 of One Newark Center, a 22-story, 423,028-square-foot office building, along with the adjacent 10-story parking garage. John Alascio, Sridhar Vankayala and Noble Carpenter of Cushman & Wakefield represented the borrower in the transaction.

December 4, 2017

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