Northeast

Fantini & Gorga Arranges $4.6M Acquisition Financing for Retail Property in Peabody, Massachusetts

by Amy Works December 4, 2017

PEABODY, MASS. — Boston-based Fantini & Gorga has secured $4.6 million in first mortgage acquisition financing for a retail property located at 216 Newbury St. in Peabody. Casimir Groblewski and Jon Garcia of Fantini & Gorga arranged the financing through a New England-based financial institution on behalf of a longtime client based in Eastern Massachusetts. Namco, Workout World, Mass Bay Hockey Center and Revival For All Nations Church occupy the 68,381-square-foot shopping center, which is situated on 6.2 acres. The new owner plans to remodel the exterior of the property and reconfigure the parking areas.

December 4, 2017

Maine Multifamily Northeast Retail

Cardente Real Estate Negotiates $1.9M Sale of Mixed-Use Property in Bangor, Maine

by Amy Works December 4, 2017

BANGOR, MAINE — Cardente Real Estate has arranged the sale of a mixed-use property and adjacent parking garage located at 105 Main St. in Bangor. Brick & Mortar Holding Group sold the asset to an undisclosed buyer for $1.9 million. The property features a total of 25 retail and apartment units. Mike Cobb of Cardente Real Estate represented the seller and buyer in the deal.

December 4, 2017

District of Columbia Illinois Maryland Massachusetts Midwest Multifamily Northeast Pennsylvania Southeast Top Stories

Harbor Group Affiliate Acquires 9,677-Unit Multifamily Portfolio for $1.8B

by Taylor Williams December 4, 2017

NORFOLK, VA. — An affiliate of Harbor Group International (HGI) has acquired a portfolio of 25 multifamily properties totaling 9,677 units across five major metropolitan areas for $1.8 billion. The sellers were affiliates of Lone Star Funds. The transaction, which closed on Nov. 30, is HGI’s largest to date and increases the value of its investment portfolio from approximately $5.2 billion to $7.1 billion. The properties, which boast a collective occupancy rate of 95 percent, are located in the metro areas of Baltimore, Boston, Chicago, Philadelphia and Washington, D.C. HGI plans to invest roughly $80 million in capital improvements to the unit interiors and communal amenities of the properties. Berkadia and New York-based Meridian Capital Group secured approximately $1.4 billion in acquisition financing for the deal. Berkadia secured roughly $927 million in fixed- and floating-rate debt through Freddie Mac, while Meridian Capital secured approximately $512 million in fixed-rate debt through New York Community Bank. Among the portion of the financing arranged by Berkadia, 11 of the properties totaling $789 million were financed at a fixed interest rate. The remaining five assets totaling $138 million were financed with a floating-rate vehicle. Laura Cathlina and Sharon Plattner of Berkadia led the loan …

December 4, 2017

Northeast Office Pennsylvania

Henderson Group Acquires Five Office Buildings in Newtown Square, Pennsylvania, for $42M

by Amy Works December 1, 2017

NEWTOWN SQUARE, PA. — The Henderson Group has purchased five office buildings located in Newtown Square from Brandywine REIT for $42 million. The five properties are located on Campus Boulevard at the intersection of West Chester Pike and Route 252. All but one of the buildings, 17 Campus Blvd., are currently occupied. The buyer is actively pursuing new tenants for the two-story, 50,000-square-foot office building.

December 1, 2017

Multifamily New Jersey Northeast

Walters Group Breaks Ground for Income-Restricted Apartment Community in Delanco, New Jersey

by Amy Works December 1, 2017

DELANCO, N.J. — Walters Group has broken ground on Cornerstone at Delanco, an income-restricted apartment community located at 200 Rhawn St. in Delanco. Situated on 5.37 acres, the development will consist of eight two-story buildings with eight units each. Totaling 64 units, the property will feature three-, two-, and one-bedroom layouts. Amenities include private entrances, upgraded interior finishes, a half-court basketball court, a tot-lot playground and a community clubhouse with fitness center. Apartments will be leased to residents with incomes at or below 60 percent of the area median income. Walters Group estimates it will take 12 to 15 months to complete the development.

December 1, 2017

New York Northeast Retail

Kamber Management Co. Acquires Parking Garage Portfolio in Manhattan for $50M

by Amy Works December 1, 2017

NEW YORK CITY — Kamber Management Co. has purchased Riverside Garage portfolio, a parking garage portfolio located in Manhattan’s Upper West Side, for $50 million. The portfolio consists of three parking garage condominiums located at 80, 100-120 and 220-240 Riverside Blvd. David Shechtman, Lipa Lieberman and Abie Kassin of Meridian Capital Group represented the seller, 80-20 LLC, while Steven Levy represented the buyer in the deal.

December 1, 2017

Maine Northeast Retail

Charterhouse Development Buys 11,180 SF Retail Property in Saco, Maine

by Amy Works December 1, 2017

SACO, MAINE — An entity operated by Charterhouse Development Corp. has acquired a retail property located at 461 Maine St. in Saco. Spirit RA Saco ME LLC sold the property for $3 million. Rite Aid occupies the 11,180-square-foot retail property. John Gendron of Gendron Commercial Brokers negotiated the acquisition.

December 1, 2017

Loans Northeast Pennsylvania

HJ Sims Arranges $4M HUD Refinancing for Skilled Nursing Facility in Pennsylvania

by Amy Works December 1, 2017

GARNET VALLEY, PA. — Sims Mortgage Funding, a subsidiary of HJ Sims, has arranged a $4 million loan for Naamans Creek Country Manor, a 90-bed skilled nursing facility in Garnet Valley, located near the Delaware border between Philadelphia and Wilmington. An affiliate of The Guardian Foundation, a nonprofit owner-operator, owns the property. The fixed-rate HUD loan pre-pays the property’s existing 30-year, tax-exempt bonds. The loan also funded a capital reserve and escrows for future repairs. The loan-to-value ratio was only 50 percent on the new loan, which features a 30-year maturity. The transaction lowers Naamans’ annual debt service by approximately $130,000. With over $360,000 in a reserve fund for replacements, Guardian can address future capital needs that will maintain Namaans’ competitiveness.

December 1, 2017

Massachusetts Multifamily Northeast Top Stories

New Boston Fund Sells 217-Unit Luxury Apartment Tower in Boston for $144.5M

by Kristin Harlow December 1, 2017

BOSTON — New Boston Fund has sold The Tower at One Greenway in Boston for $144.5 million. The 217-unit luxury apartment tower is located at 99 Kneeland St. Completed in 2015, the property is 21 stories tall, featuring 3,180 square feet of retail space and a 135-space underground parking garage. Apartment units average 822 square feet in size. Amenities include a rooftop terrace with fire pits; an outdoor park with deck and grills; balcony lounge; resident lounge with billiards and entertainment bar; fitness center; yoga studio; dog wash; bike store; electric car charging stations; and BeanTowne Coffee shop. The unprecedented demand for Boston residential real estate was cited as the reason for selling the property, according to Jim Kelleher, CIO at New Boston Fund. Matthew Lawton, Riaz Cassum, Chris Phaneuf and Mark Campbell of HFF marketed the property on behalf of the seller. PGIM Real Estate purchased the property. New Boston Fund is a privately owned real estate investment manager. The company has developed or acquired commercial and residential properties with a cumulative market value of about $3.5 billion, including 23 million square feet of commercial real estate and 7,500 residential units. — Kristin Hiller

December 1, 2017

Civic Delaware Northeast Retail

Philadelphia 76ers, Buccini/Pollin Group to Develop 140,000 SF Sports Complex in Wilmington, Delaware

by Amy Works November 30, 2017

WILMINGTON, DEL. — The Philadelphia 76ers and The Buccini/Pollin Group are developing 76ers Fieldhouse in Wilmington. Situated on 8.9 acres, the 140,000-square-foot multi-purpose sports complex and youth training center will be the new home for the 76ers NBA G League affiliate team, the Delaware 87ers. In addition to use by the affiliate team, the facility will be used to provide local youth with new sports programming and opportunities. The Buccini/Pollin Group will manage the development and construction of the facility, which is being designed by Rossetti Architects. The facility is situated on a site currently owned by Riverfront Development Corp.

November 30, 2017

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