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149-Madison-Ave-NY
New YorkNortheastOffice

Columbia Property Trust Acquires Office Building in Manhattan for $87.7M

by Amy Works

NEW YORK CITY — Columbia Property Trust has completed its acquisition of 149 Madison Avenue, a 12-story office building located in Manhattan’s Midtown South district. An undisclosed seller sold the 127,000-square-foot property for $87.7 million. The company is purchasing the property subject to a ground lease that expires in January 2018. At that time, Columbia plans to begin a comprehensive repositioning at the fully vacated building. Redgate will serve as project manager, Genslar as architect and Highland Associates as engineer for the renovation project.

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LoansMultifamilyNew YorkNortheast

Hunt Mortgage Provides $25M in Refinancing for Multifamily Property in Poughkeepsie, New York

by Amy Works

POUGHKEEPSIE, N.Y. — Hunt Mortgage Group has provided a $25 million conventional Freddie Mac loan to Mountainbrook Realty Holdings LLC. The borrower will use the loan to refinance Mountain Brook Apartments, located at 134-154 Innis Ave. in Poughkeepsie. Built in 1965, the property comprises 17 buildings offering a total of 288 apartment units in a mix of one-, two- and three-bedroom layouts. The seven-year loan features a fixed-rate and a 30-year amortization schedule. At the time of financing, the property was 98.6 percent occupied. Shloime Goldstein of Skyline Capital arranged the financing.

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LoansMultifamilyNew YorkNortheast

Houlihan-Parnes Realtors Secures $17.5M in Refinancing for Multifamily Portfolio in New York

by Amy Works

BINGHAMTON, ENDICOTT, ENDWELL AND JOHNSON CITY, N.Y. — Houlihan-Parnes Realtors has arranged a $17.5 million loan for the refinancing of a multifamily portfolio in Upstate New York. Totaling 602 apartments, the 13 properties are located in Binghamton, Endicott, Endwell and Johnson City. The non-recourse loan features a fixed interest rate and a 30-year amortization schedule. Ed Graf of Houlihan-Parnes secured the loan for the undisclosed borrower. Steven Tierney of Woods, Oviatt, Gilman represented the borrower.

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IndustrialNew YorkNortheast

Kalmon Dolgin Arranges $5M Sale of Industrial Building in Brooklyn

by Amy Works

NEW YORK CITY — Kalmon Dolgin Affiliates (KDA) has brokered the sale of an industrial building located at 315 Liberty Ave. in the Brownsville section of Brooklyn. Beldex Realty sold the property to 315 Liberty Avenue LLC for $5 million. The buyer plans to redevelop the two-story, 28,000-square-foot industrial building into office space. The building features gas heat, heavy power, drive-in doors and a loading dock. Allison Chambers of KDA represented the buyer, while Samuel Zupnick and Nathan Friedman, also of KDA, represented the seller in the transaction.

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10-11-Arlington-St-Boston
MassachusettsNortheastOffice

CBRE/NE Brokers $22.5M Sale of Office Property in Boston’s Back Bay

by Amy Works

BOSTON — CBRE/New England has arranged the sale of an office building located at 10-11 Arlington in Boston’s Back Bay. Fisher College sold the six-story building to 10-11 Arlington LLC for $22.5 million. The buyer plans to use the 21,205-square-foot property as a family office. Mark Reardon, Meredith Christensen, Diane Harris, Matthew Furey, Simon Butler and Biria St. John of CBRE/NE represented the seller in the deal.

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MultifamilyNew YorkNortheast

Coastal Ridge Real Estate Launches Third-Party Management Platform, Awarded Three-Property Portfolio

by Amy Works

BUFFALO, N.Y. — Columbus, Ohio-based Coastal Ridge Real Estate has launched a third-party property management platform and has been awarded management of three student housing communities owned by DHD Ventures. The properties are Monarch 716, a 592-bed community located at 100 Forest Ave. in Buffalo; Monarch 815, a 576-bed community located at 1109 University Parkway in Johnson City, Tenn.; and Monarch 544, 440-bed community located at 650 SC-544 in Conway, S.C. The firm expects to grow its third-party property management portfolio to 2,500 units by the end of 2018.

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77-Main-St-Hopkinton-MA
MassachusettsNortheastOffice

SVN/Parsons Commercial Group Arranges $8.6M Sale of Office Building in Hopkinton, Massachusetts

by Amy Works

HOPKINTON, MASS. — SVN/Parsons Commercial Group Boston has negotiated the sale of an office property located at 77 Main St. in Hopkinton. Thomson Realty Limited Partnership sold the building to Hopkinton Business Center LLC for $8.6 million. At the time of sale, the 55,000-square-foot building was fully leased to a variety of tenants, including a dental office, a jewelry store and a specialized planning and construction company. Victor Galvani of SVN/Parsons represented the seller, while Garrett Quinn, also of SVN/Parsons, represented the buyer in the transaction.

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HGI-Allentown-PA
HospitalityNortheastPennsylvania

MCR Purchases Hilton Garden Inn in Allentown, Pennsylvania, for $15M

by Amy Works

ALLENTOWN, PA. — MCR has acquired the Hilton Garden Inn Allentown West, located at 230 Sycamore Road in Allentown, for $15 million. The 111-room hotel features an indoor pool, a fitness center, free Wi-Fi, 1,330 square feet of meeting space, The Great American Grill, a 24-hour business center and a 24-hour Pavilion Pantry. Guest rooms offer spacious work areas, 42-inch flat-screen televisions and coffeemakers. The name of the seller was not released.

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ConnecticutLoansMultifamilyNortheast

Hunt Mortgage Provides $5.8M in Refinancing for Multifamily Property in Waterbury, Connecticut

by Amy Works

WATERBURY, CONN. — Hunt Mortgage Group has provided a $5.8 million Fannie Mae conventional loan for the refinancing of a multifamily property located in Waterbury. The borrower is 650 Howard 2017 LLC, a single-purpose, Connecticut limited liability firm backed by key principals Tom Bechard and George Louie. The 10-year, fixed-rate loan features a 30-year fully amortizing schedule with yield maintenance prepayment. Located at 119 and 136 Store Ave., the two-building Store Avenue Apartments offer a total of 113 units. At the time of refinancing, the property was 97 percent occupied.

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ConnecticutHospitalityNortheastTop StoriesWestern

Summit Hotel Properties Acquires Four-Hotel Portfolio for $164M

by Nellie Day

AUSTIN, TEXAS — Summit Hotel Properties (NYSE: INN) has purchased a four-property hotel portfolio for $164 million. The portfolio contains a total of 652 guestrooms. The acquisition includes the 207-room Courtyard New Haven at Yale in New Haven, Conn.; the 148-room Hilton Garden Inn Boston/Waltham in Waltham, Mass.; the 175-room Residence Inn Cleveland Downtown in Cleveland; and the 122-room Homewood Suites by Hilton Tucson/St. Philip’s Plaza University in Tucson, Ariz. The Courtyard New Haven is situated adjacent to Yale University. It is the only Marriott-branded hotel within nearly 10 miles of downtown New Haven. The hotel underwent a renovation of all public spaces and guestrooms in 2016. The Hilton Garden Inn Boston/Waltham is centrally located along the Route 128/Interstate 95 corridor known as America’s Technology Highway. The hotel benefits from strong corporate demand with 16.4 million square feet of office space within three miles of the property and another 1 million square feet under construction. The recently renovated Residence Inn Cleveland Downtown is positioned within the Central Business District’s 9.5 million square feet of Class A office space, which includes the headquarters of Fortune 500 companies Sherwin-Williams, KeyCorp and Cliffs Natural Resources. The Homewood Suites by Hilton Tucson/St. Philip’s Plaza …

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