Northeast

Leser Group to Renovate 40,000 SF Office Building in Pennsylvania for $3M

by David Cohen March 23, 2018

KING OF PRUSSIA, PA. — The Leser Group will renovate a 40,000-square-foot office building at 170 N. Henderson Road in King of Prussia, a suburb of Philadelphia. When completed, the estimated $3 million project that was designed by RHJ Associates will create a state-of-the-art medical office building as well as expanded parking and a modernized facade. The Leser Group, a New York based real estate development firm, owns the building and Colliers International manages the property. The project is slated for completion by the first quarter of 2019.

March 23, 2018

Loans Multifamily New York Northeast Seniors Housing

Harborview Arranges $63M Bridge-to-HUD Loan for Skilled Nursing Facility in Brooklyn

by David Cohen March 23, 2018

NEW YORK CITY — Harborview Capital Partners, a commercial real estate finance, equity and advisory firm, has arranged a $63 million bridge-to-HUD loan for a skilled nursing facility and two adult day care centers in Brooklyn. The loan refinances existing debt. The local borrower plans to improve the facility with a new rehabilitation gym. Further details on the borrower and facilities were not disclosed. David Nussbaum and Jeffrey Fuchs of Harborview negotiated the transaction.

March 23, 2018

Leasing Activity New York Northeast Office

Savitt Partners Secures Four Leases Totaling 19,000 SF in Midtown Manhattan

by David Cohen March 23, 2018

NEW YORK CITY — Savitt Partners, which owns 530 Seventh Avenue, a 490,000-square-foot office property in Midtown Manhattan, has executed several new leases at the property. Influential Network, an artificial intelligence marketplace, has signed a 1,700-square-foot lease; online designer jewelry marketplace TrueFacet extended its 6,600-square-foot lease with an additional 3,500 square feet; media agency Junction37 inked a deal for 2,100 square feet; and customer experience platform Kustomer renewed its 5,150-square-foot lease. Brian Neugeboren, Nicole Goetz and Bob Savitt of Savitt Partners arranged the lease transactions. Built in 1930, 530 Seventh Avenue is located two blocks south of Times Square at the intersection of 7th Avenue and West 39th Street. It is also the home of The Skylark, a classically styled cocktail lounge.

March 23, 2018

Loans Multifamily New York Northeast

Mack Real Estate Credit Strategies Provides $127M in Financing for Multifamily Development in Brooklyn

by David Cohen March 22, 2018

NEW YORK CITY — Mack Real Estate Credit Strategies has provided Sugar Hill Capital Partners with a $97 million construction loan and a $30 million mezzanine loan to fund the redevelopment of One Prospect Park West in Brooklyn. The nine-story, 169,410-square-foot building, a former senior living facility, was vacant when Sugar Hill acquired it in 2016. Sugar Hill plans to redevelop the property as a multifamily building. The Mack Real Estate financing was arranged by Ronnie Levine, Shamir Seidman and Ben Jacobs of Meridian Capital Group. Kasowitz Benson Torres LLP provided legal representation for Sugar Hill in the transaction and Stroock & Stroock & Lavan LLP represented Mack Real Estate.

March 22, 2018

Industrial Loans Massachusetts Northeast

JLL Arranges $36.3M Loan for 775,000 SF Industrial Portfolio in Suburban Boston

by David Cohen March 22, 2018

LITTLETON AND MIDDLEBOROUGH, MASS. — JLL Capital Markets has arranged a $36.3 million loan for L&B Realty Advisors to finance the purchase of a two-building industrial portfolio in suburban Boston. L&B Realty Advisors acquired the portfolio on behalf of an institutional client. The 775,000-square-foot portfolio consists of two warehouse distribution buildings, one in Littleton and the other in Middleborough. Both buildings are fully leased, with the 275,000-square-foot building at 154 Campanelli Drive in Middleborough occupied by a single tenant. The 480,000-square-foot building at 1 Distribution Center Circle in Littleton is leased to six tenants. A life insurance company provided the 10-year loan.

March 22, 2018

Acquisitions New York Northeast

Besen & Associates Brokers Sale of 20,000 SF Multi-Use Building in Hudson Heights for $9.1M

by David Cohen March 22, 2018

NEW YORK CITY — Besen & Associates has arranged the sale of 4468-4474 Broadway in northern Manhattan for $9.1 million. The sales price equates to $457 per square foot and a 3.75 percent capitalization rate. The two-story, 20,000-square-foot building consists of six stores and five offices. Built in 1991, the property features 100 feet of retail frontage along Broadway in the Hudson Heights neighborhood and is located just north of the George Washington Bridge between Fort Tyron Park and Harlem River Park. The property also includes 14,400 square feet of unused air rights. Hilly Soleiman, Amit Doshi and Ron Cohen of Besen & Associates represented the seller, Broadway 10th Ave. Corp. in the transaction. Alma Realty was the buyer.

March 22, 2018

Acquisitions Northeast

Marcus & Millichap Arranges Sale of 73,000 SF Shopping Center in Upstate New York for $12.3M

by David Cohen March 22, 2018

GLENMONT, N.Y. — Marcus & Millichap has arranged the sale of Bethlehem Town Center II, a 73,613-square-foot shopping center in Glenmont, for $12.3 million. The fully leased shopping center, which is located three miles from downtown Albany, was purchased at a 7.09 percent capitalization rate. Current tenants include Panera Bread, Five Guys Burger & Fries, SuperCuts, Taco Bell, and Twist ‘N Flip Gymnastics. Joseph C. French, Jr. and Thomas Dalzell of Marcus & Millichap represented the undisclosed seller in the transaction and procured the buyer, a private investor.

March 22, 2018

Leasing Activity Massachusetts Northeast

PREIT Signs Three New Tenants to Mall in Southeast Massachusetts

by David Cohen March 22, 2018

PREIT has signed three new tenants at Dartmouth Mall in Dartmouth, a city in southeast Massachusetts. Local retailer Newbury Comics will open a 3,900-square-foot store this spring. In the fall, Forever 21 will open an 11,500-square-foot location, and EbLens will open a 6,000-square-foot store. The new leases come on the heels of several recent openings, including a new 23,000-square-foot H&M, and new Encore and Torrid stores. Dartmouth Mall’s AMC Theatres was renovated in 2015.

March 22, 2018

Loans Massachusetts Northeast Office

Fantini & Gorga Arranges $30M Loan to Refinance 61,000 SF Office Building in Cambridge

by David Cohen March 21, 2018

CAMBRIDGE, MASS. — Fantini & Gorga has arranged a $30 million loan to refinance a 61,000-square-foot office building in Cambridge. The property, located at 784 Memorial Drive and owned by an affiliate of the Bullfinch Companies, was originally built in 1937 and underwent renovations in 1999 and 2014. Harvard University recently executed a long-term lease for the entire building with plans to house a technology services department there. Wayne Clough and Despina Hixon of Fantini & Gorga arranged the financing with one of its correspondent life insurance companies. The building is located along the Charles River in the Cambridgeport neighborhood, halfway between the campuses of Harvard and the Massachusetts Institute of Technology.

March 21, 2018

Development Massachusetts Multifamily Northeast Seniors Housing

Castle Square, WinnDevelopment to Redevelop 102-Unit Senior Housing Community in South End.

by David Cohen March 21, 2018

BOSTON — Castle Square Tenants Organization and WinnDevelopment have been selected by the Boston Housing Authority to redevelop the Eva White Apartments, a 102-unit, low-income senior housing community at 440 Tremont St. in Boston’s South End. The 50-year-old, seven-story building includes 34 studio, 57 one-bedroom and 11 two-bedroom affordable apartments for seniors. As the majority owner, Castle Square will deliver programs and services to Eva White residents and will partner with WinnDevelopment on a two-year renovation project to upgrade apartment kitchens and baths as well as community spaces, mechanical systems and life-safety systems. A final project budget for renovations has not been set. Castle Square and WinnDevelopment first worked together in 1987 to purchase and renovate the 500-unit Castle Square Apartments in South End. The $50 million rehabilitation achieved a LEED Platinum rating from the U.S. Green Building Council.

March 21, 2018

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