Northeast

Ariel Property Advisors Arranges $17.9M Sale of Multifamily Portfolio in Brooklyn

by Amy Works January 9, 2018

NEW YORK CITY — Ariel Property Advisors has negotiated the sale of a two-building multifamily portfolio located at 291 and 292 Lincoln Place in the Prospect Heights neighborhood in Brooklyn. An undisclosed buyer acquired the 49-unit package for $17.9 million, or $365,000 per unit. Totaling 41,000 square feet, the two four-story walk-up buildings offer a mix of 36 one-bedroom, 11 two-bedroom and two three-bedroom apartments. Additionally, between both properties there are 12,400 square feet of additional air rights. Jonathan Berman, Michael Tortorici, Shimon Shkury, Victor Sozio and Orry Michael of Ariel Property Advisors represented the undisclosed seller and secured the buyer in the transaction.

January 9, 2018

New York Northeast Retail

Cushman & Wakefield Negotiates $13.5M Sale of Retail Building in Queens

by Amy Works January 9, 2018

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a retail property located at 42-31 Bell Blvd. in the Bayside neighborhood of Queens. Midwood Investment & Development sold the property to Hersel Solutions for $13.5 million. At the time of sale, the 10,092-square-foot property was fully occupied by three tenants. Bank of America anchors the property and occupies 5,376 square feet with a lease through March 2024. The remaining units are occupied by a dog daycare and a restaurant with lease through October 2019 and April 2024, respectively. Additionally, the building features a 20-space parking lot and approximately 22,814 square feet of air rights. James Nelson, Stephen Preuss and Carly Weinreb of Cushman & Wakefield represented the seller in the deal.

January 9, 2018

Loans New York Northeast Retail

G.S. Wilcox & Co. Secures $25.2M Loan for Retail Development Site in Yorktown, New York

by Amy Works January 8, 2018

YORKTOWN, N.Y. — G.S. Wilcox & Co. has secured $25.2 million in financing for the site development of a future Lowe’s Home Improvement Warehouse, which has a 20-year ground lease, in Yorktown. David Fryer of G.S. Wilcox & Co. arranged the loan that features a two-year construction period and a 20-year term thereafter. The loan includes an extended amortization period beyond the initial lease term without the use of residual value insurance. The site has three additional pad sites that were left unencumbered, allowing the borrower to lease those to tenants and secure necessary financing.

January 8, 2018

Industrial New Jersey Northeast

NKF Brokers Sale of 254,000 SF Industrial Portfolio in Northern New Jersey

by Amy Works January 8, 2018

NORTHERN NEW JERSEY — NKF Capital Markets has arranged the sale of an industrial portfolio of four assets located throughout Northern New Jersey. Tulfra Real Estate sold its 100 percent interest in the properties, which total 254,000 square feet, for an undisclosed price. The single-tenant properties, ranging in size from 38,000 square feet to 141,000 square feet, are occupied by a diverse tenant roster for a wide range of uses, including plastics manufacturing and assembly, light industrial, storage, office and private label supplement development. Kevin Welsh, Brian Schulz and Jason Emrani of NKF represented the seller and procured the buyer, a private high-net worth investor based in Airmont, N.Y. Additionally, Jordan Roeschlaub, Dustin Stolly, Dan Fromm and Robert Tonnessen of NKF Capital Markets Debt & Structured Finance team secured acquisition financing for the purchase.

January 8, 2018

Multifamily New York Northeast

Ariel Property Advisors Facilitates $14.1M Sale of Multifamily Property in Queens

by Amy Works January 8, 2018

NEW YORK CITY — Ariel Property Advisors has arranged the sale of a multifamily building located at 143-48 41st Ave. in the Flushing neighborhood of Queens. An undisclosed buyer acquired the six-story property for $14.1 million. The 56,000-square-foot building features 53 apartment units. Victor Sozio, Shimon Shkury, Michael Tortorici and Jesse Greshin of Ariel Property Advisors represented the undisclosed seller and secured the buyer in the deal.

January 8, 2018

Loans Multifamily New Jersey Northeast

Cronheim Mortgage Arranges $5M Loan for 168-Unit Apartment Complex in Fort Lee, New Jersey

by Amy Works January 8, 2018

FORT LEE, N.J. — Cronheim Mortgage has arranged $5 million in financing for Palisade Gardens, an apartment complex located in Fort Lee. Provided by American United Life Insurance Co., the loan was structured on a 10-year self-liquidating basis. Constructed in the 1950s, Palisade Gardens comprises nine two-story brick buildings featuring a total of 168 units in a mix of studio, one- and two-bedroom layouts, ranging in size from 415 square feet to 740 square feet. On-site community amenities include laundry facilities and surface and covered garage parking. Dev Morris, Allison Villamagna and Andrew Stewart of Cronheim Mortgage arranged the financing for the undisclosed borrower.

January 8, 2018

Connecticut Industrial Northeast

Western Express Acquires 12.8-Acre Facility in Plainfield, Connecticut, for $1.7M

by Amy Works January 8, 2018

PLAINFIELD, CONN. — Western Express, a truckload carrier, has purchased a 12.8-acre facility at 1293 Norwich Road in Plainfield. P. Camp LLC of Jewett City, Conn., sold the property for $1.7 million. The property comprises two adjacent parcels and a 30,740-square-foot building. This is will be ninth location for the Nashville, Tenn.-based truckload carrier. Ron Lyman of Lyman Real Estate Brokerage & Development represented the seller and buyer in the deal.

January 8, 2018

Loans Massachusetts Mixed-Use Multifamily Northeast Retail

Natixis Arranges $480.8M Construction Loan for Development in Boston Seaport Square

by Amy Works January 5, 2018

BOSTON — Natixis has arranged a $480 million construction loan for Cottonwood Management to develop 3.5 acres in Boston Seaport Square in Boston. The loan will finance a 717-unit residential facility, two condominium towers and one luxury rental tower, as well as a two-story, 125,000-square-foot retail base podium centered around a public courtyard. The overall project is an 819,000-square-foot mixed-use space on Boston’s waterfront. The property’s residential units will feature luxury finishes including quartz countertops, stainless steel appliances, gas fireplaces, floor-to-ceiling windows and in-unit laundry, custom Italian cabinetry and porcelain tile. Common amenities will include a wine room, a lounge, outdoor and indoor swimming pools, a spa treatment room, a half basketball court, an innovation center, a children’s playroom, a pet spa and lobbies.

January 5, 2018

Multifamily New Jersey Northeast

Jefferson Apartment Group to Develop 490-Unit Apartment Complex in Metro Philadelphia

by Amy Works January 5, 2018

MT. LAUREL, N.J. — Jefferson Apartment Group is developing an apartment complex located on 77 acres in Mt. Laurel, an inner suburb of Philadelphia. Jefferson Place Mt. Laurel will comprise 21 separate three-story buildings. Seventeen of the buildings will feature elevators and range in size from 16 to 32 units each. The community will include 98 low- and moderate-income units. The 490 units will range in size from 690 square feet to 1,300 square feet in a mix of one- and two-bedroom layouts with either balconies or patios. On-site amenities will include a 7,100-square-foot clubhouse with a resort-style swimming pool, fire pits, a fitness center, a cyber lounge and a pub room. Construction is slated to break ground this month, with delivery scheduled for spring 2019. JAG Management Co. will provide property management services for the community.

January 5, 2018

Civic Loans Mixed-Use Multifamily New York Northeast

Madison Realty Capital Provides $53.5M in Financing for Mixed-Use Development in Manhattan

by Amy Works January 5, 2018

NEW YORK CITY — Madison Realty Capital (MRC) has provided a $53.5 million acquisition and construction financing package collateralized by a partially constructed mixed-use development at 208 Delancey Street on the Lower East Side of Manhattan. The borrower, New Empire Real Estate Development, plans to construct an approved 85,000-square-foot, 69-unit residential condominium building and a 10,201-square-foot community facility on the site. MRC funded an initial $15 million at closing to the borrower and has committed to fund an additional $38.5 million to complete construction of the project. The $53.5 million financing package represents approximately 70 percent of the total project cost. The property includes a gross area of 84,579 square feet and a net sellable area of 62,529 square feet. The seller began construction on the site in 2011 and completed excavation, foundation and superstructure work through the fourth floor, but received a stop work order midway through the project. With the MRC financing, the buyer was able to acquire the distressed property and intends to demolish the existing structure, repair any structural deficiencies and begin work on the revised new building plans.

January 5, 2018

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