Northeast

Arbor Realty Trust Funds $41.5M Bridge Loan for Multifamily Property in Newark

by Amy Works April 27, 2018

NEWARK, N.J. — Arbor Realty Trust has funded a $41.5 million bridge loan for the acquisition of a multifamily property located in Newark’s Forest Hills section. The deal provides a three-year adjustable loan term. Stephen York of Arbor’s New York City office originated the loan. The undisclosed borrower used the loan to acquire 452 units at closing, with the intent to purchase the remaining 28 units over the next three years. The garden-style apartment community features studio, one- and two-bedroom layouts, on-site laundry facilities, parking and landscaped courtyards.

April 27, 2018

Loans Multifamily New York Northeast Seniors Housing

Monticello Provides $31.2M Acquisition Financing for 200-Bed Seniors Housing Community on Staten Island

by Amy Works April 27, 2018

NEW YORK CITY – Monticello Asset Management, through one of its investment vehicles, has provided $31.2 million bridge-to-HUD loan for New Broadview Manor Home For Adults, a 200-bed seniors housing facility on Staten Island. The borrower is The W Group at New Broadview LLC, which will use the funds to acquire the property. New Broadview was built in 1974, with a fifth floor added in 1999. Of the 200 beds, 116 are licensed for the New York State Assisted Living Program (ALP). The remaining 84 beds will be managed by an affiliated home health care agency. The community totals 42,694 square feet on 0.8 acres of land. The facility is located in the residential South Beach section of Staten Island near the Verrazano Bridge and one block from the ocean and boardwalk.

April 27, 2018

Loans Multifamily New York Northeast

Q10|New York Realty Advisors Secures $2.9M Acquisition Loan for Apartment Building in Queens

by Amy Works April 27, 2018

NEW YORK CITY – Q10|New York Realty Advisors, an affiliate of Houlihan-Parnes Realtors, has secured a $2.9 million loan for the acquisition of a walk-up apartment building located in the Sunnyside neighborhood of Queens. The undisclosed borrower opted for a 20-year Hybrid ARM loan through the Freddie Mac Small-Balance Loan program. The rate on the initial five-year term is fixed at 3.58 percent followed by a floating-rate period of the remainder of the term (180 months). During the floating-rate period, the coupon is reset every six months and is based on a spread over a six-month LIBOR index. The non-recourse, PAR loan amortizes over 30 years. The four-story building features 16 units. Jeanne Cronin of Q10|New York Realty Advisors arranged the financing.

April 27, 2018

Loans Multifamily New York Northeast

Madison Realty Capital Provides $35M Mezzanine Loan for Condominium Development in Manhattan

by Amy Works April 26, 2018

NEW YORK CITY – Madison Realty Capital (MRC) has provided a $35 million mezzanine loan to co-developers Sumaida + Khurana and LENY for a new condominium tower located at 611 W. 56th St. in Manhattan’s Hell’s Kitchen neighborhood. The funding is part of a $155 million construction financing package for the project provided by MRC and an investment fund managed by Apollo Global Management. The 35-story, 163,329-square-foot development will feature 83 residences, ranging from one-bedroom units to expansion penthouses; outdoor space, including a roof garden and sun deck; private terraces for residents; a fitness center; a children’s playroom and an entertaining space for hosting private events. Álvaro Siza, a renowned Portuguese architect, is designing the building. This is Siza’s first foray into the U.S. market. Adi Chugh of Maverick Capital Partners arranged the financing in the transaction. Condo sales are slated to begin in spring 2019, with Leonard Steinberg, Debra LaChance and Justin D’Adamo of Compass leading the marketing efforts.

April 26, 2018

Acquisitions Mixed-Use Multifamily New York Northeast Office Retail

Marcus & Millichap Brokers $22.3M Sale of Three Mixed-Use Buildings in Brooklyn

by Amy Works April 26, 2018

NEW YORK CITY – Marcus & Millichap has arranged the sale of three mixed-use buildings located at 119-123 Kent Ave. in Brooklyn’s Williamsburg neighborhood. The Shariati family acquired the contiguous properties for $22.3 million, or $1,441 per square foot. The sellers were Cheskie Weisz of CW Realty, Joyland Group and Meral Property Group. The buildings offer a total of 17 apartments, three ground-floor retail units and one office space. Nat Rockett and Steven Dweck of Marcus & Millichap represented the buyer in the 1031 exchange transaction.

April 26, 2018

Acquisitions Maine Northeast Retail

NKF Capital Markets Orchestrates $21M Sale of Shopping Center in Maine

by Amy Works April 26, 2018

FALMOUTH, MAINE – NKF Capital Markets has arranged the sale of Falmouth Shopping Center, located along U.S. Route 1 in Falmouth. Private investors purchased the shopping center from JPA Management for $21 million. At the time of sale, the property was 89 percent leased to a diverse tenant roster, including Shaw’s Supermarket, Ocean State Job Lot, Goodwill, Sullivan Tire, and Bank of America. Geoffrey Millerd and Justin Smith of NKF, along with Mackenzie Simpson of Porta & Co., represented the seller in the deal.

April 26, 2018

Acquisitions Multifamily New Jersey Northeast

Redwood Realty Advisors Arranges $3.3M Sale of Multifamily Property in Hoboken

by Amy Works April 26, 2018

HOBOKEN, N.J. – Redwood Realty Advisors has negotiated the sale of a two-building multifamily property located at 844 Park Ave. in Hoboken. A private investor sold the property to an undisclosed buyer for $3.3 million. The property features a total of 10 residential apartments with a unit mix of one-bedroom/one-bath, two-bedroom/one-bath and two-bedroom/two-bath units. Additionally, the property features on-site parking. Steve Matovski of Redwood Realty Advisors represented the seller and buyer in the deal.

April 26, 2018

Acquisitions Healthcare Mixed-Use Northeast Office Pennsylvania Retail

Colliers Negotiates $2.1M Sale of 7.2-Acre Development Site in Pennsburg, Pennsylvania

by Amy Works April 26, 2018

PENNSBURG, PENN. – Colliers International has arranged the sale of a commercially zoned land located at the southwest corner of Pennsylvania Route 663 and Northgate Boulevard in Pennsburg. PB Northgate purchased the 7.2-acre property, which is approximately 17 miles south of Allentown, for $2.1 million. The buyer plans to develop a medical office building and retail pad site on the land parcel. Derek Zerfass of Colliers International’s office in Allentown, Penn., represented the undisclosed seller, while Markward Group represented the buyer in the transaction.

April 26, 2018

Acquisitions New York Northeast Office

Valley East Management Acquires 141,000 SF Office Complex in Long Island

by Amy Works April 25, 2018

NEW YORK CITY – Valley East Management has acquired a two-building office complex located at 100 Merrick Road within Rockville Centre in Long Island. A New York investment advisory firm sold the asset for an undisclosed price. The 141,000-square-foot complex features an on-site café, tenant storage and on-site parking. At the time of sale, the property was 93 percent leased to a variety of tenants in the legal services, medical/healthcare and accounting industries. Jose Cruz, Kevin O’Hearn, Jeffrey Julien, Stephen Simonelli and Michael Oliver of HFF represented the seller and procured the buyer in the deal.

April 25, 2018

Acquisitions Connecticut Northeast Office

Angel Commercial Negotiates $8.2M Sale of Two Office Buildings in Fairfield, Connecticut

by Amy Works April 25, 2018

FAIRFIELD, CONN. – Angel Commercial has arranged the sale of two adjacent office buildings located at 328 and 338 Commerce Drive in Fairfield. CDR-328 LLC acquired the properties from 328 Commerce Drive LLC and 338 Commerce Drive LLC for $8.2 million. Situated on 1.9 acres, the properties total 48,958 square feet of office space. Angel Commercial solely handled the off-market transaction.

April 25, 2018

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