Northeast

Colliers Arranges $26.1M in Financing for Two-Property Multifamily Portfolio in Pennsylvania

by Amy Works October 23, 2017

LANCASTER AND HERSHEY, PA. — Colliers International has arranged two loans, totaling, $26.1 million, for the refinancing of two multifamily properties: Pioneer Woods in Lancaster and Rosedale Apartments in Hershey. Built in 1974, Pioneer Woods is situated on 34 acres and features 45 one-bedroom units, 71 two-bedroom units, 28 three-bedroom apartments and 16-two-bedroom townhouse units. At the time of financing, the property was 95 percent occupied. Rosedale Apartments was built in 1972 and features 80 one-bedroom apartments and 80 two-bedroom units, ranging from 566 square feet to 1,070 square feet. The property is currently 99 percent occupied. John Banas, Kris Wood, Chad Levitt and Jordan Canino of Colliers secured the five-year, fixed-rate financing with five-year resets for the properties.

October 23, 2017

Multifamily New York Northeast

Alpha Realty Facilitates $12.5M Sale of Two Multifamily Buildings in Manhattan

by Amy Works October 23, 2017

NEW YORK CITY — Alpha Realty has arranged the sale of two multifamily buildings located at 560 and 590 W. 192nd St. in the Washington Heights section of Manhattan. Lev Mavashev of Alpha Realty brokered the $12.5 million off-market transaction on behalf of the buyer and seller in the deal. 560 West 192nd Street features 31 units totaling 31,000 square feet, while 569 West 192nd Street features 29 units totaling 30,000 square feet. The names of the seller and buyer were not released.

October 23, 2017

New York Northeast Retail

Breslin Realty Development Breaks Ground for Lowe’s Home Improvement Warehouse in Yorktown, New York

by Amy Works October 23, 2017

YORKTOWN, N.Y. — Breslin Realty Development has broken ground for a Lowe’s Home Improvement Warehouse located in Yorktown. Located at 3200 Crompond Road, the 124,000-square-foot retail location will anchor a retail center that also includes three retail pads. The property is slated to open in the first quarter of 2019.

October 23, 2017

Multifamily New Jersey Northeast

Marcus & Millichap Brokers $1.2M Sale of Apartment Building in West New York, New Jersey

by Amy Works October 23, 2017

WEST NEW YORK, N.J. — Marcus & Millichap has arranged the sale of an apartment building located at 112 66th St. in West New York. A private investor acquired the building for $1.2 million. The 6,250-square-foot building features six apartment units. Andrew Zuckerman and Daniel Aviles represented the seller, a private investor, and the buyer in the deal.

October 23, 2017

Hospitality Loans Massachusetts Northeast Top Stories

Starwood Provides $140M Refinancing for Two Boston Hotels Totaling 510 Rooms

by Taylor Williams October 23, 2017

BOSTON — Starwood Property Trust, a Connecticut-based lender, has provided $140 million in refinancing for the Aloft Hotel and the Element Hotel, two hospitality properties totaling 510 rooms in Boston’s Seaport District. Starwood provided the funds on behalf of the borrower, a venture between a fund managed by an affiliate of Los Angeles-based Ares Management and Boston-based CV Properties LLC. HFF arranged the financing. The 13-story Aloft Hotel offers 330 rooms, as well as amenities such as a pool, fitness center, gourmet eatery and 12,000 square feet of meeting space. The six-story Element Hotel features 180 rooms with kitchens and flexible workspaces, as well as a pool, fitness center, meeting space and a bike-sharing program. Both hotels are situated adjacent to the Boston Convention and Exhibition Center (BCEC). Anthony Cutone and Matthew Enright of HFF, which secured construction financing for both properties in 2014, led the debt placement effort. “The hotels opened for business in early 2016 and have enjoyed a strong reception due in part to the phenomenal growth of the Seaport area, the quality of the development and the strong demand generated from the BCEC,” said Cutone. HFF’s stock price closed at $43.13 per share on Friday, Oct. …

October 23, 2017

Multifamily New Jersey Northeast

Marcus & Millichap Arranges $34.4M Sale of Multifamily Property in Camden, New Jersey

by Amy Works October 20, 2017

CAMDEN, N.J. — Marcus & Millichap has brokered the sale of Crestbury Apartments, a multifamily property located at 2552 S. Eighth St. in Camden. An affiliate of Lincoln Avenue Capital acquired the property from Tryko Partners for $34.4 million. Situated on 18 acres, the property features 392 one- and two-bedroom units. Andrew Townsend, Ridge MacLaren and Clarke Talone of Marcus & Millichap represented the seller in the deal. J.D. Parker of Marcus & Millichap is the firm’s broker of record in New Jersey.

October 20, 2017

Loans Multifamily New York Northeast Seniors Housing

Greystone Provides $54.2M in Financing for Two Skilled Nursing Facilities in Queens

by Amy Works October 20, 2017

NEW YORK CITY — Greystone has provided $54.2 million in HUD-insured mortgage loans to refinance two skilled nursing facilitates in Queens. Fred Levine of Greystone’s Monsey, N.Y., office originated the two separate transactions for the borrower, SentosaCare. Greystone provided a $21.9 million loan to refinance Brookhaven Rehabilitation and Healthcare Center, a 298-bed property in the Far Rockaway neighborhood and $32.3 million in refinancing for Cypress Garden Center for Nursing and Rehabilitation, a 278-bed facility in Flushing. Both loans were 30-year self-amortizing FHA loans at low fixed rates.

October 20, 2017

Industrial New Jersey Northeast Self-Storage

Hampshire Cos., First Westwood Realty Open Self-Storage Facility in Westwood, New Jersey

by Amy Works October 20, 2017

WESTWOOD, N.J. — A joint venture between The Hampshire Cos. and First Westwood Realty has opened an Extra Space Storage location at 15 Madison Ave. in Westwood. Designed by SNS Architects, the 100,000-square-foot facility features 916 self-storage units, 24/7 access, elevators, full climate control, a covered loading area and a state-of-the-art security system. Extra Space Storage will manage the property. This facility is the 37th Extra Space Storage property that The Hampshire Cos. has developed. Since 2012, Hampshire Cos. has repositioned and developed 52 self-storage facilities with an aggregate value of more than $585 million.

October 20, 2017

Multifamily New Jersey Northeast

Gebroe-Hammer Facilitates $5.7M Sale of Apartment Community in Belmar, New Jersey

by Amy Works October 20, 2017

BELMAR, N.J. — Gebroe-Hammer Associates has arranged the sale of Silver Lake Garden Apartments, a multifamily community located at 104 Fifth Ave. in Belmar. A private investor acquired the property from Anza Inc., the original developer/owner, for $5.7 million, or $190,000 per unit. The 30-unit property features six two-bedroom and 24 one-bedroom units with updated kitchens and bathrooms. Adam Zweibel of Gebroe-Hammer represented the seller and procured the buyer in the deal.

October 20, 2017

Civic New York Northeast

Farmingdale State College Completes $12M Renovation of Conklin Hall Student Center

by Amy Works October 20, 2017

EAST FARMINGDALE, N.Y. — Farmingdale State College has re-opened Conklin Hall after completing a $12 million redevelopment and renovation of the building. Stalco Construction and BRB Architects transformed the two-story, 19,701-square-foot building — which was originally built as a power plant in 1914 — into a student center. The 11,115-square-foot lower level features a newspaper room, a yearbook room, a student lounge, student club offices and four private offices, while the 8,586-square-foot main level features student government offices, private offices, workstations, a common area and a reception area. The project team included Cameron Engineering & Associates, Hage Engineering, Lakhani & Jordan Engineers, and landscape architects Todd Rader and Amy Crews.

October 20, 2017

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