Northeast

Jumbo Capital, Guggenheim Purchase 50 Congress Street in Boston for $79M

by Haisten Willis May 30, 2017

BOSTON — A joint venture arranged between Jumbo Capital Management and Guggenheim Real Estate has purchased 50 Congress St. in downtown Boston for $79 million. The office property spans 179,872 square feet and occupies an entire city block. HFF arranged the sale of the property on behalf of the seller, an affiliate of KBS Capital Advisors, and procured the buyer. Originally designed by architect Andrews, Jaques & Rantoul as the headquarters for State Mutual Life Insurance, the building was constructed in two phases between 1910 and 1915. Today, it is 90 percent leased to over 60 tenants and features first-floor retail. The tenant roster includes a mix of law firms, retail, private equity and financial services tenants. Coleman Benedict, Christopher Phaneuf and Ben Sayles led the HFF investment sales team representing the seller.

May 30, 2017

Hospitality Loans New Jersey Northeast

Empire Resorts Secures $35M in Construction Financing for Resort in Sullivan County, New York

by Haisten Willis May 30, 2017

THOMPSON, N.Y. — Montreign Operating Co., an indirect subsidiary of Empire Resorts, has closed a $35 million increase to its Term B loans, which are part of a senior secured first lien term loan facility. Montreign and its subsidiaries will use the proceeds of the loans to fund development of the Resorts World Catskills casino, as well as an entertainment village and golf course being developed at the site of the destination resort in Thompson. Following the closing of the additional $35 million Term B loans, the term loan facility now provides an aggregate of $520 million senior secured first lien term loans, consisting of $70 million of Term A loans and $450 million of Term B loans. Upon completion in March 2018, the resort will include an 18-story casino, hotel and entertainment complex with a 100,000-square-foot casino floor, over 100 table games, 2,150 slot machines, a poker room and private gaming salons. Guest amenities will include 332 all-suite hotel rooms, of which there are 12 penthouse suites, eight garden suites, seven two-story villas, two indoor pools, a spa and fitness center.

May 30, 2017

Northeast Office Pennsylvania

CBRE Arranges Sale of 238,000 SF Office Building in Philadelphia

by Haisten Willis May 30, 2017

PHILADELPHIA — CBRE has arranged for the sale of a 238,000-square-foot office building at One Crown Way in Philadelphia. CBRE’s Michael Kane represented the buyer, One Crown Properties LLC, during the negotiations, while CBRE’s Carl Gersbach represented the seller, Crown Cork & Seal USA. Crown Cork plans to lease back the building for the short term while seeking a site for a new headquarters property. Ballinger designed the property, which was built in 1996, and Nason and Cullen was the construction manager. The corporate campus environment sits on 40 acres and also includes a cafeteria, fitness center, underground parking and a walking trail.

May 30, 2017

Industrial Multifamily New York Northeast

A&G Realty Partners Launches Non-Retail Properties Division

by Haisten Willis May 30, 2017

MELVILLE, N.Y. — A&G Realty Partners has launched a division focused on maximizing the value of real estate assets and leases in non-retail sectors. The formal launch of the non-retail properties division follows several years in which A&G worked to broaden its reach to sectors including office, industrial, higher education and multifamily.

May 30, 2017

Loans Massachusetts Multifamily Northeast

MassHousing Provides $9.3M Financing for Multifamily Complex in Greater Boston

by Haisten Willis May 30, 2017

GARDNER, MASS. — MassHousing has provided $9.3 million in financing to an affiliate of the non-profit Retirement Housing Foundation (RHF) for the preservation and renovation of 134 affordable housing units at Binnall House in Gardner. Binnall House is home to senior citizens and residents with disabilities who will see the affordability of their units extended for at least 15 years. The Binnall House refinancing is one of the first nationally in which a Housing Finance Agency (HFA) has completed a transaction through the Federal Housing Administration’s Housing Tax Credit Pilot Program. The program allows borrowers to utilize federal low-income housing tax credits and an affordable fast-track mortgage product insured by the Federal Housing Administration (FHA). MassHousing refinanced Binnall House through the Agency’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture Initiative with lender partner Rockport Mortgage Corp. The Schochet Cos. provided development consulting and its affiliate, Federal Management Co., is the property manager for Binnall House.

May 30, 2017

New York Northeast Office Top Stories

Ivanhoé Cambridge, Callahan Capital Properties Acquire 85 Broad Street in Downtown Manhattan for $650M

by Katie Sloan May 30, 2017

NEW YORK CITY — A partnership between Ivanhoé Cambridge and Callahan Capital Properties has acquired 85 Broad Street, a 1.1 million-square-foot office tower located in Manhattan’s Financial District, for $650 million. The 30-story tower recently underwent a capital improvement program, which included the renovation of existing amenities and the addition of new building services. The property amenities include a 14,000-square-foot wellness center with a yoga room, Le Pain Quotidien restaurant, a 125-seat tenant cafeteria, conference center and bike room. “We are proud to acquire such a high-quality, marquee property,” says Arthur Lloyd, president of Ivanhoé Cambridge. “85 Broad Street features state-of-the-art building services and amenities and appeals to both traditional and TAMI users. This acquisition expands our footprint, and brings our New York office portfolio to more than 6.7 million square feet.” Office tenants at the tower include Oppenheimer & Co., WeWork, PureFunds, MSQ Ventures and Nielsen. Goldman Sachs originally built the tower to serve as its headquarters in the 1980s, according to reports by Bloomberg. The company moved to 200 West St. in 2010. Montreal-based Ivanhoé Cambridge invests in properties and real estate companies in select cities around the world. Through subsidiaries and partnerships, the company holds interests in …

May 30, 2017

Multifamily New York Northeast

IPA Arranges $72.9M Sale of Multifamily Portfolio in Brooklyn

by Haisten Willis May 26, 2017

NEW YORK CITY — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $72.9 million sale of a multifamily portfolio in New York City. The portfolio includes 17 buildings containing 194 residential units and five commercial spaces in central and northern Brooklyn. IPA’s Peter Von Der Ahe, Joe Koicim, Shaun Riney, Daniel Greenblatt and Thomas Shihadeh represented the seller, a private investor, and procured the buyer, a real estate fund. Located in Brooklyn’s Prospect Heights, Crown Heights, Williamsburg and Bedford-Stuyvesant neighborhoods, the portfolio includes 167,668 square feet. The properties are located at 874 Bergen St., 942 Bergen St., 267 Clifton Place, 1400 Dean St., 135 Devoe St., 147 Grand St., 95 Kingston Ave., 403 Macon St., 244 New York Ave., 585 Park Place, 306 Prospect Place, 299 Putnam Ave., 303 Putnam Ave., 927 Putnam Ave., 931 Putnam Ave., 701 Saint Marks Ave. and 276 Throop Ave.

May 26, 2017

Loans Multifamily New York Northeast

Houlihan-Parnes Secures $29.3M Financing for Multifamily Properties in NYC

by Haisten Willis May 26, 2017

NEW YORK CITY — Zeev Douek of Q10 New York Realty Advisors, an affiliate of Houlihan-Parnes Realtors, has secured $29.3 million in financing for two apartment buildings in the Queens borough of New York City. The buildings include a total of 240 units with a unit mix of studios and one- and two-bedroom units. Both loans were placed with a New York-based bank. The five-year, fixed-rate loans provided for a cash-out refinancing of $6 million.

May 26, 2017

New York Northeast Office

CBRE Arranges 101,000 SF Office Lease in White Plains, New York

by Haisten Willis May 26, 2017

WHITE PLAINS, NEW YORK — CBRE has arranged a 101,000-square-foot office lease for Sumitomo Mitsui Banking Corp. at 1 N. Lexington Ave. in White Plains. Sumitomo is a Japanese banking and financial services company headquartered in Tokyo. The company signed a 13-year lease at the office complex. CBRE’s William Cuddy Jr. and Jacqueline Novotny represented the landlord, Gateway One Group, in the transaction. Williams Peters, Derek Trulson, Robert Ageloff and Paul Tortora of Jones Lang LaSalle acted on behalf of Sumitomo.

May 26, 2017

New York Northeast Office

New Office Tenants Sign on at The Summit in Metro NYC

by Haisten Willis May 26, 2017

VALHALLA, N.Y. — Reckson, a division of SL Green Realty Corp., has landed a pair of new offices leases at The Summit in Valhalla, a suburb of New York City. The first is an 11-year, 65,000-square-foot lease with Ascensia Diabetes Care US, a diabetes health management company, and the second is a 16,442-square-foot lease with Exelon Generation Co. an energy company. The Summit is a three-building, 700,000-square-foot office complex, which is now 93 percent occupied. Ascensia will occupy space on the top two floors of 100 Summit when it moves into the building in the fourth quarter of 2017. Exelon is expected to move in this summer and has committed to space on the first floor of 500 Summit. Steve Rotter and Conor Gill of Jones Lang LaSalle acted on behalf of Ascensia. Exelon did not have tenant representation. Reckson was represented in-house on both transactions. CBRE’s Brian Carcaterra and Jacqueline Novotny represented SL Green.

May 26, 2017

Newer Posts

Older Posts