Northeast

Marcus & Millichap Facilitates $6.9M Sale of 108-Unit Multifamily Property in Harrisburg, Pennsylvania

by Amy Works October 6, 2017

HARRISBURG, PA. — Marcus & Millichap has arranged the sale of Eastridge Apartments, a multifamily property located at 102 Worchester Ave. in Harrisburg. A limited liability company sold the property to a private partnership in a 1031 exchange for $6.9 million. Situated on 7 acres, the property features 108 units in a mix of one-, two- and three-bedroom layouts. According to Marcus & Millichap, the property features a 20-year family Housing Assistance Payments contract, which is expiring in 2024, on 98 percent of the units. Ridge MacLaren, Andrew Townsend and Clarke Talone of Marcus & Millichap.

October 6, 2017

Industrial New Jersey Northeast

Bridge Development Partners Develops 1.3 MSF Industrial Center in Perth Amboy, New Jersey

by Amy Works October 5, 2017

PERTH AMBOY, N.J. — Bridge Development Partners has developed a 1.3 million-square-foot industrial distribution center in Perth Amboy. Designed and constructed by Premier Design + Build Group, the three-building center features ultramodern amenities and proximity to interstate highways, deep-water cargo ports, air-freight hubs and rail lines. The center comprises a 354,250-square-foot building, a 220,200-square-foot facility and a 718,200-square-foot building. The buildings feature 36-foot clear ceiling heights, hundreds of truck dock positions, ESFR fire protection systems and 800 amp, 277/480-volt electrical services, as well as parking lots for 703 cars and 441 trailers. Cornerstone Architects provided architectural services for the project.

October 5, 2017

Loans Multifamily New York Northeast

Sabal Capital Partners Arranges $129M in Freddie Mac Loans for Multifamily Portfolio in the Bronx

by Amy Works October 5, 2017

NEW YORK CITY — Sabal Capital Partners, a diversified financial services firm specializing in real estate, lending and banking, has arranged $129 million in Freddie Mac Small Balance Loans for a multifamily portfolio in Bronx. The borrower was Emerald Equity Group. Encompassing more than 850 workforce housing units, the financing is the largest single Small Balance Loan (SBL) transaction processed through the Freddie Mac SBL program since its inception in 2014. The financing will preserve the units as affordable. Sabal Capital used SNAP, its proprietary servicing portal, to independently analyze, underwrite and close each of the 34 refinance loans in the portfolio instead of a bulk transaction.

October 5, 2017

Multifamily Northeast Pennsylvania

Woodmont Properties Opens 204-Unit Apartment Community in Lower Macungie, Pennsylvania

by Amy Works October 5, 2017

LOWER MACUNGIE, PA. — Woodmont Properties has opened Woodmont Valley, an apartment community located at 3535 Grandview Drive in Lower Macungie. Situated in the heart of the Lehigh Valley, the property features 204 one- and two-bedroom apartments, a clubhouse, a resident lounge, a heated pool with sundeck, a barbecue terrace with fire pit, a strength and cardio center, a game room, a bark park, an indoor pet spa, a 24/7 package collection service and on-site management.

October 5, 2017

Industrial New York Northeast

60 Guilders, ASB Real Estate Acquire Industrial Building in Brooklyn for $47M

by Amy Works October 5, 2017

NEW YORK CITY — 60 Guilders LLC, in a joint venture with ASB Real Estate Investments, has acquired an industrial building located at 5110-5112 Second Ave. in Brooklyn. An undisclosed seller sold the property for $47 million. The building features 185,000 square feet of industrial space. Leo Leyva, Jordan Metzger, Matthew Schneid and Jonathan Goodelman of Cole Schotz P.C. advised 60 Guilders in the joint venture and acquisition.

October 5, 2017

Loans Massachusetts Multifamily Northeast

HFF Secures $15M in Financing for Multifamily Building in Medford, Massachusetts

by Amy Works October 5, 2017

MEDFORD, MASS. — HFF has arranged a $15 million construction take-out, permanent financing for Sphere, a multifamily building located at 640 Boston Ave. in Medford. Dark Horse Capital Partners is the borrower. Martha Nay, Adam Dunn and Sam Campbell of HFF secured the seven-year, fixed-rate loan through HarborOne Bank for the borrower. Delivered in July, Sphere features 22 one-bedroom units and 20 two-bedroom units with nine different floorplans.

October 5, 2017

Multifamily New York Northeast Seniors Housing

AVR Realty Co. Develops $27M Assisted Living Facility in Yaphank, New York

by Amy Works October 4, 2017

YAPHANK, N.Y. — An affiliate of AVR Realty Co. is developing a $27 million assisted living facility at The Reserve at the Boulevard, the company’s mixed-use development in Yaphank, in the south part of the Town of Brookhaven on Long Island. Totaling 99,492 square feet, the two-building property will feature 118 beds, including a 77-bed building for special needs and memory care and a 41-bed supportive care building. Upon completion, the facility will employ 40 full-time workers and 20 part-time workers. Yaphank AVR Boulevard Chelsea, jointly owned by AVR and Chelsea Senior Living of Fanwood, N.J., is purchasing the site from Rose-Breslin Associates. Chelsea owns and operates 13 senior housing communities in New Jersey and three communities in New York. The Town of Brookhaven Industrial Development Agency has approved a package of economic incentives for the developer.

October 4, 2017

Loans New York Northeast Retail

Kalikow & Feldco Receive $20M Refinancing for Shopping Center in Staten Island, New York

by Amy Works October 4, 2017

STATEN ISLAND, N.Y. — The Kalikow Group and Feldco Development Corp. have received a $20 million loan for the refinancing of Expressway Plaza, a shopping center located at 1441 Richmond Ave. in Staten Island. Bethpage Federal Credit Union provided the seven-year loan. Originally built in 1997 by Kalikow and Feldco, the 94,000-square-foot property is occupied by Stop & Shop, Dunkin’ Donuts, Sleepy’s, New York Community Bank and Subway. Additionally, the asset features a 7,000-square-foot outparcel occupied by Buffalo Wild Wings and a 5,000-square-foot outparcel occupied by Applebee’s.

October 4, 2017

Mixed-Use Multifamily New York Northeast Retail

Marcus & Millichap Facilitates $11.6M Sale of Mixed-Use Property in Manhattan

by Amy Works October 4, 2017

NEW YORK CITY — Marcus & Millichap has negotiated the sale of a mixed-use property located at 321 W. 11th St. in Manhattan’s West Village. A local private investor acquired the property from a limited liability company for $11.6 million. The 10,400-square-foot property features two retail units, 10 studio apartments and eight one-bedroom apartments. Matt Fotis and Sam Hoefle of Marcus & Millichap represented the seller and procured the buyer in the deal.

October 4, 2017

Industrial New Jersey Northeast

Elberon Development Acquires 115,000 SF Warehouse in Elizabeth, New Jersey

by Amy Works October 4, 2017

ELIZABETH, N.J. — Elberon Development Group has purchased a warehouse located at 919 Fairmount Ave. in Elizabeth. Hayward Industries sold the property for $9 million. The seller has leased back 10,000 square feet of the 115,000-square-foot building, while the remainder of the property is leased to Survivor Window through the end of 2017. Starting in early 2018, Elberon will implement a capital expenditure plan at the property to re-lease the window manufacturer’s space. Improvements will include LED lighting, an updated façade, the removal of interior demising walls, a new HVAC system and new landscaping. Frank Caccavo, Jason Goldman, Marc Petrella and Andrew Siemsen of Cushman & Wakefield brokered the transaction.

October 4, 2017

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