Northeast

CBRE Negotiates $5.2M Sale of Office Building in Windsor, Connecticut

by Haisten Willis May 16, 2017

WINDSOR, CONN. — CBRE has negotiated the $5.2 million sale of 100 Corporate Drive, a 100 percent leased, 69,000-square-foot office building in Windsor. An affiliate of Minneapolis-based Ryan Cos. US sold the property to Bradstreet & Chandler, a Boston-based real estate firm. CBRE’s John McCormick and Patrick Mulready represented the seller and procured the buyer in the transaction. CBRE will also handle leasing and property management of the building. 100 Corporate Drive is a two-story property located near I-91 in the Day Hill corporate area of Windsor. Constructed in 1984 and recently renovated, the property’s tenants include ADP, Sedgwick Claims Management, Health Management Services, Oxford Global and LGCY Power.

May 16, 2017

Loans Massachusetts Northeast Office

New York Life Originates $207.8M Mortgage Loan Secured by 100 High St. in Boston

by Haisten Willis May 15, 2017

BOSTON — New York Life Real Estate Investors has originated a 10-year, $207.8 million loan for 100 High St., a 546,300-square-foot office property in Boston. The loan was made to an affiliate of the Rockpoint Group LLC. The property is located in Boston’s financial district.

May 15, 2017

Loans Massachusetts Multifamily Northeast

MassHousing Provides $15.8M Financing for Multifamily Property Renovation in Metro Boston

by Haisten Willis May 15, 2017

AMHERST, MASS. — MassHousing has provided $15.8 million in financing to Redwood Housing for the renovation and preservation of 100 affordable housing units at Clark House in Amherst. Redwood Housing recently acquired Clark House and has extended the federal Section 8 housing assistance payment contract on all 100 units at the property. This is the first transaction Redwood Housing has completed in Massachusetts. MassHousing provided the permanent loan through the HUD/HFA 50/50 risk share program. Of the 100 units at Clark House, 81 are designated affordable for elderly residents, and 19 are affordable units for families and disabled residents. Redwood plans to replace all domestic hot and cold water piping, improve accessibility, upgrade the community room, and replace sliding glass doors and windows. Built in 1980, Clark House is located at 22 Lessey St. The property contains 76 one-bedroom units, 18 two-bedroom units and six three-bedroom units. WinnCompanies manages Clark House.

May 15, 2017

Loans Mixed-Use Multifamily New Jersey Northeast Restaurant Retail

Cronheim Mortgage Arranges $10.9M Financing for Mixed-Use Properties in New Jersey

by Haisten Willis May 15, 2017

BASKING RIDGE and WARREN, N.J. — Cronheim Mortgage has arranged $10.9 million in financing for two mixed-use properties in Basking Ridge and Warren. The loans were placed with State Life Insurance Co. and Southern Farm Bureau Life Insurance Co., which Cronheim represents as a correspondent and servicing agent. Riverwalk Village, located in Basking Ridge, received $8.5 million in financing. The 18-year loan is self-liquidating with a 3.8 percent interest rate. Tenants at the 47,604-square-foot property include Starbucks, Supercuts and Gymboree. Second-floor office space is leased to YMCA, a chiropractor and an orthodontist. Gateway East in Warren was refinanced for $2.4 million at a 3.8 percent interest rate. The property includes a pair of freestanding, two-story buildings with first-floor retail and office space on the second floor. Tenants include Subway, Great Clips, a pilates studio, law offices and a dentist. The property is located at a signalized intersection and features surface parking for 89 vehicles. Cronheim’s Andrew Stewart, Dev Morris and Allison Villamagna originated and placed the loans.

May 15, 2017

Hospitality New Jersey Northeast

Hampton Inn & Suites Hotel Opens in Bridgewater, N.J.

by Haisten Willis May 15, 2017

BRIDGEWATER, N.J. — Hampton Inn & Suites is now open in Bridgewater. RD Management owns the 133-room property and developed it in partnership with XSS Hotels. Colwen Hotels will manage the property. Located at 1277 Route 22 W., the hotel is located near I-287 and Bridgewater Commons Mall. Amenities include an indoor heated pool, fitness center, meeting space, 24-hour business center, free breakfast, an on-site lounge and bar, 24-hour snack shop and complimentary Wi-Fi.

May 15, 2017

Loans Mixed-Use Multifamily New York Northeast Retail

Equicap Secures $7.9M Land Loan for Mixed-Use Project in New York City

by Haisten Willis May 15, 2017

NEW YORK CITY — Equicap has secured a $7.9 million land loan for property in the East Village section of Manhattan. The borrower purchased the development site on Second Avenue for $9.15 million and was seeking bridge financing to carry the project through predevelopment. The proposed building will consist of 19,000 square feet of residential and retail condominiums. Equicap executed a closing at 86 percent of the purchase price for the transaction. A future funding component was also added for potential air rights.

May 15, 2017

New Jersey Northeast

PGIM Real Estate Raises $235M for Mexican Private Real Estate Fund

by Jeff Shaw May 12, 2017

MADISON, N.J. — PGIM Real Estate has completed a capital raise of $235 million for PruMex IV CKD, a closed-end real estate fund investing across various property sectors in Mexico. The capital raise included investments from Mexican institutional investors, as well as a co-investment from PGIM. More than half of the capital was raised from existing PGIM Real Estate clients, with the remaining capital coming from new investors. “The strong market fundamentals in Mexico, including a growing middle class, competitive labor costs and manufacturing, and favorable housing policies and regulatory changes, continue to be the key drivers for the development of industrial and residential assets in the country,” says Alfonso Munk, chief investment officer for the Americas at Madison-based PGIM Real Estate. Expanding on the investment strategy of the prior PruMex fund series, which focused solely on industrial real estate, PruMex IV will also invest in multifamily, mixed-use and residential-for-sale properties to create a well-diversified portfolio in Mexico. This fund will invest through PGIM Real Estate’s professionals operating out of the Mexico City office. Target investment markets include the Bajio-Central and north border regions for industrial assets, and the Mexico City metropolitan area for residential-for-sale, multifamily and mixed-use assets. PGIM …

May 12, 2017

Loans Massachusetts Multifamily Northeast

Bellwether’s New Equity Division Arranges $41.5M Financing for Apartment Community in Norwood, Mass.

by Haisten Willis May 12, 2017

NORWOOD, MASS. — Bellwether Enterprise Real Estate Capital has arranged $41.5 million in joint venture equity financing on behalf of John M. Corcoran and Co. for the $199 million acquisition of Windsor Garden Apartments in Norwood. The deal is the first equity financing of Bellwether’s New Orleans-based equity products division since its formation in November 2016. The company’s Todd Johnson arranged and structured the joint venture equity, which was provided by a New York City-based real estate investment fund. Located in metro Boston, Windsor Garden Apartments is a 914-unit apartment community. The complex includes 31 three-story apartment buildings, 36 two-story townhouses and six accessory buildings including a clubhouse and daycare center. Units range from one to three bedrooms and range from 580 to 1,210 square feet. The community features an on-site commuter rail station providing service to Boston’s Back Bay and South Station.

May 12, 2017

Multifamily New York Northeast

Eastern Consolidated Negotiates $52M Sale of Multifamily Portfolio in NYC

by Haisten Willis May 12, 2017

NEW YORK CITY — Eastern Consolidated has negotiated the $52 million sale of a multifamily portfolio consisting of four six-story buildings at 60-68 W. 107th Street between Columbus and Manhattan avenues in the Upper West Side. The four buildings include more than 100,000 square feet and include 100 apartments, of which 25 are two-bedroom units and 75 are three-bedroom units. Eastern Consolidated’s Matt Sparks represented the seller, Suehar Associates, which has owned the buildings for over 60 years. The company’s Ron Solarz procured the buyer, FBE Limited.

May 12, 2017

New York Northeast Office

HFF Brokers $25.3M Sale of Office Property in Syracuse, N.Y.

by Haisten Willis May 12, 2017

SYRACUSE, N.Y. — HFF has brokered the $25.3 million sale of One Lincoln Center, a 305,594-square-foot office tower in Syracuse. HFF marketed the property on behalf of a private seller and procured the buyer, Zamir Equities. One Lincoln Center is located in the center of downtown Syracuse at 110 W. Fayette St. The property is surrounded by the Syracuse Federal Building, the Pike Block and city hall. The 17-story property is 86 percent leased to tenants including JPMorgan Chase, Bond Schoeneck & King PLLC, Cadaret Grant & Co LLC, Bousquet Holstein, Grossman St. Amour and Arcadis. The HFF investment sales team representing the seller was led by Rob Rizzi, Steven Rutman and Michael Oliver.

May 12, 2017

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