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55-Wildcat-Dr-Linden-NJ
IndustrialNew JerseyNortheast

Colliers Arranges 181,000 SF Industrial Lease for ASA Apple in Linden, New Jersey

by Amy Works

LINDEN, N.J. — Colliers International has arranged a 181,000-square-foot industrial lease for ASA Apple in Linden. The transportation and logistics solutions company has signed a long-term lease for the industrial building located at 55 Wildcat Drive. ASA Apple is a public warehouse and intermodal transportation company operating in the Port of New York region. Richard Mirliss, Richard Madison and Alex Vitro of Colliers represented ASA Apple, while Tom Monahan of CBRE represented the property owner, Prologis.

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106-W-56th-St-NYC
LoansNew YorkNortheastOffice

Savanna Receives $100M in Construction Financing for Office Development in Manhattan

by Amy Works

NEW YORK CITY — Savanna has received $100 million in construction financing for an office building development at 106 W. 56th St. in Manhattan. When completed, the 26-story property will feature 90,000 square feet of high-end office space. Designed by Perkins Eastman, the tower is slated for completion in the third quarter of 2018. Kellogg Gaines, Aaron Niedermayer and Douglas Baillie of JLL arranged the financing, which includes a senior construction loan from United Overseas Bank and mezzanine financing from Canyon Partners Real Estate.

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Worldwide-Plaza-NYC
Mixed-UseNew YorkNortheastOfficeRetail

SL Green, RXR Realty to Acquire 48.7 Percent Interest in Worldwide Plaza in Manhattan

by Amy Works

NEW YORK CITY — SL Green Realty Corp. has partnered with RXR Realty to acquire a 48.7 percent interest in Worldwide Plaza, a Class A mixed-use property in Midtown Manhattan. New York REIT is selling the interest and will continue to own the remaining equity with WWP Sponsor, its existing partner. Slated to close in the fourth quarter, the transaction values the asset at $1.7 billion. Developed in 1989, Worldwide Plaza consists of a 49-story, 1.8 million-square-foot office tower, a 252,000-square-foot retail building with parking garage and a large open-air plaza. Tenants at the office tower include Nomura Holdings, Cravath Swaine and Moore LLP, WebMD, WNet.org, Rubenstein and CBS Broadcasting. The retail building features a five-stage off-Broadway theater, a 475-space parking garage and TMPL, a state-of-the-art fitness gym. At the time of sale, the property was 100 percent leased.

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West-Belt-Plaza-Wayne-NJ
LoansNew JerseyNortheastRetail

HFF Closes $18.7M in Acquisition Financing for Retail Center in North New Jersey

by Amy Works

WAYNE, N.J. — HFF has arranged $18.7 million in acquisition financing for West Belt Plaza, a retail center located in Wayne. Jon Mikula and Jim Cadranell of HFF secured the 10-year, fixed-rate loan through a life insurance company for the borrower, The Klein Group. Renovated in 2001, the 84,202-square-foot West Belt Plaza is leased to a variety of tenants, including PetSmart, HomeGoods, Fidelity Brokerage and Starbucks Coffee.

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75-S-Broadway-White-Plains-NY
New YorkNortheastOffice

KABR Group Sells Office Building in White Plains, New York, for $13.7M

by Amy Works

WHITE PLAINS, N.Y. — KABR Group has completed the sale of an office building located at 75 S. Broadway in downtown White Plains. Zef Perlleshi acquired the fully renovated building for $13.7 million. New York Department of Education, General Services Administration and New York Worker’s Compensation Board are tenants at the four-story building, which was 96 percent occupied at the time of sale. Multiple offers were made for the building on Ten-X Commercial’s Offer Select transaction platform. Dan Lessing of DSR Group brokered the transaction.

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LoansNew YorkNortheastRetail

Houlihan-Parnes Realtors Secures $2.1M in Refinancing for a Shopping Center in the Bronx

by Amy Works

NEW YORK CITY — Houlihan-Parnes Realtors has arranged a first mortgage refinancing for a one-story strip shopping center in the Bronx. Located at 3408-3418 Boston Post Road, the property features 12,600 square feet of rentable space. Ed Graf of Houlihan-Parnes secured the loan, which features a fixed rate for five years and a 30-year amortization schedule, for the undisclosed borrower.

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Affordable HousingMultifamilyNew YorkNortheast

Jonathan Rose Cos. Closes $233M Fund for Affordable Housing Preservation

by Amy Works

NEW YORK CITY — Jonathan Rose Cos., a green real estate investment, development and project management firm, has closed a $233 million impact fund. The fund is the firm’s fourth institutional fund focused on acquiring and preserving affordable multifamily housing, implementing practical green strategies to reduce environmental impacts and operating costs and to fund social, educational and other services for residents. The fund closed with aggregate capital commitments of $233 million, reaching the top end of its $150 to $250 million target. Institutional investors, investment advisors and leading impact-investment managers, as well as family offices and high net-worth investors, contributed to the success of the fund. A key component of the fund’s strategy is to develop “communities of opportunities,” adding programs and facilities to properties including on-site community centers, computer-filled classrooms, health and wellness rooms, social service rooms, exercise facilities and community gardens. The programs and facilities were implemented to develop initiatives to connect residents with a range of health, education and social services. As of July 2017, the fund has deployed more than $64 million equity investments. Among the fund’s initial investments is a portfolio of more than 3,300 apartment units across 18 assets in eight states and the District …

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Daylesford-Crossing-Paoli-PA
LoansMultifamilyNortheastPennsylvaniaSeniors Housing

KeyBank Arranges $28.5M in Financing for Seniors Housing Property in Suburban Philadelphia

by Amy Works

PAOLI, PA. — KeyBank Real Estate Capital has arranged a $28.5 million Freddie Mac floating-rate mortgage loan for Daylesford Crossing in Paoli, a northwest suburb of Philadelphia. Built in 2015, the Class A property features 64 assisted living and 14 memory care units, as well as commercial space occupied by Ciao Bella Salon and Spa. Carolyn Nazdin of Key’s Healthcare Group arranged the financing, which features a seven-year term, three-year interest-only period and a 30-year amortization schedule.

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Cornerstone-Seaside-Heights-NJ
MultifamilyNew JerseyNortheastSeniors Housing

Walters Group Begins Construction of 91-Unit Age-Restricted Community in New Jersey

by Amy Works

SEASIDE HEIGHTS, N.J. — The Walters Group has started construction of Cornerstone at Seaside, an age- and income-restricted apartment community in Seaside Heights, a coastal borough southeast of Trenton. The 91-unit property will be restricted to residents over the age of 55 and making less than 60 percent of the county’s median income. The community is a redevelopment of an area that formerly featured a motel, lumber yard, hardware store and small apartment building, all of which were demolished in March. The property is slated for completion in November 2018. The Walters Group has several planned and ongoing income-restricted housing developments throughout the state of New Jersey.

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LoansNew YorkNortheastRetail

Ready Capital Structured Finance Closes $4.7M Loan for Retail Space in Manhattan

by Amy Works

NEW YORK CITY — Ready Capital Structured Finance has closed a $4.7 million loan for a retail condo located in Manhattan’s Financial District for an undisclosed borrower. The borrower plans to renovate the ground floor and basement space of the 4,900-square-foot property and re-lease the property at market rental rates. The non-recourse, interest-only loan features a 24-month term with one extension option and flexible pre-payment. Additionally, the loan is inclusive of a facility to provide for capital expenditures, leasing costs, interest and carry reserves, as well as an equity earn out if certain performance metrics are achieved.

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