Northeast

Cronheim Mortgage Arranges $5M Loan for 168-Unit Apartment Complex in Fort Lee, New Jersey

by Amy Works January 8, 2018

FORT LEE, N.J. — Cronheim Mortgage has arranged $5 million in financing for Palisade Gardens, an apartment complex located in Fort Lee. Provided by American United Life Insurance Co., the loan was structured on a 10-year self-liquidating basis. Constructed in the 1950s, Palisade Gardens comprises nine two-story brick buildings featuring a total of 168 units in a mix of studio, one- and two-bedroom layouts, ranging in size from 415 square feet to 740 square feet. On-site community amenities include laundry facilities and surface and covered garage parking. Dev Morris, Allison Villamagna and Andrew Stewart of Cronheim Mortgage arranged the financing for the undisclosed borrower.

January 8, 2018

Connecticut Industrial Northeast

Western Express Acquires 12.8-Acre Facility in Plainfield, Connecticut, for $1.7M

by Amy Works January 8, 2018

PLAINFIELD, CONN. — Western Express, a truckload carrier, has purchased a 12.8-acre facility at 1293 Norwich Road in Plainfield. P. Camp LLC of Jewett City, Conn., sold the property for $1.7 million. The property comprises two adjacent parcels and a 30,740-square-foot building. This is will be ninth location for the Nashville, Tenn.-based truckload carrier. Ron Lyman of Lyman Real Estate Brokerage & Development represented the seller and buyer in the deal.

January 8, 2018

Loans Massachusetts Mixed-Use Multifamily Northeast Retail

Natixis Arranges $480.8M Construction Loan for Development in Boston Seaport Square

by Amy Works January 5, 2018

BOSTON — Natixis has arranged a $480 million construction loan for Cottonwood Management to develop 3.5 acres in Boston Seaport Square in Boston. The loan will finance a 717-unit residential facility, two condominium towers and one luxury rental tower, as well as a two-story, 125,000-square-foot retail base podium centered around a public courtyard. The overall project is an 819,000-square-foot mixed-use space on Boston’s waterfront. The property’s residential units will feature luxury finishes including quartz countertops, stainless steel appliances, gas fireplaces, floor-to-ceiling windows and in-unit laundry, custom Italian cabinetry and porcelain tile. Common amenities will include a wine room, a lounge, outdoor and indoor swimming pools, a spa treatment room, a half basketball court, an innovation center, a children’s playroom, a pet spa and lobbies.

January 5, 2018

Multifamily New Jersey Northeast

Jefferson Apartment Group to Develop 490-Unit Apartment Complex in Metro Philadelphia

by Amy Works January 5, 2018

MT. LAUREL, N.J. — Jefferson Apartment Group is developing an apartment complex located on 77 acres in Mt. Laurel, an inner suburb of Philadelphia. Jefferson Place Mt. Laurel will comprise 21 separate three-story buildings. Seventeen of the buildings will feature elevators and range in size from 16 to 32 units each. The community will include 98 low- and moderate-income units. The 490 units will range in size from 690 square feet to 1,300 square feet in a mix of one- and two-bedroom layouts with either balconies or patios. On-site amenities will include a 7,100-square-foot clubhouse with a resort-style swimming pool, fire pits, a fitness center, a cyber lounge and a pub room. Construction is slated to break ground this month, with delivery scheduled for spring 2019. JAG Management Co. will provide property management services for the community.

January 5, 2018

Civic Loans Mixed-Use Multifamily New York Northeast

Madison Realty Capital Provides $53.5M in Financing for Mixed-Use Development in Manhattan

by Amy Works January 5, 2018

NEW YORK CITY — Madison Realty Capital (MRC) has provided a $53.5 million acquisition and construction financing package collateralized by a partially constructed mixed-use development at 208 Delancey Street on the Lower East Side of Manhattan. The borrower, New Empire Real Estate Development, plans to construct an approved 85,000-square-foot, 69-unit residential condominium building and a 10,201-square-foot community facility on the site. MRC funded an initial $15 million at closing to the borrower and has committed to fund an additional $38.5 million to complete construction of the project. The $53.5 million financing package represents approximately 70 percent of the total project cost. The property includes a gross area of 84,579 square feet and a net sellable area of 62,529 square feet. The seller began construction on the site in 2011 and completed excavation, foundation and superstructure work through the fourth floor, but received a stop work order midway through the project. With the MRC financing, the buyer was able to acquire the distressed property and intends to demolish the existing structure, repair any structural deficiencies and begin work on the revised new building plans.

January 5, 2018

Connecticut Industrial Northeast

Calare Properties Acquires 175,000 SF Industrial Facility in North Haven, Connecticut

by Amy Works January 5, 2018

NORTH HAVEN, CONN. — Calare Properties has acquired a warehouse distribution facility, located at 33 Stiles Lane in North Haven, for an undisclosed price. Situated on 14 acres, the property features 175,000 square feet of warehouse and distribution space. Along with the purchase, Calare secured a 10-year lease with a supplier of chemical additives and measuring instruments, bringing the building to 100 percent occupancy, including the current tenant Millwood Inc. The one-story steel-frame warehouse features 32-foot ceilings, 18 tailboard docks and three drive-in doors. The name of the seller was not released.

January 5, 2018

Loans Mixed-Use Multifamily New York Northeast Retail

Ready Capital Structured Finance Closes $6M Loan for Mixed-Use Building in SoHo

by Amy Works January 5, 2018

NEW YORK CITY — Ready Capital Structured Finance has closed a non-recourse $6 million loan for the acquisition, renovation and stabilization of a mixed-use building in SoHo. The undisclosed sponsor plans to renovate the 7,500-square-foot property, including restoration of the retail portion to white box finish, full interior renovations on each floor, upgrading the building’s systems and re-tenanting the property at market rental rates. The loan features a 24-month term with one extension option, flexible pre-payment and is inclusive of a facility to provide for capital expenditures, leasing costs, and interest and carry reserves.

January 5, 2018

Loans Multifamily New York Northeast

HFF Secures $91.6M Capitalization of Multifamily Property in Fleetwood, New York

by Amy Works January 4, 2018

FLEETWOOD, N.Y. — HFF has secured $91.6 million in joint venture equity and first mortgage financing for the development of 42 Broad Street West, a multifamily property located in Fleetwood. The developer is a partnership between Alexander Development Group and The Bluestone Organization. HFF arranged $32.6 million in joint venture equity from institutional investors advised by J.P. Morgan Asset Management. Additionally, the HFF team, including David Giancola and Geoff Goldstein, placed a $59 million construction loan with Santander Bank and People’s United Bank. Once completed, the 16-story, 354,000-square-foot building will feature 249 apartment units, more than 16,000 square feet of amenity space, 12,000 square feet of ground-floor retail space and a connected four-story, 580-space parking garage. Residential units will include a variety of studio, one-, two- and three-bedroom floor plans, and amenities will include an outdoor swimming pool and patio area, a fitness center, a game room/viewing room, a library, a business center and a landscaped rooftop garden with outdoor kitchens and fireplace, as well as a concierge service. The property is slated for completion in 2019.

January 4, 2018

Industrial New Jersey Northeast

Devli Group Acquires Two-Building 121,954 SF Flex Property in Warren, New Jersey

by Amy Works January 4, 2018

WARREN, N.J. — Devli Group has purchased a two-building flex industrial property located at 150 Mt. Bethel Road in Warren for an undisclosed price. Situated on 15.7 acres, the buildings feature a total of 121,954 square feet of space with 26-foot clear ceiling heights and nine loading docks, as well as 355 parking space. Additionally, the property has approved plans to develop an additional 46,000-square-foot building. Andrew Schwartz, Andrew Merin and Ryan Larkin of Cushman & Wakefield represented the buyer and seller in the transaction.

January 4, 2018

Hospitality Loans New York Northeast

Eastern Consolidated Arranges $121.3M Construction Loan for 526-Room Hotel in Manhattan

by Amy Works January 4, 2018

NEW YORK CITY — Eastern Consolidated has arranged a debt and equity package totaling $121.3 million to finance the construction of a 45-story hotel at 140 W. 28th St. in the Chelsea section of Manhattan. The borrower is McSam Hotel Group, led by Sam Chang. The financing package includes a $97.5 million first mortgage with Bank of the Ozarks and a $23.8 million mezzanine construction loan from Square Mile Capital Management. Adam Hakim and James Murad of Eastern Consolidated secured the financing. The 178,000-square-foot, 526-room hotel will operate under two separate hotel flags under the Marriott brand — TownePlace Suites and Springhill Suites — with two separate lobbies and shared common spaces. Planned amenities include a continental breakfast service area, meeting space and an exercise room. The hotel is slated to open in 2019.

January 4, 2018

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