NORTH PLAINFIELD, N.J. — Marcus & Millichap has arranged the sale of Grove Plaza, a retail property located at 789 Route 22 West in North Plainfield. A private investor sold the 19,845-square-foot property for $1.9 million. Alan Cafiero, Ben Sgambati and Brent Hyldahl of Marcus & Millichap represented the seller and buyer, a private investor, in the deal.
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Forecast Survey: What’s Your Take on Real Estate in 2018?
France Media, Inc. is conducting a brief online survey to gauge market conditions, and we welcome your participation. This survey should only take a few minutes to complete. Questions range from property sectors that your firm is most bullish on heading into 2018 to trends in deal volume to the outlook for interest rates. The results will be collated and published in the January 2018 issue of our regional magazines. Conducting these surveys is part of our mission at France Media to provide readers with indispensable information. To participate in our broker/agent survey, click here. For developers/owners/managers, click here. For lenders and financial intermediaries, click here. (Note: Please remember to click on “done” to properly submit the survey.) Sincerely, Matt Valley Editorial Director, Real Estate Regionals France Media, Inc.
NEW YORK CITY — Cushman & Wakefield has arranged $54 million in financing for Innovo Property Group and Square Mile Capital Management for the acquisition of a 20-acre lot located at 2505 Bruckner Blvd. in the Bronx. Affiliates of Pine River Capital Management provided the floating-rate financing. The lot was formerly occupied by Whitestone Cinemas. Future development plans for the property may include industrial and warehouse space. Adam Spies, Doug Harmon, Adam Doneger and Josh King of Cushman & Wakefield represented Innovo Property Group in arranging joint venture equity from an affiliate of Square Mile Capital Management. Steve Kohn, Alex Hernandez and Noble Carpenter III of Cushman & Wakefield Equity, Debt and Structured Finance arranged the financing.
LANCASTER AND HERSHEY, PA. — Colliers International has arranged two loans, totaling, $26.1 million, for the refinancing of two multifamily properties: Pioneer Woods in Lancaster and Rosedale Apartments in Hershey. Built in 1974, Pioneer Woods is situated on 34 acres and features 45 one-bedroom units, 71 two-bedroom units, 28 three-bedroom apartments and 16-two-bedroom townhouse units. At the time of financing, the property was 95 percent occupied. Rosedale Apartments was built in 1972 and features 80 one-bedroom apartments and 80 two-bedroom units, ranging from 566 square feet to 1,070 square feet. The property is currently 99 percent occupied. John Banas, Kris Wood, Chad Levitt and Jordan Canino of Colliers secured the five-year, fixed-rate financing with five-year resets for the properties.
NEW YORK CITY — Alpha Realty has arranged the sale of two multifamily buildings located at 560 and 590 W. 192nd St. in the Washington Heights section of Manhattan. Lev Mavashev of Alpha Realty brokered the $12.5 million off-market transaction on behalf of the buyer and seller in the deal. 560 West 192nd Street features 31 units totaling 31,000 square feet, while 569 West 192nd Street features 29 units totaling 30,000 square feet. The names of the seller and buyer were not released.
Breslin Realty Development Breaks Ground for Lowe’s Home Improvement Warehouse in Yorktown, New York
YORKTOWN, N.Y. — Breslin Realty Development has broken ground for a Lowe’s Home Improvement Warehouse located in Yorktown. Located at 3200 Crompond Road, the 124,000-square-foot retail location will anchor a retail center that also includes three retail pads. The property is slated to open in the first quarter of 2019.
WEST NEW YORK, N.J. — Marcus & Millichap has arranged the sale of an apartment building located at 112 66th St. in West New York. A private investor acquired the building for $1.2 million. The 6,250-square-foot building features six apartment units. Andrew Zuckerman and Daniel Aviles represented the seller, a private investor, and the buyer in the deal.
BOSTON — Starwood Property Trust, a Connecticut-based lender, has provided $140 million in refinancing for the Aloft Hotel and the Element Hotel, two hospitality properties totaling 510 rooms in Boston’s Seaport District. Starwood provided the funds on behalf of the borrower, a venture between a fund managed by an affiliate of Los Angeles-based Ares Management and Boston-based CV Properties LLC. HFF arranged the financing. The 13-story Aloft Hotel offers 330 rooms, as well as amenities such as a pool, fitness center, gourmet eatery and 12,000 square feet of meeting space. The six-story Element Hotel features 180 rooms with kitchens and flexible workspaces, as well as a pool, fitness center, meeting space and a bike-sharing program. Both hotels are situated adjacent to the Boston Convention and Exhibition Center (BCEC). Anthony Cutone and Matthew Enright of HFF, which secured construction financing for both properties in 2014, led the debt placement effort. “The hotels opened for business in early 2016 and have enjoyed a strong reception due in part to the phenomenal growth of the Seaport area, the quality of the development and the strong demand generated from the BCEC,” said Cutone. HFF’s stock price closed at $43.13 per share on Friday, Oct. …
CAMDEN, N.J. — Marcus & Millichap has brokered the sale of Crestbury Apartments, a multifamily property located at 2552 S. Eighth St. in Camden. An affiliate of Lincoln Avenue Capital acquired the property from Tryko Partners for $34.4 million. Situated on 18 acres, the property features 392 one- and two-bedroom units. Andrew Townsend, Ridge MacLaren and Clarke Talone of Marcus & Millichap represented the seller in the deal. J.D. Parker of Marcus & Millichap is the firm’s broker of record in New Jersey.
NEW YORK CITY — Greystone has provided $54.2 million in HUD-insured mortgage loans to refinance two skilled nursing facilitates in Queens. Fred Levine of Greystone’s Monsey, N.Y., office originated the two separate transactions for the borrower, SentosaCare. Greystone provided a $21.9 million loan to refinance Brookhaven Rehabilitation and Healthcare Center, a 298-bed property in the Far Rockaway neighborhood and $32.3 million in refinancing for Cypress Garden Center for Nursing and Rehabilitation, a 278-bed facility in Flushing. Both loans were 30-year self-amortizing FHA loans at low fixed rates.