Northeast

Erickson Opens New Independent Living Building at CCRC in New Jersey

by Amy Works December 8, 2017

NEW PROVIDENCE, N.J. — Erickson Living has opened the doors on Maple Glen, an independent living expansion at Lantern Hill, a continuing care retirement community in New Providence, approximately 30 miles west of New York City. The residential community is part of a phased expansion of the 20-acre community. Maple Glen is part of Phase II, which also includes a second building — Oakwood Court — scheduled to open in February. Phase II will add a total of 114 independent living apartments. Phase I, which opened in June 2016, added 161 independent living apartments, all of which sold out in 10 weeks, according to Erickson. A climate-controlled walkway connects Maple Glen to Union Square where the community’s restaurants, medical center and amenities are located.

December 8, 2017

Loans New Jersey Northeast Retail

Money360 Funds $4.4M Acquisition Loan for Retail Property in Mount Olive, New Jersey

by Amy Works December 8, 2017

MOUNT OLIVE, N.J. — Money360 has funded a $4.4 million acquisition loan as part of its relationship with Ten-X Commercial. The fixed-rate loan features a 10-year term. Proceeds of the loan will be used to acquire a 47,752-square-foot retail center included in the larger International Trade Center Crossing retail complex in Mount Olive. The undisclosed borrower was the winning bidder for the asset and used Money360 as its debt provider.

December 8, 2017

Massachusetts Mixed-Use Northeast Top Stories

Intercontinental Real Estate Corp. Acquires Mixed-Use Building in Cambridge’s Harvard Square

by Kristin Harlow December 8, 2017

CAMBRIDGE, MASS. — Intercontinental Real Estate Corp. has acquired 1280 Massachusetts Ave. in Cambridge for an undisclosed price. Located in Harvard Square, the 43,120-square-foot mixed-use building features 33,828 square feet of office space and 8,540 square feet of retail space. The seller, Boston Residential Group, developed the property in 1985. Current office tenants include Harvard University, Equity Resources Investments and Mark of the Unicorn. Retail tenants include Tatte Bakery and Café, Qdoba Mexican Eats and SEE Inc. Symmes Maini & Mckee Associates (SMMA) designed the brick and steel building, which is located at the edge of Harvard Yard at Harvard University and near the MBTA’s Red Line Harvard Square Station. Boston-based Intercontinental Real Estate Corp. is an investment adviser that manages a real estate portfolio of approximately $6 billion for its clients. Boston Residential Group is a residential developer based in Boston. — Kristin Hiller

December 8, 2017

Loans Multifamily New York Northeast

Sabal Capital Partners Closes 34 Loans Totaling $129M to Refinance Apartments in the Bronx

by Amy Works December 7, 2017

NEW YORK CITY — Sabal Capital Partners has completed a $129 million portfolio of 34 refinancing loans for multifamily units in the Bronx. The portfolio encompasses 863 apartment units. The loans are the largest single Small Business Loan transaction processed through the Freddie Mac SBL program since its inception in 2014, according to Sabal.

December 7, 2017

New Hampshire Northeast Retail

NKF Negotiates $27.1M Sale of Retail Portfolio in New Hampshire

by Amy Works December 7, 2017

WEST LEBANON, N.H. — NKF Capital Markets has arranged the sale of The Windalier Portfolio, a retail portfolio located in West Lebanon. The Davis Companies acquired the portfolio from Dead River Properties for $27.1 million. Totaling 230,035 square feet, the portfolio comprises Kmart Plaza, Miracle Mile Shopping Center and North Country Plaza, all of which are located along or near Route 12A. At the time of sale, the portfolio was 96 percent occupied. Kmart, TJMaxx and Jo-Ann Fabric and Craft Stores are tenants at the portfolio. Justin Smith, Robert Griffin and Geoffrey Millerd of NKF represented the seller in the deal.

December 7, 2017

New Jersey Northeast Office

Onyx Equities, Garrison Investment Acquire 285,000 SF Office Building Paramus, New Jersey

by Amy Works December 7, 2017

PARAMUS, N.J. — Onyx Equities, in a joint venture with Garrison Investment Group, has acquired the leasehold interest in an office building located at 61 S. Paramus Road in Paramus. Mack-Cali Realty sold the 285,000-square-foot property for an undisclosed price. With this acquisition, the partnership’s Bergen County portfolio now comprises 1.4 million square feet across six assets located throughout Paramus and Rochelle Park. Cole Schotz P.C. and Milbank, Tweed, Hadley & McCloy represented the buyer, while Jose Cruz, Kevin O’Hearn, Michael Oliver, Stephen Simonelli and Marc Duval of HFF represented the seller in the transaction.

December 7, 2017

Loans Mixed-Use Multifamily New York Northeast Retail

Madison Realty Capital Provides $15M Loan for Mixed-Use Development Site in Brooklyn

by Amy Works December 7, 2017

NEW YORK CITY — Madison Realty Capital has provided a $15 million bridge loan for a mixed-use development site located on three adjacent parcels in Brooklyn: 936 and 948 Myrtle Ave. and 258-264 Throop Ave. The borrower, a developer, has received approval for a 154,699-square-foot, three-building, mixed-use project. The developer plans to construct a residential project with rental and condominium units in three interconnected buildings with ground-floor retail space. Site excavation is nearly complete, and the borrower is moving forward with foundation work while pursuing approval for additional support through the Inclusionary Housing and Food Retail Expansion to Support Health programs.

December 7, 2017

Connecticut Industrial Northeast

Pearce/George J. Smith Commercial Arranges Sale of Industrial Building in Orange, Connecticut

by Amy Works December 7, 2017

ORANGE, CONN. — Pearce/George J. Smith Commercial Real Estate has brokered the sale of an industrial building situated on 6.5 acres at 70 Robinson Blvd. in Orange. Robin Equity LLC acquired the 50,666-square-foot property for an undisclosed price. The buyer will repurpose the building for American Seal & Engineering Corp. to serve as its new global corporate headquarters and main manufacturing facility for engineered products, advanced manufacturing technology, and product testing and development. Carl Russell of Pearce/George J. Smith Commercial represented the sellers, ALM Properties and MCM Investments in the deal.

December 7, 2017

Connecticut Multifamily Northeast

TH Real Estate Sells 261-Unit Apartment Community in Connecticut for $67M

by Amy Works December 6, 2017

STAMFORD, CONN. — TH Real Estate, an affiliate of Nuveen, a TIAA company, has completed the sale of The Wescott, an apartment community located in Stamford. A private New Jersey-based investment group acquired the 261-unit property for $67 million. Built in 1986, the property features an indoor/outdoor pool, clubroom with kitchen, media lounge and billiards room, fitness center, tennis courts, basketball court, outdoor courtyard and garage parking. Most units have been renovated with new kitchens, featuring granite counters, stainless steel appliances, and new cabinets, baths, lighting and fixtures. The property also features a 8,500-square-foot vacant commercial space, which was formerly occupied by medical tenants. Jeffrey Dunne, Gene Pride and Eric Apfel of CBRE represented the seller in the deal.

December 6, 2017

Industrial Loans Massachusetts Northeast

Transwestern Consulting Group Arranges Two Loans Totaling $22.8M for Warehouses in Massachusetts

by Amy Works December 6, 2017

CLINTON AND MEDFORD, MASS. — Transwestern Consulting Group has arranged two loans totaling $22.8 million for NorthBridge Partners. The loans will finance the acquisition and future leasing costs for two warehouses in Massachusetts. Transwestern secured a long-term, non-recourse $13.9 million loan for 100 Adams Road, a warehouse in Clinton, through Middlesex Savings Bank. The 345,000-square-foot building is fully occupied by five tenants. Completed in 2000, the property features 30-foot clear ceiling heights, 53 loading docks and one drive-in door. Transwestern also arranged a long-term, non-recourse $8.9 million loan for 23 Sycamore Ave. in Medford through HarborOne Bank. The warehouse features 91,000 square feet of high-bay warehouse space.

December 6, 2017

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