NEW YORK CITY — PCCP LLC has provided a $47.1 million senior loan to a joint venture between Onyx Equities and KBS Capital Advisors for the development of a retail building located at 210 W. 31st St. in Manhattan’s Penn Plaza submarket. Construction is expected to begin in mid-2017 on the two-story, 30,000-square-foot building, with completion slated for mid-2018. The joint venture is finalizing conceptual plans and drawings for the multi-tenant property.
CROTON-ON-HUDSON, N.Y. — NorthMarq Capital has arranged $16 million in refinancing for Springvale Apartments, an age-restricted multifamily property located on Skytop Drive in Croton-on-Hudson. The property features 524 units for residents age 55 or older. The transaction was structured with a 15-year term on a 30-year amortization schedule. Robert Ranieri of NorthMarq arranged the financing for the undisclosed borrower through NorthMarq’s seller/servicer relationship with Freddie Mac.
MORRISTOWN, N.J. — Woodmont Properties and Roseland Residential Trust have commenced construction for Metropolitan Lofts, a luxury apartment building located at 11 Dehart St. in Morristown. The building will feature 59 units in a mix of one- and two-bedroom apartments and 1,100 square feet of ground-level retail space. On-site amenities include a fitness center and golf simulator. The building is the final component of a mixed-use redevelopment project that combines residential space with 53,000 square feet of retail space at the Shops on the Green and a 795-car public parking facility.
NEW YORK CITY AND RYE, N.Y., AND SHELTON, CONN. — Windsor Management Corp. has received $58 million in four separate financing transactions for office properties in New York and Connecticut. In the first loan, the company received $25 million in refinancing for a 122,630-square-foot office building located at 37 W. 26th St. in Manhattan. The 98-percent occupied property is leased to The Flatiron Room, Hog Pit BBQ and Grey Bar on the ground floor and a variety of office tenants on the upper floors. In the second deal, Windsor received $8.5 million in refinancing for a 35,916-square-foot office building located at 256 W. 36th St. in Manhattan’s Garment District. The property is fully occupied by a variety of office tenants and a clothing retailer. In the third loan, the company received $16 million in acqusition financing for a 118,658-square-foot office building located at 411 Theodore Fremd Ave. in Rye. The property is fully occupied and leased to Acadia Realty Trust, Regis and USAlliance Financial, among other tenants. In the fourth transaction, Windsor received $8.5 million in refinancing for a 163,287-square-foot office property located on 16 acres in Shelton. The property was 92 percent leased at the time of the transaction. …
ORANGE, N.J. — Marcus & Millichap has arranged the sale of a mixed-use property located at 256 Reock St. in Orange. A private investor sold the 13,500-square-foot property to an out-of-state buyer for $1.6 million. The property features seven residential units and two commercial spaces. Michael Lombardi of Marcus & Millichap represented the seller, while Chip Collins, also of Marcus & Millichap, represented the buyer in the deal.
In the office segment there has been plenty of news regarding Class A assets. Companies have been flocking towards upgraded space. Landlords have made significant capital expenditures to their buildings to attract and retain these tenants. We have seen parking decks being built, investments to achieve LEED certification and the addition of upgraded amenities, such as cafés, fitness facilities, day care centers, and shuttles to mass transit. In the midst of these discussions, the Class B building seems to be getting lost. Class B office buildings do not have all of the bells and whistles of their Class A counterparts. However, this has not stopped them from experiencing a resurgence over the last few years. Current vacancy of Class B office space in the Northern New Jersey market is 13.4 percent. The vacancy rate has seen a steady decline from 15 percent at the end of 2014. The asking rents in the market average around $21.50 based on a gross number. The absorption of space over the last two years has been the best we have seen in more than 10 years. According to CoStar, 1.1 million square feet of Class B office space was leased in Northern New Jersey …
STAMFORD, CONN. — GAIA Real Estate and its institutional partners Menora Mivtachim Insurance, Amitim Senior Pension Funds, Psagot Investment House and CAPSSA have acquired a five-property multifamily portfolio at Harbor Point in Stamford from a joint venture between Building and Land Technology and the Lubert-Adler Real Estate Funds. The 1,214-unit portfolio consists of Postmark, 111 Harbor Point, Vault, The Key at Yale & Towne and The Lofts at Yale & Towne. The acquisition price was not released.
NEW YORK CITY — Toll Brothers Inc. has partnered with Gemdale Properties and Investments, an affiliate of Gemdale Corp., to develop a luxury condominium property at 121 E. 22nd St. in Manhattan. Designed by the Office for Metropolitan Architecture, the two-tower property will feature 133 condominium units. The joint venture has secured a $237 million construction loan from a syndicate of five banks, including Bank of New York Mellon, Capital One, China Merchants Bank-New York, MUFG Union Bank and CIT Bank. The debt and equity were arranged by Toll Brothers’ in-house finance team. Additionally, Morrison & Foerster provided legal counsel to Gemdale in the joint venture.
NEW YORK CITY — Cushman & Wakefield has originated a $57.5 million loan on behalf of Chris Xu of United Construction & Development Group for the acquisition of a mixed-use development site located at 39-08 Janet Place in the Flushing neighborhood of Queens. ACORE Capital provided the loan, and Morris Betesh of Cushman & Wakefield handled the transaction. The waterfront site offers 780,446 buildable square feet of residential, retail and office space.
RENSSELAER, N.Y. — Capital District Real Estate Investment Team has started the $1.8 million conversion of a vacant office building, located at 22 High St. in Rensselaer, into Falls Edge Apartments. Once completed the property will feature 12 new apartment units, each with pre-installed WiFi and Sonos home stereo systems, hallway security cameras, granite countertops and in-unit washer/dryers.
