Northeast

HFF Negotiates $12.7M Sale, $9.5M Loan for Apartment Property in Philadelphia

by Amy Works October 25, 2016

PHILADELPHIA — HFF has arranged the sale of Lennox Apartments, a mid-rise apartment building located at 232-242 W. Walnut Lane in Philadelphia’s Mount Airy neighborhood. Premier Properties sold the 156-unit property to a New York-based private group for $12.7 million. At the time of sale, the studio, one-, and two-bedroom property was 94 percent leased. Carl Fieberg and Mark Thomson of HFF represented the seller in the deal. Additionally, James Conley of HFF secured $9.5 million in acquisition financing for the buyer, which purchased the property free and clear of existing debt.

October 25, 2016

Industrial Massachusetts Northeast

Sentry Commercial Arranges 127,091 SF Warehouse Lease in West Springfield, Massachusetts

by Amy Works October 25, 2016

WEST SPRINGFIELD, MASS. — Sentry Commercial has brokered the lease of an industrial facility located at 26 Sears Way in West Springfield. Global décor printing and impregnator company Suddekor LLC leased the 127,091-square-foot warehouse facility from Remeche LLC. Sentry Commercial represented the tenant, while the landlord was represented self-represented in the deal.

October 25, 2016

Hospitality New York Northeast

Denihan Completes $820M Redemption Agreement with Pebblebrook Hotel Trust for Six Manhattan Assets

by Amy Works October 24, 2016

NEW YORK CITY — Denihan Investments has completed a redemption agreement with Pebblebrook Hotel Trust for the transfer of ownership of six jointly-owned hotels in Manhattan at a total value of $820 million. Through the agreement, Denihan becomes the sole owner of four of the assets, totaling 917 rooms — The Benjamin, Fifty NYC, Gardens NYC, and Shelburne NYC, while Pebblebrook assumes full ownership of Dumont NYC and Manhattan NYC, totaling 870 rooms. The portfolio is a subset of Denihan’s portfolio, which also includes The James hotels in New York, Chicago and the to-be-built West Hollywood location, as well as The Surrey and The Carlton in New York City. Carl Schwartz and Anthony Bonan of Hunton & Williams LLP advised Pebblebrook in the transaction.

October 24, 2016

Multifamily New Jersey Northeast

FEM South Beach Urban Renewal, B. Harvey Construction to Begin Construction of Oceanfront Multifamily Community

by Amy Works October 24, 2016

LONG BRANCH, N.J. — Developer FEM South Beach Urban Renewal has retained B. Harvey Construction (BHC) for pre-construction services at South Beach at Long Branch, an oceanfront residential community located at 350 Ocean Ave. in Long Branch. BHC is collaborating with the development team for on-site work for the 47-unit project, which is situated on 1.6 oceanfront acres between Ocean Avenue and Ocean Boulevard. The firm will oversee pre-construction services, including concrete work, sheets/piling, and utility marking services executed by New Jersey American Water, Jersey Central Power & Light and New Jersey Natural Gas. Additionally, BHC is collaborating with the owner, Cornerstone Construction Services, on the bidding process. Ground broke for the project in August, with completion slated for 2018. FEM South Beach Urban Renewal is developing the project in collaboration with The Pinnacle Companies, Shore Point Architecture and Cornerstone Construction Services.

October 24, 2016

Multifamily New York Northeast

Rosewood Realty Negotiates $35.8M Sale of Five-Building Multifamily Portfolio in the Bronx

by Amy Works October 24, 2016

NEW YORK CITY — Rosewood Realty Group has arranged the sale of a five-building multifamily portfolio in the Fordham Manor section of the Bronx. An undisclosed buyer acquired the 214-unit portfolio for $35.8 million. Totaling 194,944 square feet, the buildings are located at 2489 Morris Ave., 1225 Sherman Ave., 2101 and 2499 Grand Ave. and 1900 Grand Course. Aaron Jungreis of Rosewood Realty Group represented the undisclosed seller and buyer in the deal.

October 24, 2016

Hospitality New York Northeast

Embassy Suites by Hilton Opens at 2.4M SF Destiny USA in Syracuse, New York

by Amy Works October 24, 2016

SYRACUSE, N.Y. — The Pyramid Companies, owners of Destiny USA, has partnered with Hilton to open Embassy Suites by Hilton Syracuse – Destiny USA as the first hotel within the 2.4 million-square-foot shopping complex in Syracuse. The $48 million hotel will feature Embassy Suites’ Design Option III, a concept that allows developers the flexibility to customize a property’s design while remaining true to the brand’s pillars. Additionally, the all-suites hotel will feature an on-site restaurant and pool. Upon completion in fall 2017, the hotel will be operated by Aimbridge Hospitality. The project was financed by a M&T Bank, Berkshire Bank and Tompkins Trust Co.

October 24, 2016

Loans Mixed-Use Multifamily New York Northeast Retail

Knighthead Funding Provides $27M Construction Loan for Mixed-Use Project in Forest Hills, New York

by Amy Works October 24, 2016

FOREST HILLS, N.Y. — Knighthead Funding has provided a $27 million first mortgage construction loan to Paraag Sarva for the development of a mixed-use apartment building in Forest Hills. The loan is structured with a 36-month term, a prime-based floating rate and interest-only payments. Slated for completion in 2018, the development will feature 27 one-bedroom units and 19 two-bedroom units, with an average unit size of 975 square feet. Additionally, the property will feature 8,282 square feet of ground-floor retail space and a 23-car subterranean parking garage.

October 24, 2016

Loans Multifamily New York Northeast

Rockrose Development Receives $65M in Refinancing for Apartment Building in Manhattan

by Amy Works October 21, 2016

NEW YORK CITY — Rockrose Development has received a $65 million mortgage refinance loan for a residential rental building located at 100 Jane St. in Manhattan’s West Village. Andrew Singer and Kathleen McSharry of The Singer & Bassuk Organization arranged the financing, which was provided by Wells Fargo. Acquired in 1981, the nine-story building features 123,646 square feet, 148 residential units, a fitness center, roof deck and landscaped interior courtyard.

October 21, 2016

Connecticut Loans Multifamily Northeast

Greystone Closes $36M Refinance for Apartment Community in Windham, Connecticut

by Amy Works October 21, 2016

WINDHAM, CONN. — Greystone has provided a $36 million Fannie Mae DUS loan to refinance Colonial Townhouse Apartments in Windham. Donny Rosenberg of Greystone and Shaya Ackerman of Meridian Capital originated the loan for the borrower, Colonial BT LLC. The non-recourse loan carries a 10-year fixed term with the first three years as interest-only payments and a 30-year amortization schedule. The 444-unit property is 95.9 percent occupied.

October 21, 2016

New York Northeast Retail

Rosewood Realty Group Facilitates $12.1M Sale of Four-Building Retail Portfolio in Brooklyn

by Amy Works October 21, 2016

NEW YORK CITY — Rosewood Realty Group has brokered the sale of a four-building retail portfolio in the Homecrest neighborhood of Brooklyn. Embkay by Select LLC sold the contiguous buildings to 325 Realty Inc. for $12.1 million. The 19,300-square-foot portfolio comprises 1805-1811, 1815 and 1817 Avenue U and 2073-2075 E. 18th St. Michael Guttman of Rosewood Realty represented the seller, while Guttman and Jacob Setton, also of Rosewood Realty, represented the buyer in the deal.

October 21, 2016

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