Northeast

CBRE Arranges $56.3M Loan for Multifamily Portfolio in Massachusetts

by Haisten Willis April 17, 2017

BOSTON & LYNN, MASS. — On behalf of Helge Capital, CBRE New England’s multifamily debt and structured finance team has secured a $56.3 million first mortgage loan to finance the recapitalization of a 19-building multifamily portfolio in metro Boston and Lynn, Mass. The assets consist of workforce housing of both market-rate and affordable apartments. CBRE’s John Kelly arranged the financing through a national lender on behalf of Helge Capital, a commercial real estate investment and operating company specializing in multifamily and development properties in the greater Boston area.

April 17, 2017

Industrial New Jersey Northeast

Sitex Acquires Two Industrial Properties in Totowa, N.J.

by Haisten Willis April 17, 2017

TOTOWA, N.J. — Sitex Group has acquired two warehouse/distribution centers located at 8 Vreeland Ave. and 50 Furler St. in Totowa from an unnamed private seller. The purchase price was not disclosed. Sitex plans to make 8 Vreeland available for occupancy next year. The property features 24- to 28-foot clear heights and a partially air-conditioned warehouse. The 125,000-square-foot property also includes 12,000 square feet of office space and 10 loading docks. Currently leased to Custom Index Inc., Sitex plans to renovate the property when the tenant leaves next year. At 55,000 square feet, 50 Furler St. features 16-foot clear heights, three loading docks and 3,000 square feet of office pace. It is leased to SK Custom Creations. Both properties are located near I-80 and Route 46. JLL’s Howard Weinberg arranged the transaction. Sitex has retained him to market 8 Vreeland Ave. for lease.

April 17, 2017

Loans Massachusetts Multifamily Northeast

KeyBank Secures $38.7M Financing for Multifamily Portfolio in Massachusetts

by Haisten Willis April 17, 2017

BOSTON, CAMBRIDGE & BRIGHTON, MASS. — KeyBank Real Estate Capital has secured $38.7 million in Fannie Mae financing for a four-property multifamily portfolio located in Massachusetts. A $20.7 million first mortgage loan was secured by Boylston Apartments, a 129-unit property built in 1927 in Boston; a $10.1 million first mortgage loan was secured by Cambridge Apartments, a 56-unit property built in 1880 in Cambridge; and a $7.9 million first mortgage loan was secured by Commonwealth & Lothian Apartments, two properties totaling 61-units built between 1925 and 1928 in Brighton. Hayley Suminski of KeyBank’s commercial mortgage group arranged the financing with 10-year terms, five years of interest-only payments and 30-year amortization schedules. The non-recourse loans were used to refinance existing debt.

April 17, 2017

Massachusetts Northeast Office

SVN, AIS Development Broker Pair of Office Leases in Hopkinton, Mass.

by Haisten Willis April 17, 2017

HOPKINTON, MASS. — SVN | Parsons Commercial Group | Boston, in partnership with AIS Development, has brokered two office leases totaling 70,000 square feet at 35 Parkwood Dr. in Hopkinton. After acquiring the unoccupied 160,000-square-foot research and development property in November 2016, the partnership has begun a renovation and marketing plan. The building, which formerly served as EMC’s headquarters, has been vacant for more than 10 years. Located in the Elmwood Business Park, the property now boasts two tenants: Illinois Tool Works and PrismHR. Victor Galvani of SVN | Parsons Commercial Group | Boston is handling the leasing at the building.

April 17, 2017

Connecticut Industrial Northeast

Angel Commercial Arranges $1M Acquisition of Industrial Property in Connecticut

by Haisten Willis April 17, 2017

FAIRFIELD, CONN. — Jon Angel of Angel Commercial has arranged the $1 million acquisition of 107 Ardmore St. in Fairfield. The property consists of an 8,196-square-foot industrial building on .63 acres. Angel represented the buyer, Ardmore LLC, which acquired the property as an investment.

April 17, 2017

Industrial New York Northeast

MTA, Urbahn Architects Renovate Subway Station in Brooklyn, NYC

by Haisten Willis April 14, 2017

NEW YORK CITY — The Metropolitan Transportation Authority (MTA) and Urbahn Architects have completed the renovation of the Morgan Avenue subway station house in Brooklyn. Serving the L train line, the Morgan Avenue station house is located near the intersection of Bogart Street and Harrison Place in the East Williamsburg neighborhood. MTA served as project manager as well as structural, civil, mechanical, electrical and plumbing engineer for the upgrades. Double M Construction was the general contractor. The station opened on July 14, 1928, as part of an extension of the BMT Canarsie line. Renovations included replacement of the 400-square-foot brick and limestone façade, repairs to the roof and installation of a new framed entrance with transom windows, exterior LED lighting and exterior signage.

April 14, 2017

Northeast Pennsylvania Retail

Metro Commercial Brokers Leases for Six New Target Locations in Philadelphia

by Haisten Willis April 14, 2017

PHILADELPHIA — Metro Commercial Real Estate has brokered leases for six small-format Target stores in Philadelphia. The company’s Steve Niggeman and Tom Londres represented Target in the following leases: Lincoln Square: Store opening in October 2018 at 1000 S. Broad St. Alterra Property Group and Kimco Realty Corp. will be the owners of the 36,000-square-foot location. Northern Liberties: Store opening in July 2018 at 456 N. 5th St. Alliance Partners HSP will own the 47,000-square-foot location. Ivy Ridge Shopping Center: Store opened in March at 7162 Ridge Ave. Brixmor Property Group owns the 47,000-square-foot location. 2100 Pennsylvania Ave.: Store opening in October. Range Properties will own the 32,000-square-foot location. 1122-28 Chestnut St.: Store opened in July 2016. Brickstone Co. owns the 19,000-square-foot location. 1900-06 Chestnut St.: Store opened in October 2016. Pearl Properties owns the 23,000-square-foot location.

April 14, 2017

Mixed-Use Multifamily New York Northeast Retail

Bestreich Realty Arranges $11.4M Sale of Mixed-Use Building in NYC

by Haisten Willis April 14, 2017

NEW YORK CITY — Bestreich Realty Group has arranged the $11.4 million sale of a six-story mixed-use building in the Williamsburg neighborhood of Brooklyn. The property is located at 66 Graham Ave. and features 30 rent-stabilized apartments and six retail spaces including two clothing stores, a jewelry store, a 99-cent store, a barbershop and a newsstand. The 25,900-square-foot building was built in 1925. Bestreich Realty Group’s Luke Sproviero and Derek Bestreich represented both the buyer, local investor Morris Weinberg, and the seller, father and son clothing moguls Ruby and Victor Azrak, who had owned the building since 1986.

April 14, 2017

Loans New York Northeast Retail

Eastern Consolidated Secures $6M Refinancing Loan for Retail Center in NYC

by Haisten Willis April 14, 2017

NEW YORK CITY — Eastern Consolidated’s capital advisory division has secured a $6 million loan to refinance the ground lease for a 33,636-square-foot shopping center. The property is located at 945 White Plains Road in the Soundview neighborhood of The Bronx. Tenants at the center include Modell’s Sporting Goods, Party City and GameStop. Sam Zabala and Charles Han of Eastern Consolidated represented the borrower, M&M of Bruckner LLC, which is operated by the Modell family, and secured a loan from Signature Bank.

April 14, 2017

Northeast Office Pennsylvania

Colliers Negotiates $1.2M Sale of Former BB&T Bank Branch in Whitehall, Pennsylvania

by Haisten Willis April 14, 2017

WHITEHALL, PA. — Derek Zerfass of Colliers International’s Allentown office represented BB&T in the $1.2 million sale of a 3,061-square-foot former bank branch building at 2545 Mickley Ave. in Whitehall. The building will be demolished to make way for a Wendy’s restaurant. Steve Clipman of ROCK Commercial Real Estate represented the buyer.

April 14, 2017

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