Northeast

Starwood Capital Group to Acquire Forestar Group for $605M

by Kristin Harlow April 14, 2017

GREENWICH, CONN. — Starwood Capital Group has agreed to acquire Forestar Group Inc., a residential and mixed-use real estate development company, for $605 million. Starwood will acquire all of the outstanding shares of Forestar’s common stock for $14.25 per share in cash. The Forestar Board of Directors has unanimously approved the merger agreement and has recommended approval of the merger by Forestar’s stockholders. The transaction is expected to close in the third quarter of 2017. “Over the past 18 months Forestar has significantly reduced costs and outstanding debt, exited non-core assets and focused on its core community development business. While executing these key initiatives, the board and management have been evaluating longer term strategic alternatives,” says James Rubright, chairman of the Forestar board. “After conducting a thorough review assisted by highly experienced financial and legal advisors, the board believes that engaging in the transaction with Starwood is the best option to maximize stockholder value.” JMP Securities LLC is serving as financial advisor to Forestar, while Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal advisor. Kirkland & Ellis LLP is serving as legal advisor to Starwood. Austin, Texas-based Forestar Group maintains a portfolio of 50 residential and mixed-use …

April 14, 2017

Industrial Loans Massachusetts Mixed-Use Northeast Office Retail

Transwestern Secures Financing for Boston Celtics Practice Facility in Brighton, Mass.

by Haisten Willis April 13, 2017

BRIGHTON, MASS. — Transwestern Consulting Group (TCG) has arranged a construction and permanent financing loan on behalf of NB Development Group for 40 Guest St. in Brighton. According to public records, the loan amount was $76 million. TCG’s Chris Skeffington and Andrew Stone, along with NB Development’s Jim Halliday and Kevin Doyle, arranged the loan with East Boston Savings Bank. Part of the Boston Landing mixed-use development, 40 Guest St. is a planned 160,000-square-foot facility that will house the Boston Celtics’ new training and practice facility known as the Auerbach Center at New Balance World Headquarters. The project also includes two floors of Class A laboratory and office space totaling 83,500 square feet, plus 5,700 square feet of retail space. The project broke ground in November 2016, with completion expected in mid-2018. TCG provides leasing and property management services for Boston Landing.

April 13, 2017

Loans New York Northeast Office

Natixis Provides $250M Refinancing Loan for Office Property in NYC

by Haisten Willis April 13, 2017

NEW YORK CITY — Natixis has provided a $250 million first mortgage CMBS loan to JEMB Realty for the refinancing of 75 Broad St. in Manhattan. JEMB Realty purchased the office tower in 1999, and has renovated it into a property geared toward high-tech tenants. More than $50 million in improvements have been made to the 34-story, 650,000-square-foot property in recent years. Steve Kohn and Alex Hernandez of Cushman & Wakefield advised the borrower in the transaction.

April 13, 2017

New York Northeast Retail

Construction Begins on American Girl Place Store at 75 Rockefeller Plaza in NYC

by Haisten Willis April 13, 2017

NEW YORK CITY — Englewood Construction’s retail group has begun construction on a 40,000-square-foot American Girl Place store located at 75 Rockefeller Plaza in New York City. American Girl will move to the new space this fall from its current location at 609 Fifth Ave. The 75 Rockefeller Plaza store will be the 12th project Englewood has completed for American Girl since 2008. Cincinnati-based architecture firm FRCH Design Worldwide designed the new American Girl store, which will span two floors with direct entrances from both 51st and 52nd streets.

April 13, 2017

Loans Multifamily New York Northeast

KeyBank Provides $11.6M Financing for Multifamily Property in Rochester, N.Y.

by Haisten Willis April 13, 2017

ROCHESTER, N.Y. — KeyBank Real Estate Capital has provided an $11.6 million Freddie Mac first mortgage loan for Kings Court Manor Apartments in Rochester. The 184-unit multifamily property was built between 1968 and 1970. Dirk Falardeau of Key’s commercial mortgage group arranged the financing with a seven-year term, two-year interest-only period and a 30-year amortization schedule. The loan was used to refinance existing debt.

April 13, 2017

New Jersey Northeast Retail

M&M Brokers $2.6M Sale of Retail Property in Elizabeth, N.J.

by Haisten Willis April 13, 2017

ELIZABETH, N.J. — Marcus & Millichap has brokered the $2.6 million sale of a 16,208-square-foot retail property in Elizabeth. Michael Lombardi of Marcus & Millichap’s New Jersey office marketed the property on behalf of the seller, a private investor. Lombardi also secured and represented the buyer, another private investor. The property is located at 251 N. Broad St.

April 13, 2017

Massachusetts Mixed-Use Northeast Top Stories

Shorenstein Properties Sells 741,200 SF Center Plaza in Boston for $365M

by John Nelson April 13, 2017

BOSTON — After more than three years of ownership, Shorenstein Properties has sold Center Plaza, a 741,200-square-foot mixed-use asset in downtown Boston. Synergy Investments, a Boston-based real estate owner and investor, and GreenOak, an international real estate investment and lending firm, have jointly purchased Center Plaza for $365 million. Developed by Beacon Capital in phases in the late 1960s and early 1970s, Center Plaza consists of three interconnected, nine-story buildings comprising more than 600,000 square feet of office space, 77,000 square feet of street-level retail and a below-grade parking garage with 575 spaces. Situated at 1-3 Center Plaza, the retail and office development features nearly 875 feet of frontage along Cambridge Street. Center Plaza, which is currently 60 percent leased to 31 tenants, sits at the entrance to Boston’s Beacon Hill neighborhood. The project is situated across the street from Boston’s City Hall. Shorenstein Properties purchased Center Plaza in January 2014 for $307 million, according to the Boston Business Journal. The media outlet also reported that Shorenstein’s planned $25 million overhaul of Center Plaza never took shape. The NGKF Capital Markets Boston team led by Robert Griffin, Edward Maher, Matthew Pullen and James Tribble represented Shorenstein Properties, which sold the …

April 13, 2017

Multifamily New Jersey Northeast

Sterling Properties to Develop 69-Unit Apartment Property in Somerville, N.J.

by Haisten Willis April 12, 2017

SOMERVILLE, N.J. — Sterling Properties will develop a four-story, 69-unit apartment property near downtown Somerville. Set to deliver in 2018, the property will be located at 110 S. Bridge St., which is within walking distance of New Jersey Transit’s Somerville Station, and will be known as SOMA. Floor layouts will consist of studio, one- and two-bedroom units. Initial site work on the property will begin this spring. Designed by architecture firm Comito Associates, SOMA’s units will range from 585 to 1,290 square feet with features including nine-foot ceilings and stainless steel appliances. Common area amenities will include a fitness studio and tech lounge. Interior Design firm Mary Cook and Associates will design the project’s unit interiors and common space.

April 12, 2017

Mixed-Use Multifamily Northeast Office Retail Vermont

Rouse Properties, Devonwood Investors to Redevelop Burlington Town Center in Vermont

by Haisten Willis April 12, 2017

BURLINGTON, VT. — Rouse Properties has formed a joint venture with Devonwood Investors LLC, owner of Burlington Town Center, to redevelop the retail property into a mixed-use development with apartments, retail, restaurants and offices. The joint venture is expected to close on the property in the next few weeks and will then begin construction on the project, which is expected to cost $225 million. HFF’s Porter Terry arranged the redevelopment financing. The project has received zoning approval from the Burlington Development Review Board. Groundbreaking is expected in mid-2017, with the project completed in phases over three years.

April 12, 2017

Hospitality Industrial Mixed-Use Northeast Pennsylvania Retail

MRA Group Buys 133-Acre Mixed-Use Complex in Metro Philadelphia

by Haisten Willis April 12, 2017

SPRING HOUSE, PA. — MRA Group has acquired the former Rohm & Haas research and development campus located at 727 Norristown Road in the Philadelphia suburb of Spring House. Now known as the Spring House Technology Park, the complex spans 591,000 square feet across 11 buildings. The 133-acre campus is located near the Fort Washington exit of the Pennsylvania Turnpike. MRA will renovate the park to include office and laboratory facilities, a hotel, co-working space, on-site daycare, a gym and a 40,000-square-foot retail village. The property was initially acquired in 1962 by Rohm & Haas Co. and developed into Spring House Technical Center, a research and development campus. The existing buildings were constructed between 1963 and 1995, with 75 percent dedicated to laboratory use and the rest used for offices. The Dow Co. acquired Rohm & Haas in 2012, and by 2015 Dow relocated its employees to a new facility in Collegeville, Pa. In 2015 MRA Group entered into discussions with Dow to acquire the property in its entirety, with closing occurring in late March 2017.

April 12, 2017

Newer Posts

Older Posts