Northeast

Natixis Provides $102.8M Loan to Transform Historic Office Building in Philadelphia into Luxury Apartments

by Jeff Shaw March 21, 2017

PHILADELPHIA — Natixis has provided a $102.8 million first mortgage loan to Post Brothers, which will use the capital to redevelop the historic Atlantic Building in Philadelphia as a 268-unit luxury apartment complex. The Atlantic Building is a 330,000-square-foot, 21-story office building located at 260 S. Broad St. in Philadelphia’s Center City submarket. World-renowned architect Rafael Viñoly designed the building, which was completed in the 1920s. Post Brothers will rename the building The Atlantic. Once the redevelopment is complete, amenities will include a business lounge with conference rooms, clubhouse, fitness center including yoga studio, rooftop swimming pool, roof deck with dog park and grilling areas, and a three-story, 205-space parking garage. “The Atlantic will be another premier residential building that will be similar to previously delivered first-class Post Brothers buildings and will take full advantage of the vibrant and growing Center City market,” says Greg Murphy, head of Natixis Real Estate Finance Americas. Post Brothers acquired the building in 2012 for $27 million, according to the Philadelphia Business Journal. The Philadelphia-based multifamily developer and operator attempted to sell the building to Jefferson Apartments for $50 million in 2014, but decided to proceed with the apartment redevelopment project when that deal …

March 21, 2017

Hospitality Massachusetts Northeast

Homewood Suites by Hilton Opens in Metro Boston

by Haisten Willis March 20, 2017

CHELSEA, MASS. — Homewood Suites by Hilton Boston Logan Airport Chelsea is now open at 145 Beech St. in Chelsea. XSS Hotels owns the 152-suite property, and Colwen Hotels is the manager. Homewood Suites by Hilton Boston Logan Airport Chelsea offers studio and one-bedroom suites with kitchens and separate living and sleeping areas. Amenities include complimentary breakfast, an evening social Monday through Thursday, Wi-Fi, an indoor heated pool and fitness center. The property offers 2,200 square feet of flexible meeting space that can accommodate more than 200 guests.

March 20, 2017

Loans Massachusetts Northeast Office Retail

Fantini & Gorga Secures $13M Financing for Buildings in Downtown Boston

by Haisten Willis March 20, 2017

BOSTON — Boston-based Fantini & Gorga has arranged $13 million to refinance three properties — located at 20 Winthrop Square, 85 Franklin St. and 77 Franklin St. — in Boston’s financial district. Wayne Clough and Despina Hixon of Fantini & Gorga arranged financing with one of the firm’s correspondent insurance companies. The three buildings are conjoined and collectively include 98,350 square feet of office and retail space. A.W. Perry has owned and managed the properties for several decades.

March 20, 2017

New Jersey Northeast Office

Cushman & Wakefield Brokers Sale of BroadAcres Office Park in Bloomfield, N.J.

by Haisten Willis March 20, 2017

BLOOMFIELD, N.J. — Cushman & Wakefield has brokered the sale of BroadAcres Office Park in Bloomfield. Prism Capital Partners and an institutional partner sold the 380,000-square-foot property to P3RE. The four-building, 20-acre property is located along the Garden State Parkway between exits 151 and 153. Cushman & Wakefield’s Gary Gabriel, Andrew Merin, David Bernhaut and Brian Whitmer were involved in the transaction. Prism will remain the leasing and managing agent for BroadAcres Office Park on behalf of P3RE. The new ownership plans a major capital improvement program including rebranding, signage, resurfaced parking lots, new exterior lighting, building common area renovations and a new gym. BroadAcres is 72 percent leased; tenants include Comcast, Capgemini, Bechtel Corp. and Dewberry Cos. Abe Hirsch, Matthew Texler and Paul Kim of Meridian Capital Group negotiated $24 million in financing for the acquisition of the property.

March 20, 2017

Loans Massachusetts Multifamily Northeast

Eastern Consolidated Arranges $26.4M Loan for Multifamily Property in Brooklyn

by Haisten Willis March 20, 2017

NEW YORK CITY — Eastern Consolidated has arranged a $26.4 million bridge loan from G4 Capital that will fund the recapitalization of a ground lease at 285 Schermerhorn St. in Brooklyn. Jonathan Aghravi and Charles Han of Eastern Consolidated represented the borrower, 285 Schermerhorn LLC, which plans to redevelop the site from its current seven-story structure to a 116,433-square-foot, 14-story residential building with 132 condominiums and 3,400 square feet of ground-floor retail space. Brooklyn Community Services owns the property and will maintain its headquarters in the building during and after the construction phase.

March 20, 2017

Connecticut Hospitality Northeast

R. Calabrese Agency Negotiates Land Sale for Courtyard by Marriott in Southington, Conn.

by Haisten Willis March 20, 2017

SOUTHINGTON, CONN. — Tony Valenti and Ralph Calabrese of R. Calabrese Agency have brokered the sale of three acres of vacant commercial property in Southington to AVA Development LLC. The property is located on the West Street (Route 229) corridor near I-84. The new owner will commence construction on a Courtyard by Marriott Hotel, with groundbreaking scheduled for this spring. S&G LLC was the seller and R. Calabrese Agency was the sole broker involved in the transaction.

March 20, 2017

Healthcare Mixed-Use Multifamily New York Northeast Office Retail

Eastern Consolidated Arranges $38.5M Construction Loan for Mixed-Use Property in NYC

by Haisten Willis March 17, 2017

NEW YORK CITY — Eastern Consolidated’s capital advisory division has arranged a $38.5 million construction loan for a 176,130-square-foot mixed-use development at 178-02 Hillside Ave. in Jamaica, Queens. The project will include 131 apartments on floors three through eight, over 10,000 square feet of retail space for a pharmacy, a 25,000-square-foot medical office space on the lower level and a public parking facility. Eastern Consolidated’s Adam Hakim, Andrew Iadeluca and James Murad arranged the transaction with Bank of the Ozarks on behalf of the borrower, Piermont Properties. Located at the northern end of Jamaica, 178-02 Hillside Ave. offers 200 feet of frontage. The corner site is adjacent to the neighborhoods of Jamaica Hills and Jamaica Estates, and above the F-Train 179 Street/Hillside Avenue Subway station.

March 17, 2017

Connecticut Healthcare Northeast Office

Vidal/Wettenstein Brokers $2.6M Sale of Medical Office Building in Westport, Conn.

by Haisten Willis March 17, 2017

WESTPORT, CONN. — David Fugitt of Westport-based Vidal/Wettenstein LLC has arranged the $2.6 million sale of 18-26 Imperial Ave. located in downtown Westport. The property is a fully leased five-building medical complex with a total of 7,428 rentable square feet. Amalgamated Realty Company LLC was the seller and Greens Farms Centre Associates was the buyer. Fugitt was the sole broker involved in the transaction.

March 17, 2017

New Jersey Northeast Retail

Second Phase of Renovations Begins at The Shops at Riverside in Hackensack, N.J.

by Haisten Willis March 17, 2017

HACKENSACK, N.J. — The second phase of a three-phase renovation project has begun on The Shops at Riverside, a retail center in Hackensack. Work on the first phase will be completed this summer with the creation of a dining and entertainment district. Offerings will include a movie theater with a lounge and bar operated by AMC, the relocation of The Cheesecake Factory and additional restaurants and specialty stores. The second phase will be completed by the end of 2017 and will involve renovations to both the interior and exterior of the property. Interior enhancements will include new floor tile, a crystal chandelier and water feature, and a sculptural floating stair in the center court near Omega. The refresh will also include additional skylights and raised ceilings. The third phase will redevelop the south mall adjacent to Bloomingdale’s. The existing shops will be reconfigured to create a loop around a central focal point where a portion of the second level will be removed to create 35-foot ceilings.

March 17, 2017

Industrial Massachusetts Northeast Office

Stubblebine/CORFAC, Atlantic Commercial Arrange $3.6M Sale Office/Warehouse in Massachusetts

by Haisten Willis March 17, 2017

NORTH ATTLEBORO, MASS. — Stubblebine Co./CORFAC International and Atlantic Commercial Real Estate LLC have arranged the sale of 20 Alice Agnew Dr. in North Attleboro for $3.6M. HTI Medical purchased the property, a 44,450-square-foot office/warehouse building. David Stubblebine, James Stubblebine and Rob Stave of Stubblebine Co., represented the seller, Mercury Trading International, and Mark Kearins of Atlantic Commercial Real Estate LLC represented the buyer. 20 Alice Agnew Drive is the former home of Mercury Trading International and is located in the North Attleboro Industrial Park. HTI Medical was established in 1997 as a provider of clinical laboratory and ultrasound equipment.

March 17, 2017

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