Northeast

Boylston Properties, The Wilder Cos. Receive Approval for Mixed-Use Development in Watertown, Massachusetts

by Amy Works January 16, 2017

WATERTOWN, MASS. — The Watertown Planning Board unanimously approved the development of Arsenal Yards, a mixed-use project at the former Arsenal Mall in Watertown. Developers Boylston Properties and The Wilder Cos. plan to add a mixed-use project featuring 350,000 square feet of retail and entertainment space and 500 residences to the existing 100,000 square feet of office space. Construction is slated to begin in six to eight months. The project will feature chef-driven restaurants, a specialty grocery, a wine superstore, a cinema, market-rate and affordable apartments, and a combination of boutiques and national retailers.

January 16, 2017

Northeast Office Pennsylvania

Gladstone Commercial Buys 103,334 SF Office Building in King of Prussia, Pennsylvania, for $25.5M

by Amy Works January 16, 2017

KING OF PRUSSIA, PA. — Gladstone Commercial has acquired an office building, located at 935 First Ave. in King of Prussia, in a sale-leaseback transaction for $25.5 million. Radial Inc. sold the property and will continue to lease the four-story, 103,334-square-foot facility, which serves as the company’s headquarters, for 15 years. Robert Fahey, Jerry Kranzel and Erin Hannan of CBRE represented the seller in the deal.

January 16, 2017

Loans New York Northeast Retail

The Klein Group, Sterling Properties Receive $17.5M in Refinancing for Retail Center in Warren, New Jersey

by Amy Works January 16, 2017

WARREN, N.J. — The Klein Group and Sterling Properties Group have received $17.5 million in refinancing for Warren Village Shopping Center, a grocery-anchored retail center in Warren. Loan proceeds will be used to refinance existing debt. The 10-year, fixed-rate loan was provided by a life company. Kings Supermarket, Country Squire Restaurant, Peapack-Gladstone Bank, Massage Envy, Remax, European Wax Center, Starbucks Coffee, Edgewood Pharmacy, Impact Martial Arts and The UPS Store occupy the 99.3 percent leased center. Jon Mikula and Jim Cadranell of HFF arranged the financing for the borrower.

January 16, 2017

Connecticut Industrial Northeast

Sentry Commercial Brokers 59,100 SF Industrial Lease in Windsor, Connecticut

by Amy Works January 16, 2017

WINDSOR, CONN. — Sentry Commercial has arranged the lease of an industrial facility located at 4 Market Circle in Windsor. A&S Innersprings USA leased the 59,100-square-foot building, which is situated on 7.5 acres, from Market Circle LLC. Sentry Commercial represented the undisclosed landlord, while Cushman & Wakefield represented the tenant in the deal.

January 16, 2017

Loans Multifamily New Jersey Northeast Seniors Housing

Monticello Asset Management Facilitates $28.5M Mortgage Financing for Skilled Nursing Facility in New Jersey

by Amy Works January 16, 2017

PERTH AMBOY, N.J. — Investment advisor Monticello Asset Management LLC has originated $28.5 million in financing for The Alameda Center for Rehabilitation and Healthcare, a skilled nursing facility in the New York City suburb of Perth Amboy. The bridge-to-HUD loan provided capital for the acquisition of the property by a seniors housing owner-operator. The property consists of a six-story, 82,205-square-foot structure containing the healthcare facility and a detached one-story, 3,400-square-foot retail building. The facility contains 130 resident rooms and is licensed for 250 skilled nursing beds.

January 16, 2017

New Jersey Northeast Office

LNR Property Sells 450,000 SF Office Tower in Downtown Newark

by Amy Works January 13, 2017

NEWARK, N.J. — LNR Property, a subsidiary of Starwood Property Trust Inc., has completed the sale of 33 Washington Street, an iconic office tower located in downtown Newark. Berger Organization acquired the 450,000-square-foot property for an undisclosed price. Situated on 1.6 acres, the 18-story property features a fitness center, shared conference rooms, on-site parking, a lobby and views of the Manhattan skyline. Audible and DHL, among other tenants, occupy the multi-tenant building. Jose Cruz, Kevin O’Hearn, Stephen Simonelli and Michael Oliver of HFF represented the seller in the deal.

January 13, 2017

Hospitality Loans New Jersey Northeast Pennsylvania

Sonnenblick-Eichner Co. Arranges $92M in Refinancing for Four Hotels

by Amy Works January 13, 2017

BEVERLY HILLS, CALIF. — Beverly Hills-based Sonnenblick-Eichner Co. has arranged $92 million in first mortgage debt to refinance a portfolio of four hotels totaling 592 rooms. The financing consists of four separate non-recourse, non-cross collateralized loans from three different lenders. Sonnenblick-Eichner Co. was able to arrange for a money center commercial bank to provide 10-year, fixed-rate financing on each of the Hyatt House properties and LIBOR-based floating rate financing from two regional banks for the remaining properties. The properties are the 147-room Hyatt House Philadelphia/King of Prussia in King of Prussia, Pa., the 126-room Hilton Garden Inn Albany/SUNY in Albany, N.Y., the 171-room Archer Hotel in Austin, Texas, and the 148-room Hyatt House Falls Church/Merrifield in Falls Church, Va.

January 13, 2017

Loans New Jersey Northeast Office

CBRE Secures $24M in Refinancing for 154,776 SF Office Building in Hanover, New Jersey

by Amy Works January 13, 2017

HANOVER, N.J. — CBRE Capital Markets has arranged a $24 million bridge loan for the refinancing of 10 Park Avenue, a vacant office building located in Hanover. The borrower was Ravine Development Co. Built in 2001, the 154,776-square-foot Class A office building features a 376-person full-service cafeteria, fitness center and multi-media room. The property housed Metropolitan Life’s international fixed-income investment division for 13.5 years until the tenant move to MetLife’s new global headquarters at the end of October 2016. James Gunning, Donna Falzarano and Stephen Joseph of CBRE secured the loan, which was provided by The Provident Bank of New Jersey.

January 13, 2017

New York Northeast Office

JV Completes $12M Modernization of 172,000 SF Office Building in the Bronx

by Amy Works January 13, 2017

NEW YORK CITY — Savanna, in a joint venture with Hornig Capital Partners, has completed a $12 million capital improvement project at The Bruckner Building in the South Bronx neighborhood of Mott Haven. Located at 2417 Third Ave., the eight-story property features 172,000 square feet of office and light industrial space. With completion of the improvements, the building now offers commercial space for tenants as small as 1,000 square feet to as large as 21,000 square feet. Additionally, the property offers three billboard signage opportunities.

January 13, 2017

Industrial Northeast Pennsylvania

Hinerfield Commercial Brokers Sale of 51,000 SF Industrial Building in Scranton, Pennsylvania

by Amy Works January 13, 2017

SCRANTON, PA. — Hinerfield Commercial Real Estate Co. has arranged the sale of an industrial building, located at 1350 Von Storch Ave. in Scranton. 1350 Von Storch Avenue LLC acquired the property for an undisclosed price. Situated on three acres, the building features 50,000 square feet of industrial space and 1,000 square feet of office space. Richard Levy of Hinerfield represented the seller, Von Storch Avenue LLC, while Steve Farrell of Classic Properties represented the buyer in the transaction.

January 13, 2017

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