HOBOKEN, N.J. — Gary Cohen of NorthMarq Capital’s New Jersey-based office has secured the $80 million refinancing of a portfolio of multifamily properties containing 519 total units. The five properties are located throughout Hoboken. The 12-year loan includes a 25-year amortization schedule. NorthMarq arranged financing for the borrower, Applied Housing Management, through its correspondent relationship with a life insurance company.
NORWALK, CONN. — KeyBank Real Estate Capital has provided $12.4 million in FHA financing for Cedar Court Apartments, a seniors housing community in Norwalk. The 91-unit property will designate at least 40 percent of its units for tenants earning below 60 percent of the area median income. In addition, the property will utilize Section 8 Housing Assistance Payments contract that will provide subsidized rents for 45 units. Jeff Rodman of Key’s commercial mortgage group and Kelly Frank of Key’s community development lending and investment group arranged the construction financing, which will be used to rehabilitate the property.
BOSTON — Citizens Commercial Banking has provided a $70 million loan to TS Lodging LLC / Norwich Partners to partially finance the construction of a 340-room Marriott Moxy Hotel on the corner of Stuart and Tremont streets in downtown Boston. Citizens is the lead debt arranger of the four-bank group. Construction has begun on the property, which is slated for delivery in the fourth quarter of 2018. Norwich Partners has developed more than two dozen chain-affiliated hotels across New England and Florida. Boston’s Marriott Moxy Hotel will span 142,400 square feet across 25 stories with an illuminated rooftop lounge, 24-hour café, coffee bar, restaurant and lounge. The second and third floors will include common areas, with a fitness center on the third floor.
EAST ORANGE, ORANGE, AND IRVINGTON, N.J. — Gebroe-Hammer Associates’ David Oropeza has arranged the sales of several multifamily residential properties in East Orange, Orange and Irvington. The transactions include a total 170 units, which were purchased for a combined $12.8 million. Oropeza represented the buyers and sellers in each transaction. An East Orange portfolio sale includes 73 units spanning six properties. These include 63 N. Walnut St., 132 N. Grove St., 433 William St., 75 Carnegie St., 572 Springfield Ave. and 998 18th Ave. Also in East Orange, Oropeza arranged the $2.6 million sale of 30 units at South Harrison Apartments, located at 370 S. Harrison St. In Orange, Oropeza represented the seller and procured the buyer of 364 and 372 White St., totaling 42 units. In Irvington, Oropeza arranged the $1.95 million sale of 25 units at 25 Linden Ave.
BOSTON — Chevron Partners, a privately-held real estate firm, has acquired 260-262 Commonwealth Ave. in Boston from Commonwealth Realty Trust for $14 million. The 1880-built brownstone will be redeveloped into five apartments, which will be known as Maison Commonwealth. The property, currently a dorm for Bay State College students, includes on-site parking for each residence and is a joint venture between developers Fulton and Marcel Safar. Chevron Partners’ first residential property, Maison Vernon, is located at 41 Mount Vernon St. in Beacon Hill. The renovation is scheduled for completion in late spring 2019.
TOWN OF HUNTINGTON, N.Y. — Simone Development Co. has received approval from the Town of Huntington to redevelop two buildings located at 5 Cuba Hill Road for medical use. Defense contractor BAE Systems sold 18 acres of its property, located in the Greenlawn area of Huntington (on Long Island), to the Bronx-based developer late last year. At the time, Simone Development leased the four-building complex totaling 200,000 square feet back to BAE. A nine-acre portion with two existing buildings totaling 95,000 square feet will be redeveloped for medical use. Mount Sinai Doctors Long Island, which is part of the Mount Sinai Health System, will become the tenant. Mount Sinai will combine three of its current locations in Huntington into a practice at the new Greenlawn location. The new site will offer imaging services, primary care, pediatric and concierge medicine along with specialty services. In November 2015, KeyBank provided financing to Simone Development for the acquisition and redevelopment of the 5 Cuba Hill property.
PHILADELPHIA — Philadelphia Magazine has signed a long-term lease for 15,786 square feet at The Curtis, a mixed-use office property in Philadelphia. Keystone Property Group owns the property, which is located at 601 Walnut St. in the Washington Square area. Colliers International’s Sandy Richardson and Liz Morrow represented Keystone Property Group in the transaction. Josh Haber of Binswanger Co. represented Metrocorp, the publisher of Philadelphia Magazine.
Eastern Consolidated Arranges $120M in Construction Financing for New Hyatt Place Hotel in Manhattan
NEW YORK CITY — Eastern Consolidated has secured a $210 million debt and equity package to finance the construction of a new, 180,000-square-foot Hyatt Place Hotel in Manhattan’s Garment District. The financing consists of a $95 million first-mortgage loan from Bank of the Ozarks and a $25 million preferred equity investment by Square Mile Capital Management. Adam Hakim and James Murad of Eastern Consolidated arranged the financing on behalf of the McSam Hotel Group, a New York-based hotel development firm. “With a revitalized theater district, thriving hospitality industry and constantly improving retail, the Times Square area is a magnet for tourists,” Hakim said. “New York City hosted a record 60.3 million visitors last year, which boosted the city’s hotel occupancy rate to an average of 90.1 percent, and more visitors are expected this year.” The 25-story, 520-key hotel will be located at 350 W. 39th St., in between Eighth and Ninth avenues in the Hudson Yards submarket. The chairman of McSam Hotel Group, Sam Chang, purchased the site in 2015 for $112 million; terms of sale allow him to develop up to 300,000 square feet of the property, according to The Real Deal. Consequently, plans for a 123,000-square-foot, 21-story, 380-room hotel …
BRANCHBURG, N.J. — J.G.Petrucci Co. has acquired an 18.4-acre site on Meister Avenue in Branchburg. The company plans to develop a 187,500-square-foot speculative industrial facility on the site, which will be available for lease in spring 2018. Joel Lubin of Jones Lang LaSalle’s Iselin, N.J., office represented J.G. Petrucci Co. in the transaction, and will also serve as leasing agent for the property. The facility will be constructed using precast concrete. Once completed, it will feature 31 loading docks, two drive-in doors and 36-foot clear ceiling heights. Parking for 134 cars and 16 trailers will be available on site as well.
BUFFALO, N.Y. — Seavest Healthcare Properties and Ciminelli Real Estate Corp. have secured permanent financing for the seven-story, 350,000-square-foot Conventus medical office building on the Buffalo Niagara Medical Campus (BNMC) in downtown Buffalo. The $75 million, five-year takeout loan replaces the building’s initial construction loan. Both loans were provided by M&T Bank and KeyBank. Located at 1001 Main St., Conventus is connected on two full floors to a children’s hospital and will also be connected to a new medical school by a skybridge. Serving as the northern gateway to the BNMC, the $110 million Conventus building is certified LEED Platinum.