Northeast

IPA Brokers $32.2M Sale of Multifamily Property in Danbury, Connecticut

by Amy Works February 7, 2017

DANBURY, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Hillcroft at Danbury, an apartment community located at 10 Clapboard Ridge Road in Danbury. Timberline Real Estate Ventures purchased the 192-unit property from Par Hillcroft for $32.2 million, or just under $168,000 per unit. Completed in 2014, the property features a community room, pool, playground, clubhouse and fitness center. Apartment floor plans feature dining areas and private balconies or patios, with select units offering open living/dining and kitchen floor plans.

February 7, 2017

Massachusetts Multifamily Northeast Seniors Housing

Blueprint Brokers Sale of Vacant Skilled Nursing Facility Near Boston for $3.6M

by Amy Works February 7, 2017

MELROSE, MASS. — Blueprint Healthcare Real Estate Advisors has brokered the sale of a vacant 82-bed skilled nursing facility located in the Boston suburb of Melrose for $3.6 million. The property previously operated as Wingate at Melrose. Prior to the sale, and with the approval of the owner, the operator elected to shut down the facility and move all residents to another property to consolidate regional operations. The buyer was a regional hospital system seeking to expand. Steve Thomes was the lead advisor on the transaction.

February 7, 2017

Multifamily New York Northeast

L+M Development, Nelson Management Developing Two Apartment Buildings in the Bronx

by Amy Works February 7, 2017

NEW YORK CITY — L+M Development Partners and Nelson Management Group have started construction on two affordable multifamily properties at 1520 and 1530 Story Ave. within the Lafayette Boynton apartment complex in the Soundview neighborhood of the Bronx. Combined the two 13-story buildings will feature 435 units in a mix of studio, one-, two- and three-bedroom units. On-site amenities include a fitness center and a 7,500-square-foot community facility space. Additionally, the project will include two acres of landscaped greenspace with walking paths between the properties, a children’s play area and an outdoor fitness center. Nelson Management Group is undertaking the project through its investment arm Global One Investments.

February 7, 2017

Delaware Loans Northeast Office

HFF Secures $12.6M Refinancing for Office Building in Wilmington, Delaware

by Amy Works February 7, 2017

WILMINGTON, DEL. — HFF has secured $12.6 million in refinancing for an office building located at 1011 Centre Road in Wilmington. Ryan Ade of HFF arranged the long-term, fixed-rate loan with a regional bank for the borrower, Delle Donne & Associates. Built in 1986, the 90,000-square-foot property is fully leased.

February 7, 2017

Loans New Jersey Northeast Office Retail

Denholtz Associates Receives $3.8M Refinancing for Flex Properties in Clark, New Jersey

by Amy Works February 7, 2017

CLARK, N.J. — Denholtz Associates has received $3.8 million in refinancing for two flex properties, located at 89 and 225 Terminal Ave. within Clark Commercial Center in Clark. The properties total 27,332 square feet of space. KinderCare leases 13,464 square feet of space at 89 Terminal Avenue, and Retro Fitness leases 13,868 square feet of space at 225 Terminal Avenue. Brad Fouss of OceanFirst Bank arranged the refinancing for the borrower through OceanFirst Bank.

February 7, 2017

Massachusetts Northeast Office Retail

Synergy Investment Sells 53,000 SF Office, Retail Building in Boston for $21.8M

by Amy Works February 6, 2017

BOSTON — Synergy Investment has completed the disposition of an office and retail building located at 26 West St. in Boston’s Ladder District. Boston-based Eden Properties acquired the property for $21.8 million. Services Employee International Union occupies a portion of the building on a long-term lease. Scott Dragos of Colliers International Boston represented the seller in the deal.

February 6, 2017

Loans Multifamily New Hampshire Northeast Seniors Housing

HJ Sims Arranges $17.5M Bond Refinancing for CCRC in New Hampshire

by Amy Works February 6, 2017

LACONIA, N.H. — Connecticut-based investment bank HJ Sims has arranged $17.5 million in bond financing for Taylor Community, a nonprofit continuing care retirement community (CCRC) in Laconia, a resort and retirement destination in New Hampshire’s Lakes Region. The new bonds will replace and restructure existing debt on the property, as well as terminate third-party interest rate swaps. The community’s improved financial performance and higher occupancy opened up opportunity for the refinancing. The new bonds feature a fixed 3.75 percent interest rate for a 10-year period.

February 6, 2017

Loans New Jersey Northeast Retail

Cronheim Mortgage Secures $10.3M Refinancing for Retail Property in Franklin Park, New Jersey

by Amy Works February 6, 2017

FRANKLIN PARK, N.J. — Cronheim Mortgage has secured $10.3 million in refinancing for a grocery-anchored retail center located in Franklin Park. The non-recourse loan features a three-year term and a 30-year amortization schedule. A mix of local and national retailers, including Dollar General and PNC Bank, occupy the 67,531-square-foot property. The name of the borrower was not released.

February 6, 2017

Loans New York Northeast Retail

Integra Real Estate Capital Arranges $5.5M in Refinancing for Retail Center in Syracuse

by Amy Works February 6, 2017

SYRACUSE, N.Y. — Integra Real Estate Capital has arranged a $5.5 million non-recourse loan for the refinance of Camillus Plaza, a retail center located in Syracuse. Rite Aid Pharmacy, Visionworks and Solvay Bank anchor the 45,000-square-foot shopping center. Meyer Perlman of Integra secured the 10-year fixed-rate loan through a CMBS lender for the borrower, a New York-based ownership group.

February 6, 2017

Northeast Office Vermont

Nedde Real Estate Facilitates Sale of 6,000 SF Office Building in Vermont

by Amy Works February 6, 2017

ST. ALBANS CITY, VT. — Nedde Real Estate has arranged the sale of an office building located at 242 S. Main St. in St. Albans City. BAART purchased the 6,000-square-foot Knights of Columbus building from Vermont Club Home Association for an undisclosed price. Grant Butterfield of Nedde Real Estate arranged the transaction.

February 6, 2017

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