Northeast

New Balance, John Hancock Partner to Develop 295-Unit Apartment Building in Boston

by Amy Works February 1, 2017

BOSTON — New Balance Athletics Inc. and John Hancock Financial have partnered to develop The Residences at Boston Landing, a 17-story apartment building located near the New Balance headquarters in Boston. Hancock is taking a major equity stake in the project, which is slated to open in June 2018. Designed by Elkus Manfredi Architects, the property will feature 295 units in a mix of studio, one-, two- and three-bedroom layouts, 16,400 square feet of ground-floor retail space, an activity lounge, outdoor courtyard and pool, pet grooming station and bicycle storage. The Residences at Boston Landing will be a residential building within Boston Landing, which is a 15.2-acre mixed-use development. Other buildings at the development are occupied by New Balance, the Boston Bruins Practice and Training facility and the future practice and training facility of the Boston Celtics. Future plans for the development include the construction of a 290,000-square-foot sports complex. The project team includes John Hancock and New Balance Athletics as investors; New Balance Development Group as master-plan developer; The HYM Investment Group as development manager; Elkus Manfredi Architects as architect; John Moriarty & Associates as general contractor; and Moran & Co. as real estate investment banker.

February 1, 2017

Loans Multifamily New York Northeast

Quadrum Global, Simon Baron Development Receive $70M to Refinance Residential Tower in Manhattan

by Amy Works February 1, 2017

NEW YORK CITY — A partnership between Quadrum Global and Simon Baron Development has secured a $70 million loan for the refinancing of 393 West End Avenue, a 17-story residential tower in Manhattan’s Upper West Side. The 114-unit property features one-, two-, three- and four-bedroom layouts, a 24-hour concierge, rooftop terrace, residents’ lounge, fitness center and children’s playroom. Ayush Kapahi of HKS Capital Partners sourced the loan from Signature Bank.

February 1, 2017

Multifamily New York Northeast

Akelius Acquires 34-Unit Apartment Property in Brooklyn for $16M

by Amy Works February 1, 2017

NEW YORK CITY — Akelius has purchased an apartment building located on Dean Street in Brooklyn for $16 million. An undisclosed seller sold the 34-unit building, which was built in 1920. With this acquisition, Akelius now owns 14 properties in New York, for a total of 30 properties in the United States.

February 1, 2017

Industrial Northeast Pennsylvania

Kacin Cos. Sells 239,400 SF Warehouse Facility in New Kensington, Pennsylvania, for $15.5M

by Amy Works February 1, 2017

NEW KENSINGTON, PA. — Kacin Cos. has completed the disposition of a warehouse facility located at 350 Alvin Drive in New Kensington. Broadstone Real Estate acquired the property for $15.5 million. Leedsworld Inc. occupies the 239,400-square-foot property, which was constructed in 2015 as a build-to-suit for the tenant. Donovan Mackey, Mark Taylor and Mitchell Cowan of Marcus & Millichap represented the seller, while Mackey also procured the buyer in the deal.

February 1, 2017

New Jersey Northeast Office

Walker & Dunlop Acquires Deerwood Real Estate Capital in Northern New Jersey

by Amy Works February 1, 2017

NORTHERN NEW JERSEY — Walker & Dunlop has acquired the loan origination platform of Deerwood Real Estate Capital, a commercial mortgage brokerage and advisory firm based in Northern New Jersey. The firm specializes in sourcing debt and equity for all commercial real estate asset classes. Sixteen commercial loan originators are expected to join Walker & Dunlop, including Deerwood co-founders, David Rosenberg and Abe Katz. The acquisition does not bring additional loan servicing to Walker & Dunlop. Terms of the cash transaction were not disclosed.

February 1, 2017

Hospitality New York Northeast

JMH Development, Mettle Property to Develop Dual-Branded Hotels in Long Island City

by Amy Works January 31, 2017

NEW YORK CITY — JMH Development and Mettle Property Group have signed a franchise agreement with Hilton to develop a dual-branded Homewood Suites by Hilton and Hampton Inn by Hilton hotel property at 36-20 Steinway St. in Long Island City. Designed by Gene Kaufman Architects, the property will feature 289 hotel rooms consisting of 187 Hampton Inn keys and 102 Homewood Suites keys. Additionally, the property will feature a private roof deck, lobby and lobby bar, fitness center, meeting rooms and 18,000 square feet of retail space. The hotels are slated to open in 2018.

January 31, 2017

Industrial New Jersey Northeast

Amerco Real Estate Co. Acquires 126,251 SF Flex Property in Swedesboro, New Jersey

by Amy Works January 31, 2017

SWEDESBORO, N.J. — Amerco Real Estate Co., an affiliate of U-Haul, has purchased a three-building flex property located at 510 Heron Drive in Swedesboro. Starwood Property Trust sold the property for $3.5 million. The multi-tenant property features 126,251 square feet of flex space. Situated on 10.5 acres, the property features 21 loading docks and five drive-in doors. At the time of sale, the property was 57 percent leased. Jacklene Chesler of Colliers International represented the seller and procured the buyer. Jonathan Schlussel, Evan Zweben and Christina Del Duca, also of Colliers, marketed the property on behalf of the seller. LNR Property LLC manages the property.

January 31, 2017

Loans Massachusetts Multifamily Northeast

HFF Arranges $21.6M Loan for 46-Unit Multifamily Property in Cambridge, Massachusetts

by Amy Works January 31, 2017

CAMBRIDGE, MASS. — HFF has arranged a $21.6 million first mortgage loan for Hathaway Lofts, a multifamily property located at 15 Richdale Ave. in the Porter Square neighborhood of Cambridge. Brett Paulsrud and Xave Jacoby of HFF secured the 10-year, fixed-rate loan for the borrower, Camco Management Co. Formerly Hathaway Bakery, the recently renovated property has been converted into an apartment community featuring 46 loft-style units in 35 layouts.

January 31, 2017

Industrial New Jersey Northeast

Merola Tile Group Acquires 82,000 SF Distribution Facility in Willingboro, New Jersey

by Amy Works January 31, 2017

WILLINGBORO, N.J. — Merola Tile Group has purchased a distribution facility located at 49 Ironside Court in Willingboro for an undisclosed price. The buyer will use the 82,000-square-foot facility to distribute Merola Tile, SomerTile and other branded products throughout the Northeast. Jonathan Glick of Sheldon Gross Realty Inc. represented the buyer in the transaction. The seller and acquisition price were not released.

January 31, 2017

Industrial Massachusetts Northeast

The Stubblebine Co. Brokers 50,000 SF Lease Expansion in Wareham, Massachusetts

by Amy Works January 31, 2017

WAREHAM, MASS. — The Stubblebine Co./CORFAC International has arranged a 50,000-square-foot lease expansion at 20 Kendrick Road in Wareham. T. Marzetti Co., a subsidiary of Lancaster Colony Corp., has added 50,000 square feet to its current 70,000-square-foot space to occupy the entire 120,000-square-foot distribution facility. David Stubblebine and James Stubblebine of The Stubblebine Co. represented the landlord, Malden Frame Realty Trust, and the tenant in the transaction.

January 31, 2017

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