Northeast

Erickson Living Plans 114-Unit Expansion to Independent Living Community in New Jersey

by Amy Works January 25, 2017

NEW PROVIDENCE, N.J. — Erickson Living, one of the largest seniors housing operators in the United States, has announced a Phase II expansion of Lantern Hill, the company’s 161-unit independent living community in New Providence, approximately 30 miles west of New York City. The expansion will add 114 additional independent living units to the property, for a total of 275. The new units will be in two new buildings scheduled to open in early 2018. Long-term, Erickson plans to turn the 20-acre property into a 360-unit continuing care retirement community. The first independent living phase opened in June 2016 and sold out in 10 weeks, according to Erickson.

January 25, 2017

New York Northeast Office Top Stories

GIC, Paramount Group Buy Wall Street Office Tower for $1B

by Nellie Day January 25, 2017

NEW YORK CITY — A joint venture between GIC and Paramount Group has acquired a 1.6 million-square-foot office tower in New York City for $1 billion. The 47-story tower is located at 60 Wall St. in the Financial District of downtown Manhattan. The property is fully leased. It serves as the U.S. headquarters of Deutsche Bank. GIC, a sovereign wealth fund based in Singapore, has a 95 percent stake in the joint venture, while Paramount Group holds the remaining 5 percent. Paramount managed and owned about 5 percent of the property through its ownership in certain private equity funds prior to the acquisition. The joint venture also received $575 million in financing for the property in relation to the acquisition. “This investment reflects our long-term confidence in downtown Manhattan, which is benefitting from over $30 billion of recent public and private investments in infrastructure and new construction,” says Adam Gallistel, GIC’s regional head of Americas. “We believe 60 Wall St. is one of the top buildings in downtown and is poised to benefit from the ongoing downtown renaissance.” Deutsche Bank announced plans to renovate the office space in late 2016. It purchased the asset from J.P. Morgan & Co. in …

January 25, 2017

Affordable Housing Connecticut Loans Multifamily Northeast

KeyBank Provides $22.5M in Refinancing for Affordable Housing Community in East Haven, Connecticut

by Amy Works January 24, 2017

EAST HAVEN, CONN. — KeyBank Real Estate Capital has provided $22.5 million in Fannie Mae refinancing for East Farm Village, a multifamily property located in East Haven. The 240-unit property operates under a Section 8 Housing Assistance Payments contract and provides affordable housing units for low- to moderate-income families. Situated on 7.6 acres, the property features a community room, fitness center, solarium, library, playground, laundry facilities, elevator, on-site security and 24-hour maintenance. Erik Storz and Al Clemente of KeyBank arranged the financing for the undisclosed borrower.

January 24, 2017

Massachusetts Multifamily Northeast Seniors Housing

Nauset Completes Second Phase of Skilled Nursing Upgrades Near Boston

by Amy Works January 24, 2017

REVERE, MASS. — Nauset Construction has completed the second phase of renovations to the Lighthouse Nursing Care Center in the Boston suburb of Revere. Genesis HealthCare operates the community, which Donahue Architects designed. Phase II included the installation of rooftop mechanical units, new fire protection systems, lighting and finishes throughout the entire third floor. Site work included parking lot and sidewalk reconstruction including handicap accessibility enhancements. Phase I, which The Architectural Team designed, included construction of a three-story, 17,000-square-foot addition and the renovation of an additional 10,000 square feet of existing space, providing the facility with 12 short-term rehabilitation beds; suites for physical, occupational and speech therapy; medical offices; clinical space; and a 2,700-square-foot rehabilitation gymnasium.

January 24, 2017

Multifamily Northeast Pennsylvania Seniors Housing

Marcus & Millichap Arranges Sale of 181-Bed Skilled Nursing Facility Near Philadelphia

by Amy Works January 24, 2017

LANSDALE, PA. —Marcus & Millichap has arranged the sale of Gwynedd Square Nursing Center, a 181-bed skilled nursing facility in the Philadelphia suburb of Lansdale. Gwynedd Square was built in 1980 on approximately six acres. The facility was 96 percent occupied at the time of sale. The purchase price was not disclosed. Joshia Jandris, Mark Myers, Charles Hilding and Andrew Hilding of Marcus & Millichap represented the seller, a private owner/operator, in the transaction.

January 24, 2017

Connecticut Loans Multifamily Northeast Rhode Island Seniors Housing

Lancaster Pollard Arranges $40.7M Refinancing for Skilled Nursing Facilities in New England

by Amy Works January 24, 2017

AVON, CONN. — Lancaster Pollard has arranged six separate refinancing loans totaling $40.7 million for Apple Rehab, a skilled nursing provider based in Avon, a suburb of Hartford, Conn. The facilities refinanced are The Clipper Home in Westerly, R.I.; T.A. Coccomo Memorial in Meriden, Conn.; Hewitt Health & Rehabilitation Center in Shelton, Conn.; Plainville Health Care Center in Plainville, Conn.; Apple Rehab Colchester in Colchester, Conn.; and Waterbury Extended Care Facility in Watertown, Conn. The facilities total 517 skilled nursing beds. Aaron Becker led the Lancaster Pollard team in arranging the six FHA-insured loans. Each loan has a 30-year term and fixed interest rate. The refinancing will allow Apple Rehab to lower its debt service and increase its replacement reserves.

January 24, 2017

Mixed-Use Multifamily New York Northeast Retail

Houlihan-Parnes Arranges $1.1M Sale of Mixed-Use Property in Endicott, New York

by Amy Works January 24, 2017

ENDICOTT, N.Y. — Houlihan-Parnes has brokered the sale of a mixed-use property located at 10 Delaware Ave. in Endicott. An undisclosed buyer acquired the asset for $1.1 million. The property consists of 75 multifamily units, 26,406 square feet of commercial space and an additional loft building that can be converted into 10 apartments. Ed Graf of Houlihan-Parnes represented the undisclosed seller in the deal.

January 24, 2017

Loans New York Northeast Office

Joint Venture Receives $250M in Construction Financing for Office Development in Brooklyn

by Amy Works January 23, 2017

NEW YORK CITY — A joint venture between Boston Properties and Rudin Development has closed on a $250 million construction loan for Dock 72, a creative office development at Brooklyn Navy Yard. The financing was led by J.P. Morgan, M&T Bank and U.S. Bank. The previously announced 16-story project will feature 675,000 square feet of office space. WeWork, acting as co-developer, will occupy 222,000 square feet of the property and will curate the amenity space, including a health and wellness center, specialty food and beverage offerings and a rooftop conference center. Construction broke ground in May 2016. The project will be ready for tenant fit-out late this year with completion scheduled for early 2018.

January 23, 2017

Loans Multifamily New York Northeast

Berkadia Secures $268.7M Loan for 767-Unit Apartment Building in New York City

by Amy Works January 23, 2017

NEW YORK CITY — Berkadia has secured a $268.7 million loan for 20 Exchange Place, a luxury apartment building located in New York City. Nick Cassino of Berkadia arranged the 10-year, fixed-rate loan through Freddie Mac for the borrower, DTH Capital. Ackman-Ziff Real Estate Capital Advisors represented the borrower in the financing. Originally developed as headquarters for City Bank-Farmers Trust, the 57-story building now features 767 apartment units and 90,000 square feet of retail space.

January 23, 2017

New York Northeast Retail

Forest City Sells Retail Center in the Bronx for $32M

by Amy Works January 23, 2017

NEW YORK CITY — Forest City Realty Trust, in partnership with Madison International Realty, has completed the disposition of Shops at Bruckner Boulevard, a specialty retail center located in the Bronx. Urban Edge Properties acquired the 116,000-square-foot property for $32 million. Forest City owned the property in a 51/49 percent joint venture with Madison International Realty.

January 23, 2017

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