Northeast

Carson Companies Acquires Eight-Building Industrial Portfolio in Bristol, Pennsylvania

by Amy Works November 3, 2016

BRISTOL, PA. — Carson Companies has purchased an eight-building industrial portfolio in Bristol for an undisclosed price. Located within Keystone Industrial Parks, the assets, totaling 475,910 square feet, are 2530 and 2578 Pearl Buck Road, 2524 and 2554 Ford Road, 160, 171 and 219 Rittenhouse Circle, and 130 Wharton Road. Ranging from 31,000 square feet to 112,000 square feet, the properties were collectively 40 percent occupied at the time of sale. Tenants include FedEx, Philadelphia Media Network, Vivint Solar and Autopark International. Gerry Blinebury, Jeff Williams and Robert Yoshimura of Cushman & Wakefield brokered the transaction. The name of the seller was not released.

November 3, 2016

Loans New York Northeast Office

Versant Arranges $50M Recapitalization of Addison Corporate Center in Windsor, Connecticut

by Amy Works November 3, 2016

WINDSOR, CONN. — Versant Commercial Brokerage has arranged a $50 million recapitalization for Addison Corporate Center, a 605,000-square-foot office complex located in Windsor. The firm assisted the tenant-in-common (TIC) investors by originating the new senior debt, mezzanine debt and preferred equity. The new capital is being used to pay off the existing lender, stabilize the property, purchase the TIC interests of those investors that need to exit, and roll up the TIC investors into a limited liability company. Additionally, a portion of the proceeds will fund tenant improvements, leasing commissions and property upgrades. The new sponsor for the property is Virtua Partners, an affiliate of Versant. Virtua oversaw the restructuring and provided loan guarantees and a portion of the new capital. Asset management services will be provided by an affiliate, Clear Vista Management. Tenants at the complex include Triumph Group, Belcan Engineering Group, Quest, General Electric and Sun Life Financial. Ethan Schelin of Landmark Capital Advisors assisted with the capital raise.

November 3, 2016

Loans New York Northeast Office

Madison Realty Capital Provides $15M Acquisition Loan for Office Building in White Plains, New York

by Amy Works November 3, 2016

WHITE PLAINS, N.Y. — Madison Realty Capital has provided a $15 million loan for the acquisition of an office building located at 440 Hamilton Ave. in White Plains. The undisclosed borrower is acquiring the property from AT&T, the original builder and a current tenant, and is considering options for the property, including a possible conversion to residential use. Situated on 3.2 acres, the 12-story building offers 337,900 square feet of Class B office space.

November 3, 2016

Multifamily New York Northeast Seniors Housing

HANAC Breaks Ground for 68-Unit Affordable Seniors Housing Building in Queens

by Amy Works November 3, 2016

NEW YORK CITY — Working with Enterprise Community Partners Inc. and LiveOn NY, Hellenic American Neighborhood Action Committee (HANAC) has broken ground for HANAC’s Corona Senior Residence, an affordable seniors housing building located at 54-17 101st St in the Corona section of Queens. Designed by think! Architecture and Design, the 68-unit property will feature 21 units reserved for vulnerable seniors and all units, except for the superintendent’s unit, will be income-restricted. Bruno Frustaci Contracting Inc. is constructing the building, which is slated for completion in spring 2018. The building will meet New York State Energy Research & Development Authority Multifamily Performance Standards for Energy Star certification and Enterprise Green Communities Criteria. Additionally, the property will be the first seniors housing development in the country to meet the Passive House Institute design standards.

November 3, 2016

Loans New York Northeast Office

Cronheim Mortgage Secures $9.4M Loan for Two Office Buildings in Manhattan

by Amy Works November 3, 2016

NEW YORK CITY — Cronheim Mortgage has secured $9.4 million in financing for two 12-story office buildings with ground-floor retail space located at 147 W. 25th St and 130 W. 29th St. in Manhattan’s Chelsea neighborhood. The new buildings, offering 45,500 and 48,000 square feet, are currently being renovated and repositioned to accommodate higher grade users. Meyer Equities manages the properties. Dev Morris, Andrew Stewart and Allison Moravec of Cronheim Mortgage arranged the financing.

November 3, 2016

Loans Massachusetts Northeast Office

Farallon Capital Management, Anchor Line Partners Receive $150M in Refinancing for 1.29M SF Office Building

by Amy Works November 2, 2016

LOWELL, MASS. — Farallon Capital Management and Anchor Line Partners have closed on $150 million in refinancing for Cross Point, a 1.29 million-square-foot office building located in Lowell. The financing was provided by Starwood Property Trust. A portion of the proceeds were used to refinance the debt put in place at the time of acquisition, while a majority of the balance of the proceeds will be used to fund leasing costs, primarily those associated with the recently announced 435,000-square-foot Kronos lease. The building recently underwent a $10 million renovation to upgrade and enhance the facility.

November 2, 2016

Connecticut Loans Massachusetts New Hampshire New York Northeast Pennsylvania Retail Rhode Island

HFF Arranges Financing for a Portfolio of 154 Northeast Convenience/Gas Station Sites

by Amy Works November 2, 2016

DALLAS — The Dallas office of HFF has arranged post-acquisition financing for a portfolio of 154 convenience and gas station sites totaling 97.8 acres in the Northeast. The loan was provided by a consortium of lenders led by Capital One and BMO Harris. Andy Scott and Michael George of HFF’s Dallas office arranged the five-year, floating rate acquisition financing with 18 months of interest-only payments for the borrower, a subsidiary of a private real estate investment fund advised by Crow Holdings Capital-Real Estate. The portfolio comprises 88 sites in New York, 45 sites in Massachusetts, 11 sites in Connecticut, seven sites in New Hampshire, two Rhode Island sites and one site in Pennsylvania. All properties are subject to an absolute net lease for 20 years with a subsidiary of Petroleum Marketing Group. The amount of the loan was not released.

November 2, 2016

Connecticut Multifamily Northeast Seniors Housing

EPOCH Senior Living Breaks Ground on 64-Unit Seniors Housing Community in Norwalk, Connecticut

by Amy Works November 2, 2016

NORWALK, CONN. — Waltham, Mass.-based EPOCH Senior Living, in partnership with National Development, has broken ground on Bridges by EPOCH, a memory care assisted living community located at 123 Richards Ave. in Norwalk. Slated to open in fall 2017, the community will feature 64 memory-care suites and is designed for individuals living with all stages of memory impairment.

November 2, 2016

Loans Multifamily New Jersey Northeast

NorthMarq Capital Secures $14.4M in Refinancing for Multifamily Property in Jersey City

by Amy Works November 2, 2016

JERSEY CITY, N.J. — NorthMarq Capital has secured $14.4 million in refinancing for Morgan Loft Apartments, a 36-unit multifamily property located at the intersection of Steuben and Morgan streets in Jersey City. The loan features a 10-year term on a 30-year amortization schedule. Robert Ranieri and Greg Nalbandian of NorthMarq arranged the financing for the borrower, Morgan Steuben Associates, through Freddie Mac.

November 2, 2016

Multifamily New York Northeast

Midwood Investment Launches Leasing at 82-Unit Apartment Development in Brooklyn

by Amy Works November 2, 2016

NEW YORK CITY — Midwood Investment & Development has launched leasing for The Williams, a 13-story rental residential property located at 282 S. Fifth St. in Brooklyn’s South Williamsburg neighborhood. Designed by Morris Adjmi Architects, the property features 82 units in a mix of studio, one- and two-bedroom layouts, an attended lobby, a lounge with billiards and conference room, a fitness center and yoga room, children’s playroom, laundry facilities, bicycle and stroller storage, and an indoor pet spa. The property also offers a garden terrace with café lounge seating, walkways, grassy areas and a dog run, and a second rooftop terrace with barbecue areas, fire pit, lounge area and an outdoor shower. Additionally, the property features storage lockers, vegetable garden plots and on-site parking for an additional fee. The development is Midwood’s first ground-up residential development in Brooklyn.

November 2, 2016

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