NEW YORK CITY – Madison Realty Capital (MRC), an institutionally-backed real estate investment firm focused on real estate equity and debt investments, has provided an $18 million first mortgage loan to finance the acquisition of an eight-property, 64,438-square-foot mixed-use portfolio in Greenpoint, Brooklyn. The portfolio consists of 3 Sutton St., 5 Sutton St., 657 Meeker Ave., 661 Meeker Ave., 667 Meeker Ave., 669 Meeker Ave., 673 Meeker Ave. and 164-166 Kingsland Ave. The buyer contributed $11 million of cash equity to complete the acquisition, and plans to maximize value through renovation and repositioning. In total, there are 73 market rate residential units and 14 commercial units in the portfolio. Rosewood Realty Group’s Aaron Jungreis, Ben Khakshoor and Mike Kerwin brokered the deal.
LONG BRANCH, N.J. – Conceptual renderings of the interiors and common areas are now available for South Beach at Long Branch, a luxury residential project. Currently under construction, South Beach at Long Branch occupies 1.7 oceanfront acres between Ocean Avenue and Ocean Boulevard at the intersection of North Bath Avenue. FEM South Beach Urban Renewal is the developer for the project, which will include 47 one- to five-bedroom multifamily residences ranging from 1,352 to 3,382 square feet, with pre-construction pricing starting at $1.2 million. Completion is slated for spring 2019. Construction crews will pour concrete and place footings and foundations in the next 90 days. Members of the architectural, construction and design teams include construction managers David Ulassin and Jared Yorder of Cornerstone Construction, interior designers Brian Dumervil and Steven Gurowitz of Interiors by Steven G., site engineer John Buletza of Nelson Engineering and architect Stephen Carlidge of Shore Point Architecture.
Providence, R.I. – The Armory Revival Co. (TARC) has recapitalized Rising Sun Mills, a 313,000-square-foot mixed-use complex with 135 residential units and 130,000 square feet of commercial space located at 166 Valley Street in Providence. On-site management by TARC will oversee new construction commencing immediately with lobby renovations. The recapitalization will also fund tenant improvement projects, accounting for 90,000 square feet of available commercial space. CBRE’s Andrew Galvin leads the leasing efforts for Rising Sun Mills. Located two miles from downtown Providence, Rising Sun Mills is accessible from Routes 6 and 10 as well as Interstate 95. The campus includes 135 residential units and offers office tenants a parking ratio of four per 1,000 square feet. The site features a waterfall and walking/bike paths along the Woonasquatucket River. The property features the on-site Café at Easy Entertaining and offers proximity to local and regional restaurants in Olneyville Square, Atwells Avenue and on Broadway.
MANCHESTER, N.H. – Mark Whelan of NorthMarq Capital has arranged $2.4 million in earn-out/supplemental financing for a 123-unit multifamily property located in Manchester. The transaction was structured with an eight-year term on a 28-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a regional bank.
CROMWELL, CONN. – CBRE Capital Markets’ debt and structured finance team has secured $21.3 million in bridge financing for Cromwell Square, a 218,000-square-foot shopping center currently anchored by a 100,000-square-foot Kmart in Cromwell. Mark Fisher, Michael Riccio and Alex Furnary of CBRE facilitated the loan on behalf of the borrower, Greenwich-based developer/owner/operator HB Nitkin. The 10-year, fixed-rate bridge loan includes two years of interest-only payments and a 25-year amortization schedule. The loan will be used replace an existing $12.1 million loan and provide additional funds for the buyout of an existing Kmart lease. The store will be replaced with a 65,000-square-foot ShopRite grocery store and other tenants. The redevelopment is anticipated to take 18 months. The property is located at 51 Shunpike Road in Middlesex County, immediately west of Route 9 and 1.5 miles east of I-91 on the northwest corner of Shunpike Road and Route 372.
NORTH BERGEN, N.J. – Marcus & Millichap has arranged the sale of Riverview Lofts, an eight-unit apartment property located in North Bergen, for $3.1 million. David Thurston and Charles Loccisano of M&M’s New Jersey office represented the seller, a limited liability company, as well as the buyer. Riverview Lofts is located at 8917 Old River Road in North Bergen, across the street from Edgewater Town Hall.
BLUE BELL, PA. – Keystone Property Group has signed three new leases totaling 66,000 square feet at 5 Sentry Park, a recently renovated two-building office property in Blue Bell. The transactions include a 33,200-square-foot lease with Linde Engineering North America, a 15,700-square-foot lease with Physician Recommended Nutriceuticals (PRN) and a 15,700-square-foot lease with Veterinarian Recommended Solutions (VRS). After acquiring the 133,000-square-foot office property, Keystone completed a reinvestment program to implement functional and cosmetic upgrades. The enhancements include a new amenity area with a fitness center, conference rooms, lounge area, on-site cafe, outdoor patio with seating, roof deck, expanded entrance for the property’s eastern building, refreshed lobby at 5 West and landscaping upgrades. Linde is a Houston-based engineering firm providing technologies for the design and construction of process plants for industries including petrochemicals, gas processing and pharmaceuticals. PRN is a leading producer of food-based supplements and VRS produces health products for pets. Michael Barker and Cody Lehrer of CBRE represented PRN and VRS in their leases, while Patrick Brady and Ryan FitzPatrick of Avison Young represented Keystone.
EAST GREENBUSH, N.Y. – HFF has secured the $15.1 million sale of Columbia Plaza, a 137,647-square-foot grocery-anchored retail center in East Greenbush. HFF marketed the property on behalf of the seller, a partnership between Capstone Realty Group and WP Realty. Nigro Cos., based in Albany, N.Y., purchased the asset free and clear of existing debt. Anchored by Price Chopper, Columbia Plaza is 89.3 percent leased and home to Peebles, Dollar Tree, Pet Stop, Vineyard Wine & Spirit, Nishiki Sushi, Hair Studio One, Liberty Tax Service, Quality Hearing, NBT Bank and Computer Answers. The three-building center was completed in 1988. Situated on 14.6 acres at 501 Columbia Turnpike, Columbia Plaza is located 3.5 miles southeast of Albany. The center’s Columbia Turnpike location places it in one of the main retail corridors in East Greenbush, a community located along the Hudson River. Columbia Turnpike is accessible from Interstates 8, 787 and 90 in addition to State Highways 151, 43 and 9J. The HFF investment sales team representing the seller was led by Jose Cruz, Kevin O’Hearn, Michael Oliver and Stephen Simonelli with assistance from Andrew Scandalios.
DOVER, DEL. – The Kane Co. has brokered the sale of an 80,000-square-foot industrial facility at 44 Industrial Park Drive in Dover. The property is the former warehouse of Kessler Sales and Distribution, a wholesale distributor of pipe, valves, fittings and water heaters. Peter Billipp of The Kane Co. represented the seller and procured the buyer.
NEW YORK CITY — Jonathan Rose Cos. is purchasing Forest City Realty Trust’s affordable housing business in a deal valued at more than $500 million. The acquisition includes 48 affordable housing communities in seven states, totaling nearly 8,500 units; Forest City Capital, an MAP-designated FHA lender; and Forest City’s affordable housing property management group. The purchase will bring Jonathan Rose Cos.’s total unit count to more than 15,000 nationwide and expand its operations to 15 states and the District of Columbia. The properties, management company and mortgage company will be rebranded with the Rose Communities name. The management company will be renamed Rose Community Management and the finance company will become Rose Community Capital. The transactions are scheduled to close throughout the first and second quarter. The management company and Forest City Capital are slated to transfer on March 1. The acquisitions have been approved by Forest City’s board and the closings, which require HUD approvals, will continue through the spring.