Northeast

NAI Mertz Arranges Sale of 33-Acre Industrial Development Parcel in New Jersey

by Amy Works May 18, 2016

FLORENCE, N.J. — NAI Mertz has arranged the sale of an industrial development parcel located at 400 Cedar Lane in Florence. First Industrial Realty Trust acquired the 33-acre site for an undisclosed price. Scott Mertz of NAI Mertz was the sole broker in the transaction. First Industrial Realty Trust has started construction of First Florence Logistics Center, a 577,200-square-foot, cross-docked distribution facility on the site. Slated for completion in the fourth quarter of 2016, the property will feature 36-foot clear ceilings and more than 100 loading docks.

May 18, 2016

Massachusetts Northeast Office

Hanscom Federal Credit Union Acquires 67,167 SF Office Building in Massachusetts for $3.2M

by Amy Works May 18, 2016

LITTLETON, MASS. — Hanscom Federal Credit Union has purchased an office building located at 25 Porter Road in Littleton. Wheelock Street Capital and Novaya Real Estate Ventures sold the building for $3.2 million. The 67,167-square-foot building is located off Route 2 at the intersection of Interstate 495. David Gilkie and Jim Boudrot of NAI Hunneman represented the buyer in the transaction. NAI Hunneman has been retained to market for lease the remaining space in the building.

May 18, 2016

Loans Massachusetts Multifamily Northeast

Rockport Mortgage Corp. Arranges $55M in Refinancing for 465-Unit Apartment Community in Massachusetts

by Amy Works May 17, 2016

MEDFORD, MASS. — Rockport Mortgage Corp. has arranged a $55 million loan for the refinancing of Mystic Place Apartments, a mixed-income apartment community located in Medford. The property owner and borrower is an affiliate of WinnCompanies. Joe Mueller and Linda Pellegrino of Rockport Mortgage originated the loan, which utilized the HUD 223(f) program. Situated on nine acres, the community comprises three high-rise buildings featuring a total of 465 apartments. The refinance transaction was done in collaboration with MassHousing through its MAP/Ginnie Mae Mortgage Backed Security program. With the completion of the refinancing, the affordability restrictions on the 140 affordable housing units were extended through 2050.

May 17, 2016

Multifamily New York Northeast Retail

Benchmark Real Estate Group Sells Residential/Retail Building in Manhattan for $47.5M

by Amy Works May 17, 2016

NEW YORK CITY — Benchmark Real Estate Group has sold a residential and retail building located at 885 10th Ave. in Manhattan’s Midtown West neighborhood. A private family acquired the 37,000-square-foot property for $47.5 million. The six-story building features 36 newly upgraded apartment units, a roof deck, laundry facilities, bike/general storage and a smartphone-based intercom system. Additionally, the building features two ground-floor retail spaces that are fully leased and 20,000 square feet of buildable air rights. Eric Anton, Jeff Julien and Steven Rutman of HFF represented the seller in the deal.

May 17, 2016

Multifamily New York Northeast

Rosewood Realty Group Arranges $40M Sale of Nine-Building Apartment Portfolio in Brooklyn

by Amy Works May 17, 2016

NEW YORK CITY — Rosewood Realty Group has brokered the sale of a nine-building multifamily portfolio in Brooklyn. Chestnut Holdings acquired the 203-unit portfolio from San Francisco-based Carmel Partners for $40 million. Spread across Brooklyn’s Crown Heights and East New York neighborhoods, the properties are located at 883 Franklin Ave., 1742-1746 Union St., 1746 President St. and 1402-1406 Sterling Place. All of the 203 apartments are rent stabilized. Aaron Jungreis of Rosewood Realty Group represented both the buyer and seller in the transaction.

May 17, 2016

Multifamily New York Northeast

Redwood Realty Advisors Brokers $7.5M Sale of Two Apartment Buildings in New York

by Amy Works May 17, 2016

MOUNT VERNON, N.Y. — Redwood Realty Advisors has brokered the sale of two apartment buildings located on South Second Avenue in Mount Vernon. An undisclosed buyer acquired the properties for $7.5 million, with a 6.9 percent cap rate. The assets are a 34-unit apartment building and a mixed-use building with 35 apartment units and seven commercial spaces. Michael Scrima and Thomas Gorman of Redwood Realty Advisors brokered the transaction. The name of the seller was not released.

May 17, 2016

Massachusetts Northeast Retail

Frazer Capital Sells Newbury Street Retail Condo in Boston for $6.2M

by Amy Works May 17, 2016

BOSTON — Frazer Capital has completed the disposition of a retail condominium located at 165 Newbury St. in Boston’s Back Bay neighborhood. 165 Newbury Street Owner LLC acquired the property for $6.2 million, or $5,952 per square foot. Leased to Starbucks Coffee on a long-term basis, the property features 1,050 square feet of retail space and a 350-square-foot patio. Robert Griffin, Geoffrey Millerd and Paul Penman of NGKF Capital Markets represented the seller in the transaction.

May 17, 2016

Loans Multifamily New Jersey Northeast

Meridian Capital Group Arranges $218.2M in Acquisition Financing for Two Multifamily Properties in New Jersey

by Amy Works May 16, 2016

PISCATAWAY AND WAYNE, N.J. — Meridian Capital Group has arranged $218.2 million in acquisition financing for the purchase of Pleasant View Gardens and Wayne Village, two multifamily properties located in Piscataway and Wayne. Cammeby’s International LTD acquired the properties, which total 1,414 units. The 10-year Fannie Mae loans, provided by Capital One Multifamily Finance, feature 3.89 percent fixed rates and seven years of interest-only payments. Abe Hirsch, Zev Karpel of Meridian Capital arranged the financing for the borrower. Located at 258 1/2 Carlton Ave. in Piscataway, Pleasant View Gardens offers 1,142 apartments, a swimming pool, fitness center, business center and clubhouse. Located at 1353 Valley Road in Wayne, the 275-unit Wayne Village features a swimming pool, fitness center and dog park.

May 16, 2016

Crossroads-Logistics-Center-Jonestown-PA

Industrial Northeast Pennsylvania

Ridgeline Property Group Breaks Ground on Crossroads Logistics Center in Pennsylvania

by Amy Works May 16, 2016

JONESTOWN, PA. — Ridgeline Property Group has broken ground on Crossroads Logistics Center, a speculative industrial building located on MSC Drive in Jonestown. Expandable to 450,000 square feet, the 398,250-square-foot building will feature 36-foot clear heights, 85 dock doors in a cross-docked configuration, four drive-in doors, 55-foot by 56-foot column spacing, ESFR sprinkler systems, 206 auto parking spaces and 116 trailer storage stalls. Completion is slated for December. CBRE has been retained to market the property for lease.

May 16, 2016

Hospitality Massachusetts Northeast

KW Development Sells Three Hotels in Boston Metro for $71.5M

by Amy Works May 16, 2016

CAMBRIDGE, REVERE AND CONCORD, MASS. — KW Development has completed the sales of three hotels in the Boston metro area for a combined $71.5 million. The company sold the 121-key Best Western Plus Hotel Tria, located at 220 Alewife Brook Parkway in Cambridge, to an undisclosed buyer in February; the 180-room Four Points by Sheraton Boston Logan Airport, located at 407 Squire Road in Revere, sold in March; and the 105-key Best Western at Historic Concord, located at 740 Elm St. in Concord, sold in April. The properties were sold to three different undisclosed buyers. Additional details of the sales were not released. Denny Meikelham and Alan Suzuki of HFF represented KW in all three sales.

May 16, 2016

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