Northeast

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

Industrial Loans Massachusetts Northeast

CBRE/NE Arranges $11M in Financing for 205,061 SF Industrial Building in Readville, Massachusetts

by Amy Works January 23, 2017

READVILLE, MASS. — CBRE/New England has arranged $11 million in acquisition and capital improvement financing for Boston Business Park – Building 200, a 205,061-square-foot industrial building located at 100 Meadow Road in Readville. John Kelly, Kyle Juszczyszyn, Chris Coutts and Lenny Pierce of CBRE/NE secured the financing for the borrower, a joint venture between Wallace Property and GFI Partners. Boston Business Park is the future home to M.S. Walker, ABEX Transportation and Katsiroubas Bros. Current tenants include HD Supply, The Ride, Gentle Giant Moving and MFI Tire Wholesale.

January 23, 2017

Connecticut Healthcare Northeast Office

Griffin-American Healthcare REIT III Acquires Medical Office Portfolio in Connecticut

by Amy Works January 23, 2017

NORWICH, CONN. — Griffin-American Healthcare REIT III has acquired a two-building medical office portfolio in Norwich for $15.6 million. Totaling 56,265 square feet, the portfolio includes Wawecus Medical Center and a building located at 105 Wawecus St. Yale Cardiovascular, Eastern Connecticut Endoscopy, Connecticut GI and Norwich Ophthalmology occupy the portfolio. Lisa Menin of Jacobson Properties and John LaBella of RE/MAX Right Choice brokered the transaction. The name of the seller was not released.

January 23, 2017

Multifamily Northeast Pennsylvania Seniors Housing

Senior Living Investment Brokerage Arranges Sale of 509-Unit Portfolio Near Philadelphia

by Amy Works January 20, 2017

DOUGLASSVILLE, FLEETWOOD AND EPHRATA, PA. — Senior Living Investment Brokerage has arranged the sale of Keystone Villa, a portfolio of seniors housing properties in the northwestern Philadelphia suburbs of Douglassville, Fleetwood and Ephrata. Capital Health Group, a seniors housing private equity firm, purchased the properties for an undisclosed price. The seller was a private ownership group that originally developed and operated the properties, but was looking to exit the seniors housing industry. Keystone Villa totals 509 units of Class A independent living, assisted living and memory care. The properties were built in phases between 2004 and 2014. Following the sale, Milestone Retirement Communities LLC will manage the portfolio. Bradley Clousing, Toby Siefert and Jeff Binder of Senior Living Investment Brokerage negotiated the transaction.

January 20, 2017

Loans Multifamily New Jersey Northeast Seniors Housing

Walker & Dunlop Provides $28.4M Loan for 14 Memory Care Properties in New Jersey

by Amy Works January 20, 2017

NEW JERSEY — Walker & Dunlop has structured a $28.4 million loan for Valstone Partners. The transaction consists of a U.S. Department of Housing and Urban Development portfolio backed by 14 cottage-style memory care properties located across New Jersey. Kevin Giusti and Michael Vaughn of Walker & Dunlop arranged the 35-year, fixed-rate loan, which was structured as a 232/223(f) Health Care Facility refinance with an 80 percent loan to value. Loan proceeds were used to refinance 12 of the properties and acquire and refinance two properties.

January 20, 2017

Massachusetts Northeast Office

SVN|Parsons Commercial Facilitates $4.4M Sale of Office Building in Littleton, Massachusetts

by Amy Works January 20, 2017

LITTLETON, MASS. — SVN|Parsons Commercial Group|Boston has brokered the sale of a high-tech office building located at 305 Foster St. in Littleton. Foster Street Acquisitions sold the building to 2641-2651 Santa Anna Avenue LLC for $4.4 million. Situated on 10.3 acres, the building offers 80,064 square feet of office space for high-tech and R&D tenants. At the time of sale, the property was more than 80 percent occupied. Marci Alvarado, Jake Parsons and Marilyn Santiago of SVN|Parsons represented the seller in the transaction.

January 20, 2017

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