Northeast

HFF Facilitates Sale of 212-Unit Multifamily Property in Riverdale, New Jersey

by Amy Works November 4, 2016

RIVERDALE, N.J. — HFF has arranged the $60 million sale of Alexan Riverdale, a multifamily property located at 6000 Riverdale Road in Riverdale. Situated on 15 acres, the 212-unit property features a mix of one- and two-bedroom units averaging 1,033 square feet. Community amenities include a resort-style swimming pool, grilling area, fire pit with lounge seating, two landscaped courtyards, fitness center with yoga/spin studio, lounge with billiards, game room, business center and garage parking. Inland Real Estate Investments Inc. facilitated the purchase of the community, while Jose Cruz, Kevin O’Hearn, Stephen Simonelli and Michael Oliver of HFF represented the seller, a global real estate investment manager. Additionally, the HFF team worked to secure acquisition financing for the buyer.

November 4, 2016

Delaware Loans Multifamily Northeast

U.S. Realty Capital Arranges $31M in Financing for Multifamily Community in Delaware

by Amy Works November 4, 2016

NEW CASTLE COUNTY, DEL. — U.S. Realty Capital has originated $31 million in permanent financing for a multifamily complex located in northern New Castle County. The financing will replace an existing construction loan on the newly built 218-unit property. The property had significant pre-leasing activity and overall occupancy was close to 100 percent at completion. The property features a fitness center, pool and 9,000 square feet of retail space. Bruce Robertson Jr. and Jane Bender of U.S. Realty Capital arranged the financing for the undisclosed borrower.

November 4, 2016

Industrial Loans Mixed-Use Multifamily Northeast Office Pennsylvania Retail

Power of 32 Site Development Fund Provides $9.5M Loan for 178-Acre Waterfront Development in Pittsburgh

by Amy Works November 4, 2016

PITTSBURGH — Power of 32 Development Fund LP has provided a $9.5 million loan to help fund site preparation, including construction, for Almono, a 178-acre waterfront mixed-use project at a brownfield site in Pittsburgh. The fund contributed to the nearly $49 million private-public loan fund to close infrastructure financing gaps and increase the inventory of pad-ready sites in the 32-county greater Pittsburgh region. Located in Pittsburgh’s Hazelwood neighborhood, the Almono was formerly part of the J&L/LTV Steel Hazelwood Works. The project will feature a mix of office, industrial, residential and retail space. Its first official tenant, Uber, has committed to utilize 42 acres on the site for a test track for its self-driving cars and to renovate the historic train roundhouse building for an Advanced Technologies Center.

November 4, 2016

Industrial Northeast Pennsylvania

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

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