Northeast

Colliers Completes $9M Sale and Financing of Office/Flex Portfolio in Waltham, Massachusetts

by Amy Works January 19, 2017

WALTHAM, MASS. — Colliers International Boston has arranged the $9 million sale of a two-building office and flex portfolio on behalf of Schernecker Property Services. Boston-based btcRE acquired the portfolio, which includes a 40,000-square-foot office and warehouse building at 179 Bear Hill Road and an 18,000-square-foot flex building at 283 Second Ave. in Waltham. MSPCA, a local non-profit that protects animals, fully occupies the property on Second Avenue. Doug Jacoby, Scott Dragos, Tony Hayes, Tim Mulhall and Dan Hines of Colliers represented the seller in the transaction. Additionally, Tom Welsh, Adam Coppola and John Poole, also of Colliers, arranged $9 million in acquisition and bridge financing for a Massachusetts-based loan fund on behalf of the buyer.

January 19, 2017

Maine Northeast Retail Rhode Island

Horvath & Tremblay Completes Two Retail Sales in Rhode Island, Maine Totaling $4M

by Amy Works January 19, 2017

PROVIDENCE, R.I., AND PORTLAND, MAINE — Horvath & Tremblay has arranged two retail property sales totaling $4 million in Providence and Portland. In the first deal, an undisclosed investor purchased a 10,920-square-foot retail property located in Providence for $2.5 million. Family Dollar occupies the property under a new 10-year double-net lease with six five-year extension options. Bob Horvath, Todd Tremblay and Brian Ahrens of Horvath & Tremblay represented the undisclosed seller in the transaction. In the second deal, an undisclosed buyer acquired the ground lease to a freestanding restaurant property located on Riverside Street in Portland for $1.5 million. Burger King fully occupies the 2,622-square-foot building and has more than 12 years remaining on its original 20-year ground lease. Horvath, Tremblay and Ahrens represented the buyer in the transaction. The name of the seller was not released.

January 19, 2017

Affordable Housing Multifamily New York Northeast

Bellwether Enterprise Expands Affordable Housing Lending Group in New York City

by Amy Works January 19, 2017

NEW YORK CITY — Bellwether Enterprise Real Estate Capital has expanded its affordable housing lending group in New York City. The company has hired three team members to exclusively focus on Federal Housing Administration lending in the New York region. Hadley Bressman and John Mannix have joined the company as senior vice presidents and loan originators, and Nicole Bressman has joined as an analyst. Hadley Bressman and Nicole Bressman most recently served at the Hadley Group, while Mannix previously served at Merchant Equity Group. Bellwether Enterprise is a national, full-service commercial and multifamily mortgage banking company and a subsidiary of Enterprise Community Investment Inc.

January 19, 2017

Connecticut Multifamily Northeast Texas Top Stories

Starwood Capital Group to Acquire Milestone Apartments REIT for $2.85B

by John Nelson January 19, 2017

TORONTO AND GREENWICH, CONN. — Milestone Apartments Real Estate Investment Trust (TSX: MST.UN), a Toronto-based multifamily REIT, has entered into an agreement with an affiliate of Starwood Capital Group whereby Starwood will acquire all of Milestone’s subsidiaries and assets. The transaction, which is expected to close in the second quarter of this year, is valued at $2.85 billion (USD). Milestone’s board of trustees has unanimously approved the acquisition and recommends that its shareholders vote in favor of the transaction. Milestone’s shareholders will receive $16.15 per share in cash upon closing, and the REIT expects to continue paying its monthly distributions in the normal course through closing. Milestone REIT’s portfolio consists of 78 garden-style apartment properties comprising 24,061 apartment units that are located in 16 major metropolitan markets throughout the Southeast and Southwest. Nearly half of the REIT’s holdings are in Texas. The transaction’s average price per apartment unit of approximately $120,000 compares favorably to Milestone’s current book value of approximately $109,500 per apartment unit. Starwood’s acquisition of Milestone’s portfolio of multifamily properties and operating platform of more than 1,200 employees will allow the firm to grow its multifamily footprint, especially in the Sunbelt region, where Starwood owns more than 67,000 …

January 19, 2017

Multifamily New York Northeast

Clarion Partners Sells 284-Unit Apartment Property for $81.9M in Holbrook, New York

by Amy Works January 18, 2017

HOLBROOK, N.Y. — Clarion Partners has completed the sale of Broadway Knolls, a garden-style apartment building located at 2200 Dolphin Lane in Holbrook. A private buyer acquired the property for $81.9 million, or $290,000 per unit. Built in 2006, the 22-building property features 284 units in one- and two-bedroom layouts, a fitness center, outdoor swimming pool, grilling area, fire pit, basketball and tennis courts, playground, dog park, community room, business center and walking trail. Jose Cruz, Kevin O’Hearn, Michael Oliver, Stephen Simonelli and Marc Duval of HFF, in collaboration with Select Real Equity Advisors, represented the seller in the deal.

January 18, 2017

Loans New Jersey Northeast Office

New York Life Real Estate Investors Originates $146.6M Loan for Office Building in Jersey City

by Amy Works January 18, 2017

JERSEY CITY, N.J. — New York Life Real Estate Investors, on behalf of Dividend Capital Diversified Property Fund Inc., has originated a $146.6 million loan for an office building located at 3 Second St. in Jersey City. The floating-rate loan has an initial term of three years with two one-year extensions.

January 18, 2017

Northeast Pennsylvania Retail

PREIT Sells Beaver Valley Mall in Monaca, Pennsylvania, for $24.2M

by Amy Works January 18, 2017

MONACA, PA. — PREIT has sold Beavery Valley Mall, located at 570 Beaver Valley Mall Blvd. in Monaca, for $24.2 million. Boscov’s, J.C. Penney and Dick’s Sporting Goods anchor the approximately 1.1 million-square-foot property. The name of the buyer was not released.

January 18, 2017

New York Northeast Retail

Casey Storage Solutions Sells 13-Property Self-Storage Portfolio Across New England

by Amy Works January 18, 2017

NEW YORK CITY — Casey Storage Solutions has completed the sale of 13 self-storage properties across four New England states. A joint venture led by an institutional investment firm acquired the portfolio for an undisclosed price. The 700,000-square-foot portfolio includes 5,800 units and 25,000 square feet of RV/vehicle parking across the 13 properties. Six assets are located in Massachusetts, three in Connecticut, two in Rhode Island and two in Vermont. A publicly traded REIT will manage the properties. Aaron Swerdlin and Kenneth Cox of NGKF Capital Markets’ New York City office represented the seller in the transaction.

January 18, 2017

Dolce-Basking-Ridge-Hotel-Basking-Ridge-NJ

Hospitality New Jersey Northeast

Broadreach Capital Partners Completes $30M Sale of 171-Room Hotel in Basking Ridge, New Jersey

by Amy Works January 18, 2017

BASKING RIDGE, N.J. — Broadreach Capital Partners has completed the disposition of Dolce Basking Ridge Hotel, a full-service hotel located at 300 N. Maple Ave. in Basking Ridge. An undisclosed buyer acquired the 171-room hotel for $30 million. Built in 1995, the property features 21,000 square feet of function space, Vita Restaurant, Vita Bar, an indoor pool, whirlpool, fitness center, business center, basketball court and tennis court. Daniel Peek, KC Patel and Marc Duval of HFF represented the seller in the deal.

January 18, 2017

Loans New Jersey Northeast Office

Cohen Financial Secures $42M Refinance Loan for Office Building in Newark

by Amy Works January 17, 2017

NEWARK, N.J. — Cohen Financial has closed a $42 million loan for the refinancing of Centre Market Building in downtown Newark. Built in the 1960s, the building features 393,343 square feet of office space. The U.S. Customs and Border Protection, U.S. Drug Enforcement Agency and U.S. Social Security Administration occupy 90 percent of the building. Dan Rosenberg and Matt Terpstra of Cohen Financial secured the fixed-rate, 10-year CMBS loan for the borrower, an affiliate of Kaufman Jacobs.

January 17, 2017

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