Northeast

Gebroe-Hammer Associates Brokers $100M Sale of 642-Unit Apartment Complex in Lodi, New Jersey

by Amy Works January 25, 2017

LODI, N.J. — Gebroe-Hammer Associates has arranged the sale of Cedar Wright Gardens, an apartment complex located at 77 Mary St. in Lodi. Cedar Wright Apartments LLC acquired the property from Cedar Wright Gardens LP for $100 million. Situated on 31 acres, the property features 642 units in a mix of one- and two-bedroom layouts, on-site laundry facilities, off-street and optional garage parking and courtyards. Ken Uranowitz, Joseph Brecher and Greg Pine of Gebroe-Hammer represented the seller and identified the buyer in the transaction.

January 25, 2017

Loans Massachusetts Northeast Office

HFF Secures $63M in Financing for Two Office Buildings in Boston’s Seaport District

by Amy Works January 25, 2017

BOSTON — HFF has arranged $63 million in financing for two office buildings, located at 320 and 333 Summer St. in Boston’s Seaport District. Frederic Wittman and Brett Paulsrud of HFF secured the 10-year, 3.65 percent fixed-rate loan with The Hartford Financial Services Group for the borrower, ASB Real Estate Investments. Totaling 217,000 square feet, the buildings feature loft-style space that is 97 percent leased to LogMeln, a PC data systems management firm that is merging into a subsidiary of Citrix. ASB’s Allegiance Fund, in a joint venture with Lincoln Property Co., owns the buildings.

January 25, 2017

Massachusetts Multifamily Northeast Seniors Housing

Benchmark Opens 90-Unit Assisted Living Community Near Boston

by Amy Works January 25, 2017

NORWOOD, MASS. — Benchmark Senior Living has opened Benchmark Senior Living on Clapboardtree, a 90-unit assisted living and memory care community in the Boston suburb of Norwood. The community features 69 assisted living units and 21 memory care units. It is Benchmark’s 53rd community. Based in nearby Waltham, Benchmark is a developer, owner and operator of seniors housing communities in the Northeast, largely focused on New England.

January 25, 2017

Multifamily New York Northeast Retail

Cignature Realty Arranges $17.5M Sale of Mixed-Use Building in New York City

by Amy Works January 25, 2017

NEW YORK CITY — Cignature Realty has arranged the sale of a mixed-use property located at 3880 Broadway in the Washington Heights section of New York City. A South Florida investor acquired the building from Coltown Properties for $17.5 million, or $390 per square foot. The 44,868-square-foot building features 32 apartment units and three commercial spaces. Lazer Sternhell and Peter Vanderpool of Cignature represented the buyer and seller in the deal.

January 25, 2017

Multifamily New Jersey Northeast Seniors Housing

Erickson Living Plans 114-Unit Expansion to Independent Living Community in New Jersey

by Amy Works January 25, 2017

NEW PROVIDENCE, N.J. — Erickson Living, one of the largest seniors housing operators in the United States, has announced a Phase II expansion of Lantern Hill, the company’s 161-unit independent living community in New Providence, approximately 30 miles west of New York City. The expansion will add 114 additional independent living units to the property, for a total of 275. The new units will be in two new buildings scheduled to open in early 2018. Long-term, Erickson plans to turn the 20-acre property into a 360-unit continuing care retirement community. The first independent living phase opened in June 2016 and sold out in 10 weeks, according to Erickson.

January 25, 2017

New York Northeast Office Top Stories

GIC, Paramount Group Buy Wall Street Office Tower for $1B

by Nellie Day January 25, 2017

NEW YORK CITY — A joint venture between GIC and Paramount Group has acquired a 1.6 million-square-foot office tower in New York City for $1 billion. The 47-story tower is located at 60 Wall St. in the Financial District of downtown Manhattan. The property is fully leased. It serves as the U.S. headquarters of Deutsche Bank. GIC, a sovereign wealth fund based in Singapore, has a 95 percent stake in the joint venture, while Paramount Group holds the remaining 5 percent. Paramount managed and owned about 5 percent of the property through its ownership in certain private equity funds prior to the acquisition. The joint venture also received $575 million in financing for the property in relation to the acquisition. “This investment reflects our long-term confidence in downtown Manhattan, which is benefitting from over $30 billion of recent public and private investments in infrastructure and new construction,” says Adam Gallistel, GIC’s regional head of Americas. “We believe 60 Wall St. is one of the top buildings in downtown and is poised to benefit from the ongoing downtown renaissance.” Deutsche Bank announced plans to renovate the office space in late 2016. It purchased the asset from J.P. Morgan & Co. in …

January 25, 2017

Affordable Housing Connecticut Loans Multifamily Northeast

KeyBank Provides $22.5M in Refinancing for Affordable Housing Community in East Haven, Connecticut

by Amy Works January 24, 2017

EAST HAVEN, CONN. — KeyBank Real Estate Capital has provided $22.5 million in Fannie Mae refinancing for East Farm Village, a multifamily property located in East Haven. The 240-unit property operates under a Section 8 Housing Assistance Payments contract and provides affordable housing units for low- to moderate-income families. Situated on 7.6 acres, the property features a community room, fitness center, solarium, library, playground, laundry facilities, elevator, on-site security and 24-hour maintenance. Erik Storz and Al Clemente of KeyBank arranged the financing for the undisclosed borrower.

January 24, 2017

Massachusetts Multifamily Northeast Seniors Housing

Nauset Completes Second Phase of Skilled Nursing Upgrades Near Boston

by Amy Works January 24, 2017

REVERE, MASS. — Nauset Construction has completed the second phase of renovations to the Lighthouse Nursing Care Center in the Boston suburb of Revere. Genesis HealthCare operates the community, which Donahue Architects designed. Phase II included the installation of rooftop mechanical units, new fire protection systems, lighting and finishes throughout the entire third floor. Site work included parking lot and sidewalk reconstruction including handicap accessibility enhancements. Phase I, which The Architectural Team designed, included construction of a three-story, 17,000-square-foot addition and the renovation of an additional 10,000 square feet of existing space, providing the facility with 12 short-term rehabilitation beds; suites for physical, occupational and speech therapy; medical offices; clinical space; and a 2,700-square-foot rehabilitation gymnasium.

January 24, 2017

Multifamily Northeast Pennsylvania Seniors Housing

Marcus & Millichap Arranges Sale of 181-Bed Skilled Nursing Facility Near Philadelphia

by Amy Works January 24, 2017

LANSDALE, PA. —Marcus & Millichap has arranged the sale of Gwynedd Square Nursing Center, a 181-bed skilled nursing facility in the Philadelphia suburb of Lansdale. Gwynedd Square was built in 1980 on approximately six acres. The facility was 96 percent occupied at the time of sale. The purchase price was not disclosed. Joshia Jandris, Mark Myers, Charles Hilding and Andrew Hilding of Marcus & Millichap represented the seller, a private owner/operator, in the transaction.

January 24, 2017

Connecticut Loans Multifamily Northeast Rhode Island Seniors Housing

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

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