Northeast

Fantini & Gorga Secures $7.3M in Financing for Two Retail Properties in Massachusetts

by Amy Works March 15, 2016

SOMERVILLE AND TAUNTON, MASS. — Fantini & Gorga has arranged two loans totaling $7.3 million in permanent financing on two retail properties in Massachusetts. In the first transaction, Fantini & Gorga arranged $2 million in refinancing for a 17,500-square-foot strip center in Somerville. The borrower was a long-term client of Fantini & Gorga. The 20-year fixed-rate loan, which was provided by a regional financial institution, features a 25-year amortization schedule. In the second deal, Fantini & Gorga secured $5.3 million in refinancing on an existing CMBS loan for a 30,000-square-foot strip center in Taunton. The new 10-year loan was originated with another CMBS lender. Mark Whelan and Wayne Clough of Fantini & Gorga arranged the financing for both transactions.

March 15, 2016

New York Northeast Retail

Eastern Consolidated Arranges $6.4M Sale of Retail Condo in Manhattan

by Amy Works March 15, 2016

NEW YORK CITY — Eastern Consolidated has arranged the sale of a retail condominium located at 4 W. 19th St. in Manhattan’s Flatiron district. A private real estate investor acquired the ground-floor 1,574-square-foot retail asset from a corporate entity for $6.4 million. The property is currently leased to Zuber, a luxury wallpaper and fabric firm. Ron Solarz of Eastern Consolidated represented the seller, while Roberto Ortiz and Rhonda Rogovin, also of Eastern Consolidated, represented the buyer in the transaction.

March 15, 2016

Mixed-Use Multifamily New York Northeast Retail

Cushman & Wakefield Brokers $3.1M Sale of Mixed-Use Building in Brooklyn

by Amy Works March 15, 2016

NEW YORK CITY — Cushman & Wakefield has arranged the sale of a mixed-use building in Brooklyn’s Greenpoint neighborhood. Ben Franklin LLC acquired the 4,133-square-foot property for $3.1 million, or $762 per square foot. The four-story building features three residential units and a ground-floor retail space, which is occupied by a neighborhood bar. Brendan Maddigan of Cushman & Wakefield handled the transaction. The name of the seller was not released.

March 15, 2016

Connecticut Industrial Northeast Office

The Silverman Group Sells Five-Property Office/Flex Park in Connecticut for $26.7M

by Amy Works March 14, 2016

TRUMBULL, CONN. — The Silverman Group has completed the sale of Trefoil Park, a five-building office/laboratory/flex park in Trumbull. 265 West 34th Street LLC acquired the asset for $26.7 million. The park includes a three-story, 54,899-square-foot building located at 35 Corporate Drive; a three-story 47,264-square-foot building located at 55 Corporate Drive; a 44,221-square-foot asset at 126 Monroe Turnpike; a 45,615-square-foot property at 30 Trefoil Drive; and a 40,675-square-foot building at 204 Spring Hill Road. In addition to a mix of office, industrial and flex space, the park features a fitness center and a child care center. At the time of sale, Trefoil Park was 95 percent leased to a diverse roster of 37 corporate and industrial tenants. Tom O’Leary, Gary Gabriel, Andrew Merin, David Bernhaut and Andrew Schwartz of Cushman & Wakefield represented the seller in the transaction.

March 14, 2016

Multifamily New York Northeast

GFI Realty Negotiates $19.5M Sale of Apartment Building in Brooklyn

by Amy Works March 14, 2016

NEW YORK CITY — GFI Realty Services has brokered the sale of an apartment building located at 601 Ocean Parkway in Brooklyn’s Ditmas Park neighborhood. Meridian Properties acquired the property from Duo Ocean Parkway LLC for $19.5 million. The newly constructed 45,000-square-foot building features 44 residential units in a mix of one- and two-bedroom layouts, 14 indoor parking spaces, a lounge, fitness center, common outdoor terrace and a laundry facility. At the time of sale, the property was 100 percent occupied. Shulem Paneth and Eli Matyas of GFI represented the seller, while Erick Yankelovich represented the buyer in the transaction.

March 14, 2016

Loans New York Northeast Retail

M&T Bank Provides $13M Loan for Acquisition of Eight CVS Properties

by Amy Works March 14, 2016

BUFFALO, N.Y. — Buffalo-based M&T Bank has provided $13 million in financing for the acquisition of eight CVS/pharmacy properties in Long Island, N.Y.; Upstate New York, Connecticut and Massachusetts. A Case Real Estate Capital-sponsored venture acquired the high-credit, triple-net leased retail properties, which total approximately 85,000 square feet. Case originally purchased the properties without financing in 2015 through a deed-in-lieu of foreclosure agreement.

March 14, 2016

Mixed-Use Multifamily New York Northeast Office Retail

Alpha Realty Brokers Four Sales in Brooklyn Totaling $9.7M

by Amy Works March 14, 2016

NEW YORK CITY — Alpha Realty has arranged the sales of four apartment and mixed-use properties in Brooklyn neighborhoods. The transactions include a 16-unit apartment building at 354 E. 54th St. in East Flatbush selling for $2.2 million, or $222 per square foot; a 16-unit apartment building at 845 Schenectady Ave. in Flatbush trading for $2.2 million; a six-unit multifamily property at 540 Bainbridge St. in Bedford-Stuyvesant selling for $2.8 million, or $514 per square foot; and a four-story mixed-use building located at 278 Albany Ave. in Crown Heights for $2.4 million. Lev Mavashev and Jacob Aronov of Alpha Realty handled the off-market transactions. The names of the buyers and sellers were not released.

March 14, 2016

New Jersey Northeast Office

Unity Bancorp Acquires Headquarters Facility in New Jersey for $4.1M

by Amy Works March 14, 2016

CLINTON, N.J. — Unity Bancorp has acquired its headquarters facility, which is located at 64 Old Highway 22 in Clinton. Clinton Unity Group sold the property for $4.1 million. Built in 1996, the three-story building features 20,000 square feet of office space. Recently the property underwent renovations including new workspaces, flooring and a remodeled lunchroom with new seating and appliances. With this acquisition, Unity Bancorp now owns 12 of its 15 business locations.

March 14, 2016

Loans Multifamily Northeast Pennsylvania

Radnor Property Group Receives $53.4M in Equity, Construction Financing for 16-Story Apartment Property in Philadelphia

by Amy Works March 11, 2016

PHILADELPHIA — Radnor Property Group has received $53.4 million in preferred equity and construction financing for the development of 3201 Race Street, a 16-story apartment property located on Drexel University’s campus in Philadelphia’s University City neighborhood. HFF arranged $18 million in preferred equity from a commingled fund managed by American Realty Advisors and secured a $35.3 million construction loan for the newly created partnership through the Santander Commercial Real Estate office in Philadelphia. Slated for completion in 2017, the high-rise property will feature 164 one- and two-bedroom residential units, averaging 680 square feet, and 13,837 square feet of ground-floor commercial space, which will be occupied by Nobel Learning Communities, a childcare operator. Ryan Ade and Mark Thomson of HFF arranged the financing and equity for the borrower.

March 11, 2016

Multifamily New York Northeast

WinnCompanies Breaks Ground on $15.4M Multifamily Rehab Project in Jersey City

by Amy Works March 11, 2016

JERSEY CITY, N.J. — WinnCompanies has broken ground for the $15.4 million rehabilitation at Brunswick Estates in Jersey City. Slated for completion in early 2017, the top-to-bottom renovation will modernize the 131 apartments, grounds and safety systems at the project. Additionally, the renovation will address substantial deferred maintenance needs, including lingering damage from Hurricane Sandy and ADA compliance issues. The renovation work will modernize the kitchens, bathrooms and interiors of all apartments, as well the exteriors of the 14 buildings on the property. Additionally, the heating and plumbing systems will be upgraded and common areas will be created within an existing central structure and will include a management office, tenant lounge and multimedia area. The Architectural Team is serving as architect and DiMarco Constructors is the general contractor on the project. WinnResidential, the property management arm of WinnCompanies, will manage resident and maintenance services at Brunswick Estates. Public-private partners on the project include Greater Bergen Community Action, Jersey City Division of Community Development, New Jersey Economic Development Authority, New Jersey Housing and Mortgage Finance Agency, U.S. Department of Housing & Urban Development, Citi Community Capital, The Richman Group Affordable Housing Corp., New Jersey Community Capital and Boston Community Capital.

March 11, 2016

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