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16-E18th-St-NYC
LoansNew YorkNortheastRetail

Meridian Capital Arranges $18M in Acquisition Financing for Mixed-Use Property in Manhattan

by Amy Works

NEW YORK CITY — Meridian Capital Group has arranged $18 million in acquisition financing for the purchase of a mixed-use property, located at 16 E. 18th St. in Manhattan. The borrower was Stone Street Properties. The three-year loan, which was provided by a national balance sheet lender, features a floating rate and interest-only payments for the full term with two one-year extension options. The building features eight residential units and one retail unit, which is occupied by Paragon Sports. The buyer plans to renovate the full-floor residential units. Drew Anderman and Alan Blank of Meridian negotiated the financing transaction.

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910-Washington-St-Dedham-MA
HealthcareMassachusettsNortheastOffice

R.W. Holmes Realty Brokers $6.4M Sale of Medical Office Building in Massachusetts

by Amy Works

DEDHAM, MASS. — R.W. Holmes Realty has arranged the sale of a medical office building, located at 910 Washington St. in Dedham. Vision Realty Dedham LLC sold the two-story building to Dedham MOB LLC an entity controlled by Whelan Associates, for $6.4 million. Built in 2012, the 22,388-square-foot building is located off Route 128 within walking distance of Legacy Place and the commuter rail. The main tenant of the building is Greater Boston Urology. Garry Holmes and Dean Blackey of R.W. Holmes Realty represented the seller in the transaction.

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New YorkNortheastOffice

Shutterstock Expands Headquarters at Empire State Building to 105,300 SF

by Amy Works

NEW YORK CITY — Shutterstock has expanded its lease at the Empire State Building for an additional 25,300 square feet. The global provider of commercial imagery and music will now occupy 105,300 square feet at the building. The company’s headquarters has occupied 80,000 square feet at the building since 2013. Additional tenants at the Empire State Building are LinkedIn, Bulova, Coty, Global Brands Group, HNTB, Expedia, Skanska and Media General Digital. Paul Ippolito of Newmark Grubb Knight Frank represented the tenant, while Ryan Kass, Fred Posniak and Shane Ursini provided in-house representation for the landlord, Empire State Realty Trust Inc., in the transaction.

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HealthcareNew HampshireNortheast

Elliot Hospital Selects Eckman Construction for Emergency Department Renovation in New Hampshire

by Amy Works

MANCHESTER, N.H. — Elliot Hospital has selected Bedford, N.H.-based Eckman Construction for the renovation of its emergency department and the creation of a new Rapid Triage and Treatment (RTT) unit in Manchester. The project will include renovation to the check-in, waiting room, and clinical areas to create the new RTT treatment spaces. Boston-based MorrisSwitzer is providing architectural services for the project.

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472-Central-Park-West-NYC
MultifamilyNew YorkNortheast

Sugar Hill Capital Acquires Four-Building Apartment Portfolio in Manhattan for $65M

by Amy Works

NEW YORK CITY — Sugar Hill Capital Partners has acquired a four-building multifamily portfolio located in Manhattan’s Upper West Side. Benjamin Hadar and Leonard Solomon of Upwest Co. sold the properties for $65 million, or $1,050 per square foot. Located at 471-476 Central Park West, the properties feature a total of 125 apartments, most of which are rent-regulated units. Additionally, the portfolio site allows for the development of a 92,000-square-foot structure, with an additional 30,000 square feet in air rights. Lazer Sternhall and Peter Vanderpool of Cignature Realty represented the buyer and seller in the transaction.

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200-East-15th-Street
LoansMultifamilyNew YorkNortheast

Meridian Capital Group Arranges $35M in Financing for New York Multifamily Property

by Amy Works

NEW YORK CITY — Meridian Capital Group has arranged $35 million in permanent financing for a multifamily property located in Manhattan’s Gramercy Park neighborhood. The borrower is Woods Management. The 10-year loan, which was provided by a local balance sheet lender, features a 3.5 percent fixed rate and interest-only payment for the full term. Located at 200 E. 15th St., the property features 213 residential units and 11,900 square feet of commercial space. Avi Weinstock and Michael Farkovits of Meridian’s New York City headquarters negotiated the financing.

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The-Fraser-Center-State-College-PA
HospitalityLoansMixed-UseMultifamilyNortheastPennsylvaniaRetail

Switzenbaum & Associates Funds $15.5M Loan for Mixed-Use Development in State College

by Amy Works

STATE COLLEGE, PA. — RSR EB-5 Regional Centers (RSR), an affiliate of Switzenbaum & Associates, has funded a $15.5 million loan for the financing of a ground-up construction mixed-use property in State College, through the U.S. Citizenship and Immigration Services (USCIS) EB-5 immigrant investor program. The interest-only loan is in conjunction with a $26.5 million senior construction loan from Fulton Bank, which provided the remainder of the required debt for the project. Originally structured for 30 investors, the project opened an additional spot due to increased demand. While USCIS requirements for EB-5 stipulate that a minimum of 10 new jobs must be created for every investor, this project’s construction and operation will create an estimated 521 jobs. The borrower, Fraser Partners, an affiliate of Real Estate Capital Management and Brickbox Enterprises, will use the funds to construct The Fraser Centre, a 265,000-square-foot mixed-use project on the crest of Pennsylvania State University’s main campus. Slated for completion this fall, the development will feature 50,000 square feet of retail space, a 165-room Hyatt Place Hotel and 26 residential condominiums.

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205-Burlington-Rd-Bedford-MA
MassachusettsNortheastOffice

Integrated Builders Completes Exterior Renovation of Flex Office Building in Massachusetts

by Amy Works

BEDFORD, MASS. — Integrated Builders has completed the exterior renovation of a 51,502-square-foot flex office building, located at 205 Burlington Road in Bedford, on behalf of Calare Properties. The renovation plan included enhancements to the existing façade through the demolition and reconstruction of two exterior canopies and renovation of the two current entryways. Additionally, Integrated replaced walkways, repainted doors and window frames and installed exterior insulation and finishing systems (EIFS) to provide an insulated, water-resistant, finished surface in an integrated composite material system. Architectural design firm ci design inc. provided architectural services for the project.

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Deerwood-Montvale-NJ
LoansNew JerseyNortheastOffice

Deerwood Closes $9M Bridge Loan for New Jersey Office Property

by Amy Works

MONTVALE, N.J. — Englewood Cliffs, N.J.-based Deerwood Real Estate Capital has closed a $9 million non-recourse bridge loan on a multi-tenant office building, located at 50 Chestnut Ridge Road in Montvale. The 100,000-square-foot office building was acquired by the borrower, a private investor group, from C-III, on behalf of US Bank, as a foreclosure. Yaakov Leiser of Deerwood negotiated the financing, which was provided by a regional bridge lender.

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Manville-NJ
LoansNew JerseyNortheastRetail

Cronheim Mortgage Secures $28M Loan for 294,141 SF Shopping Center in New Jersey

by Amy Works

MANVILLE, N.J. — Cronheim Mortgage has arranged $28 million in financing for Marketplace at Manville, a shopping center located in Manville. The 15-year loan has a 30-year amortization schedule and a 3.8 percent interest rate. The 294,141-square-foot retail center is occupied by Walmart Supercenter, Reading Cinemas, Dollar Zone, Retro Fitness, GNC, McDonalds, Sleepy’s and Great Clips. Constructed in 1999, the property is managed by Purchase, N.Y.-based National Realty & Development Corp. Andrew Stewart and Dev Morris of Cronheim Mortgage secured the financing, which was placed with AG Life.

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