Northeast

Formation-Shelbourne Senior Living Services Sells Two Communities in New Jersey, Pennsylvania for $98.2M

by Amy Works July 12, 2016

ROSELAND, N.J., AND WILLISTOWN, PA. — Formation-Shelbourne Senior Living Services has completed the disposition of two Class A seniors housing communities — The Solana Roseland in Roseland and The Solana Willistown in Willistown. An undisclosed buyer acquired The Solana portfolio for $98.2 million. The portfolio encompasses 118 assisted living and 53 memory care units in a variety of options ranging from studio to two-bedroom floor plans. The Solana Roseland is located at 345 Eagle Rock Ave. in Roseland, and The Solana Willistown is located at 1713 W. Chester Pike in the Philadelphia suburb of Willistown. Completed in 2013, the properties are 94 percent leased and total 74,222 rentable square feet. Ryan Maconachy and Chad Lavender of HFF represented the seller in the transaction. Additionally, Sarah Baccich of HFF secured a $63.9 million acquisition loan, provided by Cornerstone Real Estate Advisors, for the buyer.

July 12, 2016

Massachusetts Mixed-Use Multifamily Northeast Retail

Trinity Financial Breaks Ground on 83-Unit Mixed-Use Development in Boston

by Amy Works July 12, 2016

BOSTON — Trinity Financial has broken ground on Treadmark, a mixed-income, mixed-use development located in the Ashmont section of Boston’s Dorchester neighborhood. Situated at 1971-1977 Dorchester Ave., the 83-unit property will be comprised of 51 affordable rental units and 32 ownership units, all designed by Boston-based Taniya Nayak Design. Additionally, the project will feature ground-floor retail space. The Architectural Team is providing architectural services for the project. Financing for the development includes more than $3 million in state and federal tax credits that will generate approximately $22 million in equity for the project, $3 million in rental subsidy funds and more than $4 million in funding from the City of Boston.

July 12, 2016

Multifamily New Jersey Northeast

Gebroe-Hammer Brokers $12M Sale of 264-Unit Multifamily Portfolio in New Jersey

by Amy Works July 12, 2016

EAST ORANGE, N.J. — Gebroe-Hammer Associates has arranged the sale of a four-building multifamily portfolio located at 24 S. Grove, 25 N. Harrison, 235 S. Harrison and 107 New streets in East Orange. An undisclosed buyer purchased the 264-unit portfolio for $12 million. The five-story property at 24 S. Grove St. features 43 units, the building at 25 N. Harrison St. offers 73 units, the property at 235 S. Harrison St. is comprised of 84 units, and the five-story building at 107 New St. contains 64 units. David Oropeza of Gebroe-Hammer represented the buyer and undisclosed seller in the deal.

July 12, 2016

Loans Multifamily New York Northeast

Houlihan-Parnes Realtors Secures $1.5M in Refinancing for Apartment Building in the Bronx

by Amy Works July 12, 2016

NEW YORK CITY — Houlihan-Parnes Realtors has arranged $1.5 million in refinancing for a five-story walk-up apartment building located at 840 Bronx Park South in the Bronx. The five-year non-recourse loan includes a five-year option term and a 30-year amortization schedule. The property features 13 residential units and one retail store. Ed Graf of Houlihan-Parnes secured the financing for the undisclosed borrower.

July 12, 2016

Connecticut Northeast Office

Choyce Peterson Negotiates 24,000 SF Office Lease in Connecticut

by Amy Works July 12, 2016

STAMFORD, CONN. — Choyce Peterson Inc. has brokered a 24,000-square-foot office lease on behalf of Cara Therapeutics Inc. The company plans to relocate its headquarters to the new space at 107 Elm St. within Stamford Plaza in Stamford. On-site amenities of the property include a cafeteria, conference facility, fitness center, sundries shop, dry cleaner, plus a car wash and detailing service. Cara Therapeutics relocated from One Parrot Drive in Shelton, Conn. John Hannigan and Adam Cognetta of Choyce Peterson represented the tenant in the transaction. The landlord, RFR Realty LLC, was represented in-house by Margaret Carlson, Steve Lash and Ed Wissell.

July 12, 2016

Multifamily New York Northeast Top Stories

Fairstead Capital Acquires Savoy Park Apartments in Harlem for $315M

by Christina Cannon July 12, 2016

NEW YORK CITY — Fairstead Capital has acquired Savoy Park Apartments, a 1,790-unit multifamily campus in the Central Harlem neighborhood of Manhattan, for $315 million. An investor group that includes L+M Development Partners and Savanna sold the property, which is situated on 10.5 acres. Savoy Park consists of seven 16-story buildings, and is 100 percent rent-stabilized. Under the terms of the deal, Fairstead Capital will maintain the apartments as affordable housing until at least 2052. Fairstead Capital plans to upgrade the complex with renovations to interior common spaces, landscaping, public spaces and security systems. Savoy Park offers studio, one- and two-bedroom units and includes amenities such as walking paths, courtyards, playgrounds, laundry facilities, on-site parking and on-site maintenance and management. The complex, built in 1959, was last renovated in 2005. A real estate fund created by Citigroup and L+M purchased the complex, formerly known as Delano Village, in 2012, according to Real Estate Weekly. The deal, which prevented the property from going into foreclosure, was valued at $210 million. Savills Studley’s Jeffrey Baker and Graham Hobbs, along with Ariel Property Advisors’ Victor Sozio and Shimon Shkury, brokered the deal. Fairstead Capital is a real estate investor and manager specializing in …

July 12, 2016

New Jersey Northeast Office

American Realty Advisors Acquires Office Building in Jersey City for $101M

by Amy Works July 11, 2016

JERSEY CITY, N.J. — American Realty Advisors has acquired 30 Montgomery Street, a 16-story boutique office tower located in the Hudson Waterfront submarket of Jersey City. Rubenstein Partners and Onyx Equities sold the 315,385-square-foot building for $101 million. At the time of sale, the building was 71.6 percent leased to 46 tenants. David Bernhaut, Andrew Merin and Gary Gabriel of Cushman & Wakefield represented the seller.

July 11, 2016

Massachusetts Northeast Retail

Kimco Realty Sells 230,590 SF Retail Center in Massachusetts for $43.5M

by Amy Works July 11, 2016

STURBRIDGE, MASS. — Kimco Realty has completed the disposition of The Center at Hobbs Brook, a 230,590-square-foot retail center in Sturbridge. Cole Credit Property Trust IV Inc. acquired the property for $43.5 million. At the time of sale, the property was 98.7 percent occupied by a variety of tenants, including Stop & Shop, Marshalls, Michaels and Staples. Geoffrey Millerd, Justin Smith, Matt Waisnor and Paul Penman of NGKF Capital Markets represented the seller in the deal.

July 11, 2016

Industrial Loans Massachusetts Northeast Office

Rubenstein Partners Receives $28.1M in Refinancing for 706,000 SF Flex Complex in Massachusetts

by Amy Works July 11, 2016

TEWKSBURY, MASS. — Rubenstein Partners has received $28.1 million in refinancing for the Center at Innovation Drive in Tewksbury. The recently rebranded property, formerly known as 495 Business Center, comprises four conjoined buildings located at 200, 300, 400 and 500 Innovation Drive. The complex features 706,000 square feet of office, manufacturing and warehouse space. Cambridge Savings Bank provided the financing. The facility is currently undergoing an interior and exterior renovation and capital improvement plan, which is slated for completion later this year. The redevelopment will transform the facility into a creative office complex.

July 11, 2016

Multifamily New York Northeast

Cushman & Wakefield Brokers $14.4M Sale of Three Multifamily Properties in Brooklyn

by Amy Works July 11, 2016

NEW YORK CITY — Cushman & Wakefield has brokered the sale of three multifamily buildings located at 257 Quincy St., 570 Jefferson Ave. and 308 Stuyvesant Ave. in Brooklyn’s Bedford-Stuyvesant neighborhood. The Mann Group sold the properties to an undisclosed buyer for $14.4 million, or $313,043 per unit. The 17,650-square-foot Quincy Street property features 21 units, the 7,364-square-foot Jefferson Avenue property offers nine units, and the 8,320-square-foot Stuyvesant Avenue building contains 16 units.

July 11, 2016

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