Northeast

Rubenstein Partners Secures $197M in Construction Financing for 500,000 SF Mixed-Use Property in Brooklyn

by Amy Works August 30, 2016

NEW YORK CITY — Rubenstein Partners has secured a $197 million first mortgage construction loan for 25 Kent Avenue, a mixed-use property in the Williamsburg section of Brooklyn. Serving as co-lead arrangers and co-bookrunners, Wells Fargo Bank and Natixis Real Estate Capital committed $197 million for the project. The new loan provides for all future construction costs and fully capitalizes the project. Being developed by Rubenstein Partners and Heritage Equity Partners, the eight-story building will feature 500,000 square feet of office and industrial space tailored to the creative and tech sectors.

August 30, 2016

Connecticut Multifamily Northeast

WinnDevelopment Acquires Schoolhouse Apartments in Connecticut for Rehabilitation

by Amy Works August 30, 2016

WATERBURY, CONN. — WinnDevelopment, the development arm of WinnCompanies, has acquired the historic 213-unit Schoolhouse Apartments in Waterbury for an undisclosed price. The company has a $16.4 million rehabilitation project planned for the occupied property, which was converted to residential use in 1982. The rehab project includes a restoration of masonry exteriors; the replacement of exterior lighting; the repair and replacement of roofs, siding and wood trim; new signage and security cameras; and improved handicap accessibility. The apartments will undergo mechanical system upgrades and the installation of new cabinetry, appliances and fixtures in the kitchens and bathrooms. WinnResidential will manage the property, which is slated for completion by fall 2017. The project will utilize an allocation of low income housing tax credits from Connecticut Housing Finance Authority, as well as financing from the Connecticut Department of Housing and federal subsidies from the U.S. Department of Housing and Urban Development. Boston Financial Investment Management is the project’s equity investor, and the design team includes Keith Construction as general contractor and The Architectural Team as project architect.

August 30, 2016

New York Northeast Retail

Cushman & Wakefield Arranges $40M Sale of Storage Facility in Manhattan

by Amy Works August 30, 2016

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a storage facility located at 305 E. 61st St. in Manhattan’s Upper East Side. An undisclosed buyer acquired the property for $40 million in an all-cash transaction. The 11-story, 65,886-square-foot building, which features 358 individual storage lockers, was vacant at the time of sale. Bob Knakal, Clint Olsen and Jonathan Hageman of Cushman & Wakefield arranged the transaction. The name of the seller was not disclosed.

August 30, 2016

Hospitality Mixed-Use New York Northeast

Corona Operating Co. Acquires 266,800 BSF Conversion Site in Queens for $37.3M

by Amy Works August 30, 2016

NEW YORK CITY — Corona Operating Co. has acquired a conversion site located at 37-10 114th St. in the Corona neighborhood of Queens. Meadows Corona LLC sold the site for $37.3 million. The site offers 226,800 buildable square feet and currently houses an eight-story building with 95,040 square feet above ground with additional built out and useable cellar space of 11,880 square feet. Previously, the building operated as a 200-room hotel featuring a pool, exercise facility, multiple event spaces and parking for 86 cars. The building was vacant at the time of sale. Stephen Preuss of Cushman & Wakefield represented the seller in the deal.

August 30, 2016

Massachusetts Northeast Office

Enel Green Power North America Moves Headquarters to Andover Landing at Brickstone in Massachusetts

by Amy Works August 30, 2016

ANDOVER, MASS. — Enel Green Power North America (EGP-NA) has leased 66,000 square feet of space at Andover Landing at Brickstone in Andover for its new North American headquarters location. Located at 100 Brickstone Square, the facility features a renovated full-service cafeteria, flexible conference facilities, a coffee/juice bar, fitness center with yoga room, shower and locker facilities, a Bright Horizons Day Care facility, outdoor seating, on-site property management and ample parking. EGP-NA is an operator of more than 100 renewable energy plants in North America, and its parent company, Enel Group, is a multinational power company headquartered in Rome, Italy. Kerry Hawkins, Jason Levendusky and Jake Borden of CBRE/New England represented the landlords, KS Partners and Oaktree Capital, while Brooks Murphy and Brian Morrissey of JLL represented the tenant in the lease.

August 30, 2016

Hospitality Massachusetts Northeast

Tocci Building Cos. Completes 130-Key Homewood Suites by Hilton Hotel in Boston Suburb

by Amy Works August 29, 2016

BROOKLINE, MASS. — Tocci Building Cos., on behalf of owner Claremont Cos., has completed the construction of Homewood Suites by Hilton in Brookline. Located at 111 Boylston St., the 101,996-square-foot all-suite hotel features 130 guest rooms, a swimming pool and close proximity to the MBTA Green line. The project team included Group One Partners as architects and R.W. Sullivan Engineering as mechanical and electrical engineers.

August 29, 2016

Multifamily New York Northeast

Cushman & Wakefield Brokers $16.5M Sale of Multifamily Asset in Manhattan

by Amy Works August 29, 2016

NEW YORK CITY — Cushman & Wakefield has arranged the sale of two contiguous multifamily buildings located at 341-343 E. 65th St. in Manhattan’s Upper East Side. Guthrie Garvin and Michael Gembecki of Cushman & Wakefield arranged the transaction, which was valued at $16.5 million, or $803 per square foot. The five-story, walk-up buildings total approximately 20,540 square feet and feature 40 one-bedroom apartments, of which 37 are rent stabilized and the remaining are rent-controlled.

August 29, 2016

Industrial Loans Massachusetts Northeast

Calare Properties Receives $4M in Acquisition Financing for Industrial Property in Massachusetts

by Amy Works August 29, 2016

LAKEVILLE, MASS. — Calare Properties Inc. has received nearly $4 million in financing for the acquisition of 8 Lakeville Business Park, a 100,000-square-foot warehouse building located in Lakeville. Kyle Juszczyszyn, Chris Coutts and Lenny Pierce of CBRE/New England’s Debt & Structured Finance team secured the financing, which was provided by East Boston Savings Bank. The fully leased property is occupied by Guardian Building Products and T3 Expo.

August 29, 2016

New Jersey Northeast Retail

CBRE Facilitates $3M Sale of Retail Development Site in New Jersey

by Amy Works August 29, 2016

TOMS RIVER, N.J. — CBRE has arranged the sale of a retail development site located at the intersection of Route 37 and Fischer Boulevard in Toms River. QuickChek acquired the assemblage of properties for $3 million. The buyer plans to develop a modern gasoline and convenience store facility on the 2-acre site. Steven Winters of CBRE represented the undisclosed seller in the transaction.

August 29, 2016

Connecticut Northeast Office

Lyman Real Estate Negotiates Lease of 6,400 SF Office Building in Connecticut

by Amy Works August 29, 2016

NORWICH, CONN. — Lyman Real Estate has arranged the lease of a 6,400-square-foot office building located at 550-558 W. Thames St. in Norwich. Mindscape Industries, which provides acquired brain injury rehabilitation services, signed a five-year lease for the building. Ron Lyman of Lyman Real Estate represented the undisclosed landlords in the transaction.

August 29, 2016

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