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200-Precision-Dr-425-Privet-Road-Horsham-PA
IndustrialLoansNortheastOfficePennsylvania

HFF Arranges $28M in Refinancing for Two-Building Portfolio in Suburban Philadelphia

by Amy Works

HORSHAM, PA. — HFF has arranged a $28 million loan for the refinancing of a two-building portfolio in Horsham, a suburb of Philadelphia. The borrower was an affiliate of Endurance Real Estate Group LLC. The 10-year loan, which features a fixed rate, was provided by Silverpeak Real Estate Finance. Loan proceeds will be used to refinance existing debt. The portfolio includes 200 Precision Drive, a 126,500-square-foot facility with 63,000 square feet of warehouse space, 49,400 square feet of office space and a 14,200-square-foot laboratory; and 425 Privet Road, a 120,290-square-foot property fully leased to Teva Pharmaceuticals. 200 Precision Drive is leased to Finisar Corp., C&D Technologies and DrugScan. Ryan Ade and Campbell Roche of HFF represented the borrower in the financing.

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Boynton-Meadows-Groton-MA
MassachusettsMixed-UseMultifamilyNortheastOfficeRetail

Senate Construction Completes Phase II of Mixed-Use Project in Massachusetts

by Amy Works

GROTON, MASS. — Senate Construction Corp. has completed the second phase of construction at Boynton Meadows, a mixed-use development in Groton. The second phase consists of eight townhomes, ranging in size from 2,000 square feet to 2,500 square feet with additional walkout and basement space. The first phase of the project, which was completed in 2012, included mixed-use office and retail space, including a yoga studio, bakery and dental office, and the third phase, slated to begin soon, will include seven residential units. Developed by Mount Laurel Development the overall project includes the restoration of a historic, colonial structure, the addition of retail space and the construction of 15 townhouse units overlooking Gibbet Hill. Maugel Architects designed the mixed-use project, which was financed by Bank of New England.

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LoansMultifamilyNew HampshireNortheast

M&T Realty Capital Provides $11.2M in Financing for Apartment Complex in New Hampshire

by Amy Works

NASHUA, N.H. — M&T Realty Capital has provided an $11.2 million Fannie Mae loan for the refinancing of Clocktower Place in downtown Nashua. The 10-year loan features a 3.97 percent fixed rate and a 30-year amortization schedule. Clocktower Place offers 143 rental units in one-, two-, three-bedroom or townhome layouts. Community amenities include an on-site health club, covered parking, function rooms and concierge services. Daniel Kerner of M&T Realty Capital’s Boston office secured the financing, while Fantini & Gorga provided brokerage services for the borrower.

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LoansMultifamilyNew YorkNortheast

Greystone Secures $9.5M Loan for 527-Unit Co-op in Queens

by Amy Works

NEW YORK CITY — Greystone has closed a $9.5 million loan for the refinancing of Rego Park Gardens, a cooperative apartment building in Queens. Andrew Ellis of Greystone and Peter Grazide of Total Real Estate Finance Solutions arranged the loan for the undisclosed borrower. The loan includes a 15-year term with a 30-year amortization schedule. Located in the Elmhurst neighborhood of Queens, Rego Park Gardens features 527 multifamily units. This loan is the company’s first Freddie Mac Fast-Track Co-op Early Lock loan.

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MultifamilyNew YorkNortheast

Six Sigma NYC Acquires Site for Condo Development in Manhattan for $54.7M

by Amy Works

NEW YORK CITY — Six Sigma NYC has acquired Tuck-It-Away Storage Center at 517 W. 29th St. in Manhattan’s Chelsea neighborhood for $54.7 million. The buyer, a boutique design and build firm, plans to redevelop the 100-foot by 100-foot site into a luxury condominium property. Six Sigma NYC focuses on delivering amenities, finishes and quality the push the upper limits of the what is available in today’s market. The company’s current projects include 449 Washington Street, 56 Walker Street and 435 W. 19th Street in New York City. Stephen Ferrara of TOWN Residential represented the buyer in the transaction. The name of the seller was not released.

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95-Shawmut-Rd-Canton-MA
IndustrialMassachusettsNortheast

Calare Properties Buys 84,000 SF Industrial/Flex Building in Massachusetts

by Amy Works

CANTON, MASS. — Calare Properties has acquired an 84,000-square-foot industrial/flex building, located at 95 Shawmut Road in Canton, for an undisclosed sum. The facility features flexible space options for companies in search of warehouse, distribution and office uses and offers 22-foot clear ceiling heights, 18 dock doors, one drive-in door and 305 on-site parking spaces. The property is currently fully leased to five tenants, with a remaining average lease term of 5.5 years. The name of the seller was not disclosed.

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West-Goshen-Town-Centre-West-Chester-PA
LoansNortheastPennsylvaniaRetail

HFF Arranges $18.5M Refinancing for Retail Center in Suburban Philadelphia

by Amy Works

WEST CHESTER, PA. — HFF has arranged $18.5 million in refinancing for West Goshen Town Centre, a grocery-anchored retail center located at Route 3 and Five Points Road in West Chester, a suburb of Philadelphia. Brandolini Cos. was the borrower. Situated on 17.6 acres, the property is fully leased to ShopRite, A.C. Moore, Applebee’s Neighborhood Grill, Panera Bread, AT&T, Massage Envy, GameStop, Great Clips, Sun East Federal Credit Union and H&R Block. Ryan Ade of HFF secured the fixed-rate loan, which was provided by an institutional lender, for the borrower.

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Renaissane-Square-RD-Management-Evesham-NJ
Mixed-UseMultifamilyNew JerseyNortheastOfficeRestaurantRetail

RD Management to Redevelop The Shoppes and Residences at Renaissance Square

by Amy Works

EVESHAM, N.J. — RD Management LLC has unveiled its redevelopment plans for The Shoppes and Residences at Renaissance Square, located on Route 70 in Evesham. Formerly known has Tri-Towne Plaza, the center offers 112,245 square feet of mixed-use space. The redevelopment includes the addition of five buildings, containing 338 apartments; an open space with jogging paths, walkways and a pond; new signage; upgrades to the retail portion; and the addition of new retail and restaurant facilities to the existing space. The development is scheduled to commence in spring 2016.

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MultifamilyNew YorkNortheastSeniors Housing

Picone Construction Continues Renovations at The Amberleigh in Williamsville, N.Y.

by Amy Works

WILLIAMSVILLE, N.Y. — Picone Construction is continuing the renovations at The Amberleigh, a seniors housing community located at 2330 Maple Road in Williamsville. Renovations include the conversion of existing space to 49 assisted-living residential units on the second and third floors, along with 16 memory care units on the first floor. Additionally, a new entry will be constructed, which includes a free standing porte-cochere and asphalt drop-off drive. The entry and first floor will include a reception area, waiting/lounge area, offices, conference room, new elevator, salon, activity room, dining room, craft room, private dining rooms, toilet rooms, staff lounge, laundry room, storage rooms and a secured fenced-in courtyard. The second and third floor common areas will include offices, toilet rooms, laundry rooms, living rooms and storage rooms. Each of the three floors will also include a nurse’s station with a hydrotherapy room. Foit-Albert Associates is the architect of record and Buffalo Engineering PC is the mechanical and electrical engineer for the project.

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Market ReportsMultifamilyNortheastNortheast Market ReportsPennsylvania

Philadelphia’s Apartment Market Remains Bright

by Jaime Lackey

Philadelphia’s apartment market remains bright as increasing employment fosters stable economic growth, which in turn is bolstering apartment operations. Employers in the metro, which is known as the center of economic activity in Pennsylvania, will increase hiring 1.2 percent this year, adding 35,000 jobs. In 2014, new jobs increased 1.6 percent and the unemployment rate decreased 130 basis points. Total employment is on the upswing, recovering nearly all of the jobs lost during the recession. The favorable employment conditions are supporting demand for apartments and swiftly improving performance throughout the metro, prompting developers to start new multifamily projects. Builders in Philadelphia are focusing their attention in Center City, which includes the central business district and central neighborhoods of Philadelphia, where nearly 25 percent of this year’s deliveries will be placed into service. Developers are on track to complete 3,600 units in 2015, increasing total apartment inventory 1.4 percent. Last year 2,400 rentals were delivered. Part of the reason that demand is especially strong in Philadelphia can be attributed to the increasing popularity of living in the urban core among young professionals and baby boomers. The lack of developable in-fill locations in the area is prompting developers to convert office buildings …

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