Northeast

Ready Capital Closes $5.5M in Financing for Two Multifamily/Retail Properties in Brooklyn

by Amy Works August 10, 2016

NEW YORK CITY — Ready Capital Structured Finance has arranged $5.5 million in acquisition, renovation and stabilization financing for two mixed-use multifamily and retail properties located at 644 Manhattan Ave. and 730 Manhattan Ave. in Brooklyn’s Greenpoint neighborhood. Upon acquisition, the borrower plans to renovate both buildings, extend the ground-floor retail to cater to national tenants, restaurants or boutique stores, and complete the residential lease-up of both properties. Ready Capital closed the non-recourse, interest-only loan that features flexible pre-payment options with a two-year term as well as a one-year extension option, inclusive of a facility to provide for interest and carry reserves and future funding of capital expenditures, tenant improvements and leasing commissions.

August 10, 2016

New York Northeast Retail

Marcus & Millichap Arranges $4.9M Sale of Retail Property in Brooklyn

by Amy Works August 10, 2016

NEW YORK CITY — Marcus & Millichap has brokered the sale of a retail property located at 156 Lawrence St. in Brooklyn. A private investor acquired the 1,612-square-foot property for $4.9 million, or more than $3,000 per square foot. Michael Cimino, Jakub Nowak and Matthew Rosenzweig of Marcus & Millichap represented the seller, a private investor, and the buyer in the sale.

August 10, 2016

Affordable Housing Loans Multifamily New York Northeast

Tahl Propp Equities Closes $135M Deal to Preserve, Renovate 549 Affordable Housing Units in Harlem

by Amy Works August 9, 2016

NEW YORK CITY — Tahl Propp Equities, Bellwether Enterprise Real Estate Capital and Enterprise Community Investment have announced the closing of a deal to finance the acquisition and renovation of five affordable housing communities in Harlem. The deal allows for the rehabilitation of all 18 buildings, totaling 549 units, keeping the apartments as affordable to low-income housing for the next 40 years. Additionally, all buildings have federal project-based Section 8 contracts, which will further preserve affordability through rental subsidies for the property owners. The five properties are Gladys Hampton Houses (2144 Frederick Douglas Blvd. and 400 St. Nicholas Ave.), New West I and II (8-56 W. 111th St.) and Riverside I and II (602-622 W. 135th St.). Costs, including acquisition and rehabilitation, total nearly $135 million. New York City Department of Housing Preservation and Development provided a $15.2 million loan and Low-Income Housing Tax Credits resulting in $35.9 million in equity; and New York City Housing Development Corp. provided $62.3 million in Tax Exempt Bonds for construction financing through Bellwether Enterprise. Other sources of funding include a seller note, transfer of existing reserves, deferred developer fee and income from operations. Enterprise Community Investment syndicated the tax credit equity to finance the …

August 9, 2016

Massachusetts Northeast Office Retail

Clarion Partners Sells 184,642 SF Office/Retail Building in Boston for $100.5M

by Amy Works August 9, 2016

BOSTON — Clarion Partners has completed the sale of a 13-story office and retail building located at 535-545 Boylston St. in Boston. An undisclosed buyer acquired the 184,642-square-foot building for $100.5 million. At the time of sale, the property was 87 percent leased to a variety of tenants, including TD Bank, GNC and three restaurants. Robert Griffin, Edward Maher, Matthew Pullen, Jim Brady and Jason Cameron of NGKF Capital Markets represented Clarion Partners in the deal.

August 9, 2016

Loans Mixed-Use Multifamily New York Northeast Retail

Eastern Union Funding Arranges $4.8M in Refinancing for Mixed-Use Property in Tribeca

by Amy Works August 9, 2016

NEW YORK CITY — Eastern Union Funding has arranged a $4.8 million loan for the refinancing of a five-story, mixed-use brownstone in Tribeca. The borrowers are two private owners. Located at 78 Franklin St., the property has undergone a $2 million renovation, which gutted the 2,000-square-foot apartments, upgraded the lobby, hallways and façade, and new stairs, elevator, HVAC and roof. The property’s commercial tenant is Aqua Studio, an underwater cycling studio. David Betesh and Ted Matalon of Eastern Union arranged the financing, which was provided by First American International Bank.

August 9, 2016

Connecticut Multifamily Northeast

Chozick Realty Brokers $4.7M Sale of Multifamily Property in Connecticut

by Amy Works August 9, 2016

NEW BRITAIN, CONN. — Chozick Realty Inc. has arranged the sale of Main Place Apartments, a multifamily property located on West Main Street in New Britain. Allen-Main LLC sold the 72-unit property to 923 West Main St LLC for $4.7 million. Constructed in 1969, the property features 64 two-bedroom units and eight one-bedroom apartments. Rick Chozick and Steve Pappas of Chozick Realty represented the seller in the transaction.

August 9, 2016

Multifamily New York Northeast

Rosewood Realty Group Negotiates $3.6M Sale of Apartment Building in Queens

by Amy Works August 9, 2016

NEW YORK CITY — Rosewood Realty Group has arranged the sale of a four-story apartment building located at 83-05 34th Ave. in the Jackson Heights section of Queens. Pd 34th LLC sold the property to a private investor for $3.6 million. Built in 1928, the 13,179-square-foot building features 16 apartment units. Michael Guttman of Rosewood represented the seller and buyer in the deal.

August 9, 2016

Loans Multifamily New Jersey Northeast

HFF Secures $155.8M Construction Loan for 539-Unit Apartment Tower in Jersey City

by Amy Works August 8, 2016

JERSEY CITY, N.J. — HFF has secured $155.8 million in financing for the development of 90 Columbus, a 50-story apartment tower in Jersey City. Thomas Didio of HFF arranged the financing for the borrowers, Ironstate Development and Panepinto Properties Inc., through a national commercial bank. As part of a multi-phase development, 90 Columbus will feature 539 apartment units in a mix of studio, one-, two- and three-bedroom layouts; a swimming pool; grilling areas; indoor and outdoor children’s play areas; a dog run; sport court; table tennis room; library; and wifi lounges. The overall development includes 50 Columbus, a 400-unit multifamily property; 70 Columbus, a 50-story luxury residential tower; an under construction 152-room Marriott Residence Inn at 80 Columbus; and on-site shared parking. Designed by Gwathmey, Siegel, Kaufman and Associates, 90 Columbus is slated for completion in 18 months.

August 8, 2016

Massachusetts Multifamily Northeast Office

Thibeault Development Acquires Two Buildings in Boston from Related Fund Management

by Amy Works August 8, 2016

BOSTON — Thibeault Development has acquired 15 and 19 Congress Street in Boston from Related Fund Management, a subsidiary of Related Cos., for an undisclosed price. Totaling 54,461 square feet, the properties are part of a master redevelopment plan for Congress Square in Boston’s Financial District. In 2013, Related Fund Management acquired the five buildings that are being redeveloped by Related Beal. The buyer plans to transform the buildings into residences with approximately 5,750 square feet of street-level retail and restaurant space with immediate access to Quaker Lane. Biria St. John of CBRE represented Related Beal in the transaction.

August 8, 2016

Multifamily New York Northeast

Rosewood Realty Group Brokers $9.5M Multifamily Building Sale in Manhattan

by Amy Works August 8, 2016

NEW YORK CITY — Rosewood Realty Group has arranged the sale of a six-story co-op apartment building located at 121-131 Fort George Ave. in the Hudson Heights section of Manhattan. Fort George Property LLC, Fort George Realty LLC and NY Tryon sold the building to Fort George Housing LLC and NYC Partnership Housing Development Fund for $9.5 million. All of the co-op shares were sold in the transaction. Built in 1960, the building features 44 apartment units. Michael Guttman of Rosewood represented the buyer, while Aaron Jungreis, also of Rosewood, represented the seller in the deal.

August 8, 2016

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