Northeast

JV Receives $45M Loan for 180-Unit Mixed-Use Apartment, Retail Tower in Philadelphia

by Amy Works April 18, 2016

PHILADELPHIA — Scully Co., Alterra Property Group and Spring Creek Investment Management have received $45 million in refinancing for Avenir, a 180-unit mixed-use apartment and retail tower in Philadelphia’s Center City. Ryan Ade and Jim Cadranell of HFF arranged the seven-year, fixed-rate loan through Webster Bank for the borrower. Loan proceeds will replace the existing construction loan on the property. Located at 1501-1515 Chestnut St., the 16-story building was converted from office space to 101,628 square feet of residential space and 8,887 square feet of ground-floor retail space. On-site amenities include a fitness center, screening room, conference and business suites, resident lounge, indoor bike storage and cycle stations, and a 24-hour concierge service.

April 18, 2016

Loans Multifamily New York Northeast

Stellar Management Receives $35.5M to Refinance Seven-Property Multifamily Portfolio in NYC

by Amy Works April 18, 2016

NEW YORK CITY — Stellar Management, an owner and operator of residential and commercial real estate, has received a $35.5 million loan from Astoria Bank to refinance a seven-property multifamily portfolio in New York City. The loan features a five-year term at a sub-3 percent interest rate. The properties are 552 Ocean Ave. in Brooklyn; 65 Fort Washington Ave., 4231 Broadway, 504 W. 143rd St., 510 W. 144th St. and 529 W. 179th St. in Upper Manhattan; and 2558 Grand Concourse in the Bronx. Tal Bar-Or and Kyle Kite of Meridian Capital arranged the financing for the borrower.

April 18, 2016

Loans New York Northeast Office

NorthMarq Capital Secures $10M Refinance for Office Property in New York

by Amy Works April 18, 2016

NEW HYDE PARK, N.Y. — NorthMarq Capital has arranged $10 million in refinancing for X-Cell Realty, an office property located at 3333 New Hyde Park Road in New Hyde Park. The property features 166,931 square feet of office space. The loan features a fully amortizing 20-year term. Ernest DesRochers and Charles Cotsalas of NorthMarq arranged the financing through NorthMarq’s relationship with a correspondent life insurance company for the undisclosed borrower.

April 18, 2016

Connecticut Multifamily Northeast

Marcus & Millichap Arranges $9.4M Sale of Two Multifamily Properties

by Amy Works April 18, 2016

WEST HARTFORD, CONN. — Marcus & Millichap has arranged the sale of two apartment properties — Park Place West and West Wynd — in West Hartford for $9.4 million. Park Place West, located at 158 Newington, features 63 units in a mix of studios, one-, two- and three-bedroom layouts, and West Wynd, located at 51 Caya Ave., features 49 one- and two-bedroom flats. Victor Nolleti, Eric Pentore and Steve Witten of Marcus & Millichap represented the seller, a limited liability company, in the transaction.

April 18, 2016

Northeast Retail Vermont

Nedde Real Estate Brokers Sale of Retail Property in Vermont

by Amy Works April 18, 2016

ST. ABANS, VT. — Nedde Real Estate has arranged the sale of a retail property located at 8 N. Main St. in St. Abans. Doug Nedde and Grant Butterfield from Nedde Real Estate and Alain Youkel of Youkel Architecture + Development have acquired a 22,000-square-foot historic TD Bank building for an undisclosed price. TD Bank will continue to operate from the first floor, while the second, third and fourth floors will be converted into market-rate apartments.

April 18, 2016

Loans Massachusetts Northeast Retail

Cushman & Wakefield Arranges $43.5M Loan for Retail Property in Boston

by Amy Works April 15, 2016

BOSTON — Cushman & Wakefield’s Equity Debt & Structured Finance Group has arranged a $43.5 million loan with Mesa West Capital for a short-term floating rate execution to maximize proceeds on a luxury retail property located at 201 Newbury St. in Boston. Situated in Back Bay, the 24,716-square-foot property is 87 percent leased to retailers, including Anthropologie, Dr. Martens, Ted Baker and Timberland. Trisha Connolly of Cushman & Wakefield represented the borrower 201 Newbury – Prince LLC in the short-term loan transaction.

April 15, 2016

Multifamily New York Northeast

Alpha Realty Brokers $9.9M Sale of Apartment Building in Manhattan

by Amy Works April 15, 2016

NEW YORK CITY — Alpha Realty has arranged the sale of an apartment building located at 82 Christopher St. in Manhattan’s West Village. The asset sold for $9.9 million, or more than $1,500 per square foot. Glenn Raff of Alpha Realty represented the undisclosed buyer, while Scott Schwartz, also of Alpha Realty, represented the overseas seller in the transaction.

April 15, 2016

Loans Mixed-Use Multifamily New York Northeast Retail

Eastern Union Funding Secures $5.1M Acquisition Loan for Mixed-Use Property in Brooklyn

by Amy Works April 15, 2016

NEW YORK CITY — Eastern Union Funding has secured a $5.1 million loan on behalf of a Brooklyn-based investor for the acquisition of a mixed-use property located at 900 Grand St. in Brooklyn’s East Williamsburg neighborhood. The 22,600-square-foot property features two ground-floor commercial/retail spaces totaling 15,000 square feet, and residential lofts on the second floor. As a former industrial property, the building also features 12-foot to 17-foot ceiling heights, five drive-ins, two elevators and 8,000 buildable square feet. Alex Freund of Eastern Union Funding arranged the nine-year, fixed-rate loan through Suffolk County Bank.

April 15, 2016

Connecticut Loans Northeast Office

Houlihan-Parnes Realtors Arranges $2.7M Loan for Office Building in Connecticut

by Amy Works April 15, 2016

NORWALK, CONN. — Houlihan-Parnes Realtors has arranged a $2.7 million first mortgage for an office property located at 83 East Ave. in Norwalk. The five-year loan, provided by a local bank, features a 3.75 percent interest rate and a five-year option to extend. The 40,000-square-foot office and medical property is occupied by 25 tenants. The building is managed and leased by GHP Office Realty. Andrew Greenspan and James Houlihan of Houlihan-Parnes arranged the loan, while Ray Cohen of Chicago Title arranged the title. The borrower was represented by Christie Houlihan of Zuckerman, Gore, Brandies and Crossman as legal counsel.

April 15, 2016

Loans New York Northeast Office

Meridian Capital Arranges $28M in Refinancing for Medical Office Property in Brooklyn

by Amy Works April 14, 2016

NEW YORK CITY — Meridian Capital Group has arranged $28 million in permanent financing for a multi-tenant medical office property located 902 Quentin Road in Brooklyn. The five-year loan, provided by Bethpage Federal Credit Union, features a fixed rate of 4.25 percent and the ability to prepay at any time without a penalty. The eight-story, 72,300-square-foot property is currently occupied by New York University and Touro College. Shaya Ackerman and Shaya Sonnenschein of Meridian Capital arranged the financing.

April 14, 2016

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