Northeast

Skanska to Build $230M Ambulatory Care Pavilion at Westchester Medical Center in New York

by Katie Sloan April 11, 2016

VALHALLA, N.Y. — Westchester Medical Center Health Network has selected Skanska to build a $230 million, 279,861-square-foot Ambulatory Care Pavilion adjacent to Westchester Medical Center on its campus in Valhalla, approximately 25 miles north of Manhattan. The eight-story steel and glass pavilion will include 185,000 square feet of ambulatory care service space featuring an advanced imaging center, ambulatory surgery center and a heart and vascular institute. The development will also feature an entry canopy for patient drop-off, a 20,000-square-foot private-room expansion for Westchester Medical Center and an additional 75,000 square feet of physician offices. Construction is expected to begin this June, with completion expected in September 2018. Skanska’s contract for the project is valued at $140 million. According to the hospital, the development is considered the largest healthcare project in the Westchester area since Westchester Medical Center’s 400,000-square-foot main tower was built in 1977 and its 250,000-square-foot Maria Fareri Children’s Hospital was built in 2004. Skanska is a project development and construction firm with expertise in construction, development of commercial and residential properties, and public-private partnerships. The Westchester Medical Center Health Network is a 1,400-bed healthcare system headquartered in Valhalla, spanning seven hospitals in the Hudson Valley. — Katie Sloan

April 11, 2016

Lebanon-Valley-Distribution-Fredericksburg-PA

Industrial Northeast Pennsylvania

USAA, Trammell Crow Complete 874,126 SF Lebanon Valley Distribution Center in Pennsylvania

by Amy Works April 8, 2016

FREDERICKSBURG, PA. — USAA Real Estate Co., in partnership with Trammell Crow Co., has completed the development of Lebanon Valley Distribution Center in Fredericksburg. The 874,126-square-foot warehouse/distribution building features a cross-dock design with 36-foot clear heights, ESFR sprinklers, 123 dock doors, two drive-in doors and parking for 219 cars and 202 trailers. Additionally, the property is expandable to up to 1 million square feet, 155 dock doors, 870 car parking spots and 247 trailer stalls with the potential of an additional 385 remote stalls. The project is the third project in the region completed by USAA RealCo and Trammell Crow.

April 8, 2016

Healthcare Massachusetts Northeast Office

RAM Acquires 97,403 SF Flex Property in Massachusetts for $8.1M

by Amy Works April 8, 2016

BILLERICA, MASS. — The RAM Companies has acquired a Corporate Place, a 97,403-square-foot property located at 261 and 267 Boston Road in Billerica, for $8.1 million. Built in 1985 and 1986, the Class B multi-tenant asset comprises a 61,795-square-foot facility and a 35,608-square-foot building. The flex/R&D property is 85 percent occupied with a variety of tenants, including Lahey Health Primary Care, New England Rehabilitation Hospital and SI2 Technologies. The name of the seller was not released.

April 8, 2016

Loans New York Northeast Office Retail

Equicap Secures $55M Loan for 80,000 SF Commercial Property in Manhattan

by Amy Works April 8, 2016

NEW YORK CITY — Equicap has arranged a $55 million permanent mortgage for a commercial property located in Manhattan’s Meatpacking district. The non-recourse five-year loan features a 2.63 percent fixed interest rate and is full-term interest-only. Developed in 2008, the 80,000-square-foot property is occupied by Arhaus, a furniture retailer, and a California-based tech company. Ricky Aryeh of Equicap originated the loan for the undisclosed borrower.

April 8, 2016

Loans Multifamily New York Northeast

Cushman & Wakefield Arranges $38M Construction Loan Recap for Brooklyn Multifamily Property

by Amy Works April 8, 2016

NEW YORK CITY — Cushman & Wakefield has arranged $38 million in financing to increase proceeds on the existing construction loan for a multifamily property at 33 Lincoln Road in Brooklyn’s Prospect Lefferts Gardens neighborhood. The borrower, Lincoln Park Partners, will use the loan to complete the development of a nine-story residential building featuring 141 apartment units and retail space. The loan was provided by Santander Bank. Preston Flammang of Cushman & Wakefield arranged the two-year loan for the borrower.

April 8, 2016

Connecticut Loans New York Northeast Retail

Cronheim Mortgage Arranges Two Loans Totaling $9.5M for Retail Properties in Connecticut, New York

by Amy Works April 8, 2016

NEW BRITAIN, CONN., AND POUGHKEEPSIE, N.Y. — Cronheim Mortgage has arranged two loans totaling $9.5 million for two retail properties in New Britain and Poughkeepsie. Andrew Stewart and Dev Morris of Cronheim secured both 10-year loans, which feature a 4.22 percent fixed rate and 25-year amortization schedule. The loans were placed with Fidelity & Guaranty Life Insurance Co. In New Britain, an undisclosed borrower received $3.5 million in financing for Brittany West Plaza, a 39,438-square-foot retail property. The property is currently 100 percent leased to a variety of national and regional tenants, including Subway, TD Bank, Hair Cuttery, Gloria’s Nails and Arthur Murray Dance Studio. In Poughkeepsie, an undisclosed borrower received $6 million in financing for Poughkeepsie Plaza, a 170,966-square-foot community shopping center. Originally constructed in 1958, the property was partially enclosed in 1978, with various additions from 1983 to 2004.

April 8, 2016

New York Northeast Office Top Stories

MHP Real Estate, HNA Property Holdings Acquire Office Building in New York for $210M

by Christina Cannon April 8, 2016

NEW YORK CITY — MHP Real Estate Services, in a partnership with HNA Property Holdings, has acquired 850 Third Avenue, a 617,000-square-foot office building in New York. Shorenstein Properties sold the 21-story building in an off-market transaction. MHP will serve as the operating partner of the joint venture, with HNA serving as majority partner. Morgan Stanley provided approximately $238 million in financing for MHP in the transaction, according to The Real Deal. The financing consists of a $210 million acquisition loan, a $17 million building loan, a $465,000 project loan and $10 million in debt transferred from the seller. The building, located between East 51st and 52nd streets, marks the second joint venture between MHP and HNA, with the partnership now owning more than 1 million square feet of office space. HNA will set up its U.S. headquarters at the property. Other tenants include Discovery Communications, Radio One and the City of New York. “The Midtown East office market is experiencing an extraordinary renaissance that will further redefine the city and reshape a time-tested enclave of New York business,” says Norman Sturner, CEO of MHP Real Estate Services. “The East Side rezoning efforts, along with the area’s existing transportation infrastructure and addition of the Second …

April 8, 2016

Multifamily New York Northeast

Akelius Acquires Six-Building Multifamily Property in Brooklyn for $57M

by Amy Works April 7, 2016

NEW YORK CITY — Akelius Residential Property AB has acquired a six-building multifamily property in Brooklyn’s Clinton Hill for $57 million. Built in 1930, the asset features 86 apartment units. The name of the seller was not released. With this transaction, Akelius now owns 1,013 apartments in New York City.

April 7, 2016

Massachusetts Northeast Office

Joint Venture Acquires 73,500 SF Office Property in Downtown Boston for $33M

by Amy Works April 7, 2016

BOSTON — Brookfield Property Partners, in conjunction with AustralianSuper Pty., has acquired an office building located at 15 Broad St. in downtown Boston. Broder sold the 10-story, 73,500-square-foot office property for $33 million. Dave Pergola and Brian Doherty of CBRE/New England represented the seller and procured the buyer in the transaction.

April 7, 2016

Hospitality Massachusetts Northeast

Hilton Worldwide Opens 127-Room DoubleTree Hotel in Massachusetts’ South Shore

by Amy Works April 7, 2016

ROCKLAND, MASS. — Hilton Worldwide has open DoubleTree by Hilton Boston-Rockland, located at 929 Hingham St. in Rockland on Massachusetts’ South Shore. Located 21 miles south of Boston Logan International Airport, the hotel features 127 guest rooms, 24-hour room service, a fitness center, business center and an outdoor heated pool. Additionally, the property offers 4,000 square feet of meeting space. Formerly a Holiday Inn, the hotel is owned and managed by Linchris Hotel Corp.

April 7, 2016

Newer Posts

Older Posts