Northeast

Westbridge Realty Negotiates $1.8M Sale of Development Site in Brooklyn

by Amy Works April 5, 2016

NEW YORK CITY — Westbridge Realty Group has brokered the sale of two vacant buildings, located at 1269-1271 Dekalb Ave. in Bushwick. A local developer acquired the two properties for $1.8 million, or $212 per buildable square foot. The parcel offers 8,736 buidable square feet of residential space, as of right. The buyer plans to demolish the existing structures and construct a luxury condominium on the site. Steven Westreich and Hen Vaknin of Westbridge Realty Group represented the buyer and undisclosed seller in the off-market transaction.

April 5, 2016

Loans Multifamily Northeast Vermont

BMC Capital Secures $1.1M Loan for Multifamily Property in Vermont

by Amy Works April 5, 2016

SOUTH BURLINGTON, VT. — BMC Capital has arranged a $1.1 million loan for the cash-out refinance of a multifamily property located in South Burlington. The non-recourse loan features a 4.51 percent fixed rate for seven years, two years of interest-only payments and a 30-year amortization schedule. Brian Gramlich of BMC Capital’s Dallas office arranged the loan through one of BMC Capital’s correspondent agency relationships for the undisclosed borrower.

April 5, 2016

Loans New York Northeast Office

Meridian Capital Secures $160M in Refinancing for Manhattan Office Building

by Amy Works April 4, 2016

NEW YORK CITY — Meridian Capital Group has arranged $160 million in permanent financing for the refinancing of an office building located at 245 Fifth Ave. in Manhattan. The borrower was 245 Fifth Owner LLC. The seven-year loan, which was provided by a life insurance company, features three years of interest-only payments and a 3.99 percent fixed rate. Built in 1926, the 26-story, 314,000-square-foot Class A office property features 12,652 square feet of retail space. Drew Anderman and Alan Blank of Meridian Capital Group arranged the financing.

April 4, 2016

Loans Mixed-Use Multifamily New York Northeast Retail

Madison Realty Capital Provides $60M Construction Loan for NYC Mixed-Use Development

by Amy Works April 4, 2016

NEW YORK CITY — Madison Realty Capital has provided $60 million in construction financing for the development of a mixed-use property located at 1399 Park Ave. in Manhattan. Being developed by Heritage Real Estate Partners, the 100,000-square-foot building will feature 72 condominiums on the upper floors and 19,000 square feet of community facility space on the lower floors. The residential units will be a mix of studio, one-, two-, three-, and four-bedroom layouts, and on-site amenities will include a fitness center, lounge, children’s playroom and communal rooftop terrace.

April 4, 2016

Hospitality New Hampshire Northeast

Giri Hotels Acquires 125-Room Hampton Inn in New Hampshire

by Amy Works April 4, 2016

PORTSMOUTH, N.H. — Giri Hotels has acquired Hampton Inn Portsmouth Central located at 99 Durgin Lane in Portsmouth. Mercury Investment Co. sold the 125-room property for an undisclosed sum. The acquisition was financed by Kennebuck Savings, a full-service mutual savings bank. The hotel features complimentary guest breakfast, shuttle service, an indoor pool and whirlpool, sports courts, fitness room, business center and hospitality room. Denny Meikleham and Alan Suzuki of HFF represented the seller in the transaction.

April 4, 2016

Massachusetts Northeast Office

Related Sells 235,000 SF One Lovejoy Wharf in Boston

by Amy Works April 4, 2016

BOSTON — Related Beal has completed the sale of One Lovejoy Wharf in Boston. Union Investment Real Estate GmbH, on behalf of its open-ended real estate fund Unilmmo: Global, has acquired the 235,000-square-foot waterfront office property, formerly known as the Hoffman Building, for an undisclosed price. Acquired by Related Fund Management in 2012 and redeveloped by Related Beal, the office building now serves as Converse’s headquarters under a long-term lease and features wharf-level retail space. This acquisition marks Union’s first entry into the Boston office market.

April 4, 2016

New York Northeast Retail

Ariel Property Advisors Brokers $6.6M Sale of NNN-Leased Retail Property in the Bronx

by Amy Works April 4, 2016

NEW YORK CITY — Ariel Property Advisors has arranged the sale of an investment retail property located at 2703 E. Tremont Ave. in the Westchester Square neighborhood of the Bronx. An affiliate of Rockfarmer Properties acquired the property, which is triple-net leased to Wendy’s, for $6.6 million. The 16,825-square-foot lot features a 2,772-square-foot restaurant, which is leased until 2035, and a 21-space parking lot. The lot offers future development potential as R6/C1-2 zoning allowing 50,475 buildable square feet, as-of-right, for a mixed-use structure and more than 80,000 buildable square feet by including a community facility. Scot Hirschfield, Jason Gold, Michael Tortorici, Victor Sozio and Marko Agbaba of Ariel Property Advisors represented the seller, a private investor, and procured the buyer in the transaction.

April 4, 2016

Loans Multifamily New Jersey Northeast

Meridian Capital Arranges $165M in Financing for Jersey City Multifamily Property

by Amy Works April 1, 2016

JERSEY CITY, N.J. — Meridian Capital Group has arranged $165 million in permanent financing for The One, a multifamily property located at 110 First St. in Jersey City. The borrowers are BLDG and Ares Management LP. The seven-year loan, provided by a life insurance company, features a 3.5 percent rate and two years of interest-only payments followed by a 30-year amortization schedule. Constructed in 2015, the 35-story features 439 apartments, a landscaped rooftop with swimming pool, lounge, barbecue and fire pits. Aaron Birnbaum, Carol Shelby and Dani Sabesan of Meridian Capital negotiated the financing for the borrowers.

April 1, 2016

Loans Mixed-Use Multifamily New York Northeast Office Retail

Tavros Development, Charney Construction Receives $44.3M in Financing for Brooklyn Land Assemblage

by Amy Works April 1, 2016

NEW YORK CITY — Tavros Development Partners and Charney Construction & Development have received $44.3 million in acquisition and pre-development financing for a 41,815-square-foot land assemblage located at 263-277 S. Fifth St. in Brooklyn’s Williamsburg section. The borrowers plan to develop a mixed-use asset featuring ground-level retail space, office and multifamily space on the fully entitled site. Aaron Appel, Jonathan Schwartz and Mark Fisher of JLL arranged the financing.

April 1, 2016

Hospitality Massachusetts Northeast

Logan Hospitality Associates Sells Four Points Boston Logan Airport in Revere

by Amy Works April 1, 2016

REVERE, MASS. — Logan Hospitality Associates LLC, a division of KW Development, has completed the sale of Four Points by Sheraton Boston Logan Airport, located at 427 Squire Road in Revere, for an undisclosed sum. Fingerprint Hospitality LLC was an advisor to and an investor in the undisclosed buyer. Situated on 3.3 acres, the property features 180 guest rooms, 3,755 square feet of meeting space, an indoor pool and fitness room. Driftwood Hospitality will manage the property. Denny Meikleham and Alan Suzuki of HFF represented the seller in the transaction. Lauren O’Neil, also of HFF, secured a three-year, floating-rate acquisition loan through TIAA Direct, a division of TIAA-CREF Trust Co., for the buyer.

April 1, 2016

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