Northeast

Welltower, Hines to Develop 125,000 SF Assisted Living, Memory Care Community in Manhattan

by Amy Works June 7, 2016

NEW YORK CITY — Welltower Inc. and Hines have partnered to develop an assisted living and memory care community at 139 E. 56th St. in Midtown Manhattan. Designed by SLCE Architects, the as-of-right development will have retail space at its base and a senior living and memory care facility above. The 15-story, 125,000-square-foot facility will feature residential units on floors three through 14, community space throughout the property, and outdoor living space on three floors, including landscaped terraces and gardens.

June 7, 2016

Hospitality Loans Northeast Pennsylvania

UC Funds Secures $24.2M Loan for Hotel Conversion in Pittsburgh

by Amy Works June 7, 2016

PITTSBURGH — UC Funds has completed a $24.2 million adaptive reuse bridge loan for the conversion of the historic Salvation Army building into the Distrikt Hotel in downtown Pittsburgh. The 183-room hotel will operate as a full-service boutique hotel with amenities including a high-end restaurant with room service, bar and lounge, fitness center and rooftop patio.

June 7, 2016

Loans Multifamily New York Northeast

Walker & Dunlop Closes $17.5M Acquisition, Repositioning Loan for Multifamily Property in the Bronx

by Amy Works June 7, 2016

NEW YORK CITY — Walker & Dunlop Commercial Property Funding has closed a $17.5 million loan for the acquisition and repositioning of a multifamily property located at 916-926 Southern Blvd. in the Bronx. The short-term high-yield bridge loan was used to fund the acquisition, as well as reserves related to capital improvements and operating shortfalls. Geoff Smith and Tom Toland of Walker & Dunlop originated the deal with Gold Edge Capital. Built in 1911, Southern Boulevard features two adjacent buildings totaling 66 multifamily units. The property will be transformed into 105 units of revitalized, market-rate multifamily housing and 12,333 square feet of ground-floor retail space.

June 7, 2016

Massachusetts Multifamily Northeast

CBRE/NE Arranges Sale of Apartment Community in Massachusetts

by Amy Works June 7, 2016

MEDFORD, MASS. — CBRE/New England’s Capital Markets team has arranged the sale of Lumiere, an infill apartment community located in Medford. An affiliate of The Guardian Life Insurance Company of America acquired the multifamily property from MV Parkways Partners, a joint venture between Criterion Property Co. and an affiliate of AIG Global Real Estate, for an undisclosed price. Opened in September 2014, the property features 33 studios, 76 one-bedroom apartments, 53 two-bedroom apartments, and a 4,600-square-foot Lookout Lounge, including a game room, kitchen and 24-hour fitness center. Simon Butler and Biria St. John of CBRE/NE represented the seller and procured the buyer in the sale.

June 7, 2016

Connecticut Loans Mixed-Use Northeast Office Retail

Cornerstone Realty Negotiates $2.9M Acquisition Loan for Mixed-Use Property in Connecticut

by Amy Works June 7, 2016

MIDDLETOWN, CONN. — Cornerstone Realty Capital has arranged $2.9 million in financing for the acquisition of a mixed-use property in Middletown. The office and retail property consists of five buildings totaling 47,250 square feet. Additionally, the property features 104 parking spaces. The name of the borrower was not released.

June 7, 2016

Industrial New York Northeast Office

Kalmon Dolgin Arranges $12.1M Sale of Commercial Building in Brooklyn

by Amy Works June 6, 2016

NEW YORK CITY — Kalmon Dolgin Affiliates has brokered the sale of commercial building located at 5718 Second Ave. in Brooklyn’s Sunset Park neighborhood. NYU/Lutheran Medical Center acquired the 32,000-square-foot property from S.I.B.R. Realty LLC for $12.1 million. The two-story building features 20-foot ceilings, a 7,000-square-foot mezzanine and 12,500-square-foot floor plates. Jeffrey Unger and Robert Klein of Kalmon Dolgin represented the buyer and seller in the deal.

June 6, 2016

Industrial New Jersey Northeast

NAI Hanson Negotiates Sale of 21,500 SF Industrial Building in New Jersey

by Amy Works June 6, 2016

SOUTH HACKENSACK, N.J. — NAI James E. Hanson has arranged the sale of an industrial building located at 60 Romanelli Ave. in South Hackensack. Main Event-Mauzone Caterers acquired the 21,500-square-foot property from 60 Romanelli LLC for an undisclosed price. The buyer is relocating from Englewood, N.J., and plans to use the space for a commercial kitchen. The property features 14-foot ceiling heights, one loading dock, two drive-in doors, 17 private parking spaces and 2,800 square feet of office space. Tom Vetter and Jeff DeMagistris of NAI Hanson represented the seller in the deal.

June 6, 2016

Connecticut Loans Multifamily Northeast

Eastern Union Secures $4.5M in Acquisition Financing for Two Multifamily Properties in Connecticut

by Amy Works June 6, 2016

HARTFORD, CONN. — Eastern Union Funding has arranged $4.5 million in acquisition financing on two neighboring multifamily properties in Hartford for borrower Aria Legacy Group, a privately held fully integrated real estate firm. The properties include a 70-unit building at 37 Charter Oak Place and a 10-unit building with two ground-floor retail spaces at 29 Charter Oak Ave. Joshua Novoseller and Adelle Ross of Eastern Union secured the loan through CBRE Capital Markets.

June 6, 2016

New York Northeast Office

Fradkin & McAlpin Architects Selected to Redesign Czech Mission to UN in New York City

by Amy Works June 6, 2016

NEW YORK CITY — The Ministry of Foreign Affairs of the Czech Republic has selected Fradkin & McAlpin Architects, in collaboration with Czech firm A69 Architekti, to redesign the 35,000-square-foot Czech Mission to the United Nations, located at 1109 Madison Ave. in New York’s Carnegie Hill Historic District. The project will include a gut-renovation of the interior and the creation of new living spaces, offices and meeting space for the staff of the mission. Construction is slated to begin in the fall of 2017. The building was originally built in 1898 as luxury apartments and features a Beaux Arts exterior.

June 6, 2016

New York Northeast Office

Ameriprise Financial Signs Full-Floor Lease at One World Trade Center in Lower Manhattan

by Amy Works June 6, 2016

NEW YORK CITY — Ameriprise Financial Inc. has signed a full-floor lease for the 78th floor of One World Trade Center in Lower Manhattan. The company plans to move its New York-based executive office space from its current location to 37,704 square feet at One World Trade Center during the second quarter of 2017. Eric Engelhardt and Karen Kuznick provided in-house represented for the The Durst Organization, along with Tara Stacom, Justin Royce, Barry Zeller, Connor Daugstrup and Peter Trivelas of Cushman & Wakefield. Ameriprise was represented by Josh Kuriloff, Drew Braver and Frank Cento of Cushman & Wakefield. With this lease, the property is now 69 percent leased.

June 6, 2016

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