Northeast

Mesa West Capital Funds $40.8M Loan to Reposition Office Campus Near Boston

by Amy Works February 22, 2016

MAYNARD, MASS. — Mesa West Capital has provided Artemis Saracen Investments, a joint venture between Saracen Properties and Artemis Real Estate Partners, with $40.8 million in first mortgage financing to reposition a 1 million-square-foot office campus in Maynard. Loan proceeds will be used to implement an extensive capital improvement and leasing plan that will reposition the property to appeal to a wide variety of users. Formerly known as Clock Tower Place, the newly rebranded Mill & Main is a mixed-use development located 25 miles west of Boston. Planned improvements to the property include updated building systems, pedestrian plazas, a waterfront boardwalk, fitness facilities, boutique retail and gallery venues. Situated on 50 acres, the property includes 12 vintage brick-and-beam-style buildings overlooking a 14-acre mill pond. Constructed in 1847, the site originally served as a woolen mill until 1950 when it was converted to an office park. The property is currently 37 percent leased, including a recently signed lease with Stratus Technologies for 102,000 square feet, which is slated to open this spring. Jay Marshall of HFF arranged the financing.

February 22, 2016

Multifamily New York Northeast

GFI Realty Services Closes $15M Sale of Apartment Building in Queens

by Amy Works February 22, 2016

NEW YORK CITY — GFI Realty Services has brokered the sale of an apartment building located at 41-29 41st St. in the Sunnyside section of Queens. Norcor Management acquired the building for $15 million, or $306,000 per unit. The 40,800-square-foot multifamily property features 49 apartment units. Josh Orlander of GFI Realty represented the buyer, while Daniel Shragaei, also of GFI Realty, represented the seller, an Astoria, Queens-based firm that primarily manages residential properties in Queens.

February 22, 2016

Mixed-Use Multifamily New York Northeast Retail

Alpha Realty Negotiates $5.1M Sale of Brooklyn Mixed-Use Property

by Amy Works February 22, 2016

NEW YORK CITY — Alpha Realty has arranged the sale of a mixed-use property located at 957 Utica Ave. in Brooklyn’s East Flatbush neighborhood. The asset sold for $5.1 million. Built in 2007, the property features 18 apartments, five stores and 26 parking spaces. Jacob Aronov of Alpha Realty, along with a team of brokers from Besen & Associates, represented the undisclosed buyer and seller in the transaction.

February 22, 2016

Industrial Massachusetts Northeast

The Stubblebine Company Arranges $1.7M Sale of Industrial Building in Massachusetts

by Amy Works February 22, 2016

BILLERICA, MASS. — Select Stone has acquired an industrial building located at 7 Esquire Road in Billerica. C.A. Realty Corp. sold the facility for $1.7 million. The 25,000-square-foot property features 18-foot clear heights. James Stubblebine and David Stubblebine of The Stubblebine Company/CORFAC International represented the buyer and seller in the deal.

February 22, 2016

Loans New York Northeast Office Top Stories

SL Green Closes $296M in Financing for New York Commercial Portfolio

by Nellie Day February 22, 2016

NEW YORK CITY — SL Green Realty Corp (NYSE: SLG) has received $296 million in financing for three of the REIT’s New York-based assets. The assets include a Class A office building at 800 Third Ave. in Manhattan; Jericho Plaza, a 662,000-square-foot, two-property complex in Jericho on Long Island; and 719 Seventh Ave. in Times Square, which will eventually serve as a prime retail flagship location. The office building received a new 10-year, $177 million refinancing of its mortgage loan. The property is situated in the Grand Central submarket. It is currently 96 percent occupied. Jericho Plaza received a two-year, floating-rate mortgage to recapitalize the property. The initial funding was about $75 million, with a total expected funding of $100 million. Proceeds will partially be used for a capital improvement plan that includes lobby and elevator cab renovations, the addition of a conference facility and landscaping upgrades. The Times Square project received a two-year, $44 million loan. The proceeds will be used for construction of 10,000 square feet of retail space, as well as extensive LED signage. SL Green expects that construction will be completed before the 2016 holiday season. “The successful completion of these transactions provides evidence that liquidity …

February 22, 2016