Northeast

Madison-Chestnut-Northwoods-Middletown-CT

IPA Brokers $92.5M Sale of Two-Property Multifamily Portfolio in Connecticut

by Amy Works February 9, 2016

MIDDLETOWN, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of a two-property multifamily portfolio located in the Westlake District of Middletown. The 650-unit portfolio sold for $92.5 million, or $142,000 per unit. The portfolio includes Madison Chestnut Hill, which was built in 1986 and features 314 apartments, and the 336-unit Madison Northwoods, which was also built in 1986. Both properties offer a variety of community amenities, including clubhouses, billiards rooms, libraries, tennis courts, swimming pools and fitness centers. Victor Nolletti, Steve Witten, Still Hunter and Eric Pentore of IPA represented the seller, Chestnut Hill and Northwoods Apartments Associates LLC, and procured the buyer, Gateway Realty Holdings LTD.

February 9, 2016

Loans New Jersey Northeast Retail

NorthMarq Arranges $49.4M Loan for Retail Portfolio in New Jersey

by Amy Works February 9, 2016

PARAMUS, N.J. — NorthMarq Capital has arranged $49.4 million of floating-rate financing for a 244,000-square-foot, four-property retail portfolio on Route 17 in Paramus. The borrower, Advanced Realty, will use the loan proceeds for acquisition of the assets and a funding facility for re-tenanting and redevelopment costs. Three of the buildings are located at 289-317 Route 17 South. The properties are occupied by PGA Tour Superstore and P.C. Richard & Son. Located at 60 Route 17 North, the fourth property is a 75,000-square-foot power center occupied by DSW Designer Shoe Warehouse and PetSmart. Gregory Nalbandian of NorthMarq secured the loan through Natixis Real Estate Capital for the borrower.

February 9, 2016

Multifamily Northeast Pennsylvania

NGKF Brokers Sale of Multifamily Development Site in Philadelphia

by Amy Works February 9, 2016

PHILADELPHIA — Newmark Grubb Knight Frank (NGKF) Capital Markets has arranged the sale of the SOKO Lofts development site, located at 1300-1354 N. Second St. in Philadelphia’s South Kensington neighborhood. Canus Corp. sold the property to The Klein Company for an undisclosed sum. Scheduled to begin construction later this year, the fully approved development will feature 320 apartments. Brett Segal, Mike Margolis, Dave Dolan and Jeff Mack of NGKF represented the seller in the transaction.

February 9, 2016

Multifamily New York Northeast Retail

Eastern Consolidated Negotiates $9M Sale of Brooklyn Mixed-Use Property

by Amy Works February 9, 2016

NEW YORK CITY — Eastern Consolidated has brokered the sale of a mixed-use property located at 86-90 Bushwick Ave., aka 811 Grand St., in Brooklyn’s East Williamsburg neighborhood. The property sold for $9 million, or $445 per square foot. The four-story building features 12 rent-regulated residential units and four retail units. The apartment units are a mix of one-, two- and three-bedroom layouts. Eskor Edem of Eastern Consolidated represented the seller, a longtime owner, while Jonathan Schwartz, also of Eastern Consolidated, represented the buyer, a local investor, in the transaction.

February 9, 2016

Affordable Housing Multifamily New Jersey Northeast

WinnDevelopment to Acquire, Renovate 131-Unit Affordable Housing Property in New Jersey

by Amy Works February 8, 2016

JERSEY CITY, N.J. — WinnDevelopment has closed on the financing to acquire and renovate an affordable housing property in Jersey City. The $40.2 million acquisition and rehabilitation project will deliver interior and exterior upgrades to Brunswick Estates, a 131-unit income-restricted community. The townhouse-style property features 14 clusters of buildings with apartments ranging from two to five bedrooms, as well as a central building. The public-private partners in the project include The City of Jersey City, the New Jersey Economic Development Authority, the New Jersey Housing and Mortgage Finance Agency, Citi Community Capital, The Richman Group Affordable Housing Corp., New Jersey Community Capital, Boston Community Capital and Greater Bergen Community Action Inc. Additionally, New York City-based Dane PCG brokered the deal. WinnDevelopment is the development arm of WinnCompanies.

February 8, 2016

Multifamily New York Northeast Retail

Cignature Realty Negotiates $21.6M Sale of Residential Building in Manhattan

by Amy Works February 8, 2016

NEW YORK CITY — Cignature Realty Associates has brokered the sale of a residential building located at 4300 Broadway in Upper Manhattan. Quantum Equities sold the property to Sugar Hill Capital Partners for $21.6 million. Built in 1955, the six-story, elevator-serviced building features 54 residential units and a 6,000-square-foot vacant retail space. The rent-regulated building features a mix of studios and one- and two-bedroom apartments. Lazer Sternhell and Peter Vanderpool of Cignature Realty Associates represented both parties in the off-market transaction.

February 8, 2016

Loans Massachusetts Multifamily Northeast

KeyBank Provides $17M in Refinancing for Massachusetts Apartment Complex

by Amy Works February 8, 2016

HAVERHILL, MASS. — KeyBank Real Estate Capital has provided $17 million in Fannie Mae financing for Pine Brook Place, a garden-style apartment complex in Haverhill. Built in 1971, the property features 240 residential units. Loan proceeds will be used to refinance the property. Dirk Falardeau of Key’s Commercial Mortgage Group arranged the loan for the undisclosed borrower.

February 8, 2016

New Hampshire Northeast Retail

Linear Retail Properties Acquires Retail Building in New Hampshire for $12M

by Amy Works February 8, 2016

NASHUA, N.H. — Burlington, Mass.-based Linear Retail Properties has acquired a free-standing building located at 235 Daniel Webster Highway in Nashua. The 29,554-square-foot property, which is occupied by Barnes & Noble Bookstore, sold for $12 million. The property is connected to three other Linear Retail centers: Daniel Webster Plaza, Daniel Webster Shops and Daniel Webster Crossing. The name of the seller was not released.

February 8, 2016

Multifamily New York Northeast Seniors Housing

The Kendal Corp. Opens First Phase of Seniors Housing Community in Upstate New York

by Amy Works February 8, 2016

ITHACA, N.Y. — The Kendal Corp. has opened the first phase of the repositioning and expansion of Kendal at Ithaca, a full-service seniors housing community located on a 105-acre campus in Ithaca. The opening marks the completion of a $30 million expansion, which began in 2012. Master planned by Perkins Eastman, the new property features an inviting entrance and reception area, expanded fitness center, new casual dining bistro, 24 new high-end apartments for independent living and a new skilled nursing center, which replaced the original care center. The second phase redevelopment will transform former nursing rooms into an enlarged health clinic for the community. The single-story skilled nursing center was designed on the neighborhood model, which divides the center into three distinct neighborhoods, each with its own kitchen and pantry, dining and living rooms and 16 private resident rooms with sensitively designed outdoor space. The master plan also includes interior and exterior renovations to the main dining room and common areas, as well as passive and active outdoor courtyards and an expansion of the community’s preexisting walking paths.

February 8, 2016

Industrial New Hampshire Northeast Top Stories

Calpine Corp. Buys Granite Ridge Energy Center in New Hampshire for $500M

by Nellie Day February 8, 2016

LONDONDERRY, N.H. — Calpine Corp. (NYSE: CPN) has purchased the Granite Ridge Energy Center power plant for $500 million. The natural gas-fired, combined-cycle plant is located at 21 N. Wentworth Ave. in the Southeast New Hampshire town of Londonderry, near the Massachusetts border. The seller was Granite Ridge Holdings. The power plant features two combustion turbines, two heat recovery steam generators and one steam turbine. It began operating in 2003. Granite Ridge has a nameplate generating capacity of 745 megawatts, resulting in a purchase price of approximately $671 per kilowatt. “The addition of Granite Ridge strategically enhances our footprint in New England,” says Thad Hill, Calpine’s president and CEO. “Now with approximately 2,000 megawatts of modern gas-fired capability in the region, Calpine is well positioned to provide clean, flexible and reliable energy and capacity to the market.” Calpine financed the transaction with proceeds from a $550 million first lien term loan, secured in December 2015. Calpine Corporation is America’s largest generator of electricity from natural gas and geothermal resources. Champion Energy, the company’s wholesale power operations and retail business, serves customers in 20 states and Canada. Calpine’s stock closed at $15.31 on Friday, Feb. 5, down from $22.16 one year …

February 8, 2016

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