Northeast

Eastern Union Funding Secures $5.1M Acquisition Loan for Mixed-Use Property in Brooklyn

by Amy Works April 15, 2016

NEW YORK CITY — Eastern Union Funding has secured a $5.1 million loan on behalf of a Brooklyn-based investor for the acquisition of a mixed-use property located at 900 Grand St. in Brooklyn’s East Williamsburg neighborhood. The 22,600-square-foot property features two ground-floor commercial/retail spaces totaling 15,000 square feet, and residential lofts on the second floor. As a former industrial property, the building also features 12-foot to 17-foot ceiling heights, five drive-ins, two elevators and 8,000 buildable square feet. Alex Freund of Eastern Union Funding arranged the nine-year, fixed-rate loan through Suffolk County Bank.

April 15, 2016

Connecticut Loans Northeast Office

Houlihan-Parnes Realtors Arranges $2.7M Loan for Office Building in Connecticut

by Amy Works April 15, 2016

NORWALK, CONN. — Houlihan-Parnes Realtors has arranged a $2.7 million first mortgage for an office property located at 83 East Ave. in Norwalk. The five-year loan, provided by a local bank, features a 3.75 percent interest rate and a five-year option to extend. The 40,000-square-foot office and medical property is occupied by 25 tenants. The building is managed and leased by GHP Office Realty. Andrew Greenspan and James Houlihan of Houlihan-Parnes arranged the loan, while Ray Cohen of Chicago Title arranged the title. The borrower was represented by Christie Houlihan of Zuckerman, Gore, Brandies and Crossman as legal counsel.

April 15, 2016

Loans New York Northeast Office

Meridian Capital Arranges $28M in Refinancing for Medical Office Property in Brooklyn

by Amy Works April 14, 2016

NEW YORK CITY — Meridian Capital Group has arranged $28 million in permanent financing for a multi-tenant medical office property located 902 Quentin Road in Brooklyn. The five-year loan, provided by Bethpage Federal Credit Union, features a fixed rate of 4.25 percent and the ability to prepay at any time without a penalty. The eight-story, 72,300-square-foot property is currently occupied by New York University and Touro College. Shaya Ackerman and Shaya Sonnenschein of Meridian Capital arranged the financing.

April 14, 2016

Hospitality New York Northeast

IHG Opens 246-Room Holiday Inn Brooklyn Nevins Station in Downtown Brooklyn

by Amy Works April 14, 2016

NEW YORK CITY — InterContinental Hotels Group (IHG) has opened Holiday Inn Brooklyn Nevins Station at 300 Schermerhorn St. in downtown Brooklyn. The 81,000-square-foot hotel was developed by K.K. and Sanjeev Mehta. Designed by Gene Kaufman Architect, the 15-story property features 246 guest rooms, including a 400-square-foot Presidential Suite and a 250-square-foot Junior Suite. On-site amenities include entertainment and meeting facilities; a 1,200-square-foot outdoor terrace; 4,000 square feet of dining, bar and lounge options; an indoor pool; and fitness center.

April 14, 2016

Connecticut Hospitality Northeast

Marriott, Starwood Stockholders Approve Blockbuster Deal in Hotel Sector

by Amy Works April 14, 2016

STAMFORD, CONN., AND BETHESDA, MD.— Stockholders from Marriott International (NASDAQ: MAR) and Starwood Hotels & Resorts Worldwide (NYSE: HOT) have approved Marriott’s acquisition of Starwood. The new entity will be the world’s largest hotel company with 30 brands, approximately 5,700 hotels and 1.1 million hotel rooms. The shareholder vote conducted at each company on April 8 passed easily with 97 percent of Marriott’s shareholders approving the transaction and 95 percent of Starwood’s shareholders approving the deal. “There is no doubt that this transaction puts our company on the best path forward,” says Thomas Mangas, Starwood’s CEO. “We remain excited about the opportunity this combination will create for our stockholders, associates, owners and guests.” At closing, Starwood stockholders will receive 0.8 shares of Marriott common stock, plus $21 in cash for each share of Starwood common stock. The transaction is on target to close by the middle of this year.

April 14, 2016

New York Northeast Retail

Northeast Private Client Group Negotiates $8.8M Sale of Retail Property in New York

by Amy Works April 14, 2016

HARTSDALE, N.Y. — Northeast Private Client Group has brokered the sale of a retail property located at 150-152 S. Central Ave. in Hartsdale. A family trust sold the property to a New York-based investor for $8.8 million, or $420 per square foot. Situated on 1.7 acres, the multi-tenant property comprises 21,000 square feet and is currently occupied by Ethan Allen and Blinds to Go, each on 10-year leases with rent escalations and option periods. Edward Jordan of Northeast Private Client Group represented the seller, while Vijay Raghavan of Vijay Realtors represented the buyer in the transaction.

April 14, 2016

Loans Multifamily New York Northeast

Eastern Union Arranges $7.3M Construction Loan for Residential Conversion in Albany

by Amy Works April 14, 2016

ALBANY, N.Y. — Eastern Union Funding has arranged construction financing for UP REALTY LLC for the conversion of 20 Park Street in Albany from office to residential use. Motti Blau of Eastern Union negotiated the two-year, $7.3 million loan with the Albany office of Community Preservation Corp. The four-story, 94,920-square-foot former office building is being redeveloped into 73 rental units. On-site amenities will include a rooftop deck, gym and parking. The property is connected to the Times Union Center indoor arena, the Empire State Plaza complex, additional parking and the future convention center via a covered pedestrian walkway. Construction is slated for completion by early summer.

April 14, 2016

Loans Multifamily New York Northeast

Eastern Consolidated Arranges $27.5M Construction Loan for Manhattan Condo Development

by Amy Works April 13, 2016

NEW YORK CITY — Eastern Consolidated has arranged a $27.5 million refinancing of a construction loan for a condominium development located at 204 Forsyth St. on Manhattan’s Lower East Side. Adam Hakim, Sam Zabala and James Murad of Eastern Consolidated secured the loan, which was provided by Churchill Credit Holdings LLC, for the borrower, Charles Saulson. The borrower is developing a seven-story, 21,166-square-foot residential property at the site. Once complete, the property will feature 11 apartments — 10 two-bedroom units and one three-bedroom unit — and two parking spaces.

April 13, 2016

Multifamily Northeast Pennsylvania

MCHA, Pennrose Properties to Redevelop Public Housing Community in Pennsylvania

by Amy Works April 13, 2016

WILLOW GROVE, PA. — Montgomery County Housing Authority (MCHA) has partnered with Pennrose Properties to redevelop Crest Manor, a public housing community in Willow Grove that was originally built in 1963. The $17.7 million revitalization includes rehabilitation of 15 of the existing two-story twin buildings, demolition of a two-story twin building with construction of a two-story building in its place, demolition of the existing maintenance facility and the construction of a two-story building in its place. Upon completion the community will feature 15 renovated twin buildings, three newly constructed multi-unit buildings and one newly constructed community and maintenance building, all totaling more than 49,492 square feet. The redeveloped community will provide 46 affordable housing units, ranging in size from one- to five-bedroom floor plans. Wallace Roberts & Todd LLC are serving as architect for the project, and Harkins Builders is the general contractor. The project was funded by Alden Torch Finance/JPMorgan Chase, low income housing tax credits allocated by Pennsylvania Housing Finance Agency (PHFA), PHFA PennHOMES, Montgomery County Housing Authority, Montgomery County Affordable Housing trust funds, Community Development Block Grant funds allocated by Abington Township, and Fulton Bank.

April 13, 2016

Connecticut New York Northeast Retail

Marcus & Millichap Negotiates $16M Sale of Two-Property Self-Storage Portfolio in New York, Connecticut

by Amy Works April 13, 2016

PORT CHESTER, N.Y., AND NEW HAVEN, CONN. — Marcus & Millichap has brokered the sale of a two-property, 2,000-unit self-storage portfolio for $16 million, or $139 per square foot. The properties are the 937-unit Byram Self Storage in Port Chester and the 1,063-unit New Haven Self Storage in New Haven. Kevin Menendez, Michael Mele and J.D. Parker of Marcus & Millichap represented the seller, a Delaware-based limited liability company, and procured the buyer, a Santa Monica, Calif.-based company, in the transaction.

April 13, 2016

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