Northeast

Keystone Property Acquires 880,000 SF Office Building in Philadelphia for $114M

by Amy Works June 30, 2016

PHILADELPHIA — Keystone Property Group has acquired One Washington Square, also known as the Penn Mutual Tower, located at 510-530 Walnut St. in Philadelphia. An undisclosed seller sold the 880,000-square-foot commercial building for $114 million. The building is occupied by several corporate headquarters, including the American Board of Internal Medicine, Urban Engineers and BPD International. Keystone plans to convert the building’s ground floor and mezzanine office space located at 530 Walnut St. into retail space.

June 30, 2016

Loans Multifamily New York Northeast

Meridian Capital Arranges $65.2M in Acquisition Financing for New York Multifamily Property

by Amy Works June 30, 2016

CENTRAL ISLIP, N.Y. — Meridian Capital Group has arranged $65.2 million in acquisition financing for the purchase of Hawthorne Court, a multifamily property located in Central Islip. The borrowers were Spruce Capital Partners and Post Road Properties. The seven-year Freddie Mac loan, provided by Capital One Multifamily Finance, features a fixed rate and three years of interest-only payments. Abe Hirsch and Zev Karpel of Meridian negotiated the transaction. Located at 111-211 Hawthorne Ave., the 20-building property features 434 apartments, 682 parking spaces and a swimming pool.

June 30, 2016

Multifamily New York Northeast

Madison Realty Capital Sells $22.4M Sale of Multifamily Property in Brooklyn

by Amy Works June 30, 2016

NEW YORK CITY — Madison Realty Capital (MRC) has completed the disposition of a multifamily property located at 265-267 S. Second St. in Brooklyn’s Williamsburg neighborhood. An undisclosed buyer acquired the asset for $22.4 million. The six-story, 22,800-square-foot building features 35 apartment units. MRC originally acquired the property in 2013 for $9.7 million and implemented a renovation and repositioning plan aimed to add significant value to the asset. The renovations included new kitchens, updated bathrooms, recessed lighting and hardwood floors, as well as open-air terraces and ground-floor outdoor spaces for select units.

June 30, 2016

Loans Multifamily Northeast Pennsylvania Student Housing

Colliers Closes $9.1M Loan for Student Housing Property in Philadelphia

by Amy Works June 30, 2016

PHILADELPHIA — Colliers International has arranged $9.1 million in financing for Wister Court, a student housing property located in Philadelphia. The seven-year loan features a fixed rate and a 30-year amortization schedule. Serving students at La Salle University, the newly-built property features 49 apartments totaling 206 beds. At the time of closing, the property was 50 percent occupied. Kris Wood, John Banas, Chad Levitt, Tim Hoyt and Martin Duval of Colliers arranged the financing. The name of the borrower was not released.

June 30, 2016

Mixed-Use Multifamily New York Northeast Retail

Eastern Consolidated Brokers $7M Sale of Mixed-Use Property in Tribeca

by Amy Works June 30, 2016

NEW YORK CITY — Eastern Consolidated has arranged the sale of a mixed-use building located at 124 Chambers St. in Tribeca. Lahaina Management Co. sold the 10,400-square-foot building to a private investor for $7 million. The six-story building features ground-floor retail space, which is currently leased to a restaurant, and five floor-through residential loft units. Martin Ezratty and Chris Matousek of Eastern Consolidated represented the seller, while Brandon Eisenman of RKF represented the buyer in the deal.

June 30, 2016

Connecticut Multifamily Northeast Texas Top Stories

Cornerstone Real Estate Advisers to Acquire ACRE Capital Holdings for $93M

by John Nelson June 30, 2016

HARTFORD, CONN. AND PLANO, TEXAS — Cornerstone Real Estate Advisers has agreed to acquire ACRE Capital Holdings LLC, the agency lending subsidiary of Ares Commercial Real Estate Corp. (NYSE: ACRE). The $93 million transaction could close as early as the third quarter of this year. The acquisition of ACRE Capital expands Cornerstone’s commercial loan origination platform, nearly doubling the size of the company’s multifamily loan portfolio from approximately $5 billion to $10 billion. Cornerstone traditionally originates larger balance loans, while ACRE Capital typically focuses on smaller balance loans on behalf of Fannie Mae, Freddie Mac and HUD. In addition to being complementary firms, the acquisition will allow Cornerstone to address the need for affordable housing financing in the marketplace, according to Scott Brown, global president and CEO of Cornerstone. “The affordable housing segment of the marketplace is underserved, and acquiring ACRE Capital will allow us to meaningfully address the current and looming scarcity in affordable residential housing and increase lending to communities nationwide,” says Brown. “We look forward to joining forces with the professionals at ACRE Capital to expand opportunities for their borrowers.” ACRE Capital originates and services multifamily mortgages and seniors housing and healthcare facility loans. The company is …

June 30, 2016

Multifamily New York Northeast

Cushman & Wakefield Negotiates $55.25M Sale Two Buildings in Manhattan

by Amy Works June 29, 2016

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a two vacant and gutted buildings located at 346-350 W. 71st St. on Manhattan’s Upper West Side. Cydonia RE W71 Inc. acquired the assets from 346 West 71 Realty LLC and 350 West Realty LLC for $55.25 million, or $840 per square foot. The adjacent seven-story buildings sit on a 102-foot by 126-foot lot and total 65,772 square feet above grade and 10,000 square feet on the lower level. Prior to sale, the buildings were gutted and positioned for a purchaser to renovate as either luxury condominiums or rental apartments. Hall Oster, Paul Smadbeck, Teddy Galligan and Robert Stufano of Cushman & Wakefield represented the sellers, while DNA Development represented the buyer in the deal.

June 29, 2016

Loans Massachusetts Mixed-Use Multifamily Northeast Retail

Fantini & Gorga Secures $16.4M in Financing for Mixed-Use Development in Massachusetts

by Amy Works June 29, 2016

MANSFIELD, MASS. — Fantini & Gorga has arranged $16.4 million in financing for the development of North Common Estates, a transit-oriented mixed-use development in Mansfield. The borrower is North Common Residences LLC, an affiliate of Curgnale Properties. Casimir Groblewski of Fantini & Gorga arranged both the debt and equity portions of the capital stack for the project. The debt was placed with a major Massachusetts-based financial institution and the equity with a group of private investors. Slated for completion in fall 2017, North Common Estates will feature two four-story buildings offering a total of 37 one-bedroom and 44 two-bedroom apartments, ranging in size from 700 to 1,500 square feet, and 7,689 square feet of commercial space. RESKON Group is the project manager and Annino Inc. is serving as architect for the project.

June 29, 2016

Multifamily New York Northeast

JV Acquires Three Affordable Multifamily Properties in Brooklyn for $14.4M

by Amy Works June 29, 2016

NEW YORK CITY — Avanath Capital Management, in partnership with Oak Tree Management, has acquired three affordable multifamily buildings in Brooklyn. A private investor sold the properties, which total 46 apartment units, for $14.4 million. The properties are a 21-unit building with a mix of rent-stabilized and free-market rental units at 257 Quincy St.; a fully occupied nine-unit property at 570 Jefferson Ave; and an 80 percent-occupied 16-unit building at 308 Stuyvesant Ave. D.J. Johnston of Cushman & Wakefield represented the seller in the transaction. With this portfolio acquisition, Avanath now owns 195 apartment units in Brooklyn.

June 29, 2016

Industrial New Jersey Northeast

O’Neill Logistics Leases 221,000 SF Industrial Lease in New Jersey

by Amy Works June 29, 2016

SOUTH BRUNSWICK, N.J. — Cushman & Wakefield has arranged the lease of 221,000 square feet of industrial space at 130 Interstate Blvd. in South Brunswick. O’Neill Logistics, a third-party logistics firm, is relocating from two addresses in Avenel, N.J., to the facility within the Exit 8A submarket. Additional tenants at the facility include FedEx and Home Depot. Dan Badenhausen and Andrew Stypa of Cushman & Wakefield represented tenant, while Nathan Demetsky of JLL represented the landlord, Terreno Realty Corp., in the transaction.

June 29, 2016

Newer Posts

Older Posts