Northeast

Ready Capital Closes $9.9M Bridge Loan for Mixed-Use Property in NYC

by Amy Works December 4, 2015

NEW YORK CITY — Ready Capital Structured Finance has closed a $9.9 million value-add loan on a leasehold interest for a mixed-use retail and office property at 313-315 W. 125th St. and an adjacent undeveloped land parcel located at 316 W. 126th St. in Harlem. Proceeds of the loan will be used for the acquisition, renovation and stabilization of the vacant 27,145-square-foot mixed-use property and the 4,166-square-foot land parcel. The loan features a two-year term with a one-year extension. The property is one block from the Apollo Theater and a variety of retailers, including Old Navy, Banana Republic Factory Store and DSW.

December 4, 2015

New Jersey Northeast Retail

HFF Arranges $5.4M Sale of Suburban Philadelphia Self-Storage Property

by Amy Works December 4, 2015

CINNAMINSON, N.J. — HFF has brokered the sale of Riverline Self Storage, a self-storage facility located at 1714 Bannard St. in Cinnaminson, a suburb of Philadelphia. Saratoga Springs, N.Y.-based Prime Group purchased the 381-unit property for $5.4 million. The two-building property totals 63,539 rentable square feet, with the property’s 381 climate-controlled units totaling 36,586 rentable square feet and occupying portions of both two-story buildings. The remaining 26,953 square feet is occupied by a combination of office, retail and warehouse tenants. Richard Schontz and Barbara Guffey of HFF represented the seller, a local private investor, in the transaction.

December 4, 2015

New York Northeast Retail

Aquazzura to Open First U.S. Location in Manhattan

by Amy Works December 4, 2015

NEW YORK CITY — Aquazzura, a Florence, Italy-based shoe retailer, has leased 2,221 square feet of retail space at 935 Madison Ave. in Manhattan for its first U.S. location. Situated between 74th and 75th streets, the shoe retailer will occupy 1,144 square feet on the ground floor and 1,077 square feet on the lower level. The retail space features 17 feet of frontage on Madison Avenue, with the building’s original 1876 façade, as well as 18-foot ceilings on the ground floor and 10-foot ceilings on the lower level. Ariel Schuster, Jackie Totolo and Brandon Elias of RKF, along with Joel Isaacs and Joshua Lewin of Isaacs and Company represented the landlord, JZS Madison LLC, in the transaction. Marc Simon, also of Isaacs and Company, represented the tenant.

December 4, 2015

New York Northeast Office

Ariel Property Advisors Launches Capital Services Division

by Amy Works December 4, 2015

NEW YORK CITY — Ariel Property Advisors has launched a Capital Services business line. Ariel Property Advisors: Capital Services will focus on multifamily, commercial, retail, development, mixed-use and industrial properties and work with the firm’s current investment sales and research professionals to structure financing for commercial real estate properties throughout the New York metropolitan area. Ariel Property Advisors has hired Paul McCormick, a 10-year veteran of the commercial mortgage industry, to lead the business line expansion and serve as vice president of Capital Services.

December 4, 2015

Loans New York Northeast Office

Paramount Completes $1B Refinancing of 1633 Broadway in Manhattan

by Amy Works December 3, 2015

NEW YORK CITY — Paramount Group has completed a $1 billion refinancing of 1633 Broadway, a 2.6 million-square-foot office building in Manhattan. The seven-year loan is interest only at LIBOR plus 175 basis points and can be increased by $250 million to a total $1.25 billion. The proceeds from the loan were used to repay existing $926 million loan and fund $42 million of swap breakage costs. Landesbank Banden-Württemberg New York Branch, Landesbank Hessen-Thüringen Girozentrale, DekaBank Deutsche Girozentrale, ING Capital and Wells Fargo Securities served as joint lead arrangers for the loan. Landesbank Banden-Württemberg New York Branch will serve as administrative agent and Wells Fargo National Association will serve as syndication agent. Eastdil Secured arranged the financing for the borrower.

December 3, 2015

Multifamily New York Northeast

TGM Associates Sells 360-Unit Multifamily Property in Fishkill, N.Y., to Hampshire Properties

by Amy Works December 3, 2015

FISHKILL, N.Y. — TGM Associates has sold TGM Village at Merritt Park to New York City-based Hampshire Properties for an undisclosed sum. Located at 80 Jefferson Blvd. in Fishkill, the property features 360 apartment units in a mix of one-, two- and three-bedroom floor plans ranging from 754 square feet to 1,328 square feet. Brian Whitmer of Cushman & Wakefield brokered the transaction. TGM originally purchased the property in 2006.

December 3, 2015

New York Northeast Retail

H&M to Open at Westfield World Trade Center in Lower Manhattan

by Amy Works December 3, 2015

NEW YORK CITY — H&M, a global fashion retailer, is opening its first location in Lower Manhattan. Situated within Westfield World Trade Center, the 25,000-square-foot store is slated to open in spring 2016. This location will be the first store in the United States to apply for LEED certification. The interior of the store will operate on renewable power sources, use less energy than a conventional office building, utilize LED lighting and Energy Star equipment and implement a recycling program throughout the store. The Westfield World Trade Center location is H&M’s 18th store in New York City.

December 3, 2015

Loans New York Northeast Retail

Houlihan-Parnes Realtors Secures $3.5M Loan for 10,000 SF Retail Building in Manhattan

by Amy Works December 3, 2015

NEW YORK CITY — Houlihan-Parnes Realtors has arranged a $3.5 million first mortgage loan for the refinancing of a 10,000-square-foot retail building located at 172-178 Dyckman St. within Manhattan’s Inwood district. The seven-year, non-recourse loan features a 3.75 percent fixed interest rate with interest-only payments for two years and a 30-year amortization schedule. Additionally, the undisclosed borrower has an option to extend the loan for an additional five years. Bryan Houlihan and Mike O’Neill of Houlihan-Parnes Realtors secured the loan for the borrower. Christie Houlihan of Zukerman Gore Brandeis & Crossman LLP provided legal counsel for the borrower.

December 3, 2015

Connecticut Northeast Office

Cushman & Wakefield Arranges Three Leases at Crown Corporate Campus in Connecticut

by Amy Works December 3, 2015

MILFORD, CONN. — Cushman & Wakefield has brokered three new leases, totaling 48,525 square feet, at Crown Corporate Campus, located at 470, 472, 476, 478 and 488 Wheelers Farm Road in Milford. SurgiQuest Inc., a surgical device company, leased 40,542 square feet at 488 Wheeler Farm Road; The Berry Company, a provider of local online, search, video and directory solutions, leased 7,781 square feet at 488 Wheelers Farm Road; and Boys & Girls Village, a nonprofit agency specializing in children with special educational needs, children in crisis or children with learning difficulties, leased 2,002 square feet at 472 Wheelers Farm Road. Situated on 47 acres, Crown Corporate Campus is a five-building, 425,000-square-foot office campus. Kevin Foley, Mike Dillon and Will Mercorella of Cushman & Wakefield represented the landlord, Crown Milford LLC, a division of Crown Properties, in the three deals. Dave Hansen and Matt O’Hare of CBRE represented SurgiQuest; Sean O’Neill of JLL represented The Berry Company; and Marie Pelaccia of First Equity Real Estate represented Boys & Girls Village in the transactions.

December 3, 2015

Multifamily New Jersey Northeast

Partnership Acquires 550-Unit Apartment Property in New Jersey for $107.2M

by Amy Works December 2, 2015

PISCATAWAY, N.J. — A partnership between The KRE Group, Oxford Realty Group and Blue Vista Capital Management has acquired Royal Gardens Apartments, located at 3060 New Brunswick Ave. in Piscataway, for $107.2 million. Situated on 36 acres, the 550-unit property features 258 one-bedroom apartments and 292 two-bedroom units. The partnership plans to install additional amenities and property improvements at the community, including an outdoor swimming pool. The property was 96 percent occupied at the time of sale. Joseph Brecher of Gebroe-Hammer Associates represented the seller in the transaction.

December 2, 2015

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