Northeast

RKF Arranges $32.3M Sale of Mixed-Use Building in SoHo

by Amy Works November 5, 2014

NEW YORK CITY — RKF has arranged the $32.3 million sale of 102 Green Street, a retail/residential property located in Manhattan’s SoHo district. SL Green purchased the property from BLDG Greene Street LLC. The acquisition includes the 9,200-square-foot building and 5,500 square feet of air rights for future commercial development. Galeria Melissa, a high-end designer shoe salon, currently occupies the 2,000-square-foot retail component within the property. The asset also features two residential units on the second and third floors. Jeff Fishman and Ross Berkowitz of RKF represented the seller and procured the buyer. Additionally, Fishman represented BLDG Green Street LCC in its purchase of the property for $11.9 million in June 2012.

November 5, 2014

Massachusetts Northeast Retail

Calkain Companies Brokers $13M Sale of Three-Tenant Retail Property

by Amy Works November 5, 2014

NEWTON, MASS. — Calkain Companies has arranged the sale of a three-tenant retail building located at 215-217 Needham St. in Newton. Northland 215 Needham LLC purchased the property for $13 million, or $533 per square foot, from JPMCC 2007-CIBC19 Needham Retail LLC. The 24,930-square-foot property is occupied by Five Guys Burgers & Fries, Men’s Wearhouse and PetSmart. Patrick Nutt and Michael O’Mara represented the seller in the transaction.

November 5, 2014

Loans New Jersey Northeast Retail

HFF Arranges $10.4M Loan for New Jersey Retail Property

by Amy Works November 5, 2014

TINTON FALLS, N.J. — HFF has arranged a $10.4 million loan for a freestanding A&P supermarket and Sonic Drive-In ground lease in Tinton Falls. HFF worked on behalf of The Hampshire Companies to secure the 10-year, fixed-rate loan through Spencer Savings Bank. Loan proceeds were used to acquire the fee interest and refinance existing debt on the leasehold interest. The 56,304-square-foot grocery store and fast-food restaurant are located at 994 Shrewsbury Ave. Jon Mikula, Michael Klein and Michael Cerulo of HFF represented the borrower in the deal.

November 5, 2014

Mixed-Use New York Northeast

TerraCRG Brokers $6.7M Sale of Brooklyn Commercial Loft Building

by Amy Works November 5, 2014

NEW YORK CITY — TerraCRG has brokered the sale a commercial loft building located at 46 Old Fulton St. in the Dumbo/Fulton Ferry district of Brooklyn. The four-story, 17,864-square-foot loft building sold for $6.7 million or $375 per square foot. The property has a total of 22,330 gross usable square feet and 42 feet of frontage on Old Fulton Street. The existing building is configured as nine commercial units with a full basement. The 3,466-square-foot retail space and the entire fourth floor was delivered vacant. Ofer Cohen, Melissa Warren, Dan Marks, Peter Matheos, Michael Hernandez and Joey Terzi of TerraCRG represented both the buyer and seller in the transaction.

November 5, 2014

Loans Multifamily New York Northeast

Mission Capital Advisors Arranges $148.5M Loan for Queens Plaza South Development

by Amy Works November 4, 2014

NEW YORK CITY — Mission Capital Advisors has arranged $148.5 million in non-recourse construction financing for the development of Queens Plaza South, a rental apartment building in Long Island City, Queens. The 44-story property will feature 391 apartment units, 165 parking spaces and 20,000 square feet of retail space. On-site amenities will include a rooftop pool, fitness center, lounge and children’s playroom. Mission Capital represented the sponsor, a joint venture between Property Markets Group, Karman Hakim and New Valley LLC, in arranging the financing with Deutsche Bank. The loan represented 70 percent of the total capitalization for the project. NorthStar Finance provided a $40.3 million mezzanine loan bringing the total financing to $188.7 million or 90 percent of the total project capitalization. Jason Cohen, Ari Hirt, Steve Buchwald and Jamie Matheny of Mission Capital represented the sponsor.

November 4, 2014

Loans Multifamily New York Northeast

Canyon Capital Provides $120M Construction Loan for Brooklyn Residential Project

by Amy Works November 4, 2014

NEW YORK CITY — Canyon Capital Realty Advisors LLC has provided $120 million in senior construction financing to LSG 365 Bond Street LLC, an affiliate of Lightstone. The loan will be used for the ground-up development of a 12-story residential community in Brooklyn’s Gowanus neighborhood. Located at 365 Bond St., the multifamily property will feature 429 residential units, including 86 affordable housing units. Additionally, the project will include a public esplanade along the Gowanus Canal, which will provide a lighted walkway, public outdoor space and access to the canal. Meridian Capital Group advised Lightstone on the transaction.

November 4, 2014

Loans Multifamily Northeast Pennsylvania

HFF Closes Sale, Arranges Financing for 196-Unit Multifamily Community

by Amy Works November 4, 2014

YARDLEY, PA. — HFF has brokered the sale of Yardley Crossing, a multifamily community located along the Delaware River in Yardley. Additionally, HFF arranged Fannie Mae acquisition financing on behalf of the buyer, Relative Properties. Located at 1800 Kathy Dr., the 196-unit community features two- and three-bedroom townhome-style units and 12 one-bedroom flats. Community amenities include a swimming pool, basketball courts, playground, jogging and bike trails, clubhouse and recreation room. Zac Pierce, Mark Thomson and Jose Cruz of HFF represented the seller, Fairfield Belmondo LLC, in the transaction. Ryan Ade and James Conley led the HFF debt placement team to secure financing for the buyer.

November 4, 2014

Connecticut Northeast Retail

Marcus & Millichap Arranges Sale of Net-Leased Retail Property in Connecticut

by Amy Works November 4, 2014

EAST HARTFORD, CONN. — Marcus & Millichap has brokered the sale of a net-leased retail property located at 18 Main St. in East Hartford. Built in 2008, the property, which is occupied by a Wells Fargo bank branch, sold for $4.63 million at a 4.75 percent cap rate. Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap represented the seller, a Connecticut-based developer. Steven Siegel of Marcus & Millichap represented the buyer, a New York City private investor in a 1031 exchange, in the transaction.

November 4, 2014

Industrial New Jersey Northeast

NAI Hanson Brokers 33,000 SF New Jersey Warehouse Building Lease

by Amy Works November 4, 2014

CARLSTADT, N.J. — NAI Hanson represented landlord, Amor SGE LLC, in the lease of 33,000 square feet at its industrial building in Carlstadt. M4U Inc. will use the space, located at 50 Armor Ave., to expand its operations. The warehouse space features four loading docks, two drive-ins, 1,200 amps of power and ample parking. Jeff DeMagistris and Tom Vetter of NAI Hanson represented the owner in the transaction.

November 4, 2014

Loans Mixed-Use Multifamily New York Northeast

Mission Capital Secures $21M in Financing for Acquisition of 66 Pearl Street

by Amy Works November 3, 2014

NEW YORK CITY — Mission Capital Advisors’ Debt & Equity Finance Group has arranged $21 million in first mortgage financing on behalf of Northwind Group for the acquisition of 66 Pearl Street in New York City. Northwind Group is purchasing the six-story, mixed-use residential property located in New York City’s Financial District for $30 million. The 43,546-square-foot building features 42 residential units, with 6,485 square feet of ground-floor retail. Jonathan More, Ari Hirt, Steve Buchwald and David Behmoaras represented the sponsor, Northwind Group, in arranging the financing with Sterling National Bank.

November 3, 2014

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