Northeast

HFF Secures $18.5M in Refinancing for New Jersey Office Building

by Amy Works June 30, 2015

ISELIN, N.J. — HFF has secured $18.5 million in refinancing for Centra, an office building located at 100 Wood Ave. in Iselin. On behalf of The Hampshire Companies, HFF placed the loan with M&T Bank to take out the property’s construction loan, which HFF also placed in November 2010 for the redevelopment of the property. The four-story 110,700-square-foot property is 95 percent leased to a variety of tenants, including JP Morgan Chase, MetLife, Grant Thornton and Net App. Michael Klein and Jon Mikula of HFF represented the borrower in the transaction.

June 30, 2015

Hospitality New York Northeast

NYC’s New Marriott Fairfield Inn & Suites to Top Out in July

by Amy Works June 30, 2015

NEW YORK CITY — Being developed by Barone Management, the new Marriott Fairfield Inn & Suites in New York City is slated to top out in July. Located at 538 W. 58th St., the 86,000-square-foot hotel will feature 226 rooms in two seemingly separate structures, an 18-story tower and adjoining 10-story building. The property will feature a streetside plaza, an office center, a fitness center and a breakfast bar. Gene Kaufman Architect is serving as architect for the project.

June 30, 2015

Hospitality Loans Northeast Pennsylvania

Cronheim Hotel Capital Secures $15.2M Acquisition Financing for Hampton Inn Property

by Amy Works June 30, 2015

WYOMISSING, PA. — Cronheim Hotel Capital has secured $15.2 million in financing for the acquisition of the 142-room Hampton Inn in Wyomissing. The borrowers were Ayer Capital Advisors, an investment firm, and The Wankawala Organization, a hotel owner and management firm. The 10-year, non-recourse loan was funded at 79 percent loan-to-cost and carries a 30-year amortization schedule. The buyers currently own and manage a portfolio of 10 hotels totaling more than 1,000 rooms. David Turley, Janet Proscia and Jeffrey Pacailler of Cronheim Hotel Capital arranged the financing for the borrowers. Cronheim Hotel Capital is an affiliate of Chatham, N.J.-based David Cronheim Mortgage Corp.

June 30, 2015

Multifamily New York Northeast

Cushman & Wakefield Brokers Sale of Development Site in Brooklyn

by Amy Works June 30, 2015

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a development site located at 186 Greenpoint Ave. in Brooklyn’s Greenpoint neighborhood. The asset sold for $2.5 million, or $348 per square foot, in an all-cash transaction. The 25-foot by 112.5-foot lot features 7,194 buildable square feet for residential development. Additionally, plans have been approved by the Department of Building to construct a five-story six-unit residential building on the property. Brendan Maddigan of Cushman & Wakefield handled the transaction. The names of the seller and buyer were not disclosed.

June 30, 2015

New Jersey Northeast Office

Mack-Cali Realty Sells 203,506 SF Office Property for $81.4M in New Jersey

by Amy Works June 29, 2015

PARSIPPANY, N.J. — Mack-Cali Realty Corp. has completed the disposition of its commercial office property located at 14 Sylvan Way within Mack-Cali Business Campus in Parsippany. Griffin Capital Essential Asset REIT II Inc. purchased the 203,506-square-foot property for $81.4 million. In addition to the sales price, Griffin is assuming responsibility for approximately $2 million in future tenant improvement allowance. Developed in 2013, the three-story property is fully leased to Wyndham. Jose Cruz and Kevin O’Hearn of HFF represented Mack-Cali in the transaction.

June 29, 2015

Massachusetts Multifamily Northeast

CBRE/NE Arranges Sale of 330-Unit Multifamily Property in Massachusetts

by Amy Works June 29, 2015

WORCESTER, MASS. — CBRE/New England has arranged the sale of Plantation Ridge, a multifamily property located in Worcester. TGM Plantation Ridge sold the 330-unit property to Audubon Plantation Ridge LLC, an affiliate of Boston-based Audubon Capital Partners, for an undisclosed price. Built in 2004, the property offers a mix one- and two-bedroom layouts, averaging 959 square feet. Community amenities include a freestanding community center, business center, pool and fitness center, as well as 30 underground parking spaces and 52 detached garages. Simon Butler and Biria St. John of CBRE/NE represented the seller in the transaction.

June 29, 2015

New York Northeast Retail

Marcus & Millichap Brokers $15.6M Sale of Retail Property in Queens

by Amy Works June 29, 2015

NEW YORK CITY — Marcus & Millichap has brokered the sale of a freestanding retail property located on Guy R. Brewer Boulevard in Queens. The 10,500-square-foot asset sold for $15.6 million, or $1,494 per square foot. Built in 2010, the property is occupied by Walgreens. Steven Siegel and Michael Kook of Marcus & Millichap’s Manhattan office represented the seller and buyer in the transaction. The names of the buyer and seller were not disclosed.

June 29, 2015

Industrial Massachusetts Northeast

C-F Cold Storage Buys 108,689 SF Climate-Controlled Industrial Property in Massachusetts

by Amy Works June 29, 2015

HAVERHILL, MASS. — C-F Cold Storage has acquired a climate-controlled industrial property located at 10 Creek Brook Dr. in Haverhill. Marwick Associates sold the 108,689-square-foot property for $12.2 million. The property features a state-of-the-art refrigeration system, 34-foot clear heights and highway access. James Stubblebine and David Stubblebine of The Stubblebine Company/CORFAC represented the buyer, while Mark Reardon and Jason Levendusky of CBRE/New England represented the seller in the transaction.

June 29, 2015

Mixed-Use Multifamily New York Northeast Retail

Cushman & Wakefield Arranges $6.6M Sale of Mixed-Use Building in Manhattan

by Amy Works June 29, 2015

NEW YORK CITY — Cushman & Wakefield has arranged the sale of a mixed-use property located at 309 Amsterdam Ave. in Manhattan’s Upper West Side. The four-story property sold for $6.6 million, or $1,630 per square foot. The 4,800-square-foot property features a 1,200-square-foot retail space and three one-bedroom apartments. The property was delivered vacant. The undisclosed buyer plans to reposition the property for rental. Paul Smadbeck and Robert Stufano of Cushman & Wakefield represented the undisclosed seller in the transaction.

June 29, 2015

Loans Multifamily Northeast Pennsylvania

Berkadia Closes $80.4M Acquisition Loan for ICON 1616 in Philadelphia

by Amy Works June 26, 2015

PHILADELPHIA — Berkadia has arranged an $80.4 million loan for the acquisition of ICON 1616, a multifamily property located at 1616 Walnut St. in Philadelphia. The borrower, Castle Rock Equity Group, will use the loan toward the $112 million acquisition of the property. Yuri Kletsman of Berkadia secured the 10-year, fixed-rate loan through Berkardia’s Fannie Mae DUS Program. Terms of the loan include a 4.06 percent interest rate and a 30-year amortization schedule. The financing also incorporated the property’s PILOT program and historic tax credits. Built in 1929, the 25-story property features 206 studio, one-, two- and three-bedroom floor plans. Community amenities include a sky deck with 360-degree views; a grilling station; herb garden and outdoor living area; a yoga studio; a club level with a kitchen, billiard tables, flat-screen televisions and a large-screen media room; and a business center with computers, printers and conference rooms.

June 26, 2015

Newer Posts

Older Posts