Northeast

Bussel Realty Brokers $6.6M Distribution Facility Sale in New Jersey

by Amy Works October 31, 2014

UNION, N.J. — Bussel Realty Corp. has brokered the sale of 600 Green Lane, a 91,000-square-foot distribution and headquarters facility in Union. Millstein Acquisitions and D’Artagnan purchased the property for $6.6 million. Situated on 5.9 acres the property features 13,000 square feet of modern offices, 26- to 28-foot ceiling heights, 17 loading docks and 163 parking spaces. The property most recently underwent renovations in 2005. Robert Sagar and David Blitt of Bussel Realty represented the seller, while Blau & Berg represented the purchaser in the transaction.

October 31, 2014

New York Northeast Retail

Sovereign Realty Group Arranges Sale of Staten Island Retail Building

by Amy Works October 31, 2014

STATEN ISLAND, N.Y. — Sovereign Realty Group has completed the sale of a freestanding bank building on Staten Island. Train City Ltd. sold the asset sold for $3.5 million or $1,105 per square foot to a private investor from New York City. Located at 386 Forest Ave., the 3,165-square-foot building is occupied by Capital One. Frank Caporrino and Clem Cote of Sovereign Realty Group brokered the transaction.

October 31, 2014

Multifamily New Jersey Northeast

Walters Group is Developing Alberston Village in Camden County

by Amy Works October 30, 2014

HADDON TOWNSHIP, N.J. — Walters Group is developing Alberston Village, an apartment project located in Haddon Township. Located in the Westmont section of Haddon Township, the 82-unit apartment building will offer a mix of one- and two-bedroom residences with optional loft spaces and upgraded interiors, including Energy Star appliances and granite kitchen countertops. Comprising four three-story buildings, the community will feature a clubhouse with 24-hour fitness and parking garages for residents.

October 30, 2014

Loans New Jersey Northeast Retail

Cronheim Secures $11.5M Loan for New Jersey Retail Center

by Amy Works October 30, 2014

SEA GIRT, N.J. — Cronheim Mortgage has secured $11.5 million in financing for Brook 35 Plaza in Sea Girt. The 15-year interest-only loan was placed with American General Life Insurance Company and National Union Fire Insurance Company of Pittsburgh. The borrower is Sea Girt Limited Partnership, an affiliate of Federal Realty Investment Trust. Built in 1986, Brook 35 Plaza is an open-air lifestyle center comprising three retail buildings totaling 80,877 square feet. Current tenants include Chico’s, Coach, The Gap, Starbucks Coffee, Victoria’s Secret and Williams-Sonoma. Additionally, the retail center’s second floor contains 13,240 square feet that is 100 percent leased to Morgan Stanley and Premier Executive Suites. Andrew Stewart, Dev Morris and Allison Moravec of Cronheim Mortgage arranged the transaction.

October 30, 2014

Multifamily New York Northeast

GFI Realty Arranges Sale of East Harlem Apartment Building

by Amy Works October 30, 2014

NEW YORK CITY — GFI Realty Services has brokered the sale of 1 East 124th Street, a five-story walk-up apartment building located in the East Harlem section of Manhattan. Built in 1910, the 10-unit property sold for $2.15 million or $215,000 per unit. Roni Abudi of GFI represented the seller, while Ohad Bado, also GFI, represented the buyer, Kassin Sabbagh Realty, in the transaction.

October 30, 2014

Loans New York Northeast Retail

NorthMarq Capital Negotiates $5M in Refinancing for Allied Shopping Center

by Amy Works October 30, 2014

WHITESTONE, N.Y. — NorthMarq Capital’s Long Island-based office has arranged $5 million in refinancing for Allied Shopping Center, a retail property located in Whitestone. Located at Francis and Willis Point boulevards, the property offers 42,458 square feet of retail space. The financing was structured with a 10-year term and a 25-year amortization schedule. Charles Cotsalas of NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.

October 30, 2014

Mixed-Use Multifamily New York Northeast Retail

Marcus & Millichap Arranges $6.4M Sale of Mixed-Use Building

by Amy Works October 30, 2014

NEW YORK CITY — Marcus & Millichap has brokered the sale of 307 East 85th Street, a mixed-use building located in New York City. The 9,625-square-foot property sold for $6.4 million. Peter Von Der Ahe, Joseph Koicim, David Lloyd and Daniel Handweiler of Marcus & Millichap’s Manhattan office represented the seller, a private investor, and the buyer, a private investor, in the transaction. The five-story building offers 15 residential units and one commercial unit. The apartment mix includes four studio units, six one-bedroom units and five two-bedroom units.

October 30, 2014

Loans Massachusetts Multifamily Northeast

RED Mortgage Capital Delivers $10.3M of Refinancing for Victoria Riverside Townhouse Lofts

by Amy Works October 29, 2014

NEW BEDFORD, MASS. — RED Mortgage Capital, the mortgage lending entity of comprehensive capital provider RED Capital Group, with assistance from Jeffrey Rome of Capital Access US, has completed a Fannie Mae DUS loan in the amount of $10.3 million. The borrower, Victoria Riverside LLC, will use the loan to refinance Victoria Riverside Townhouse Lofts in New Bedford. The non-recourse, fixed-rate loan features payments based on a 30-year amortization schedule. Victoria Riverside LLC utilized a combination of federal and state historic tax credits to fund a portion of the redevelopment of the former Whitman Mill into 101 townhome lofts. Formerly a cotton mill built in the 1896 by William Whitman, the building is listed in the National Register of Historic Places.

October 29, 2014

Northeast Retail Rhode Island

Marcus & Millichap Brokers $4.4M Sale of Two Rhode Island Retail Centers

by Amy Works October 29, 2014

COVENTRY, R.I. — Marcus & Millichap has arranged the sale of two retail centers, located at 670-678 and 710-720 Centre of New England Blvd. in Coventry. MTM-CNE LLC sold the assets, which total 16,895 square feet, for $4.4 million to 1465 Third Avenue LLC. Current tenants include 863 Sushi, Cilantro Grille, Royal Nails, UPS, Spring, We-R-Wireless, GameStop, Starkey Hearing, Supercuts and T-Mobile. Bob Horvath and Todd Tremblay of Marcus & Millichap represented both the seller and buyer in the transaction.

October 29, 2014

Loans Massachusetts Northeast Office

NorthMarq Capital Arranges $2.5M Acquisition Loan for Office Building

by Amy Works October 29, 2014

HAVERHILL, MASS. — NorthMarq Capital’s Boston regional office has secured $2.5 million in acquisition financing for an office building in Haverhill. Located at 26 Parkridge Road, the property offers 42,000 square feet of office space. Ed Riekstins of NorthMarq Capital arranged financing, which has a 20-year term and a 25-year amortization schedule, through its correspondent relationship with a life insurance company.

October 29, 2014

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