Northeast

CBRE Secures $7.7M Refinance Loan for Retail Center in New Jersey

by Amy Works July 24, 2015

MONROE TOWNSHIP, N.J. — CBRE Group has arranged $7.7 million in first mortgage refinancing secured by Monroe Town Center in Monroe Township. Located at the intersection of Applegarth and Prospect Plains roads, the 32,205-square-foot retail center is anchored by Wawa. James Gunning, Donna Falzarano and Evan Kleppe of CBRE’s Capital Markets Debt & Structured Finance team arranged the financing for the borrower, Monroe Center Associates LLC. The financing is a CMBS loan with a 10-year term from UBS Real Estate Securities Inc.

July 24, 2015

Loans New York Northeast Retail

EagleBridge Capital Arranges $6M Loan for Brooklyn Retail Property

by Amy Works July 24, 2015

NEW YORK CITY — EagleBridge Capital has arranged $6 million in permanent mortgage financing for a retail building located at 7821 Third Ave. in Brooklyn. Rite Aid Pharmacy and Tutor Time occupy the 19,200-square-foot property. Brian Sheehan and Ted Sidel of EagleBridge secured the financing provided by a leading financial institution.

July 24, 2015

Hospitality Northeast Pennsylvania

Laurus Corp. Completes Hilton Garden Inn Renovation in Suburban Philadelphia

by Amy Works July 24, 2015

FORT WASHINGTON, PA. — Laurus Corp. has completed the repositioning of Hilton Garden Inn Philadelphia/Fort Washington, located at 530 W. Pennsylvania Ave. in Fort Washington. The renovation included upgrading guestrooms, enhancing the lobby, and renovating the 3,350 square feet of meeting space and the outdoor courtyard with ample seating areas and an outdoor fire pit. Guestroom upgrades included new carpets, modern furniture and fixtures and new beds. The company acquired the 146-room hotel in 2013.

July 24, 2015

New Jersey Northeast Office

Brown Brothers Harriman Leases 114,798 SF at Harborside Plaza 5

by Amy Works July 24, 2015

JERSEY CITY, N.J. — Brown Brother Harriman, a private bank, has signed an 11-year lease for 114,798 square feet at Mack-Cali Realty Corp.’s Harborside Plaza 5 in Jersey City. The company will be transferring more than 500 employees to the new location, a 977,225-square-foot office tower on the waterfront. Scott Gamber, Robert Stillman and Peter Gamber of CBRE represented the tenant, while Chris DeLorenzo and Tom Savoca of Mack-Cali, along with Mark Ravesloot, Peter Turchin, Gerry Miovski, Suzanne Macnow and Arkady Smolyansky of CBRE, represented the landlord in the transaction.

July 24, 2015

Connecticut Loans Multifamily Northeast

Colliers Secures $43M Construction Loan for State Street Lofts in Connecticut

by Amy Works July 23, 2015

NEW HAVEN, CONN. — Colliers International has arranged and closed joint venture equity and construction financing for the development of State Street Lofts in New Haven. Working on behalf of the developer, Post Road Residential Inc., Colliers secured $43 million in construction financing from PNC Bank, as well as joint venture equity capital from an affiliate of The Carlyle Group. Slated for completion in 2016, State Street Lofts will include 235 apartments, 275 parking spaces in an attached garage, 10,000 square feet of amenity space and 4,000 square feet of ground-floor retail space. On-site amenities include a fitness center with yoga studio, resident lounge spaces with high-speed Wi-Fi, a library, a resort-style pool with enclosed courtyard, a 7,000-square-foot roof deck, a dog wash station and a bike maintenance room with storage for 240 bikes. Jeff Black and Kevin Phelan led the Colliers team that represented Post Road Residential Inc.

July 23, 2015

New York Northeast Retail

14,560 SF Walgreens Property Sells for $10.4M in New York

by Amy Works July 23, 2015

SMITHTOWN, N.Y. — Marcus & Millichap has arranged the sale of a Walgreens property located at 10 W. Main St. in Smithtown. Situated on the North Shore of Long Island, the property sold for $10.4 million, or $714 per square foot. Constructed in 2006, the 14,560-square-foot building sits on two acres. Simon Jonna and Raymond Jonna of Marcus & Millichap’s Detroit office represented the seller and procured the buyer in the transaction. J.D. Parker of Marcus & Millichap’s Manhattan office is the broker of record for the deal. The names of the seller and buyer were not released.

July 23, 2015

Industrial New York Northeast Retail

Kalmon Dolgin Affiliates Arranges 50,000 SF Lease in Brooklyn for Koppers Specialty Chocolate Co.

by Amy Works July 23, 2015

NEW YORK CITY — Kalmon Dolgin Affiliates has arranged a 50,000-square-foot lease at Liberty View Plaza in Brooklyn for Koppers Specialty Chocolate Co. The company is relocating from a 30,000-square-foot space in Greenwich Village to the space at 850 Third Ave. in Brooklyn’s Sunset Park neighborhood. As part of the deal, Empire State Development, New York State’s economic development agency, will provide Koppers with up to $556,000 in performance-based Excelsior Jobs Program Tax Credits, as the company agreed to create at least 27 new full-time jobs over the next five years and keep the position through at least 2025. Neil Dolgin and Jeffrey Unger of Kalmon Dolgin Affiliates, along with Howard Kesseler and Jordan Gosin of Newmark Grubb Knight Frank, represented the landlord, Salmar Properties, in the transaction.

July 23, 2015

Multifamily New York Northeast

Marcus & Millichap Brokers $2.4M Multifamily Property Sale in Long Island City

by Amy Works July 23, 2015

LONG ISLAND CITY, N.Y. — Marcus & Millichap has brokered the sale of a multifamily property located at 34-27 37th St. in Long Island City. A private investor acquired the eight-unit apartment building for $2.4 million. Matthew Fotis, Zachary Golub and Lazarus Apostolidis of Marcus & Millichap represented the seller, a private investor, and the buyer in the transaction.

July 23, 2015

Multifamily New York Northeast

ARM Real Estate Brokers $1.6M Sale of Residential Building in Queens

by Amy Works July 23, 2015

NEW YORK CITY — ARM Real Estate has brokered the sale of a 5,150-square-foot residential building located at 17-01 Stanhope St. in the Ridgewood neighborhood of Queens. The three-story, six-unit apartment building sold for $1.6 million in an off-market transaction. Anand Melwani and Harrison Zavala of ARM represented both the seller, a long-term owner, and the buyer, Stanhope Purchaser LLC, in the transaction.

July 23, 2015

New York Northeast Office

Savanna Sells 100 Wall Street to Cornerstone Real Estate Advisers

by Amy Works July 22, 2015

NEW YORK CITY — Savanna, a New York-based real estate private equity and asset management firm, has completed the disposition of 100 Wall Street to Cornerstone Real Estate Advisers, acting on behalf of a Cornerstone-managed fund. The 29-story, 520,000-square-foot office building is 97 percent occupied by tenants, including Lester Schwab Katz and Dwyer, Loeb Holding Corp., Crenshaw Associates and Pcubed. Savanna acquired the property in 2011 and completed $25 million in capital improvements during its ownership period, including a successful prebuild program and future resiliency improvements following Hurricane Sandy in 2012. Douglas Harmon, Adam Spies, Joshua King and Adam Doneger of Eastdil Secured represented Savanna, while Carl Schwartz, Laurie Grasso, Susan Saslow, Larissa Kravanja, Ian Group and Barbara Lau of Hunton & Williams served as legal counsel in the transaction. The sales price was not released.

July 22, 2015

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