Northeast

The Daten Group, Lighthouse Enterprises Open Three Residential Buildings in White Plains

by Amy Works October 16, 2014

WHITE PLAINS, N.Y. — The Daten Group, along with its co-developer Lighthouse Enterprises, is opening three residential buildings in White Plains. The properties will bring more than 100 new apartment units to the city. The properties include the 56-unit La Gianna at 10 DeKalb Avenue, the 24-unit The Dylan at 42 Waller Avenue and the 23-unit The Reed at 115 N. Broadway. On-site amenities include doormen, fitness centers, media rooms, children’s playrooms, playgrounds, barbecue areas and covered parking. The units feature modern, upscale, open layouts with hardwood floors, master bathrooms with double sink vanities, full-size vented washers and dryers, custom Italian kitchens with modern stainless steel appliances, ceasarstone countertops, large bedrooms and closet space. Residents starting moving into La Gianna in October and The Dylan and The Reed will be available for occupancy in December. Rental fees start at $2,050 for studios, $2,300 for one bedrooms and $2,775 for two bedrooms.

October 16, 2014

Healthcare Loans New York Northeast

KeyBank Closes $80.5M Loan for New York Medical Office Building

by Amy Works October 16, 2014

NEW YORK CITY — KeyBank Real Estate Capital has closed an $80.5 million loan for Hutch Tower II in the Bronx. Constructed in 2014, the 278,133-square-foot medical office building was built for Montefiore Medical Center. Peter Rand and Robert Williams of KeyBank secured the non-recourse, fixed-rate CMBS loan, which will be used to retire a construction loan with M&T.

October 16, 2014

Industrial New York Northeast

CBRE Group Brokers $36M Sale of West Nyack Industrial Property

by Amy Works October 16, 2014

WEST NYACK, N.Y. — CBRE Group has brokered the sale of an industrial property, located at 100 Brook Hill Drive in West Nyack, for $36 million. The 490,795-square-foot building is fully air-conditioned and features 24- to 26-foot clear heights and 6,200 amps of electric service. Jeffrey Dunne, Kevin Welsh, Brian Schulz, Frank Maresca, Michael Hines, Brian Fiumara, Brad Ruppel, James Tully of CBRE represented the sellers, Robert Martin Co. and MAG Real Estate Advisors, in the transaction. Additionally, the CBRE team procured the buyer, Diamond Properties.

October 16, 2014

Massachusetts Multifamily Northeast

GPT-RG Amherst Sells Rolling Green Apartments for $30.3M

by Amy Works October 16, 2014

AMHERST, MASS. — CBRE/New England’s Capital Markets team has brokered the sale of Rolling Green Apartments, an apartment community in Amherst. GTP-RG Amherst, an affiliate of Equity Residential, sold the 204-unit, garden-style apartment community to an affiliate of Beacon Communities LLC for $30.3 million. Built in the early 1970s, the community consists of 16 two-story, garden-style buildings with a mix of 64 one-bedroom, 103 two-bedroom apartments, 31 three-bedroom apartments and six four-bedroom units. The apartments range in size from 759 to 1,158 square feet, with 76 of the units consisting of a townhouse configuration. The community was originally developed with MassHousing financing. However, when the financing matured in 2012, the affordable housing restrictions also went away. Beacon is working in collaboration with the town of Amherst and the Department of Housing and Community Development to secure the resources necessary to maintain Rolling Green as a high-quality, mixed-income housing property.

October 16, 2014

New Jersey Northeast Office

CBRE Brokers Sale of a New Jersey Office Building

by Amy Works October 16, 2014

HADDON TOWNSHIP, N.J. — CBRE Inc. has brokered the sale of the Wells Fargo Building, located at 600 W. Cuthbert Blvd. in Haddon Township. National Financial Realty – East Coast Portfolio LLC sold the property for $2.98 million. The 75,937-square-foot office building was constructed in two phases. A two-story bank branch was completed in 1965, and a six-story attached office building was completed in 1976. Wells Fargo is the sole tenant. Wells Fargo vacated the two-story bank branch property, which is currently available for lease. Jim Pasquarella and Bill Tourtellotte of CBRE represented the seller in the transaction.

October 16, 2014

Hospitality Loans Massachusetts Northeast

HFF Arranges $56.5M Loan for Newly Built Residence Inn in Boston

by Amy Works October 15, 2014

BOSTON — HFF has arranged $56.5 million in permanent financing for the Residence Inn Boston/Back Bay Fenway Park, a 175-room extended stay hotel located at 125 Brookline Ave. in Boston’s Fenway/Kenmore neighborhood. HFF secured the 10-year, fixed-rate loan for the borrower, Boylston Properties, through Cornerstone Real Estate Advisers on behalf of an institutional lender. Completed in July 2013, the eight-story, 154,684-square-foot hotel offers a mix of studio, one-bedroom and two-bedroom guestrooms. Hotel amenities include a breakfast area, lounge/bar, meeting room, indoor pool, fitness center, outdoor terrace on the top floor and below-grade parking for 50 cars. Additionally, the property includes 6,000 square feet of ground-floor retail space leased to Bar Louie’s and Santander. Fred Wittman and Robyn King of HFF represented the borrower in the transaction.

October 15, 2014

Multifamily New York Northeast

GFI Realty Arranges $24M Sale of Five-Building Multifamily Portfolio

by Amy Works October 15, 2014

NEW YORK CITY — GFI Realty Services has brokered the sale of a five-building multifamily portfolio in the Bronx. The portfolio, which consists of 206 units, sold for $24 million or $117,000 per unit. The adjacent properties are located at 922-926, 932-934, 938-940 and 944 Bronx Park South and 2137 Vyse Ave. Shulem Paneth and Eli Matyas of GFI Realty Services represented the buyer, while Yosef Katz, also of GFI Realty, represented the seller, Rising Development-BPS LLC, in the transaction.

October 15, 2014

Massachusetts Northeast Office

KS Partners, Oaktree Capital Acquire Three-Building Office Park

by Amy Works October 15, 2014

ANDOVER, MASS. — A joint venture between KS Partners and Oaktree Capital Management has acquired Brickstone Square, a three-building office park located in Andover. Originally constructed between 1919 and 1934 as the world headquarters for American Woolen Company, the three buildings are located at 100, 200 and 300 Brickstone Square and total more than 1 million square feet. In 1986, the property was renovated and converted into office space. On-site amenities include a full-service cafeteria, fitness center, on-site daycare center, convenience store and more than 3,000 parking spaces. Kerry Olson Hawkins, Jason Levendusky and Jake Borden of CBRE/New England have been selected to lease the property.

October 15, 2014

Multifamily Northeast Pennsylvania

Marcus & Millichap Brokers Sale of 32-Unit Apartment Building

by Amy Works October 15, 2014

ALLENTOWN, PA. — Marcus & Millichap has brokered the sale of The Glen Ridge Apartments, a 32-unit multifamily property located in Allentown. The property sold for $2 million. Located at 801 E. Turner St., the property features a mix of four studios, 21 two-bedroom units and seven three-bedroom units. Clarke Talone, Ridge MacLaren and Andrew Townsend of Marcus & Millichap’s Philadelphia office marketed the property on behalf of the seller, a limited liability company, and represented the buyer, a limited liability company, in the transaction.

October 15, 2014

New Jersey Northeast Office

NAI Hanson Arranges Sale of Hackensack Office Building

by Amy Works October 15, 2014

HACKENSACK, N.J. — NAI James E. Hanson has arranged the sale of an office building in Hackensack. AZA Property purchased the 12,000-square-foot building, which is located at 126 State St., for an undisclosed price. The buyer is relocating from Manhattan. Dominic Fittizzi and Michael Walters of NAI Hanson represented the seller, Pisarri, McEnroe & Carerii, in the transaction.

October 15, 2014

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