Northeast

Aztec Group Secures $23.3M in Financing for Two Pennsylvania Retail Centers

by Amy Works April 29, 2015

BARTONSVILLE, PA. — Aztec Group Inc. has secured a total of $23.3 million in financing for two retail centers in Bartonsville. The firm secured $13.2 million in financing for Bartonsville Square and $10.1 million for Bartonsville Plaza. Basis Investment Group provided a 10-year loan, featuring a 75 percent loan-to-value ratio and a 30-year amortization schedule, for Bartonsville Square. Bartonsville Square is an 80,000-square-foot retail center anchored by a 50,000-square-foot Dick’s Sporting Goods. The property was developed by an affiliate of Legend Properties and is currently 95 percent leased and occupied. Also developed by an affiliate of Legend Properties, the 49,000-square-foot Bartonsville Plaza is 94 percent leased and occupied. Current tenants include Sleepy’s Mattress, Verizon Wireless, GameStop, Moe’s Southwest Grill, Great Clips, Sonic and Advanced Auto Parts. Ladder Capital provided a 10-year loan, which features a 70 percent loan-to-value ratio and a 25-year amortization schedule, for Bartonsville Plaza. Howard Taft and Charles Penan of Aztec Group Inc. arranged the financing for the undisclosed borrower.

April 29, 2015

Mixed-Use New York Northeast

Marcus & Millichap Brokers $10.1M Sale of Mixed-Use Property in West Harlem

by Amy Works April 29, 2015

NEW YORK CITY — Marcus & Millichap has brokered the sale of a mixed-use building located at 2070 Frederick Douglass Blvd. in New York City’s West Harlem neighborhood. Prince Street LLC purchased the six-story building for $10.1 million, or $667 per square foot, from 2070 Uptown LLC. The property features 16 residential units and two commercial spaces. Peter Von Der Ahe, Scott Edelstein, Seth Glasser and Brett Garson of Marcus & Millichap represented both parties in the transaction.

April 29, 2015

Loans Multifamily New York Northeast

Mortgage Equicap Arranges $8.5M Bridge Loan for Condo Conversion in Tribeca

by Amy Works April 29, 2015

NEW YORK CITY — Mortgage Equicap LLC has arranged an $8.5 million bridge loan for mixed-use condominium conversion in New York City’s Tribeca neighborhood. The building will feature four loft residential condos and a ground-floor retail condo. Equicap was able to arrange the bridge loan to replace the in-place construction loan on the property. Daniel Hilpert of Mortgage Equicap negotiated the financing.

April 29, 2015

Industrial Market Reports New Jersey Northeast Northeast Market Reports

New Jersey: Balancing the Demand and Supply Equation for Industrial Investors and Users

by Jaime Lackey April 29, 2015

The New Jersey industrial market is experiencing a renaissance of sorts with robust leasing activity in both Northern and Central regions of the state, increasing asking rents and more than 4.5 million square feet of industrial space delivered in 2014. All of these factors point to an even stronger 2015 as developers take advantage of improving market conditions. As we continue to see users and investors competing for the same properties, which in turn creates bidding contests resulting in higher sale prices, we pause and ask, “Can users compete with investors in this environment? And furthermore, should they?” To answer these questions, we need to look back at how we arrived at the current conditions. Towards the fourth quarter of 2013, asking rents and vacancy rates seemed to reach equilibrium. For each quarter after, asking rents steadily increased and vacancy dropped as demand rose. In the fourth quarter of 2014, vacancy in Central New Jersey fell to 7.2 percent, and asking rents rose from $5.35 to $5.42 per square foot with increasing demand along the New Jersey Turnpike corridor. Throughout the year, positive absorption totaled more than 2 million square feet in this region, making it the sixth year in …

April 29, 2015

Multifamily New York Northeast Seniors Housing

Incentives Approved for Assisted Living Facility in Patchogue, N.Y.

by Amy Works April 28, 2015

PATCHOGUE, N.Y. — Brookhaven Industrial Development Agency (IDA) has approved incentives for the development of an assisted living facility in Patchogue. Levittown, N.Y.-based D&F Patchogue A.L. LLC plans to develop a five-story 87,000-square-foot facility on 1.33 acres at 18 and 22 Maple Ave. and 131 E. Main St. in downtown Patchogue. Estimated to cost $31 million, the 128-unit facility will feature 46 memory care beds. The facility will be initially owned by D&F and managed by Des Moines, Iowa-based Life Care Services. The IDA financial package includes a Payment in Lieu of Taxes (PILOT) agreement and the developer was granted exemptions from sales tax on construction materials and equipment.

April 28, 2015

Loans Northeast Office Pennsylvania

HFF Arranges $22.1M Bridge Loan for Suburban Philadelphia Office Complex

by Amy Works April 28, 2015

FORT WASHINGTON, PA. — HFF has arranged a $22.1 million bridge loan with $14.3 million of future funding for Fort Washington Executive Center, a three-building office complex located at 600, 601 and 602 Office Center Dr. in Fort Washington. HFF secured the three-year, floating-rate loan through Citizens Bank for the borrower, a joint venture between Kairos Real Estate Partners and Artemis Real Estate Partners. The loan, which features two one-year extension options, will be used to recapitalize the property, as well as fund future capital improvements and leasing costs. The complex offers 393,067 square feet of Class A office space. Current tenants include Nutrisystem, AstraZeneca, McNeil, AmeriHealth and Allstate. The borrower plans to renovate the property, including upgrades to the common areas, restrooms, amenities, conference and training facilities, and landscaping. Ryan Ade, James Conley and Mike Pagniucci of HFF represented the borrower in the financing.

April 28, 2015

Mixed-Use Northeast Pennsylvania Retail

New Retailers Added at Metro Development Co.’s Valley Gate in Warrington

by Amy Works April 28, 2015

WARRINGTON, PA. — Metro Development Co. has added new tenants to the roster at Valley Gate, the under-construction mixed-use development in Warrington. Buffalo Wild Wings, Darianna Bridal & Tuxedo, General Nutrition Center (GNC), Hair Cuttery, Luxury Nails, McDonald’s, Pet Valu, Red Robin, U-Swirl Yogurt and VisionWorks are now opened or expected to open at the Walmart-anchored center during the second and third quarter of this year. Metro Development broke ground on the 67-acre development in fall 2013. Upon completion, the development will feature a hotel, a 155,000-square-foot Walmart Supercenter, a freestanding McDonald’s, and Warrington Pointe, an 81-unit townhome community constructed by Pulte Home Builders. The Walmart is slated for completion this fall and the commercial center will be fully opened for business prior to the opening of Walmart. US Realty Associates Inc. is exclusive leasing agent for the property.

April 28, 2015

Hospitality New York Northeast

Hilton Worldwide Opens First Hilton Garden Inn in Long Island City

by Amy Works April 28, 2015

LONG ISLAND CITY, N.Y. — Hilton Worldwide has opened Hilton Garden Inn New York Long Island City/Manhattan View in Long Island City. As the city’s first Hilton Garden Inn, the hotel features 183 guestrooms, four meeting rooms totaling more than 1,410 square feet of flexible meeting space, and a presidential suite with a view of the Manhattan skyline. The guestrooms feature the brand’s signature bedding, a work desk with an ergonomic desk chair, mini fridges, microwaves and Keurig coffee makers. Additional hotel amenities include complimentary WiFi, 24-hour business center, fitness center and an indoor pool. The hotel is owned by CVR Hotel LLC and managed by Crescent Hotels and Resorts.

April 28, 2015

Multifamily New York Northeast

Greystone’s Waterbridge 47 Slated for Fall Completion

by Amy Works April 28, 2015

NEW YORK CITY — Greystone is developing Waterbridge 47, a condominium development in Brooklyn’s Vinegar Hill/DUMBO neighborhood. Designed by AB Architekten and Durukan Design, the 25-unit property offers a mix of two- and three-bedroom units, including two penthouses with wraparound terraces, featuring plank wood flooring, marble countertops, stainless steel appliances, white lacquer and glass finishes in the kitchen, and in-unit laundry machines. The units range in size from 973 to more than 1,200 square feet and start at $939,750 to $2.3 million. Building amenities include a wine cellar and tasting room, off-site concierge access, roof deck with skyline views, fitness center, inner courtyard, children’s playroom, bicycle storage and private parking. Expected to be complete this fall, the property is almost 60 percent sold.

April 28, 2015

Northeast Office Pennsylvania

Shorenstein Acquires 1818 Beneficial Bank Place in Philadelphia’s Center City

by Amy Works April 27, 2015

PHILADELPHIA — Shorenstein Properties has completed the acquisition of a 1818 Beneficial Bank Place, a commercial office tower in Philadelphia’s Market Street West submarket. Also known as 1818 Market Street, the 988,000-square-foot building features Class A office space, ground-floor retail space and parking for more than 400 vehicles. The property serves as the headquarters for Beneficial Bank and Five Below. Terms of the transaction were not released. The company acquired the property on behalf of its eleventh real estate investment fund, formed in 2014 with $1.22 billion in committed capital from Shorenstein and its investors.

April 27, 2015

Newer Posts

Older Posts