Northeast

Rittenhouse Capital Advisors Secures $8.2M Loan for West Chester Apartment Building

by Amy Works April 21, 2015

WEST CHESTER, PA. — Rittenhouse Capital Advisors has provided $8.2 million in long-term, fixed-rate financing for The Chestnut Street Lofts in West Chester. The loan features an 80 percent loan-to-value, a 10-year 3.95 percent fixed rate and a 30-year amortization schedule. The borrower is StanAb LP, the project’s developer. Constructed in 2014, the 60-unit property features open floor plans, modern kitchens and bathrooms, and outdoor balconies. On-site community amenities include a community room, fitness center and on-site parking.

April 21, 2015

New York Northeast

Colliers International Acquires Strategic Building Solutions

by Amy Works April 21, 2015

NEW YORK CITY — Colliers International has acquired Madison, Conn.-based Strategic Building Solutions (SBS), a project management firm. The company, which will rebrand to Colliers International, expands Colliers’ project management expertise in the Northeast and provides national best-in-class energy sustainability management, commissioning and retro-commissioning services. SBS currently manages $1 billion worth of projects and 10 million gross square feet of LEED-registered space within its commissioning and energy services group. The integration of SBS will add 70 multi-disciplined professionals to the Colliers team.

April 21, 2015

New York Northeast Restaurant Retail

Sovereign Realty Group Brokers Sale of Burger King Property in New York

by Amy Works April 21, 2015

SMITHTOWN, N.Y. — Sovereign Realty Group has brokered the sale of a freestanding Burger King property located at 942 West Jericho Turnpike in Smithtown. Situated on 2 acres, the 3,610-square-foot property sold for $2.5 million. The property was formerly occupied by a Wendy’s and sat vacant for many years until a local Burger King franchisee signed a long-term lease for the property. Frank Caporrino and Clem Cote of Sovereign Realty Group represented the buyer and seller in the transaction. The names of buyer and seller were not released.

April 21, 2015

Multifamily New York Northeast

TerraCRG Arranges $33M Sale of Downtown Brooklyn Development Site

by Amy Works April 20, 2015

NEW YORK CITY — TerraCRG has arranged the sale of a development site located at 319 Schermerhorn St. in downtown Brooklyn. Adam American Real Estate and Naveh Shuster LTD purchased the site for $33 million from SC Nevins LLC. The buyer plans to develop a 21-story building on the site, which totals 87,445 square feet. The building will feature 73 residential condominium units in a mix of studio, one-, two- and three-bedroom layouts, 3,100 square feet of retail space, a lounge, bike storage, a fitness center, a children’s playroom, a doorman and a courtyard. Ofer Cohen, Melissa Warren, Dan Marks, Peter Matheos and Michael Hernandez of TerraCRG represented the buyers and seller in the transaction.

April 20, 2015

Multifamily New York Northeast

Rosewood Realty Group Brokers $31M Sale of 182-Unit Apartment Building in the Bronx

by Amy Works April 20, 2015

NEW YORK CITY — Rosewood Realty Group has brokered the sale of an apartment building located at 975 Walton Ave. in the Bronx. Brooklyn-based investor Benzion Kohn purchased the property for $31 million from E&M Associates. The six-story property features 182 apartment units across 278,000 square feet and 1,000 square feet of commercial space. Aaron Jungreis of Rosewood Realty represented the seller in the transaction.

April 20, 2015

Connecticut Multifamily Northeast

Harbor Group International Sells Connecticut Apartment Community for $17.6M

by Amy Works April 20, 2015

DANBURY, CONN. — An affiliate of Harbor Group International has sold Towne Brooke Apartments, a 102-unit apartment community in Danbury. An undisclosed buyer acquired the property for $17.6 million. Built in 2009, the property features a clubhouse, 24-hour fitness center and an outdoor pool. Apartments feature nine-foot ceilings, GE appliances, full-size washer and dryers, walk-in closets, wood kitchen cabinetry, ceiling fans in bedrooms and balconies or patios. At the time of the sale the property was 93 percent occupied.

April 20, 2015

Multifamily New York Northeast

Marcus & Millichap Brokers $13.3M Sale of Four-Property Multifamily Portfolio in Manhattan

by Amy Works April 20, 2015

NEW YORK CITY — Marcus & Millichap has brokered the sale of a four-property multifamily portfolio in Manhattan’s West Harlem neighborhood. The 60-unit portfolio includes 104 West 144th St., 106 West 144th St., 108 West 144th St. and 110 West 144th St. Treetop Development acquired the portfolio for $13.3 million, or $221,667 per unit, from 114 St. Johanna Associates. Peter Von Der Ahe, Shlomo Manne, Scott Edelstein, Marco Lala, Seth Glasser and Rafi Moskowitz of Marcus & Millichap arranged the transaction.

April 20, 2015

Hospitality Loans Northeast Pennsylvania

Cronheim Hotel Capital Secures $7.5M Acquisition Loan for Two Lancaster Hotels

by Amy Works April 20, 2015

LANCASTER, PA. — Cronheim Hotel Capital (CHC) has secured a $7.5 million loan for the acquisition of Sleep Inn and Mainstay Suites in Lancaster. CHC financed the purchase at 75 percent of the acquisition price with a 10-year, fixed-rate loan featuring a 27-year amortization schedule locked at 4.39 percent. The two hotels, which are located adjacent to each other, were acquired for $10 million from a local owner/operator. The hotel total 151 keys and offer transient and extended-stay products. David Turley, Janet Proscia and Jeffrey Pacailler of CHC arranged the financing for the undisclosed borrower.

April 20, 2015

Industrial New Jersey Northeast

Clarion Partners Buys 20-Acre Site in New Jersey for Industrial Development

by Amy Works April 17, 2015

SOUTH BRUNSWICK, N.J. — Clarion Partners has acquired a 20-acre site located at 335 Ridge Road in South Brunswick for an undisclosed price. The buyer plans to demolish the existing building, which was formerly a call center, and construct a state-of-the-art warehouse and distribution center on the site. The new warehouse will be part of a planned industrial business park and consolidate an adjoined parcel of previously purchased land. Doug Bansbach of DTZ represented the seller, United States Land Resources, and the buyer in the transaction. Additionally, Joseph Zingaro provided in-house representation for the buyer.

April 17, 2015

Delaware Loans Multifamily Northeast

KeyBank Provides $20.3M Acquisition Loan for Delaware Apartment Complex

by Amy Works April 17, 2015

NEW CASTLE HUNDRED, DEL. — KeyBank Real Estate Capital has secured a $20.8 million Fannie Mae loan for the acquisition of Village of Windhover Apartments in New Castle Hundred. Built in 1979 and renovated in 2014, the complex features 383 garden-style apartment units. Jeannie Johnson of Key’s Commercial Mortgage Group arranged the financing for an undisclosed borrower.

April 17, 2015

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