Northeast

Prism Agrees to Buy Redevelopment Site in Woodbridge, N.J.

by Amy Works March 10, 2015

WOODBRIDGE, N.J. — Prism Capital Partners has signed a definitive agreement to purchase a five-acre land parcel at the corner of Rahway Avenue and Green Street in Woodbridge for an undisclosed price. The company plans to develop a 180-unit multifamily project at the site, which is across from New Jersey Transit’s Woodbridge Station. Prism purchased a controlling interest in the site from the Lucas family and is currently finalizing plans for township approval. Prism plans to start construction of the property in late 2015.

March 10, 2015

Hospitality Loans Northeast Pennsylvania

NorthStar Income II Originates $42M Loan for Marriott Hotel in Pennsylvania

by Amy Works March 10, 2015

CORAOPOLIS, PA. — NorthStar Real Estate Income II Inc. has originated a $42 million senior loan for a Marriott-branded hotel located in Coraopolis. The 318-room was recently renovated and the borrower plans to complete $4 million in capital improvements using the proceeds from the loan, for a total of $8.3 million in capital expenditures.

March 10, 2015

Multifamily New York Northeast

Houlihan-Parnes Realtors Arranges $3.8M Sale of Apartment Complex in New York

by Amy Works March 10, 2015

ROME, N.Y. — Houlihan-Parnes Realtors has brokered the sale of Bloomfield Garden Apartments in Rome. Located at 319 E. Bloomfield St., the 160-unit garden-style apartment complex sold for $3.8 million. Ed Graf of Houlihan-Parnes Realtors, along with Steve Tierney of Woods, Oviatt, Gilman LLP, handled the transaction. The names of the buyer and seller were not released.

March 10, 2015

New York Northeast Office

Savanna, Hornig Capital Partners Buy 172,000 SF Commercial Building in the Bronx

by Amy Works March 9, 2015

NEW YORK CITY — Savanna and Hornig Capital Partners has acquired a commercial loft building located at 2415 Third Ave. in the Mott Haven neighborhood of the Bronx for an undisclosed price. The eight-story, 172,000-square-foot building features 22,000-square-foot floor plates with 12-foot ceiling heights. The buyers plan to implement a $12 million capital improvement plan and re-brand the property. DY Realty Services represented the seller, Madhatters Realty, in the transaction. The acquisition was financed by CapitalSource, with Mission Capital as placement agent for the loan.

March 9, 2015

Massachusetts Northeast Office

DTZ Brokers Sales of Two Office Buildings in Lowell for $14.6M

by Amy Works March 9, 2015

LOWELL, MASS. — DTZ has brokered the sale of Connector Park, two office buildings located in Lowell. Hudson Advisors sold the 199,783-square-foot property for $14.6 million to KS Partners. The asset consists of 41 Wellman Street, which is 100 percent leased on a long-term basis to three tenants, and 59 Lowes Ways, which is a 66 percent leased multi-tenant office building. David Pergola and Brian Doherty of DTZ Boston represented the seller in the transaction.

March 9, 2015

Loans New York Northeast Retail

Houlihan-Parnes Realtors Arranges $4.8M in Refinancing for Retail Building in the Bronx

by Amy Works March 9, 2015

NEW YORK CITY — Houlihan-Parnes Realtors has secured $4.8 million in first mortgage refinancing for a 12,000-square-foot retail building located at 4174 White Plains Road in the Bronx. The five-year, non-recourse loan features a 3.75 percent fixed rate and a 30-year amortization schedule. Additionally, the loan is prepayable throughout the term on a declining scale and features a five-year extension option. Elizabeth Smith of Goldberg Weprin Finkel Goldstein LLP provided legal counsel for the undisclosed borrower.

March 9, 2015

New York Northeast Office

Boddewyn Gaynor Architects Designs Office Integration for Amida Care in Manhattan

by Amy Works March 9, 2015

NEW YORK CITY — Boddewyn Gaynor Architects has designed a 60,000-square-foot facility for Amida Care Inc. in midtown Manhattan. Located at 14 Penn Plaza, the facility, which includes a data center, features a reception area, interview rooms, a 30-person boardroom, an executive office suite, offices, workstations, lunchroom, and copy and mail facilities, as well as meeting rooms with movable walls. Vanguard Construction & Development served as general contractor for the newly completed project.

March 9, 2015

Connecticut Hospitality Northeast Retail

Colliers Brokers Sale of Hotel/Retail Property in Fairfield, Conn.

by Amy Works March 9, 2015

FAIRFIELD, CONN. — Colliers has brokered the sale of a hotel/retail property located at 417 Post Road in Fairfield for an undisclosed price. The property consists of an 80-room hotel, The Fairfield Inn, and a 6,800-square-foot retail space, which is triple-net leased to The Circle Diner. The new owner, a group of local investors, plans to reposition the property. Louis Zuckerman, Michael Siegel and Enzennio Mallozzi of Colliers represented the seller, Fairfield Motor Inn Associates LLC, and procured the buyer in the deal.

March 9, 2015

Loans Multifamily New York Northeast

HFF Arranges $27M Loan for Multifamily Community in Long Island

by Amy Works March 6, 2015

NEW YORK CITY — HFF has arranged $27 million in financing for The Hawthorne, a multifamily property in the Valley Stream submarket of Long Island in New York City. HFF secured the floating-rate loan for the borrower, Zeus Capital Managers, through Prime Finance. Located at 125 South Cottage St., the 90-unit residential community features 33 one- and 57 two-bedroom units averaging 1,115 square feet. Community amenities include a 15,000-square-foot courtyard with a fire pit and outdoor cooking and entertaining areas, a lounge with billiards, a fitness center and garage parking. Christopher Peck, Rob Hinckley, Andrew Scandalios and Christopher Rodriguez of HFF arranged the financing.

March 6, 2015

New Jersey Northeast Office

Hudson Equities Buys 211,000 SF Office Building in New Jersey

by Amy Works March 6, 2015

MATAWAN, N.J. — Hudson Equities Management Corp. has acquired an office property located at 90 Matawan Road in Matawan. Vision Real Estate Partners sold the property, known as Parkway 120, for an undisclosed price. The five-story building features underground parking, a dual-sided atrium lobby, an onsite café and sundries shop and card-access security. Prior to the sale, Vision Real Estate Partners’ brought the 210,000-square-foot property to full occupancy. At the time of the sale, Vision Real Estate Partners negotiated an expansion for long-term tenant iCIMS, which now occupies 83,900 square feet. The buyer and management team plans to renovate the two-story lobby at Parkway 120. The renovations will include updated finishes, new lighting and carpeting and the addition of a seating area. Vision Management will continue to manage the property under the new ownership.

March 6, 2015

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