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Congress-Apartments
LoansMultifamilyNortheastPennsylvania

NorthMarq Capital Arranges Three Multifamily Loans Totaling $61.48M in Pennsylvania

by Amy Works

ALLENTOWN, QUAKERTOWN AND READING, PA. — NorthMarq Capital has arranged a total of $61.48 million in refinancing for three multifamily properties in Pennsylvania. Robert Ranieri of NorthMarq Capital’s Greater Westchester, N.Y./Conn. regional office secured the financing through the firm’s seller-servicer relationship with Freddie Mac for each transaction. Located at 1207 E. Congress St. in Allentown, the 548-unit Congress Apartments received $36.3 million in refinancing. The 7-year loan features a 30-year amortization schedule. In Quakertown, the 264-unit Quakertown West apartment community, located at 491 S. Ninth St. received an $18.2 million loan, featuring a 7-year term and a 30-year amortization schedule. Additionally, the 148-unit Antietam Arms apartment community, located at 850 Carsonia Ave. in Reading, received $6.98 million in financing, also with a 7-year term and a 30-year amortization schedule.

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Mixed-UseNew YorkNortheast

Upper West Side Development Site Sells for $13.3M

by Amy Works

NEW YORK CITY — Citicore has brokered the sale of a development site located at 207 West 75th St. between Amsterdam and Broadway in the Upper West Side. Howard Neu purchased the 14,750-square-foot site for $13.3 million from Felipe Coello. The site features a 5,000-square-foot property, with a 2,500-square-foot basement. Beach Bum Tanning leases ground-floor space at the building on a month-to-month basis, while the second floor is currently vacant. Timour Shafran and Benjamin Shafran of Citicore brokered the transaction.

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Freehold-Raceway-Village-NJ
LoansNew JerseyNortheastRetail

Triangle Equities Receives $7.5M Loan for 62,000 SF Shopping Center

by Amy Works

FREEHOLD, N.J. — Triangle Equities has received a $7.5 million loan for its 62,000-square-foot retail property, Freehold Raceway Village, in Freehold. The loan was provided by CIBC, and it follows the successful recapitalization of the shopping center. Located at 200-220 Trotters Way, the shopping center is 100 percent occupied by a variety of tenants, including Big Lots, Huffman Koos, Dick’s Sporting Goods, The Home Depot, Toys R Us, Raymour & Flanigan and Christmas Tree Shoppes.

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Roxbury-Highlands-16-18-Centre-St
LoansMassachusettsMixed-UseNortheast

Fantini & Gorga Arranges $7M Loan for Boston Mixed-Use Portfolio

by Amy Works

BOSTON — Fantini & Gorga has arranged $7 million in permanent financing for a mixed-use portfolio in the John Eliot Square section of Roxbury, a neighborhood in Boston. The financing was arranged on behalf of Roxbury Highland LLC with a major regional financial institution. The four-property portfolio consists of 52 apartments and two commercial spaces, totaling 33,000 square feet of rentable space. Tim O’Donnell and Jason Cunnane of Fantini & Gorga arranged the financing.

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The-Provident-Bank-Clark-NJ
LoansNew JerseyNortheastRetail

The Provident Bank Closes $55M Loan for Development of 244,450 SF Shopping Center

by Amy Works

CLARK, N.J. — The Provident Bank has closed a $55 million loan for the development of Clark Commons, a 244,450-square-foot shopping center at Raritan Road and Walnut Avenue in Clark. Situated on 28 acres on the former U.S. Gypsum paper plant, the seven-building shopping center will offer 27 retail spaces. Completion is slated for late spring with a proposed grand opening in early August. The center is 100 percent preleased to Whole Foods Market, Home Goods, L.A. Fitness, Michaels, Petco, Ulta, Modell’s and Party City. Krame Development is constructing the center, which was designed by The Dietz Partnership Architects. The Provident Bank and M&T Bank provided the construction financing, with Provident serving as administrative agent. Gregory Lamb of Provident handled the transaction.

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Grenadier-Village-Meridian-Capital-Group
LoansMultifamilyNew YorkNortheast

Meridian Capital, Capital One Arrange $18M in Refinancing for Multifamily Property in New York

by Amy Works

LIVERPOOL, N.Y. — Meridian Capital Group and Capital One have arranged an $18 million mortgage for the refinancing for Grenadier Village, a multifamily property in Liverpool. The 25-year, self-liquidating loan, which was provided by a life insurance company, features a 4.63 percent fixed-rate. Located at 100 Kings Park Dr., Grenadier Village offers 534 apartment units. Seth Grossman of Meridian Capital and Greg Reed and Kristen Croxton of Capital One arranged the financing for the undisclosed borrower.

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238-242-Garfield-Ave-Jersey-City
MultifamilyNew JerseyNortheast

Marcus & Millichap Arranges $4.4M Sale of Apartment Building in Jersey City

by Amy Works

JERSEY CITY, N.J. — Marcus & Millichap has arranged the sale of an apartment building located at 238-242 Garfield Ave. in Jersey City. A limited liability company purchased the 44-unit property for $4.4 million. Built in 1928, the four-story building was 95 percent occupied at the time of sale. Steven Matovski of Marcus & Millichap represented the seller, a limited liability company, and the buyer in the transaction.

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IndustrialNew JerseyNortheastRetail

NAI Hanson Brokers Two Deals in New Jersey

by Amy Works

SPRINGFIELD AND SUMMIT, N.J. — NAI James E. Hanson has brokered two deals along the Route 124 commercial corridor in the northwest section of New Jersey’s Union County. In the first transaction, Gary Sauerborn and Jill Gordon of NAI Hanson represented the seller, Colvin-Friedman Realty LLC, in the sale of a 5,000-square-foot industrial facility located at 697 Morris Turnpike in Springfield. Brixmor Operating Partnership purchased the facility for an undisclosed price. In the second deal, Gordon and Thomas Ryan, also of NAI Hanson, represented landlord, Paul Schmidt, in the leasing of space to Tide Dry Cleaners at 26 Morris in Summit. The tenant, which has 12 locations throughout the county, will occupy 2,763 square feet at the location, which was previously occupied by Bank of America.

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New JerseyNortheastOffice

Colliers International Expands New Jersey Headquarters, Relocates in Parsippany

by Amy Works

PARSIPPANY, N.J. — Colliers International has expanded and relocated its New Jersey headquarters to Morris Corporate Center 1 in Parsippany. The firm signed a long-term lease for 10,414 square feet of office space at 300 Interpace Parkway. The headquarters are relocating from 119 Cherry Hill Road in Parsippany. Robert Martie of Collier International represented the firm in-house, while CBRE Group Inc. represented the landlord, an affiliate of Brookwood Financial Partners LLC, in the transaction. Terms of the lease were not released.

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Prologis-Park-Carlisle-II
IndustrialNortheastPennsylvania

Construction Begins for 1.02M SF Distribution Facility at Prologis Carlisle

by Amy Works

CARLISLE, PA. — Prologis has broken ground for construction on a distribution facility at its Prologis Carlisle site. Situated on 105 acres off Allen Road in Carlisle, the 1.02 million-square-foot building is Prologis’ first speculative development in the market since 2007. The property also includes an additional build-to-suit site fully approved for 398,840 square feet. Slated for occupancy in August, the facility will feature 36-foot ceiling heights and 7-foot concrete floors to provide tenants with greater efficiency and increased cubic capacity for racking and stacking. Cushman & Wakefield is the leasing agent for Prologis Carlisle industrial park.

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