Northeast

Gebroe-Hammer Associates Brokers Two New Jersey Multifamily Property Sales

by Amy Works February 16, 2015

RAHWAY, N.J. — Gebroe-Hammer Associates has brokered the sales of two multifamily properties, River Place at Rahway and Alden Apartments, in Rahway. In the first transaction, an undisclosed buyer acquired River Place, located at 190 Lewis St., for $36 million. Built in 2005, the two-building property features 60 one-bedroom and 76 two-bedroom units. Each apartment features ceramic tile kitchens and bathrooms, nine-foot ceiling heights, washer and dryers, fully equipped kitchens and private balconies. On-site amenities include a fitness center, media room, outdoor courtyard, parking and attached garages. Joseph Brecher and Gehane Triarsi of Gebroe-Hammer represented the undisclosed owner, while Ken Uranowitz, also of Gebroe-Hammer, represented the undisclosed buyer in the deal. Additionally, Greg Pine, David Jarvis and Gehane Triarsi of Gebroe-Hammer brokered the sale of Alden Apartments for an undisclosed price. Alden Apartments Complex LLC sold the 32-unit apartment complex to an undisclosed buyer.

February 16, 2015

Loans New York Northeast Office Retail

Meridian Capital Arranges $15.5M in Refinancing for NYC Office/Retail Property

by Amy Works February 16, 2015

NEW YORK CITY — Meridian Capital Group has negotiated a $15.5 million mortgage for the refinancing of an office and retail property located in First Avenue in New York City. The borrower is First Broadway Acquisition LLC, an affiliate of Himmel + Meringoff Properties. The seven-year loan, provided by a local commercial bank, features a 3.75 percent fixed-rate and one year of interest-only payments. Allan Lieberman, Jeffrey Berkes and Asher Half of Meridian Capital Group arranged the financing. Located at 1114 First Ave., the 45,000-square-foot building is occupied by Hartstrings, a children’s apparel store, and Memorial Sloan Kettering Cancer Center.

February 16, 2015

Healthcare New York Northeast

18-Acre Land Parcel Sells to Two Pharma Companies for $3.5M in Islip, N.Y.

by Amy Works February 16, 2015

ISLIP, N.Y. — The town of Islip has sold an 18-acre land parcel on Carleton Avenue in Central Islip for a total of $3.5 million. The property was divided and sold to InvaGen Pharmaceuticals and AlphaMed. The buyers plans to relocate and expand operations at the site with two separate facilities — one for manufacturing and distribution and one for bottling, packaging and distribution. The companies will receive substantial financial benefits from Islip’s Industrial Development Agency, enabling InvaGen to construct a 260,000-square-foot facility and AlphaMed to build a 80,000-square-foot facility. InvaGen plans to invest as much as $37 million in its project, which will result in the retention of 390 jobs and the creation of 100 more, while AlphaMed plans to spend nearly $10 million and retain 15 jobs and create an additional 20. InvaGen manufactures a variety of pharmaceuticals for the medical industry, including cardiovascular, anti-inflammatory and anti-diabetic medicines. AlphaMed manufactures and distributes bottles for the pharmaceutical industry.

February 16, 2015

New Jersey Northeast Retail

The Goldstein Group Brokers Five New Leases at Inman Grove Shopping Center

by Amy Works February 16, 2015

EDISON, N.J. — The Goldstein Group has brokered five new leases, totaling 10,400 square feet, at Inman Grove Shopping Center, which is located at 1083 Inman Ave. in Edison. With these leases, the 112,404-square-foot retail center, which is anchored by a Stop & Shop, is fully occupied. The new leases include Allstate Insurance (1,600 square feet), Planet Wings (1,600 square feet), Discovery Christian Montessori (3,200 square feet), Nala Bheeman Indian Restaurant (2,400 square feet) and W.S. Rich & Son (1,600 square feet). Matthew Flath of The Goldstein Group represented the undisclosed landlord in the transactions.

February 16, 2015

Loans Mixed-Use New York Northeast

Madison Realty Capital Provides $65M Construction Loan for Mixed-Use Project in Brooklyn

by Amy Works February 13, 2015

NEW YORK CITY — Madison Realty Capital has provided $65 million in construction financing for the development of a mixed-use property at 19 Kent Ave. in Brooklyn’s Williamsburg neighborhood. The undisclosed borrower plans to transform the vacant 80,000-square-foot site into a 384,000-square-foot mixed-use building offering retail, office and community facility space. Loan proceeds will be used to retire existing debt and fund future construction costs. The development site comprises four adjacent parcels occupying the entire block from Wythe Avenue to Kent Avenue between North 12th Street and North 13th Street. Current development plans call for a eight-story building offering floors ranging in size from 30,000 to 50,000 square feet.

February 13, 2015

Massachusetts Northeast Retail

Bierbrier Development Acquires 45,000 SF Shopping Center in Braintree, Mass.

by Amy Works February 13, 2015

BRAINTREE, MASS. — Bierbrier Development has purchased South Shore Plaza, a shopping center located at the corner of Routes 128 and 37 in Braintree. Carpenter & Co. sold the property for $41.5 million. The 45,000-square-foot retail property is fully occupied by a variety of local and national tenants, including Legal Sea Foods, Starbucks, AT&T, Jos. A. Bank and TGI Friday. Brian Corcoran of Ackman-Ziff arranged $29.6 million in acquisition financing through Wells Fargo for the transaction. Ben Sayles and Coleman Benedict of HFF represented the seller in the deal.

February 13, 2015

Industrial Northeast Office Pennsylvania

Endurance Real Estate Group Buys 190,729 SF Business Center in Pennsylvania

by Amy Works February 13, 2015

UPPER CHICHESTER TOWNSHIP, PA. — An affiliate of Endurance Real Estate Group has acquired Naaman’s Creek Business Center, a five-building, 190,729-square-foot flex portfolio located in Upper Chichester Township, for $9.8 million, or $51.12 per square foot. Situated within Naaman’s Creek Center, the business center’s five buildings range from 25,000 to 60,000 square feet. At the time of acquisition the property was 50 percent occupied. Built in the late 1990s through the early 2000s, the buildings feature all-masonry facades, 19-foot clear ceiling heights and flexible configurations to accommodate a variety of tenant requirements. The seller was not disclosed.

February 13, 2015

Loans Massachusetts Multifamily Northeast

Arbor Funds $2.4M Loan for Multifamily Property in Boston’s Mattapan Neighborhood

by Amy Works February 13, 2015

BOSTON — Arbor Commercial Mortgage has funded a $2.4 million loan for Adams Court Apartments, located at 415 River St. in Boston’s Mattapan neighborhood. Secured under the FHA 223(f) Loan product line, the 35-year refinance loan features a 35-year amortization schedule. The 50-unit property features laundry facilities in each building, off-street parking and balconies for most non-ground-level apartments. Ryan Duff of Arbor’s Boston office originated the loan for the undisclosed borrower.

February 13, 2015

Loans Multifamily Northeast Pennsylvania

HFF Arranges Sale, Financing for Acquisition of Riverwalk at Millennium

by Amy Works February 12, 2015

CONSHOHOCKEN, PA. — HFF has arranged the sale of, as well as joint venture equity and acquisition financing for, Riverwalk at Millennium, a multifamily community in Conshohocken. A joint venture between Scully Co. and Long Wharf Real Estate Partners, which was arranged by HFF, purchased the 375-unit community from Riverwalk Realty Co. for an undisclosed price. HFF worked on behalf of the buyer to arrange a 10-year, floating-rate loan through Freddie Mac’s CME Program. The securitized loan will be serviced by HFF through its Freddie Mac Program Plus Seller/Servicer program. Situated on 7.9 acres at 309 Washington St., Riverwalk at Millennium features 239 one-bedroom units and 136 two-bedroom units, averaging 923 square feet. Community amenities include a clubhouse with fireplace, billiards and pub room; a resort-style swimming pool with sundeck; river views; a fitness center; and a business center with conference facilities. Mark Thomson, Zac Pierce, Jose Cruz and Kevin O’Hearn of HFF represented the seller in the transaction. Jim Cardranell, Ryan Ade and James Conley of HFF negotiated the financing for the deal.

February 12, 2015

Hospitality Massachusetts Northeast

Westmont Hospitality Group Buys Battery Wharf Hotel in Boston

by Amy Works February 12, 2015

BOSTON — A partnership between Westmont Hospitality Group and Thomas Tan, a member of the Bestford Hospitality Group, has acquired Battery Wharf Hotel, which is part of a mixed-use development in Boston’s North End, for an undisclosed price. Located on the Boston Waterfront, the property features the 150-room hotel, the 13,000-square-foot Exhale Spa, a pocket Maritime Museum, a 24-hour observation deck and more than 15,000 square feet of retail and restaurant space. The buyers plan to upgrade the hotel with new facilities and services. The hotel features 6,000 square feet of meeting space, a fitness center and Aragosta Bar & Bistro. Additional terms of the transaction were not released. Located on the Boston Waterfront, the 150-room Battery Wharf Hotel features a Presidential Suite (pictured).

February 12, 2015

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