Northeast

High Point Development, Somerset Development Break Ground for Wright Place at Wesmont Station

by Amy Works April 2, 2015

WOOD-RIDGE, N.J. — High Point Development and Somerset Development have broken ground for the construction of Wright Place at Wesmont Station in Wood-Ridge. The project is a joint-venture initiative between High Point and Somerset Development, lead developer of Wesmont Station. Consisting of 16 buildings, Wright Place at Wesmont Station will feature 70 three-story townhomes located on the northeastern portion of Wesmont Station near the new NJ Transit train station. The 2,300-square-foot homes will feature dramatic staircases, luxurious master suites, laundry rooms, first-floor flex rooms, large windows, ceramic kitchens and two-car garages with separate rear entrances. Completion is slated for the end of 2016. Wright Place at Wesmont Station is the fourth phase redevelopment of Wesmont Station into a mixed-use, transit-oriented community.

April 2, 2015

Loans Multifamily New York Northeast

Cronheim Mortgage Secures $8.5M Loan for 328-Unit Apartment Complex

by Amy Works April 2, 2015

MONSEY, N.Y. — Cronheim Mortgage has arranged $8.5 million in financing for 69-P Edison Court, a 328-unit apartment complex located in Monsey. The 10-year loan, which was provided by Voya Insurance and Annuity Co., features a 3.1 percent interest rate. Constructed in 1973, the 13-building property features a mix of one-, two- and three-bedroom units featuring hardwood floors, air conditioning, walk-in closets, and a patio, balcony or deck. Dev Morris and Andrew Stewart of Cronheim Mortgage arranged the financing for the undisclosed borrower.

April 2, 2015

New Hampshire Northeast Retail

HFF Brokers $46.1M Sale of New Hampshire Shopping Center

by Amy Works April 1, 2015

BEDFORD, N.H. — HFF has brokered the sale of The Shoppes at Bedford Mall, a shopping center located at 73 South River Road in Bedford. Emmes Asset Management Co. sold the 277,289-square-foot center to an undisclosed buyer for $46.1 million. HFF represented the seller, and placed a 10-year, fixed-rate $30 million loan with Guggenheim Commercial Real Estate Finance LLC for the buyer. Renovated in 2012, the property is 98.6 percent leased to a variety of tenants, including Kohl’s, The Fresh Market, Marshalls, Staples, Weight Watchers, Pet Supplies Plus, Bob’s Store, Starbucks Coffee, Chipotle and Outback Steakhouse. James Koury and Xave Jacoby of HFF represented the seller, and Porter Terry, also of HFF, placed the financing for the buyer in the transaction.

April 1, 2015

Multifamily New York Northeast

25-Unit Apartment Community Sells for $7.7M in Upper Manhattan

by Amy Works April 1, 2015

NEW YORK CITY — Cignature Realty Associates has brokered the sale of a three-building apartment community located at 1345-1349 Amsterdam Ave. in Manhattanville for $7.7 million. The five-story buildings feature 25 apartments and six storefronts. Peter Vanderpool and Lazer Sternhell of Cignature Realty Associates represented the seller, Brooklyn-based 1345 Amsterdam Avenue Owner LLC, and the buyer, Manhattan-based 1345 Amsterdam Avenue LLC, in the transaction.

April 1, 2015

Connecticut Multifamily Northeast

Chozick Realty Arranges $5.2M Sale of Apartment Complex in Connecticut

by Amy Works April 1, 2015

EAST HARTFORD, CONN. — Chozick Realty Inc. has completed the sale of Colonial Court Apartments in East Hartford. The 76-unit apartment complex sold for $5.2 million, or $68,421 per unit. Constructed in 1964, the property features a mix of studios, one-bedroom and two-bedroom units, and two-bedroom townhomes, as well as onsite parking and laundry facilities. Rich Chozick of Chozick Realty represented the seller, Mystic Property Management, and the buyer, MGG Capital, in the transaction.

April 1, 2015

Industrial New Jersey Northeast

Ancyma Inc. Buys 66,000 SF Industrial Property in New Jersey

by Amy Works April 1, 2015

MAPLEWOOD, N.J. — Ancyma Inc. has acquired an industrial facility, located at 40 Camptown Road in Maplewood, for more than $4 million from R&S Restaurant Supply. The 66,000-square-foot distribution property features 22-foot ceilings, six tailboards, one drive-in door, 40-foot by 40-foot column spacing, wet sprinklers and 25 parking spaces. David Blitt and Robert Sager of Bussel Realty Corp. represented the seller, while Irv Weiss of American Properties represented the buyer in the transaction.

April 1, 2015

Massachusetts Multifamily Northeast

Marcus & Millichap Arranges $1.7M Sale of Apartment Building

by Amy Works April 1, 2015

WEST SPRINGFIELD, MASS. — Marcus & Millichap has arranged the sale of Toll House Apartments, a multifamily property located at 2024 Riverdale St. in West Springfield. A limited liability company purchased the 48-unit residential property for $1.7 million. The property was 98 percent occupied at the time of sale. Tim Thompson and John Slyman of Marcus & Millichap represented the seller, a limited liability company, and procured the buyer in the deal.

April 1, 2015

Multifamily New York Northeast

Kushner Cos. Buys 16-Building Multifamily Portfolio in NYC for $131.5M

by Amy Works March 31, 2015

NEW YORK CITY — Kushner Cos. has acquired a 16-building portfolio of Manhattan and Brooklyn multifamily properties for $131.5 million from Stone Street Properties and HIG Realty Partners. The portfolio, which also includes five retail stores, consists of 14 Manhattan buildings totaling 251 units in the Upper East Side, Murray Hill, East Village and Greenwich Village, and two buildings, totaling 40 units, in Brooklyn’s Boerum Hill district.

March 31, 2015

Loans Massachusetts Northeast Office Retail

HFF Secures $55M Financing for Office/Retail Building in Boston’s Back Bay

by Amy Works March 31, 2015

BOSTON — HFF has arranged $55 million in first mortgage financing for a boutique office and retail property located at 185 Dartmouth St. in Boston’s Back Bay neighborhood. HFF placed the long-term, fixed-rate loan with HSBC Bank for the borrower, Synergy Investments. The loan proceeds were used to pay off existing debt, provide the necessary capital to complete the property’s rehabilitation plan and return equity upon stabilization. Completed in 1937, the 11-story building features 164,559 square feet of Class A office and retail space and 45 on-site parking spaces. Current tenants include Denham Capital, First American Title, Boston Athletic Association, Starbucks, Freshii and FedEx Kinkos. Greg LaBine and Patrick McAneny of HFF secured the financing for the borrower.

March 31, 2015

New Jersey Northeast Office

Rubenstein Partners Sells 268,000 SF Office Park in New Jersey

by Amy Works March 31, 2015

EWING TOWNSHIP, N.J. — Affiliates of Rubenstein Partners have completed the disposition of Princeton South Corporate Center, a two-building office park in Ewing Township. Located at 100 and 200 Princeton South, the asset offers 268,000 square feet of Class A office space. Rubenstein Partners originally acquired the property in July 2011. Tom Walsh and Joe Garibaldi of Jones Lang LaSalle represented Rubenstein Partners in the transaction. Terms of the deal were not released.

March 31, 2015

Newer Posts

Older Posts