Northeast

HFF Arranges $22.1M Bridge Loan for Suburban Philadelphia Office Complex

by Amy Works April 28, 2015

FORT WASHINGTON, PA. — HFF has arranged a $22.1 million bridge loan with $14.3 million of future funding for Fort Washington Executive Center, a three-building office complex located at 600, 601 and 602 Office Center Dr. in Fort Washington. HFF secured the three-year, floating-rate loan through Citizens Bank for the borrower, a joint venture between Kairos Real Estate Partners and Artemis Real Estate Partners. The loan, which features two one-year extension options, will be used to recapitalize the property, as well as fund future capital improvements and leasing costs. The complex offers 393,067 square feet of Class A office space. Current tenants include Nutrisystem, AstraZeneca, McNeil, AmeriHealth and Allstate. The borrower plans to renovate the property, including upgrades to the common areas, restrooms, amenities, conference and training facilities, and landscaping. Ryan Ade, James Conley and Mike Pagniucci of HFF represented the borrower in the financing.

April 28, 2015

Mixed-Use Northeast Pennsylvania Retail

New Retailers Added at Metro Development Co.’s Valley Gate in Warrington

by Amy Works April 28, 2015

WARRINGTON, PA. — Metro Development Co. has added new tenants to the roster at Valley Gate, the under-construction mixed-use development in Warrington. Buffalo Wild Wings, Darianna Bridal & Tuxedo, General Nutrition Center (GNC), Hair Cuttery, Luxury Nails, McDonald’s, Pet Valu, Red Robin, U-Swirl Yogurt and VisionWorks are now opened or expected to open at the Walmart-anchored center during the second and third quarter of this year. Metro Development broke ground on the 67-acre development in fall 2013. Upon completion, the development will feature a hotel, a 155,000-square-foot Walmart Supercenter, a freestanding McDonald’s, and Warrington Pointe, an 81-unit townhome community constructed by Pulte Home Builders. The Walmart is slated for completion this fall and the commercial center will be fully opened for business prior to the opening of Walmart. US Realty Associates Inc. is exclusive leasing agent for the property.

April 28, 2015

Hospitality New York Northeast

Hilton Worldwide Opens First Hilton Garden Inn in Long Island City

by Amy Works April 28, 2015

LONG ISLAND CITY, N.Y. — Hilton Worldwide has opened Hilton Garden Inn New York Long Island City/Manhattan View in Long Island City. As the city’s first Hilton Garden Inn, the hotel features 183 guestrooms, four meeting rooms totaling more than 1,410 square feet of flexible meeting space, and a presidential suite with a view of the Manhattan skyline. The guestrooms feature the brand’s signature bedding, a work desk with an ergonomic desk chair, mini fridges, microwaves and Keurig coffee makers. Additional hotel amenities include complimentary WiFi, 24-hour business center, fitness center and an indoor pool. The hotel is owned by CVR Hotel LLC and managed by Crescent Hotels and Resorts.

April 28, 2015

Multifamily New York Northeast

Greystone’s Waterbridge 47 Slated for Fall Completion

by Amy Works April 28, 2015

NEW YORK CITY — Greystone is developing Waterbridge 47, a condominium development in Brooklyn’s Vinegar Hill/DUMBO neighborhood. Designed by AB Architekten and Durukan Design, the 25-unit property offers a mix of two- and three-bedroom units, including two penthouses with wraparound terraces, featuring plank wood flooring, marble countertops, stainless steel appliances, white lacquer and glass finishes in the kitchen, and in-unit laundry machines. The units range in size from 973 to more than 1,200 square feet and start at $939,750 to $2.3 million. Building amenities include a wine cellar and tasting room, off-site concierge access, roof deck with skyline views, fitness center, inner courtyard, children’s playroom, bicycle storage and private parking. Expected to be complete this fall, the property is almost 60 percent sold.

April 28, 2015

Northeast Office Pennsylvania

Shorenstein Acquires 1818 Beneficial Bank Place in Philadelphia’s Center City

by Amy Works April 27, 2015

PHILADELPHIA — Shorenstein Properties has completed the acquisition of a 1818 Beneficial Bank Place, a commercial office tower in Philadelphia’s Market Street West submarket. Also known as 1818 Market Street, the 988,000-square-foot building features Class A office space, ground-floor retail space and parking for more than 400 vehicles. The property serves as the headquarters for Beneficial Bank and Five Below. Terms of the transaction were not released. The company acquired the property on behalf of its eleventh real estate investment fund, formed in 2014 with $1.22 billion in committed capital from Shorenstein and its investors.

April 27, 2015

Loans Mixed-Use New York Northeast

Madison Realty Capital Provides $34M Loan for Manhattan Mixed-Use Building

by Amy Works April 27, 2015

NEW YORK CITY — Madison Realty Capital has provided $34 million in financing for the acquisition and renovation of a mixed-use residential and retail building in Manhattan’s Chelsea neighborhood. The loan provides $29 million in immediate acquisition funding and $5 million for planned renovations. Located at 125 West 16th St., the 39,504-square-foot building features 40 residential units and two ground-floor retail units. The name of the borrower was not released.

April 27, 2015

Mixed-Use New York Northeast

Sugar Hill Capital Sells Hamilton Heights Mixed-Use Building for $25.5M

by Amy Works April 27, 2015

NEW YORK CITY — Sugar Hill Capital Partners has completed the disposition of a mixed-use building located in Manhattan’s Hamilton Heights neighborhood to Galil Management, formerly known as E&M Associates, for $25.5 million. Located at 3621 Broadway, the six-story 65,050-square-foot building features 47 apartments, eight stores and an art studio. Additionally, the building includes 31,175 square feet of air rights. Peter Vanderpool and Lazer Sternhell of Cignature Realty Associates represented both parties in the transaction.

April 27, 2015

Multifamily New York Northeast

Prime Manhattan Residential Arranges $9.9M Acquisition of East Village Multifamily Property

by Amy Works April 27, 2015

NEW YORK CITY — Prime Manhattan Residential has arranged the acquisition of a 10,000-square-foot multifamily property located at 52 East Seventh St. in New York City’s East Village. 1637 Abbot Kinney LLC purchased the property for $9.9 million from an undisclosed seller. Originally built in 1910, the 10,000-square-foot building features 17 free-market and three rent-stabilized one-bedroom apartments and 2,000 square feet of ground-floor retail space. The buyers plan to build out the retail space, which is currently vacant. Robert Dankner of Prime Manhattan Residential represented the buyer, while Keith Copley and Pascual Ortiz of Douglas Elliman represented the seller.

April 27, 2015

Connecticut Multifamily Northeast

Marcus & Millichap Brokers $3.9M Sale of Apartment Building in Connecticut

by Amy Works April 27, 2015

NEW HAVEN, CONN. — Marcus & Millichap has brokered the sale of an apartment building located at 441 Chapel St. in New Haven. The 17-unit property sold for $3.9 million, or $143 per square foot. Eric Pentore, Wesley Klockner, L.A. Drinkwater and Seth Richard of Marcus & Millichap represented the seller and the buyer, both limited liability companies, in the transaction.

April 27, 2015

Industrial New Jersey Northeast

Advance Realty, F. Greek Development Complete 190,000 SF Refrigerated Storage Facility

by Amy Works April 24, 2015

WOODBRIDGE, N.J. — A joint venture between Advance Realty and F. Greek Development has completed the construction of a refrigerated storage and distribution center in Woodbridge. Preferred Freezer Services, a worldwide operator of temperature-controlled warehouses, has leased the 190,000-square-foot built-to-suit facility. Located on 9.3 acres at 275 Blair Road, the facility is designed to accommodate temperatures of negative 10 degrees and features a 53-foot clearance height.

April 24, 2015

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