Northeast

GHP Office Realty Buys 19,000 SF Vacant Retail Center in Connecticut

by Amy Works January 22, 2015

WESTPORT, CONN. — GHP Office Realty LLC has acquired a retail shopping center located at 20 Saugatuck Ave. in Westport for an undisclosed price. The 19,000-square-foot center was vacant at the time of sale. The buyer has a $2 million capital improvement program slated for the property to redevelop it into a Class A multi-tenant shopping center. Upgrades will include installation of a new modern glass façade, awning and signage; installation of new mechanicals and gas service; new landscaping; resurfacing and re-striping of the parking lot; and resurfacing the roof. Additional terms of the transaction were not released. GHP Office Realty is a division of Houlihan-Parnes Realtors LLC.

January 22, 2015

Loans Mixed-Use New York Northeast

Arbor Funds $4M Loan for Mixed-Use Property in Syracuse

by Amy Works January 22, 2015

SYRACUSE, N.Y. — Arbor Commercial Mortgage has funded its first loan under the newly launched Freddie Mac Small Balance Loan initiative for Nettleton Commons, a mixed-use property located in Syracuse. Originally built in 1899 as a shoe factory, the property was converted into a multifamily building in 1988. The five-story property features 61 apartment units, nine commercial office spaces and one retail space. Stephen York originated the five-year $4 million loan, which carries one year of interest-only payments along with a 30-year amortization schedule. Eastern Union was the mortgage brokerage firm involved in the deal. The property is owned and managed by Steven and Silvia West, who purchased the property in 2007.

January 22, 2015

Multifamily New York Northeast

Ariel Property Advisors Arranges Sale of 20-Unit Multifamily Building

by Amy Works January 22, 2015

NEW YORK CITY — Ariel Property Advisors has arranged the sale of a 15,000-square-foot multifamily property located at 2475 Hughes Ave. in the Belmont section of the Bronx. A private investor acquired the property for $2.56 million. The 20-unit walk-up features six three-bedroom units, seven two-bedroom units and seven one-bedroom units. Victor Sozio, Scot Hirschfield and Jason Gold of Ariel Property Advisors represented the seller, a real estate investment firm, and procured the buyer in the transaction.

January 22, 2015

Loans Multifamily New Jersey Northeast

NorthMarq Capital Completes $41M in Refinancing for New Jersey Multifamily Portfolio

by Amy Works January 21, 2015

HAMILTON, N.J. — NorthMarq Capital has arranged a total of $41 million in refinancing for a portfolio of four multifamily properties in Hamilton. The portfolio includes the 336-unit Winding Brook Apartments, the 240-unit Zachary Arms Apartments, the 128-unit Yorkshire Apartments and the 166-unit Hamilton Arms Apartments. The transactions were structured with 15-year terms and 30-year amortization schedules. Robert Ranieri of NorthMarq’s Greater Westchester NY/CT office arranged the financing through NorthMarq’s seller-servicer relationship with Freddie Mac.

January 21, 2015

Connecticut Industrial Northeast

GTJ REIT Buys 92,500 SF Industrial Building in Connecticut

by Amy Works January 21, 2015

ROCKY HILL, CONN. — West Hempstead, N.Y.-based GTJ REIT has acquired a single-story industrial property in Rocky Hill for an undisclosed price. Situated on 12 acres, the 92,500-square-foot property was retrofitted and renovated in 2008. The facility is currently leased and occupied through June 2023 by the Connecticut Lottery Corp. This is GTJ’s first acquisition of 2015; in 2014, the firm completed five transactions across the tri-state area. Terms of the transaction were not released.

January 21, 2015

Industrial New York Northeast

AMERO Acquires 152,000 SF Industrial Facility in New York

by Amy Works January 21, 2015

NEW ROCHELLE, N.Y. — CBRE Group has arranged the sale of an industrial facility located at 125 Beechwood Ave. in New Rochelle. Arizona-based AMERCO purchased the 152,000-square-foot building for $6.1 million. The buyer is the parent company of U-Haul and plans to use the facility for truck and van rentals, as well as selling moving supplies. Kevin Langtry of CBRE represented the seller, LARS Realty Co., while Jami Savage and Kevin McCarthy, also of CBRE, represented the buyer in the transaction.

January 21, 2015

Multifamily New York Northeast

Ariel Property Advisors Brokers Sale of Bronx Development Site for $4.13M

by Amy Works January 21, 2015

NEW YORK CITY — Ariel Property Advisors has brokered the $4.13 million sale of a development site, located at 3084 Webster Ave. and 410-414 East 203rd St. in the Norwood section of the Bronx. The site is zoned for 93,000 buildable square feet as of right, and approximately 124,000 buildable square feet with inclusionary housing. The buyer, Stagg Group, plans to develop a residential rental building on the site. Victor Sozio, Shimon Shkury, Scot Hirschfield and Jason Gold of Ariel Property Advisors represented the seller, a developer and multifamily operator, and procured the buyer in the deal.

January 21, 2015

Multifamily New Jersey Northeast

Marcus & Millichap Arranges Sale of 26-Unit Multifamily Portfolio in Jersey City

by Amy Works January 21, 2015

JERSEY CITY, N.J. — Marcus & Millichap has brokered the sale of an apartment portfolio located at 33-35 Storms Ave. and 234-236 Jewett Ave. in Jersey City. The properties, which offer 26 units, sold for $2.75 million, or $105,769 per unit. Steven Matovski and Lawrence Conway of Marcus & Millichap’s New Jersey office represented the seller, a partnership, and the undisclosed buyer in the deal.

January 21, 2015

Connecticut Market Reports Multifamily Northeast Northeast Market Reports

Construction Activity and Rents on the Rise in Connecticut Apartment Market

by Jaime Lackey January 21, 2015

Apartment rents and multifamily asset values are rising while vacancy remains low in Connecticut’s New Haven and Fairfield counties. Young professionals and commuters are moving out of suburban areas to reside in downtown locations so they can take advantage of transit-oriented, live-work-play environments. Costly single-family housing is another factor contributing to new residents seeking rentals rather than buying homes. There is a strong demand for apartments, which keeps vacancy low and prompts new development in the region, so much so that delivery of multifamily housing units this year will more than double those built in 2013. Demand however, outweighs the new supply and the current, record-low vacancy levels will be unaffected. Average prices for apartment assets in New Haven and Fairfield counties rose 3 percent over the last year to $169,000 per unit as the overall quality of listings improved. While the region experiences strong rent growth and higher yields than the likes of New York City and Boston, more foreign investors and institutional buyers continue to emerge with sights set on multifamily assets; and in particular, top-tier assets with more than 250 units in primary markets. Properties near Metro North commuter rail stations and employment centers will generate elevated …

January 21, 2015

Loans Mixed-Use Multifamily New Jersey Northeast Retail

Kushner Cos., Extell Development Receive $129M in Financing for Pier Village

by Amy Works January 20, 2015

LONG BRANCH, N.J. — Kushner Cos. and Extell Development Co. have closed on two phases of financing in conjunction with their purchase of Pier Village in Long Branch. The companies acquired Pier Village for $180 million in a transaction that closed in two phases over the last quarter of 2014. Pier Village consists of 492 residences and more than 100,000 square feet of retail, including restaurants, shops and a fitness center. Capital One provided bridge financing for the first phase of the acquisition in November 2014. In mid-December, the bank also originated and closed a $97 million long-term fixed-rate financing from Fannie Mae to take out the acquisition loan that it provided a month earlier. Both Capital One financings were arranged by Meridian Capital Group. Additionally, the partnership assumed a 7-year $32 million Freddie Mac loan originated by PNC Bank, which was originated a year and half ago by the prior ownership.

January 20, 2015

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