NEW YORK CITY — Meridian Capital Group has negotiated $87 million in permanent financing for an 11-property multifamily portfolio located throughout Manhattan and Brooklyn. The loan was made on behalf of H.I.G. Realty Partners and Stone Street Properties LLC. The two-year loan, which was provided by a national balance sheet lender, features a floating-rate, a competitive spread over 30-day LIBOR and interest-only payments for the full term. The 303-unit portfolio consists of 504 East 88th Street, 310 East 83rd Street, 325 East 83rd Street, 233 East 82nd Street, 319-321 East 78th Street, 410 East 64th Street, 234-238 East 33rd Street, 438-440 East 13th Street, 104 East 7th Street and 101 MacDougal Street in Manhattan and 354-356 State Street in Brooklyn. Drew Anderman and Alan Blank of Meridian’s New York City headquarters brokered the transaction.
Northeast
NEW YORK CITY — Q10 | New York Realty Advisors has closed a $27.3 million leasehold mortgage loan secured by an apartment building located at the corner of First Avenue and 52nd Street on Manhattan’s East Side. The 15-story residential building also features ground-floor retail space. The non-recourse, interest-only loan was written for a 10-year term. The ground lease on the property dates to the 1950s and has more than 40 years remaining on the term. Jeanne Cronin of Q10 | New York Realty Advisors brokered the financing. Law firm Hunton & Williams LLP represented the lender, while Abrams, Fensterman, Fensterman, Eisman, Formato, Ferrara & Wolf LLP represented the borrower. Additionally, Larry Linksman of Bridge Funding advised the borrower.
STAMFORD, CONN. — GHP Office Realty LLC has brokered the sale of a 65,000-square-foot office building located at 30 Buxton Farms Road in Stamford. MSIH LLC, a Connecticut-based home building company, purchased the Class A property for $13.5 million from GHP Buxton LLC. Located at Exit 35 of the Merritt Parkway/CT-15 and High Ridge Road, the building is 90 percent occupied by 14 tenants, ranging from medical offices to financial services. New Canaan, Conn.-based Hobbs Inc. plans to relocate its headquarters to the remaining vacant space at the building. Andrew Greenspan and James Houlihan of GHP Office Realty represented the seller, while Corey Gubner, Ted Grogan and Greg Romano of RHYS LLC represented the buyer in the transaction. Elizabeth Smith of Goldberg Weprin Finkel Goldstein LLP provided legal counsel for the seller, and Kenneth Gammill Jr. of Gilbride, Tusa, Last and Spellane LLC served as legal counsel for the buyer in the transaction. GHP Office Realty is the office building division of Houlihan-Partners Realtors LLC.
NEW YORK CITY — Silvershore Properties has acquired two mixed-use buildings in Brooklyn totaling $3.07 million. In Boerum Hill, the company purchased the 3,500-square-foot 208 Hoyt Street building for $1.72 million. Additionally, Silvershore acquired 590 Bushwick Avenue, a 5,500-square-foot mixed-use building, for $1.35 million. Year to date, Silvershore has invested $60 million on more than 20 purchases throughout New York City.
BOSTON — The Boston Conservatory has opened its new 20,000-square-foot studio building, which is located at 132 Ipswich St. in Boston. Designed by Handel Architects and Utile Inc., the studio features a 3,200-square-foot orchestra rehearsal space, two dance studios, teaching studios, multipurpose rooms and practice rooms for the instruction of movement, voice, instrument and orchestra ensemble. Additionally, the building features a three-story open atrium, natural light and views of the Boston skyline.
SUFFERN, N.Y. — Meridian Capital Group has arranged a $65 million loan for the purchase of an industrial property in Suffern. The borrower is Raymour & Flanigan, a premier furniture and home design store. Located at 30 Dunnigan Dr., the industrial warehouse totals 871,600 square feet. Raymour & Flanigan and Par Pharmaceutical occupy the property. The 10-year loan, which was provided by CMBS lender, features a 4.57 percent fixed-rate and a 25-year amortization schedule. Ari Adlerstein and Ari Dobkin of Meridian Capital’s New York City headquarters negotiated the transaction.
HEWLETT, N.Y. — Woodmere, N.Y.-based Basser Kaufman has acquired the Peninsula Shopping Center in Hewlett. Shelly Horne of HST Realty sold the property for an undisclosed price. Located at the intersection of Peninsula Boulevard and Mill Road, the 70,000-square-foot neighborhood shopping center is anchored by a Foodtown Supermarket and many long-term tenants. The property was originally constructed in 1959.
WILKES BARRE, PHILADELPHIA AND CHESTER, PA. — Livingston, N.J.-based Gebroe-Hammer Associates has brokered the sales of four multifamily transactions totaling $23.8 million and 486 units. In Wilkes Barre, Gebroe-Hammer’s Joseph Brecher and David Oropeza represented the seller and buyer of Sherman Hills, a 344-unit apartment community. The property sold for $15.7 million as part of a Housing Assistance Payment (HAP)/Housing Urban Development (HUD) contract. Located at 7900-7922 Fairfield St. in Philadelphia, the 64-unit Fairfield Apartments sold for $3.5 million. Brecher and Eli Rosen of Gebroe-Hammer arranged the transaction. Also located in Philadelphia, the 42-unit Arborwood Duplexes sold for $2.4 million. Rosen represented the seller and identified the buyer in the transaction. Finally, the company brokered the sale of Liberty Walk Apartments in Chester’s Sunnyside section. Located at 500 E. 24th St., the 36-unit property sold for $2.2 million.
BOSTON — An affiliate of Abramson Brothers Inc. has acquired 4 Liberty Square, a retail and office building located in Boston, for $8.8 million. Located at the corner of Water and Batterymarch streets, the seven-story, 26,000-square-foot pre-war office building is 100 percent leased and has one restaurant tenant in the ground-floor retail space. Built in 1900, the building features a steel frame with masonry walls, windows and a marble lobby. This transaction is Abramson Brothers’ first acquisition in Boston as the company continues to seek growth opportunities.
WILMINGTON, MASS. — Waltham, Mass.-based Vantage Builders Inc. has completed a 23,000-square-foot office renovation project for Trane, on behalf of Griffith Properties LLC. Vantage has completed the $925,000 tenant fit-up for Trane at 181 Ballardvale St., which is part of Ballardvale Office Park. The project required the complete demolition of the existing space prior to the reconstruction of seven offices, three conference rooms, two training rooms, an employee lounge and a kitchen. The new offices feature new carpeting, lighting, paint, custom millwork, glass walls and new doors. Vantage also installed a new energy management system, including five rooftop units to help Trane reduce overall heating and cooling costs. The project team included Design-Science as architects and Engineered Systems as mechanical engineering services.