SECAUCUS, N.J. — CoreSite has celebrated the grand opening of NY2, a 280,000-square-foot data center situated in Secaucus. Sean Brady, Brian Walsh, Lou D’Avanzo and Marc Rosenberg of Cushman & Wakefield are marketing the property. NY2’s features include a connection to CoreSite’s existing NY1 facility in Manhattan and data centers located at 111 8th Ave. and 60 S. Hudson St. in New York and 165 Halsey St. in Newark.
Northeast
MOUNTAINSIDE, N.J. — Lee & Associates has arranged the sale of 1450 Route 22 West, a 41,531-square-foot medical office building (MOB) in Mountainside for $8.5 million, or $203 per square foot. Located near Overlook Medical Center, the building is fully leased to The Center for Ambulatory Surgery, L&M Healthcare Communications and Crest Physical Therapy. Michael Staskiewicz of Lee & Associates-New Jersey LLC represented the seller, ASC Mountainside Realty, which is owned by 36 physicians.
PHILADELPHIA — HFF has closed the sale of Edgewater Apartments, a 290-unit, Class A multifamily complex in the Center City District of Philadelphia. An entity affiliated with JPMorgan purchased the property for approximately $113 million, according to the Philadelphia Business Journal. Edgewater Apartments is located at 2323 Race St. along the Schuylkill River in Center City Philadelphia’s northwest quadrant, known as Logan Square. Completed in 2005, the property includes a 12-story tower with 270 units plus 20 townhomes attached to a five-story, 491-space parking garage. Community amenities at the property include a club room with flat-screen television, fireplace and kitchen, 24-hour fitness center, conference room, business center, concierge service and direct access to the riverfront walkways. Jose Cruz, Andrew Scandalios, Kevin O’Hearn, Jeffrey Julien and Steve Simonelli of HFF marketed the property on behalf of the seller. According to HFF, this is the largest multifamily transaction to close in Philadelphia in more than 10 years.
PHILADELPHIA — Marcus & Millichap has arranged the $47.3 million sale of Charter Court at East Falls, a 502-unit high-rise apartment complex in Philadelphia’s East Falls neighborhood. Clark Talone, Andrew Townsend and Ridge MacLaren in Marcus & Millichap’s Philadelphia office, represented the seller, Resource Real Estate. Talone, MacLaren and Townsend also advised the buyer, Treetop Development. Charter Court at East Falls includes two 11-story buildings, six commercial spaces, two surface parking lots with a total of 256 parking spaces and a 55-space parking garage. The unit mix is 85 studios, 243 one-bedroom units, 155 two-bedroom apartments, 10 three-bedroom units, two-four-bedroom units and one five-bedroom apartment. Shared amenities include a resort-style pool area with cabanas, a business and fitness center, pet spa and door attendant.
NEW YORK CITY — Carlton Group has closed a $42 million construction loan and joint venture equity investment for a new condominium project in the Flatiron District of Manhattan. The financing will enable the developer, Gale International, to build a 37,000-square-foot condominium building, located at 21 West 20th St. The development includes 13 full-floor units, including four penthouse units with 100 feet of frontage and more than 4,000 square feet of private terrace space. Carlton arranged the construction loan and joint venture equity through a balance sheet lender at LIBOR plus 325 basis points and an equity joint venture participant, which includes an overseas investor. The development marks Gale International’s first condominium project in Manhattan.
KING OF PRUSSIA, PA. — Beech Street Capital has provided a $34 million, 10-year loan for the refinancing of Valley Forge Towers North, a 242-unit, 15-story apartment building in King of Prussia. Galman Group, which owns and manages more than 7,000 apartment communities and condominiums, was the borrower. The property includes one-, two- and three-bedroom units ranging in size from 1,079 square feet to more than 1,600 square feet. The property also features 11,000 square feet of office space, 19,000 square feet of retail, 8,000 square feet of commercial storage and 178 garage parking spaces. The fixed-rate loan includes a 30-year amortization schedule. Brian Sykes in Beech Street’s Boston office originated the transaction.
Metropolitan Boston continues to enjoy robust economic expansion and exceptionally strong real estate fundamentals. Strength in local housing prices, wages and consumer confidence demonstrated during 2013, coupled with low inflation and increases in consumer spending, will enable the economy’s growth to continue well into 2014 and beyond. With an unemployment rate among the strongest in the U.S. (7.1 percent as of November 2013), Massachusetts continues to thrive due to the presence of world-class educational, medical and research institutions. State GDP grew an estimated 3.5 percent in the third quarter of 2013, according to MassBenchmarks, following a revised 1.7 percent increase in the second quarter of the year. The publication forecasts 3.4 percent growth in state GDP from October through March. Commercial real estate saw falling vacancies, rising rents and new construction across most property types. In 2013, 5.5 million square feet of new inventory was delivered, including 3.1 million square feet of multifamily residential and 1.9 million square feet of office. More than 16 million square feet is under construction — three times greater than the previous five-year average in metro Boston — including 7 million square feet of multifamily residential, 6.9 million square feet of office and 2.2 million …
NEW YORK CITY — RKF has arranged the $60 million sale of a 322,390-square-foot industrial property located at 47-25 34th St. in Long Island City. RKF previously represented the owner of the building 13 months ago when they acquired the property for $40.7 million. In this latest transaction, Jeff Fishman of RKF represented the seller of the building, a pair of tenants-in-common entities managed by BLDG Associates Inc. Empire Leasing and Development Inc. represented the buyer, Brickman 34th St LIC LLC. The three-story building is located between Queens Boulevard and the Long Island Expressway.
NEW YORK CITY — Mission Capital Advisors has arranged $33 million in financing on behalf of New York-based investment and management company Icon Realty Management. The financing, a combination of CMBS and mezzanine, was arranged to refinance The GEM Hotel Chelsea, an 81-key, upscale boutique hotel located at 300 West 22nd St. in Manhattan. Gemini Real Estate Advisors manages the hotel. Jordan Ray, Jason Cohen and Ari Hirt of Mission Capital secured the five-year loan. The first-mortgage financing includes a CMBS loan with a 30-year amortization schedule and interest-only mezzanine financing. In addition to 81 hotel rooms, the five-story building features retail space leased to Forager’s Counter, a high-end gourmet market.
PHILADELPHIA — Marcus & Millichap Capital Corp. (MMCC) has arranged a $27 million loan for the refinancing of a seven-property retail portfolio in Philadelphia. The 10-year loan includes a 3.6 percent fixed interest rate for the first five years and a 30-year amortization schedule. After five years, the rate will reset at 180 basis points over the five-year Federal Home Loan Bank rate. John Banas and Kris Wood in MMCC’s Philadelphia office arranged the loan.