Northeast

FANTINI & GORGA ARRANGES $3.1M FOR CVS-ANCHORED CENTER

by admin November 20, 2013

GEORGETOWN, MASS. — Fantini & Gorga has arranged $3.1 million in first mortgage financing for a 21,418-square-foot mixed-use property in Georgetown, a northern suburb of Boston. Keith Wentzel, managing director at Fatini & Gorga, arranged the acquisition financing for a New Jersey-based investment group, which was funded by a Massachusetts-based community bank. A CVS/pharmacy anchors the property, while the office spaces are leased to a variety of medical practices and professional services. The non-recourse loan includes a fixed interest rate of approximately 4 percent and a 30-year amortization schedule.

November 20, 2013

NEWCASTLE TO ACQUIRE 52 HOLIDAY RETIREMENT PROPERTIES FOR $1B

by admin November 19, 2013

NEW YORK CITY — Newcastle Investment Corp. has agreed to acquire a 52-property portfolio of seniors housing properties from affiliates of Holiday Retirement for approximately $1 billion. The 5,885-unit portfolio includes communities located across 24 states and was 91 percent occupied as of the end of the third quarter. The deal is expected to close in December. New York City-based Newcastle plans to invest approximately $300 million of equity to acquire the Holiday Retirement Portfolio and to fund the remainder of the purchase with non-recourse mortgage debt. Holiday will continue to manage the communities to be acquired by Newcastle, which have been split into two identical triple-net master leases. Lake Oswego, Ore.-based Holiday Retirement operates 333 independent living properties around the country.

November 19, 2013

Multifamily Northeast

AVALONBAY SELLS NEW ROCHELLE APARTMENTS FOR $210M

by admin November 19, 2013

NEW ROCHELLE, N.Y. — AvalonBay Communities has sold its Avalon on the Sound East apartment tower in New Rochelle to The DSF Group for $210 million. The sale marks the largest multifamily property sale recorded in Westchester County, according to HFF, which arranged the transaction. HFF marketed the 588-unit, 39-story building on behalf of Arlington, Va.-based AvalonBay. The sales price equates to approximately $357,000 per unit. Avalon on the Sound East is located at 40 Memorial Highway within a block of the Metro-North Railroad’s New Rochelle train station and less than a mile from Interstate 95. The high-rise building features one-, two- and three-bedroom units, and 7,607 square feet of ground-floor retail. Amenities include a 24-hour fitness center, outdoor heated pool, rooftop resident lounge, community room, game room, garage parking and 24-hour concierge service in the building. Jose Cruz and Scandalios, Kevin O’Hearn, Jeffrey Julien and Rob Hinckley of HFF arranged the transaction.

November 19, 2013

Multifamily Northeast

FRKB FINALIZES $11.3M LOAN FOR NINE-BUILDING PORTFOLIO

by admin November 19, 2013

RAHWAY, N.J. — Law firm Feinstein, Raiss, Kelin and Booker LLC (FRKB) has represented JS Management in securing $11.3 million in refinancing for a nine-building multifamily portfolio in Rahway. JS Management worked on behalf of affiliated ownership entities Feld Properties, Nests Properties and Dunk Properties. Englewood Cliffs-based ConnectOne Bank provided the financing. The portfolio includes properties located throughout the city of Rahway on Bond, Hamilton, West Grand and West Main streets and East Grand and New Brunswick avenues. Michael Strauss, loan officer, and David Wigfield, attorney at Scura, Mealey, Wigfield & Heyer LLP, represented ConnectOne Bank in the transaction. Michael Donini of Madison Title Agency also assisted in the transaction.

November 19, 2013

Industrial Northeast

COLLIERS ARRANGES $5.6M LOAN FOR 35 SOUTH STREET IN HOPKINTON

by admin November 19, 2013

HOPKINTON, MASS. — Colliers International has arranged a $5.6 million loan for the refinancing of a 69,000-square-foot flex building in Hopkinton, a western suburb of Boston. Colliers worked on behalf of the borrower, BCC Property I LLC, to refinance the maturing loan on the single-story building with a 10-year, fixed-rate loan through Northway Bank. Situated on seven acres, the fully leased property was last renovated in 2002. Ryan Bradley and Brian Gaswirth of the Boston office of Colliers’ capital markets group arranged the loan.

November 19, 2013

Northeast Retail

KIMCO BUYS GROCERY-ANCHORED PORTFOLIO IN CLARK FOR $35.6M

by admin November 18, 2013

CLARK, N.J. — Kimco Realty Corp. has purchased a 189,000-square-foot, grocery-anchored portfolio in Clark for $35.6 million. The fully occupied, three-property portfolio is located about eight miles southwest of Elizabeth and 22 miles southwest of New York City. The portfolio includes two long-term ground leases to national grocers — an 85,000-square-foot ShopRite and a 53,000-square-foot A&P Fresh Market. Other national tenants include Rite Aid and Bally Total Fitness. The properties are supported by approximately 155,000 residents with a median household income of $90,000 within three miles.

November 18, 2013

Multifamily Northeast

27-UNIT LUXURY CONDO BUILDING UNDERWAY IN MANHATTAN

by admin November 18, 2013

NEW YORK CITY — The Charles, a new 27-unit condominium development in Manhattan, is underway. Designed by Ismael Leyva Architects and developed by Bluerock Real Estate LLC, the 31-story, 104,000-square-foot project is located at 1355 First Ave. on the Upper East Side. The building will include 27 full-floor residences with up to four bedrooms and feature ceiling heights ranging from nine to 12.5 feet. Victor Homes expected to complete construction on the building by late 2014. The asking price for the condos range from $5.8 million to $10 million. David Collins Studio designed the building’s interior finishes and amenities. Town Residential New Development is the marketing and sales firm for the project.

November 18, 2013

Industrial Northeast

EAGLEBRIDGE ARRANGES $1.6M FOR BOSTON INDUSTRIAL BUILDING

by admin November 18, 2013

BOSTON — EagleBridge Capital has arranged $1.6 million in financing for 61-83 Braintree St. in the Brighton section of Boston on behalf of 6183 Associates. The 20,000-square-foot, two-story industrial building is located on a 30,500-square-foot parcel bordering the Massachusetts Turnpike. The building is triple-net leased to Thompson Durkee, which sells plumbing, heating and cooling equipment and supplies for home and industrial use. Brian Sheehan and Ted Sidel, principals at EagleBridge, arranged the financing

November 18, 2013

Northeast Office

USPS SIGNS 8,400 SF LEASE AT 333 E. 14TH ST. IN MANHATTAN

by admin November 18, 2013

NEW YORK CITY — The United States Postal Service has signed an 8,440-square-foot lease at 333 E.14th St. in Manhattan. The branch inked the 10-year sublease for the space, which is located at the base of a residential building on 14th Street and First Avenue. The post office will occupy 6,940 square feet on the ground floor and 1,500 square feet of basement. The post office is relocating from a bigger space at 432 E. 14th St. The Feil Organization holds a long-term ground lease for the retail space. Duane Reade previously occupied the space, which offers 100 feet of frontage on 14th Street. The drugstore chain then moved to a larger location at nearby 245 First Ave. in January. The new post office branch is currently under construction and is slated for completion in the second quarter of 2014.

November 18, 2013

Northeast Retail

MTA SELECTS COLUMBUS DEVELOPMENT TO CONSTRUCT RETAIL CONCOURSE

by admin November 15, 2013

NEW YORK CITY — In a public/private retail venture, the Metropolitan Transportation Authority (MTA) has selected Columbus Development LLC to develop and manage Shop//Stop, a retail destination on the concourse of the 59th Street-Columbus Circle subway station in New York City. Shop//Stop will occupy the 27,000-square-foot retail concourse and include up to 30 retailers ranging from food and beverage to apparel and technology accessories. Columbus Development will invest $6.5 million to improve the space, including upgraded signage, furniture and finishes, along with the installation of air conditioning throughout the concourse. The project is slated for an early 2015 completion. Susan Fine, principal with Columbus Development, is the principal developer on the project.

November 15, 2013

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