Northeast

COLLIERS ARRANGES $60M LOAN FOR RECAPITALIZATION OF 200 FOREST ST.

by admin October 16, 2013

MARLBOROUGH, MASS. — Colliers International has arranged $60 million in bridge financing for 200 Forest St., a 527,580-square-foot office building in suburban Boston. The research and development facility is located adjacent to Interstate 495 in the Forest Street Office Park in Marlborough. 200 Forest Street is part of the 109-acre former Hewlett-Packard campus acquired vacant by the Atlantic Management in 2011. Atlantic plans to use the loan to reposition and redevelop the property into a Class A, mixed-used development and pay off the original acquisition financing. Plans for the mixed-use project include the redevelopment of two existing office buildings; 350 units of multifamily housing; a 150-key hotel; and up to 75,000 square feet of retail. A state-of-the art diagnostic lab facility is currently under construction at 200 Forest St. for the property’s first tenant, Quest Diagnostics. Dave Douvadjian, Tom Welch and Brian Gaswirth led the Colliers’ Boston-based capital markets team in the transaction.

October 16, 2013

DELSHAH CAPITAL BUYS NYC APARTMENT BUILDING FOR $26.8M

by admin October 16, 2013

NEW YORK CITY — DelShah Capital LLC has purchased 100-102 Christopher St. in the West Village neighborhood of Manhattan for $26.8 million. The 21,849-square-foot, five-story white brick building includes 37 apartments. Recently renovated units feature new hardwood floors, kitchens with stainless steel appliances, marble baths and washers and dryers. The property also includes three ground-floor retail spaces, occupied by high-end clothing company Rag & Bone. The sellers were Jeffrey Kaye and Robert Morgenstern of Stone Street Properties, who purchased the building in 2011. Recent work to the property included renovation of the lobby, boiler room and common hallways.

October 16, 2013

Multifamily Northeast

160-UNIT APARTMENT BUILDING SELLS FOR $13M IN PHILADELPHIA

by admin October 16, 2013

PHILADELPHIA — Marcus & Millichap has arranged the $13 million sale of Beechwood Gardens, a 160-unit apartment property in northeast Philadelphia. The sale equates to $81,250 per unit. Clarke Talone, Ridge MacLaren and Andrew Townsend, investment specialists in Marcus & Millichap’s Philadelphia office, represented the seller, a New York-based limited liability company, and the buyer, a local limited liability company. Beechwood Gardens is located at 9805 Haldeman Ave. and is in close proximity to U.S. Route 1 and Interstate 95. Built in 1967 on 5.7 acres, Beechwood Gardens includes 80 one-bedroom units and 80 two-bedroom apartments. More than two-thirds of the units have been renovated.

October 16, 2013

Multifamily Northeast

AVANT CAPITAL ORIGINATES $1.4M BRIDGE LOAN IN BROOKLYN

by admin October 16, 2013

NEW YORK CITY — AVANT Capital Partners has originated a $1.4 million bridge loan secured by a condominium portfolio in Brooklyn. The developer of the portfolio used the two-year loan, which carries an interest rate of 10.75 percent, to pay off a discounted construction loan. The 13-story building includes a vacant ground-floor retail space and 38 residential condominiums that were completed and brought to market in 2009. The property is located at 55 Flatbush Ave. in the the Fort Green neighborhood of Brooklyn. Adam Luysterborghs, founding principal at AVANT, originated the loan.

October 16, 2013

Northeast

EPR PROPERTIES BUYS CAMELBACK MOUNTAIN RESORT FOR $70M

by admin October 15, 2013

TANNERSVILLE, PA. — EPR Properties has acquired the Camelback Mountain Resort in Tannersville, a city in northeast Pennsylvania, for $70 million. The resort consists of 160 acres of skiable terrain and includes a waterpark, an outdoor adventure park, a 40-lane tubing facility and base lodge. The resort attracts approximately 900,000 visitors annually. The property is currently leased to CBH2O, which has operated the resort since 2005, and has committed to an additional 20-year term. The Camelback Mountain Resort is located approximately 90 miles outside of New York City in the Poconos Mountain region.

October 15, 2013

Hospitality Northeast

HFF CLOSES $35M SALE OF DEVELOPMENT SITE IN HUDSON YARDS

by admin October 15, 2013

NEW YORK CITY — HFF has closed the $35 million sale of a 9,875-square-foot development site in Manhattan’s Hudson Yards neighborhood. HFF worked on behalf of the seller, a subsidiary of Lehman Brothers Holdings Inc. New York-based real estate developer David Marx purchased the land parcel, located at 448-452 11th Ave. and 556 W. 37th St. Andrew Scandalios and Jose Cruz, senior managing directors, and Jeffrey Julien and Kevin O’Hearn, managing directors, led the HFF team representing the seller.

October 15, 2013

Northeast Office

M&M ARRANGES $6.3M SALE OF 38,864 SF OFFICE BUILDING

by admin October 15, 2013

LIVINGSTON, N.J. — Marcus & Millichap has arranged the $6.3 million sale of a 38,864-square-foot office property in Livingston. David Kelso, an associate director at Marcus & Millichap, marketed the property on behalf of the seller and represented the buyer in the transaction. The office building is located at 301 S. Livingston Ave. and is within walking distance to area amenities, including restaurants, dry cleaners and Kings Supermarket.

October 15, 2013

Northeast Office

RAM ACQUIRES 91,476 SF OFFICE/LAB PROPERTY IN CHELMSFORD

by admin October 15, 2013

CHELMSFORD, MASS. — The RAM Cos. has acquired a 91,476-square-foot office/lab property in Chelmsford, located about 30 miles northwest of Boston. The purchase price was undisclosed. Medical device company Arrow Interventional Inc., a wholly owned subsidiary of Teleflex Inc., fully occupies the property. Renovated in 2013, the building is situated on 5.7 acres at 16 Elizabeth Drive.

October 15, 2013

Multifamily Northeast

MERIDIAN ARRANGES $25M LOAN FOR MULTIFAMILY PROPERTY

by admin October 14, 2013

NEW YORK CITY — Meridian Capital Group LLC has arranged $25 million in acquisition financing for a multifamily property in Brooklyn on behalf of Benjamin Werber of Werber Management. A regional commercial lender provided the 10-year loan, which features a fixed interest rate of 3.5 percent. Josh Rhine, vice president at Meridian Capital Group, negotiated this transaction. Originally built as condominiums, the property includes 54 luxury units. The building is located at 202 Eighth St.

October 14, 2013

Mixed-Use Northeast

PRIVATE INVESTOR BUYS NYC RETAIL/OFFICE BUILDING FOR $16.4M

by admin October 14, 2013

NEW YORK CITY — A private Korean-American investor, through his representative in the United States, Tony Park of PD Properties, has purchased a 16,000-square-foot office/retail building in Manhattan for $16.4 million. The six-story property is located at 4 E. 46th St. in the Diamond District and includes 30,000 square feet of unused air rights. The seller was DJM Post Production, a longtime owner that occupied the building for 47 years. David Schechtman, Steven Zimmerman and Paul Nigido of Eastern Consolidated represented DJM and procured the buyer with assistance from Tony Park and Elad Dror of PD Properties. The buyer plans to utilize the property for personal use. Vitae Restaurant recently signed a 10-year lease for the ground-floor retail space, while the upper floors are vacant. Attorneys in the transaction include William Weisner of Tarter Krinsky for the seller and Samuel Ahne of Ahne Law PC for the buyer.

October 14, 2013

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