Northeast

USRC ARRANGES $2.4M LOAN FOR OFFICE COMPLEX IN BLUE BELL, PA.

by admin November 1, 2013

BLUE BELL, PA. — US Realty Capital (USRC), has arranged a $2.4 million fixed-rate bridge loan for a 47,000-square-foot, Class B office complex in Blue Bell, a northern suburb of Philadelphia. The complex includes two three-story office condominium buildings. USRC arranged the non-recourse, three-year loan, which includes two 12-month extension options and is interest only, through a national bridge lender. The property was 55 percent occupied at closing. Robert A.C. Jacoby, managing partner in USRC’s Philadelphia office, originated the loan.

November 1, 2013

BRIXMOR’S STOCK CLIMBS IN FIRST DAY OF TRADING ON NYSE

by admin October 31, 2013

NEW YORK CITY — Brixmor, which had been planning to go public since Blackstone Group acquired it in 2011, began trading Wednesday on the New York Stock Exchange under the symbol “BRX” as part of an $825 million initial public offering (IPO). Brixmor’s stock price, which began trading at $20 per share, finished the day at $20.57 per share, a 2.85 percent increase. The retail landlord is selling 41.25 million shares, up from 37.5 million shares the company originally plan to offer as part of the IPO. The offering is expected to close on Nov. 4. With more than 520 properties in its portfolio, Brixmor has no immediate plans to expand. Michael Carroll, CEO of New York-based Brixmor, says the company’s investors support Brixmor’s strategy to continue to invest in its existing portfolio.

October 31, 2013

Industrial Northeast

PARTNERSHIP ACQUIRES 107 ACRES, PLANS 1.3M SF INDUSTRIAL PROJECT

by admin October 31, 2013

CARLISLE, PA. — Dermody Properties, in partnership with Pacific Coast Capital Partners LLC (PCCP), has purchased 107 acres at Ames Drive in Carlisle, a southwest suburb of Harrisburg. The site will be the location of a two-building, master-planned industrial park, known as LogistiCenter Carlisle, totaling 1.3 million square feet. The first building, which is 700,000 square feet, is available for leasing. Dermody Properties says it will begin construction on a 602,250-square-foot building based upon the leasing progress of the existing building. LogistiCenter Carlisle is located one mile off Interstate 81. Dermody Properties is serving as the industrial developer and operating partner, and PCCP is serving as financial partner on the project.

October 31, 2013

Northeast Seniors Housing

DEVELOPER RECEIVES $12.7M OF EQUITY FOR 82-UNIT COMMUNITY

by admin October 31, 2013

BLOOMFIELD, N.J — The New Jersey Housing and Mortgage Finance Agency has awarded Federal Low-Income Housing Tax Credits to Community Investment Strategies Inc. for an 82-unit affordable housing project in metro Newark. The tax credit will result in about $12.7 million of equity for the Heritage Village at Bloomfield development. The project also was awarded $5 million in funding under the Community Development Block Grant Disaster Recovery Action Plan Sandy Disaster Recovery Program. Located on the corner of Franklin Street and Municipal Plaza in Bloomfield, Heritage Village at Bloomfield will feature energy-efficient and handicapped-accessible units for residents 55 years of age and older. The community will include 74 one-bedroom and eight two-bedroom apartments, as well as a 1,800-square-foot community center. Construction of the development is slated to begin next spring.

October 31, 2013

Northeast Office

M&M ARRANGES $1.5M SALE OF THREE U.S. POSTAL SERVICE BRANCHES

by admin October 31, 2013

ELMWOOD PARK, N.J. — Marcus & Millichap has arranged the $1.5 million sale of three United States Postal Service branches located in Normandy Beach, Roselle Park and Florence. Michael Lombardi, director of Marcus & Millichap’s net leased properties group, and Julienne Pape, an associate, marketed the three properties as part of a larger portfolio of post offices on behalf of the seller, a private investor. Lombardi and Pape also represented the buyer in the sale of the Normandy Beach post offices.

October 31, 2013

Multifamily Northeast

$52M MULTIFAMILY DEVELOPMENT OPENS IN BOSTON

by admin October 30, 2013

BOSTON — The Community Builders Inc. (TCB) has celebrated the grand opening of 225 Centre, the $52 million first phase of the 14-building, $250 million redevelopment in Boston. The project, which is located in the Jackson Square community, will reconnect Boston’s Jamaica Plain and Roxbury neighborhoods. The 225 Centre apartment community features 103 apartments, including 35 affordable units, more than 16,000 square feet of commercial space and an 86-space underground parking garage. The project financing included $2.3 million in state-issued, low-income housing tax credits, $2 million in Department of Housing and Community Development program subsidies and $503,988 in federal low-income housing tax credits. 225 Centre is a joint venture between TCB and Mitchell Properties.

October 30, 2013

Multifamily Northeast

PEARL PROPERTIES BUYS PHILADELPHIA APARTMENT COMPLEX

by admin October 30, 2013

PHILADELPHIA — Lowe Enterprises Investors has acquired The Granary, a new nine-story, Class A multifamily property in Philadelphia’s Center City, from developer Pearl Properties. The property sold for $120 million, according to the Philadelphia Business Journal. Located at 20th and Callowhill streets, The Granary includes 229 apartments and 20,463 square feet of retail space. The building was completed in October and is currently 40 percent leased. The Granary offers a mix of one-and two-bedroom units with in-unit washer/dryers, granite countertops, stainless steel appliances and bamboo floors. Amenities at the property include a state-of-the-art fitness center, business center, music room and library, community kitchen and club room, an onsite concierge and full-time doorman.

October 30, 2013

Northeast Office

WASHINGTON TRUST PROVIDES $19M LOAN FOR ALCO BUILDINGS

by admin October 30, 2013

PROVIDENCE, R.I. — Washington Trust’s commercial real estate group has provided $19 million in financing to Foundry ALCO Members LLC for its acquisition of the five-building American Locomotive (ALCO) Complex in Providence. The brick ALCO buildings, originally constructed as a locomotive factory in 1901, are located on 11.8 acres at 68 Hemlock and 51 Valley streets. The 200,000-square-foot property was redeveloped into an office complex in 2006-2009 and is now 70 percent leased. Tenants at ALCO include law firms, an engineering company and the Rhode Island Economic Development Corp. The largest tenant in the complex is United Natural Foods Inc., a wholesale natural food distributor in the United States. Washington Trust led the financing, which included funding from Rockland Trust.

October 30, 2013

Northeast Retail

GHP BUYS 25,000 SF SHOPPING CENTER IN NORWALK

by admin October 30, 2013

NORWALK, CONN. — GHP Office Realty has acquired 120 New Canaan Ave., a 24,732-square-foot shopping center in Norwalk, as part of a 1031 tax-deferred exchange. The property is located off Exit 38 on the Merritt Parkway and is within close proximity to Route 7 and Interstate 95. Eight tenants currently occupy the property, including Café Madrid, Banana Nails, A.S. Fine Foods, Rite Aid, State of the Art Cleaners, La Bella Salon, Liz Sue Bagels II and Little Tokyo. The shopping center currently has retail and medical suites available ranging from 1,500-3,250 square feet.

October 30, 2013

Multifamily Northeast

BERKADIA ORIGINATES $37M LOAN FOR NYC MULTIFAMILY ASSETS

by admin October 29, 2013

NEW YORK CITY — The Manhattan office of Berkadia Commercial Mortgage LLC has originated $37.1 million in bridge financing for three multifamily properties in Brooklyn. Stewart Campbell, senior vice president at Berkadia, arranged both loans through Berkadia’s proprietary bridge lending program. Campbell worked with borrower 97 Grand Avenue LLC to secure $25 million for the acquisition of two multifamily buildings under development located at 96 Steuben St. and 97 Grand Ave. in the Clinton Hill neighborhood. The two-year loan features a floating, 6 percent interest rate and interest-only payments. In addition to the acquisition, the proceeds from the loan will also fund the remaining construction and lease-up of both buildings. Campbell also arranged $12.1 million in interim financing for a mixed-use property located at 70-78 Willoughby St. The two-year, floating-rate loan features a 4.5 percent interest rate and interest-only payments. The borrower, Metrotech BH Holdings LLC, will use the loan to fund the redevelopment of a commercial and retail building into a mixed-use property featuring rental units and retail space.

October 29, 2013

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