Northeast

CHESTERFIELD FARING ARRANGES $31M LOAN FOR HOTEL AMERICANO

by admin January 16, 2014

NEW YORK CITY — Chesterfield Faring Ltd. (CFL) has arranged a $31 million loan for the refinancing of Hotel Americano, a 56-room hotel located at 518 W. 27th St. in Manhattan. Hotel Americano features a rooftop pool, two restaurants and three separate bars. Jordan Roeschlaub, Daniel Fromm and Jordan Shrier of Chesterfield Faring arranged the financing for an affiliate of Blackhouse Development. Chesterfield Faring Ltd. is a real estate investment banking firm specializing in real estate and corporate finance. Blackhouse Development is a real estate investment company specializing in the acquisition, development and operation of residential, office and hospitality assets based in New York City.

January 16, 2014

HFF ARRANGES $24.3M SALE OF NEWARK MULTIFAMILY PROPERTY

by admin January 16, 2014

NEWARK, N.J. — HFF has arranged the $24.3 million sale of Mount Prospect Towers, two 15-story multifamily towers totaling 219 units in Newark. HFF represented the sellers, Praedium Group and KABR Group, in the transaction. Azure Partners purchased the multifamily property, which is located at 380 and 420 Mount Prospect Ave. in the Forest Hill section of Newark. The 96 percent-leased property is comprised of studio, one-, two- and three-bedroom units that are undergoing renovations with updated kitchens, baths and flooring. Senior managing directors Jose Cruz and Andrew Scandalios, managing directors Kevin O’Hearn and Jeffrey Julien and associate director Michael Oliver led the HFF investment sales team representing the sellers.

January 16, 2014

Northeast Retail

PREI ENTERS $84M JOINT VENTURE TO ACQUIRE RETAIL SPACE IN NYC

by admin January 15, 2014

NEW YORK CITY — Prudential Real Estate Investors (PREI) has agreed to enter an $84 million joint venture with Madison Capital to acquire 18,889 square feet of ground-floor retail space at The Astor in New York City. Located at 2151 Broadway in the Upper West Side submarket, The Astor is a 13-story historic multifamily property. Barney’s and Lululemon Athletica anchor the retail space. PREI, acting on behalf of German institutional investors in its U.S. Property Fund V, is the real estate investment management and advisory business of Prudential Financial Inc.

January 15, 2014

Northeast Office

JLL SECURES NEARLY $70M LOAN FOR OFFICE BUILDING IN MADISON

by admin January 15, 2014

MADISON, N.J. — Jones Lang LaSalle (JLL) has secured $69.8 million in acquisition financing for the purchase and repositioning of 5 Giralda Farms, a 463,435-square-foot office building located in Madison. Dustin Stolly and Aaron Niedermayer of JLL arranged the loan on behalf of a partnership between Lincoln Equities Group LLC and Lakestar Properties. NorthStar Realty Finance provided the five-year, non-recourse loan. Pfizer’s animal healthcare and nutrition division previously owned and fully occupied the property. The property includes a 345-seat cafeteria, conference facilities and a 15,000-square-foot fitness center with a basketball court and locker rooms. Additionally, the property features a separate 13,000-square-foot daycare facility and a 9,200-square-foot carriage house intended for corporate functions and executive dining.

January 15, 2014

Multifamily Northeast

NORTHMARQ ARRANGES $30M FOR TIDEWATER AT SALISBURY

by admin January 15, 2014

SALISBURY, MASS. — NorthMarq Capital has arranged $30 million in construction financing for Tidewater at Salisbury, a 222,519-square-foot affordable housing complex in Salisbury. Financing for the transaction features a construction period of up to 36 months with a 10-year term following the conversion date and a 30-year amortization schedule. A national bank provided the loan. Ed Riekstins, senior vice president of NorthMarq Capital’s Boston regional office, arranged the permanent financing. The development is located at 191 Beach Road, about 40 miles north of Boston.

January 15, 2014

Industrial Northeast

HAMPSHIRE COS. SELLS INDUSTRIAL SPACE IN BERGEN COUNTY TO TENANT

by admin January 15, 2014

HACKENSACK, N.J. — The Hampshire Cos. has sold a 45,313-square-foot industrial building located at 530 Huyler St. in Hackensack. Park Avenue Motor Corp. Inc., which has occupied the building since 2006, purchased the property. The industrial building spans across 3.5 acres and is located less than 10 miles from New York City. In 2009, the building was renovated into an automobile service facility that features amenities such as 16-foot ceiling heights, four grade-level overhead doors, 47 lifts, a customer lounge and office space.

January 15, 2014

Northeast Seniors Housing

JOHNSON CAPITAL ARRANGES $14M LOAN FOR PEEKSKILL SENIOR LIVING COMPLEX

by admin January 14, 2014

PEEKSKILL, N.Y. — Johnson Capital has arranged a $14 million loan for the refinancing of 120-unit Drum Hill Senior Living complex in Peekskill, located about 25 miles north of White Plains. The two-building property spans approximately 85,000 square feet and is situated a half mile from the Hudson River. Approximately 49 of the 120 units are Low-Income Housing Tax Credit units and the rest are affordable market-rate senior living units. Drum Hill is an adaptive reuse project. The project was converted from a high school to its current use in 1999. The owners of the property received a $13.9 million Industrial Development Bond issued by the City of Peekskill Industrial Development Authority for the project. The bond was refinanced with the $14 million note arranged by Lino DiLascio of Johnson Capital. A regional bank provided the 10-year loan, which includes a 30-year amortization schedule and a interest rate of approximately 5 percent.

January 14, 2014

Northeast Retail

URSTADT ACQUIRES 30,940 SF RETAIL CENTER IN BETHEL, CONN.

by admin January 14, 2014

BETHEL, CONN. — Urstadt Biddle Properties Inc. has acquired the 30,940-square-foot Bethel Hub Shopping Center in Bethel, located about three miles south of Danbury, for $9 million. A 7,596-square-foot Rite Aid pharmacy and a 13,884-square-foot Caraluzzi’s liquor store anchor the property. Other tenants in the center include People’s Bank, which occupies 2,500 square feet, Wah Lah Soups Salads and More, Pizzeria Lauretano, a dry cleaner and a laundromat. The shopping center was fully occupied at the time of sale.

January 14, 2014

Multifamily Northeast

ISMAEL LEYVA ARCHITECTS TO DESIGN SCHOOL 146,000 SF DORMITORY

by admin January 14, 2014

NEW YORK CITY — Magnum Real Estate Group has selected Ismael Leyva Architects to design the new 147,000-square-foot School of Visual Arts dormitory at 407 First Ave. in Kips Bay neighborhood of Manhattan. The School of Visual Arts dormitory will include 500 beds within 242 suites. The 14-story building will serve as the flagship residence hall for the art school. The building’s L-shape will make another part of the building six stories tall. The building will also feature administrative and faculty offices on the first floor and basement level, as well as a public terrace on the roof on the six-story portion of the building. Construction is expected to wrap up in summer 2016 in time for a fall semester opening that year.

January 14, 2014

Northeast Retail

M&M ARRANGES $2.7M SALE OF 3,960 SF NET-LEASED PROPERTY

by admin January 14, 2014

COLTS NECK, N.J. — Marcus & Millichap has arranged the $2.7 million sale of a ground lease for a 3,960-square-foot property occupied by Chase Bank in Colts Neck, located about 19 miles north of Brick. Michael Lombardi, senior associate, director of the Net Leased Property Group in Marcus & Millichap’s New Jersey office, represented the seller. Lombardi also secured and represented the buyer, a private investor. The triple-net leased bank branch sold at a 5 percent cap rate.

January 14, 2014

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