Northeast

EDR ADDS 92 APARTMENTS NEAR UNIVERSITY OF CONNECTICUT

by admin June 7, 2013

STORRS, CONN. — EdR has begun development on the $12.8 million third phase of The Oaks on The Square, a 92-unit student housing project located adjacent to the University of Connecticut (UConn) in Storrs. EdR will own and manage the addition when completed in summer 2014. The exterior of the third phase will complement the old town New England style of the first two phases, while the interiors will include high-speed Internet, Wi-Fi access, granite countertops and stainless-steel appliances. Some apartments will also feature dining rooms and home office areas. The first phase and second phase consist of 322 apartments, which are fully leased. Approximately 8,000 graduate students and 18,000 undergraduate students are enrolled at UConn’s main campus.

June 7, 2013

MARCUS & MILLICHAP ARRANGES SALE OF 9,410 SF BUILDING

by admin June 6, 2013

NEW YORK CITY—Marcus & Millichap has arranged the sale of a 9,410-square-foot mixed-use building for $2.7 million located at 245 W.135th St. in New York City. Peter Von Der Ahe, Scott Edelstein, Joe Koicim and Seth Glasser of Marcus & Millichap’s Manhattan office represented the seller, a private investor and the buyer, also a private investor. The buyer owns two properties in the East Village.

June 6, 2013

Northeast Seniors Housing

CONSTRUCTION COMPLETE ON 76-UNIT SENIORS HOUSING PROJECT

by admin June 6, 2013

NEW BEDFORD, N.H. — Phase I of Manoment Place, a 76-unit, mixed-income seniors housing project in New Bedford, has finished construction. Formerly known as both Cliftex Mill and Manoment Mill, the property is a 20th century textile mill developed by textile manufacturer and commission agent William Whitman. Architect and engineer Charles R. Makepeace along with contractor Benjamin F. Smith assisted Whitman in the development. John W. Keith acquired the property in 2012 through a partnership with WinnDevelopment to develop the two-phase, re-use project. Manomet Place is an age-restricted seniors housing community.

June 6, 2013

Multifamily Northeast

GEBROE-HAMMER ARRANGES $10.2M SALES IN BERGEN COUNTY

by admin June 6, 2013

HACKENSACK AND PALISADES PARK, N.J. — Gebroe-Hammer Associates has arranged two multifamily transactions in Hackensack and Palisades Park for a combined total of $10.2 million. The first transaction includes a 26-unit apartment building located at 50 Anderson St. and a 37-unit midrise building located at 430 Union St. in Hackensack, which sold for $8.6 million. The six-story Union Street property includes 16 one-bedroom, 18 two-bedroom and two three-bedroom layouts as well as one studio apartment. The five-story Anderson Street property includes 14 one-bedroom, 13 two-bedroom, and two three-bedroom units. Greg Pine and Nicholas Nicolaou of Gebroe-Hammer Associates represented the seller and the buyer in the transaction. The second transaction includes Palisades Manor, a two-story, 12-unit apartment complex in Palisades Park, which sold for $1.6 million. Greg Pine and Ken Uranowitz of Gebroe represented the seller and procured the buyer in the transaction.

June 6, 2013

Northeast Office

CRONHEIM MORTGAGE ARRANGES $5.5M FOR GREENWICH OFFICE BUILDING

by admin June 6, 2013

GREENWICH, CONN. — Cronheim Mortgage has arranged a $5.5 million loan for a 43,000-square-foot, four-story office building and a two-story, 26,800-square-foot parking structure in Greenwich. The properties are located south of the intersection of U.S. Route 1 and Mason Street in Fairfield County. Aviva Life and Annuity Co. provided the loan, which carries a 3.9 percent interest rate, for Mason Associates of Greenwich LLC. The property was constructed in 1966 and is currently 100 percent occupied by 15 tenants.

June 6, 2013

Northeast Office

CAMBRIDGE HEALTH SIGNS 56,750 SF LEASE IN MALDEN

by admin June 6, 2013

MALDEN, MA— Cambridge Health Alliance has signed a 56,750-square-foot office lease at Commerce Place, located at 350 Main St. in Malden. The lease brings the building to more than 92 percent leased. Cambridge Health Alliance is an integrated healthcare system that serves Cambridge, Somerville, and other Boston’s metro-north communities. The healthcare system is relocating from various locations, including Station Landing in Medford and will occupy the fourth and fifth floors of Commerce Place. Steven Purpura, Eric Smith and Ron Friedman of Richards Barry Joyce & Partners represented the landlord, Preotle, Lane & Associates, in the transaction. Adam Subber, Dan Sullivan and Paul Delaney of Cresa Boston represented Cambridge Health Alliance.

June 6, 2013

Northeast Office

CLARION PARTNERS TO BUY FIFTH AVENUE PROPERTY FOR $225M

by admin June 5, 2013

NEW YORK CITY — Clarion Partners LLC has acquired 100-104 Fifth Ave., a 277,412-square-foot Midtown South property, from the Kaufman Organization and Invesco Real Estate for $225 million, according to Bloomberg News. Kaufman Organization will serve as the property’s exclusive leasing and management agent. Studley’s capital transaction group brokered the sale. Currently 100 percent leased, the property is in close proximity to Union Square, public transportation, green space, entertainment and an array of services.

June 5, 2013

Northeast Office

RFR SECURES $100M FINANCING FOR 345 PARK AVENUE SOUTH

by admin June 5, 2013

NEW YORK CITY — RFR Holding LLC has closed $100 million in financing for 345 Park Avenue South in New York City. Citibank arranged the 10-year CMBS transaction. Located in Midtown South, 345 Park Avenue South is completely occupied by Digitas, a digital marketing firm owned by Publicis Groupe, which has leased the property through 2021. The property offers street-level retail space, which is currently occupied by two bank branches and a restaurant.

June 5, 2013

Mixed-Use Northeast

MARCUS & MILLICHAP ARRANGES $1.7M SALE OF MIXED-USE BUILDING

by admin June 5, 2013

NEW YORK CITY — Marcus & Millichap has arranged the sale of a 7,320-square-foot, mixed-use property located at 5902 5th Ave. in Brooklyn for $1.7 million. Erik Lundberg and John Brennan of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, in the transaction. Dolly Amigon of Marcus & Millichap’s Brooklyn office represented the buyer, also a private investor.

June 5, 2013

Multifamily Northeast

HUDSON REALTY PROVIDES $14.5M CONSTRUCTION LOAN

by admin June 5, 2013

NEW YORK CITY — Hudson Realty Capital LLC has provided a $14.5 million construction loan for a project in the SoHo neighborhood of New York City. The loan is being used for the construction of an eight-story, 24,274-square-foot multifamily building located at the Broome Street and Sixth Avenue intersection. The property will feature a total of 12 luxury two-bedroom units, averaging 1,406 square feet per unit and spanning across 16,870 square feet. Additionally, the building will include 7,404 square feet of community space on the basement, first- and second-floor levels, which is ideal for a school. The residential units will have their own lobby.

June 5, 2013

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