Northeast

NORTHMARQ ARRANGES $3M LOAN FOR APARTMENTS IN CLIFTON

by admin October 10, 2013

CLIFTON, N.J. — NorthMarq Capital has arranged $3 million in first-mortgage refinancing for Middle Village Apartments, a 160-unit, market-rate multifamily property in Clifton. Financing was based on a 15-year term with a 15-year amortization schedule. Robert Ranieri, senior vice president and managing director at NorthMarq’s Webstchester, N.Y./Conn. regional office, arranged the financing for the borrower, Middle Village Associates LLC, through a regional bank. The apartment community is located at 24 Day St.

October 10, 2013

JLL ARRANGES 74,447 SF IN LEASES AT BALLARDVALE OFFICE PARK

by admin October 10, 2013

WILMINGTON, MASS. —Agfa Graphics, Kapa Biosystems, Security Innovation and Righter Group Inc. have signed long-term leases totaling 74,447 square feet of Class A office space at Ballardvale Office Park in suburban Boston. Agfa will continue to occupy 53,893 square feet on the first floor. Kapa Biosystems, which is relocating from Cunnings Park in Woburn, will occupy 9,203 square feet on the third floor of Building 1. Security Innovation has leased a 7,771-square-foot suite on the second floor of Building 4, and The Righter Group secured a 3,580-square-foot suite on the first floor. In the last six months, approximately 146,000 square feet has been leased at Ballardvale Office Park, bringing the four-building park to 75 percent occupancy. Buildings 3 and 4 are currently 86 percent leased. Matt Daniels, Brian Tisbert, Christopher Lawrence and Christopher Decembrele of Jones Lang LaSalle represented the building’s owners AEW Capital Management and Griffith Properties. Andrew Zezas of Real Estate Strategies Corp. represented Agfa. Decembrele and Daniels represented Kapa Biosystems. James Lipscomb of Richards Barry Joyce & Partners represented Security Innovation in its lease transaction, while Micah Stubblebine of the Stubblebine Co. represented Righter Group. The 550,000-square-foot Ballardvale Office Park is located at the interchange of Interstate …

October 10, 2013

Northeast Office

NAI NORWOOD ARRANGES LEASE FOR LUTHERAN SOCIAL SERVICES

by admin October 10, 2013

MANCHESTER, N.H. — NAI Norwood Group has arranged a 7,000-square-foot office lease for Lutheran Social Services (LSS). The nonprofit will move into its new office space in November. LSS is consolidating multiple New Hampshire offices for better coordination between the different divisions. The organization is relocating from Manchester and Concord and will be occupying the third floor at 340 Granite St. in Manchester Jeanne Butler of NAI Norwood Group represented LSS in its search for a new site. Mike Reed of Stebbins represented the landlord. The landlord will deliver a newly renovated space to accommodate the different LSS divisions.

October 10, 2013

Multifamily Northeast

GALMAN GROUP BUYS 432-UNIT APARTMENT COMPLEX IN DELAWARE

by admin October 9, 2013

NEWARK, DEL. — Galman Group has purchased Morgan Crossing, a 432-unit apartment complex in Newark, a city in northeast Delaware. Galman has renamed the property Cooper’s Place. Located at 146 Chestnut Crossing Drive, Cooper’s Place is a three-story garden apartment complex with a brick façade, consisting of one-, two- and three-bedroom units. Amenities at the complex include a pool, fitness center and tennis courts. Karen Iman and Brian Whitmer of Cushman & Wakefield represented the seller, Morgan Management, in the transaction. Galman Group, which owns and manages more than 6,000 apartments and condominiums in Pennsylvania and Delaware, was represented in-house.

October 9, 2013

Multifamily Northeast

GFI ARRANGES $7.1M SALE OF NYC APARTMENT BUILDING

by admin October 9, 2013

NEW YORK CITY — GFI Realty Services Inc. has arranged the $7.1 million sale of 475 Ocean Ave., a six-story apartment building in the Flatbush section of Brooklyn. The sales price equates to twelve times the rent roll and $150,000 per unit. Constructed in 1931, the 47-unit apartment property spans 54,854 square feet. Josh Orlander, a salesperson at GFI Realty Services, represented the seller and the buyer, both local investors, in the transaction. The multifamily building is located within close proximity to Prospect Park, as well as the B and Q subway lines.

October 9, 2013

Multifamily Northeast

WASHINGTON TRUST PROVIDES $5.3M ACQUISITION LOAN

by admin October 9, 2013

CRANSTON, R.I. — Washington Trust’s commercial real estate group has provided $5.3 million in financing to Residences at Garden City LLC for the purchase of Garden City Apartments in metro Providence. The garden-style apartment complex includes seven two-story buildings with 56 one-bedroom apartments and 38 two-bedroom units. Built in 1948, the property is within proximity to I-95, Route 295 and Route 2 in Cranston.

October 9, 2013

Northeast Office

LAW FIRM SIGNS 57,000 SF OFFICE LEASE IN MANHATTAN

by admin October 9, 2013

NEW YORK CITY — Meister Seelig & Fein LLP has signed a 57,000-square-foot office lease at 125 Park Ave. in Manhattan. The firm currently occupies approximately 38,000 square feet at 140 E. 45th St. and will occupy the seventh and eight floors at 125 Park Ave. in 2014. Jason Meister, vice president at Avison Young, and Howard Grufferman, vice chairman at Colliers International, represented the law firm in the transaction. SL Green Realty Corp., the building’s owner, was represented in house by David Kaufman. Scott Newmark and Robin Topol of Meister Seelig & Fein served as in-house legal counsel for the deal, while Noah Shapiro and Lisa Greenbaum of Haynes and Boone LLP represented SL Green.

October 9, 2013

Mixed-Use Northeast

SEVEN MULTIFAMILY AND RETAIL BUILDINGS IN NYC SELL FOR $71.5M

by admin October 8, 2013

NEW YORK CITY — GFI Realty Services Inc. has arranged the sale of seven contiguous buildings in the Kips Bay section of Manhattan for $71.5 million. Silverstone Property Group purchased the properties, which include 146 apartment units and eight stores. The properties are located at 489, 493 and 495 Third Ave. and 203, 205, 207 and 211 E. 33rd St. Approximately 60 percent of the units are free-market apartments. Yosef Katz, a director at GFI Realty Services, represented the buyer, while Barak Jacobov, also of GFI, represented the sellers, local investors.

October 8, 2013

Northeast Office

NORTHMARQ ARRANGES $30M LOAN FOR OFFICE/INDUSTRIAL PORTFOLIO

by admin October 8, 2013

LANGHORNE AND TREVOSE, PA. — NorthMarq’s Boston regional office, has arranged a $30 million loan for the refinancing of a portfolio of 11 office and industrial properties in eastern Pennsylvania. High Street Equity owns the properties, which span 607,889 square feet and are located in Langhorne and Trevose. Financing was based on a five-year term and a 25-year amortization schedule with a flexible prepayment schedule. James Murphy of NorthMarq arranged the financing through a life insurance company lender.

October 8, 2013

Northeast Office

12-STORY WILMINGTON OFFICE BUILDING SELLS FOR $1.7M

by admin October 8, 2013

WILMINGTON, DEL. — Patterson-Woods Commercial Properties/CORFAC International has arranged the $1.7 million sale of a 12-story office building in downtown Wilmington. The sale was originated through Auction.com. Delaware Offices, a Wilmington-based property investment and management firm, sold the property. The buyer was 913 Market LLC, an entity of Sky Management Services LLC. Built in 1983, 72,000-square-foot office building was 60 percent occupied at the time of sale. Duncan Patterson, president, and Rich Dudek of Patterson-Woods Commercial Properties/CORFAC International arranged the sale.

October 8, 2013

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