Northeast

ROCKPOINT GROUP COMPLETES $375M IN HOTEL SALES

by admin July 10, 2013

BOSTON— Rockpoint Group LLC and its affiliates have completed two hotel sales during the last three weeks and generated $375 million in proceeds. The most recent transaction was the sale of the 1,053-room Boston Park Plaza Hotel & Towers to a public lodging REIT for $250 million, or $237,400 per key. Boston-based Rockpoint owned the hotel for two years and added 112 guest rooms and ground-floor retail. The firm also sold its interest in the Courtyard by Marriott Waikiki Beach to Highgate Hotels Inc., which was managing the hotel, in a $125 million transaction. Lodging Capital Partners LLC was Rockpoint’s partner when the hotel was acquired in June 2011 for $85 million. The Courtyard by Marriott Waikiki Beach is a 401-room hotel located in the Waikiki submarket of Oahu in Hawaii.

July 10, 2013

MERIDIAN ARRANGES $27.5M LOAN FOR BRONX MULTIFAMILY BUILDING

by admin July 10, 2013

NEW YORK CITY —Meridian Capital Group LLC has arranged $27.5 million in financing for the purchase of a multifamily property, located in the Bronx, on behalf of Azure Partners LLC. The seven-year loan carries an interest rate of 3.1 percent and two years of interest-only payments. A national balance sheet lender provided the loan. The 13-story mixed-use property includes 273 apartments and is located at 1749 Grand Concourse. Moshe Majeski, managing director at Meridian Capital Group, originated the transaction. Abe Hirsch, managing director, and Zev Karpel, senior vice president at Meridian, negotiated the financing

July 10, 2013

Northeast Retail

WHOLE FOODS MARKET OPENS AT PLEASANT SHOPS IN WEYMOUTH, MASS

by admin July 10, 2013

WEYMOUTH, MASS. — Whole Foods Market (NASDAQ: WFM) has opened a 40,000-square-foot grocery store at Pleasant Shops in Weymouth, a southern suburb of Boston. The new store, located at the intersection of Route 18 and Pleasant Valley Parkway, is the grocer’s 23rd location in Massachusetts. Pleasant Shops was acquired by a joint venture between Federal Realty Investment Trust and a client advised by Clarion Partners.

July 10, 2013

Healthcare Northeast

CAPITAL ADVISORS SECURES $4.7M LOAN FOR MEDICAL OFFICE BUILDING

by admin July 10, 2013

SETAUKET, N.Y. — Capital Advisors has arranged $4.7 million in refinancing for 33 Research Way, a 37,297-square-foot medical office building located in Setauket, about 15 miles east of Queens. Stony Brook University Hospital fully occupies the property. Cooper Willis of Capital Advisors’ Charlotte, N.C. office secured the 25-year, nonrecourse loan, which includes a 25-year amortization schedule, for Algil Holding Co. LLC. StanCorp Mortgage Investors LLC provided the financing.

July 10, 2013

Northeast Office

NYRR BUYS MANHATTAN OFFICE CONDOMINIUM FOR $91M

by admin July 9, 2013

NEW YORK CITY — American Realty Capital New York Recovery REIT Inc. (NYRR) has acquired a three-story office condominium in Manhattan for $90.8 million. Located at 50 Varick St. in the Tribeca neighborhood, the 158,573-square-foot building is fully leased to a subsidiary of Spring Studios Limited. Spring Studios Limited is a London-based provider of creative services to the world's top international fashion, beauty and luxury brands. With the addition of this asset, NYRR owns nearly $800 million in assets, including properties announced for purchase.

July 9, 2013

Multifamily Northeast

TREETOP BUYS SAXON HALL HIGH-RISE IN QUEENS FOR $85.2M

by admin July 9, 2013

NEW YORK CITY — Treetop Development has purchased Saxon Hall, a 16-story high-rise multifamily building located at 62-60 99th St. in the Rego Park neighborhood of Queens, for $85.2 million. The 417-unit building is the latest in Teaneck, N.J.-based company’s plan to grow its portfolio of homes by purchasing rental properties in emerging and undervalued New York City neighborhoods. The property includes two ground-floor commercial spaces and an underground garage. Jose Cruz and Andrew Scandalios of HFF served as brokers for the transaction, and Steve Fleissig of Greenberg Traurig LLP acted as legal counsel for the buyer. Treetop plans to invest $5 million to upgrade the exterior façade, improve building systems such as elevators, electric, plumbing and roof and enhance cosmetics in the lobby and hallways. Saxon Hall features laundry rooms, secure parking, storage and an on-site playground.

July 9, 2013

Multifamily Northeast

FANTINI & GORGA PLACES $7.3M LOAN ON PORTSMOUTH APARTMENTS

by admin July 9, 2013

PORTSMOUTH, N.H. — Boston-based Fantini & Gorga has arranged $7.3 million in financing for Millport Apartments, a 63-unit, loft-style multifamily property in Portsmouth. The FHA-insured financing includes a 35-year, self-amortizing term. Eastern Mortgage Capital provided the loan using FHA mortgage insurance under the 223(f) program, which provides long-term, fixed-rate nonrecourse financing. Millport Apartments, located at 1001 Islington St., is a former mill redeveloped into housing by the current owner in 1996. The property has a mix of studio, one-, two-, three- and four-bedroom units, as well as 3,830 square feet of commercial space.

July 9, 2013

Healthcare Northeast

HAMPSHIRE SELLS TWO MEDICAL OFFICE BUILDINGS IN ENGLEWOOD

by admin July 9, 2013

ENGLEWOOD, N.J. — The Hampshire Cos. has sold two medical office buildings in Englewood, located about 15 miles north of Newark, to JZ Property LLC. The purchase price was undisclosed. The buildings total 32,081 square feet and are located at 200 and 214 Engle St., near Englewood Hospital and Medical Center, a 547-bed teaching hospital. Cheryl Bozzelli and Michael Walters of NAI James E. Hanson represented The Hampshire Cos. in the transaction. Adam Plawker of Plawker Commercial Real Estate represented the buyer. Plawker Commercial Real Estate will serve as the leasing agent of the property.

July 9, 2013

Northeast Retail

KATZ PROPERTIES BUYS TWO SHOPPING CENTERS FOR $52.5M

by admin July 8, 2013

EAST LONGMEADOW, MASS. — New York-based Katz Properties has acquired Heritage Plaza in East Longmeadow, Mass., and Golden Ring Plaza in Rosedale, Md., for approximately $52.5 million. Heritage Plaza is an 116,840-square-foot shopping center built in 1974. The shopping center, which is located at 470 N. Main St., was purchased for $28.4 million. The 55,330-square-foot Golden Ring Plaza, located at the intersection of Philadelphia Road and Rossville Boulevard, was purchased for $24 million. Mortgage financing for both deals was arranged by Tim Breda of Goedecke & Co. Dallas-based Sentinel Investments, on behalf of Vermont-based National Life, financed Heritage Plaza. New York City-based AIG Global provided financing for Golden Ring Plaza. For Heritage Plaza, Cushman & Wakefield’s Capital Markets Group, led by Geoff Millerd, Justin Smith and Rob Griffin, represented Katz Properties and the seller in the transaction. For the Golden Ring Plaza transaction, the CBRE team of R. William Kent and Gary Lawrence represented the buyer and seller. Winslow Property Management will provide leasing and property management services for both shopping centers.

July 8, 2013

Multifamily Northeast

$25M RESIDENTIAL PROPERTY BREAKS GROUND IN VENTNOR, N.J.

by admin July 8, 2013

VENTNOR, N.J. — PRDC and Pelican Properties have broken ground on The Waves, a $25 million residential project in Ventor, located about 60 miles south of Brick. The development includes 27 luxury residences. Prices for the residences start at $749,000 for a 2,600-square-foot beach block property and $1.2 million for a 2,800-square foot oceanfront residence. The Waves will be developed on a parcel that is occupied by the vacant and deteriorating Monaco Motel.

July 8, 2013

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