Northeast

FANTINI & GORGA ARRANGES $12M LOAN FOR MILLCREEK TOWNHOUSES

by admin June 24, 2013

NORTH KINGSTOWN, R.I. — Fantini & Gorga has arranged a $12 million loan for the refinancing of Millcreek Townhouses, a 140-unit multifamily property in North Kingstown, a southern suburb of Providence. A Massachusetts-based financial institution provided the loan. Casimir Groblewski, managing director of Fantini & Gorga, arranged the financing on behalf of Millcreek LLC, an affiliate of The Grossman Cos. Inc. Located on 46 acres in the Quonset Point neighborhood of North Kingstown, Millcreek Townhouses features a clubhouse, extensive landscaping, a children’s playground, tenant picnic areas and five private fully paved roads. Millcreek includes two-, three- and four-bedroom units averaging more than 1,125 square feet.

June 24, 2013

TERRENO REALTY CORP. BUYS INDUSTRIAL BUILDING FOR $6.8M

by admin June 24, 2013

WEST CALDWELL, N.J. — Terreno Realty Corp. (NYSE:TRNO) has acquired an industrial property located in West Caldwell, an eastern suburb of Parsippany, for $6.8 million. The property includes one multi-tenant 93,000-square-foot distribution building situated on 8.9 acres. The building is located at 1 Dodge Drive and is fully leased to a wholesale distributor of electrical products. The estimated stabilized capitalization rate of the property is 9 percent.

June 24, 2013

Northeast Office

UBS TAPS CASSIDY TURLEY TO LEASE, MANAGE 135 W. 50TH ST.

by admin June 24, 2013

NEW YORK CITY — UBS Global Asset Management has hired Cassidy Turley for the leasing, property management and project management of an 862,000-square-foot building located at 135 W. 50th St. in Manhattan. Built in 1963, tenants at the property include Time Inc., NBC Universal, Marvel Entertainment, Nintendo of America, Fareportal, Alliance Bernstien, Mizuho Trust & Banking, WeiserMazars, Bobby Van’s Grill and Duke Café. Led by Craig Evans, senior managing director of Cassidy Turley, the leasing team includes David Hoffman Jr., executive managing director and principal; Whitnee Williams, associate vice president; and Theodora Livadiotis, associate vice president. Jack Terranova, senior vice president and principal, will lead property management, and Joseph Yacovone of Cassidy Turley will provide project management services.

June 24, 2013

Multifamily Northeast

MACK-CALI BREAKS GROUND ON $100M RIVERFRONT APARTMENTS

by admin June 21, 2013

WEEHAWKEN, N.J. — Mack-Cali Realty Corp. has broken ground on the $100 million RiverParc at Port Imperial, a 280-unit luxury multifamily property in Weehawken. The 10-story building is part of the $2 billion Port Imperial development, a mixed-use waterfront destination that spans two-and-a-half miles directly across the Hudson River from Midtown Manhattan. RiverParc is Mack-Cali’s first new construction residential project since acquiring multifamily developer Roseland in October 2012. Roseland will oversee the leasing and management responsibilities of RiverParc. The building is expected to open for occupancy in the third quarter of 2014. RiverParc is a joint venture between Roseland and The Prudential Insurance Co. of America. PNC is the leading provider of construction financing for the project, and Wells Fargo is also participating with construction financing. RiverParc’s amenity package will include a fitness center, golf simulator, indoor heated pool, outdoor terrace with a hot tub and fire pit, movie theater, children’s playroom, conference meeting space and a game room with billiards. The community will also have 320 indoor parking spaces, which will include guest parking.

June 21, 2013

Northeast Office

SAVANNA INKS NEW LEASE AT 31 PENN IN NYC

by admin June 21, 2013

NEW YORK CITY — Real estate private equity firm Savanna has signed Real Estate Arts Inc. to a new lease at 31 Penn Plaza in New York City. Real Estate Arts will occupy approximately 6,822 square feet on a portion of the sixth floor for a 10-year term. Mitchell Konsker, Matthew Astrachan and Matthew Polhemus of Jones Lang LaSalle represented Savanna in the lease transaction. Michael Hirsch and Benjamin Friedland of CBRE represented the tenant.

June 21, 2013

Northeast Office

MASSEY KNAKAL SELLS DEVELOPMENT SITE IN BROOKLYN

by admin June 21, 2013

NEW YORK CITY — Massey Knakal has sold a development site for $4.2 million at 401 State St., between Bond and Nevins streets in Brooklyn’s Boerum Hill neighborhood. The four-story building is configured as office space and spans approximately 18,000 square feet. Bob Knakal of Massey Knakal handled the transaction with Stephen Palmese.

June 21, 2013

Multifamily Northeast

BERKELEY PROVIDES $10.4M LOAN FOR APT. COMMUNITY

by admin June 20, 2013

LANCASTER, PA. — Berkeley Point Capital LLC has provided a $10.4 million FHA loan for the refinancing of a 264-unit Class C apartment community located in Lancaster. The self-amortizing, 35-year loan carries a three percent interest rate. Proceeds from the loan were used to pay off an existing FHA 221(d)(4) loan that was financed with Berkeley Point’s predecessor firm in 2009. Financing was arranged under HUD’s Section 223(f) mortgage insurance program. Nemo Hannafin of Berkeley Point Capital’s Bethesda, Md. office led the Berkeley Point team in the transaction.

June 20, 2013

Multifamily Northeast

NEW JERSEY APARTMENT COMPLEX SELLS FOR $7M

by admin June 20, 2013

CLIFTON, N.J. — Marcus & Millichap has arranged the sale of Martha Washington Apartments, a 56-unit garden apartment complex located at 1401 Van Houten Ave. in Clifton. The asset commanded a sales price of $7 million. Thomas McConnell, CCIM and Kevin McCrann of Marcus & Millichap’s National Multi Housing Group represented the seller, Martha Washington LLC. McConnell and McCrann also represented the buyer, REGA Clifton LLC, in the transaction.

June 20, 2013

Northeast Office

RFR REALTY ARRANGES THREE OFFICES LEASES IN NYC

by admin June 20, 2013

NEW YORK CITY — RFR Realty LLC has arranged a trio of new office leases totaling 39,020 square feet at 757 Third Ave in New York. In the largest transaction, Epiq Bankruptcy Solutions LLC agreed to a 28,036-square-foot lease. Omni Development Inc. and Astoria Federal Savings and Loan Association agreed to 5,700 square feet on the seventh floor and 5,284 square feet on the 19th floor, respectively. Other recent transactions at 757 Third Avenue include 10-year leases with Aerotek Inc. and TEK Systems Inc. Rents at the trophy tower range from the low $50s to the low $60s per- square-foot.

June 20, 2013

Industrial Northeast

MILLER’S HALLMARK CARDS SELLS WAREHOUSE/OFFICE FACILITY

by admin June 20, 2013

STRATFORD, CONN. — Miller’s Hallmark Cards has sold its warehouse and office facility, a 20,000-square-foot building located at 1370 Honeyspot Road in Stratford for $1.1 million. Randy Vidal of Vidal/Wettenstein represented the seller. Carlos Perez of Right Choice ReMax Realty represented the buyer, TR&Z USA Trading, in the transaction.

June 20, 2013

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