NEW YORK CITY — Spectrum Group Management LLC has closed a $24 million first mortgage loan, the proceeds of which were used to fund the acquisition of 215-221 W. 28th St. in Manhattan. The loan is secured by a first mortgage on approximately 7,500 square feet of land and associated air rights that will allow for the development of approximately 150 multifamily units. The borrower, a major New York City developer, plans to begin construction on the site later this year.
BRISTOL, CONN. — DoubleTree by Hilton has opened its newest hotel in Bristol, located about 18 miles south of Hartford. Formerly a Clarion hotel, the 141-room DoubleTree by Hilton Bristol opens following a 13-month renovation at a cost of more than $20 million led by design firm Parker-Torres Design LLC. Bristol Hotel LLC owns the hotel, which is managed by Prestige Hospitality Group LLC. The five-story, 19-suite tower offers a separate private entrance for guests. The hotel also features more than 7,000 square feet of flexible meeting space, an indoor heated swimming pool, 24-hour fitness center, 24-hour business center and complimentary WiFi throughout the hotel.
KINGSTON, N.Y. — Marcus & Millichap Real Estate Investment Services has arranged the sale of a 5,250-square-foot Verizon Wireless-occupied property in Kingston for $2.7 million. Judson Kauffman and Glen Kunofsky in Marcus & Millichap’s Manhattan office represented the buyer and seller, both private investors, in the transaction. Verizon Wireless is an outparcel to the Kings Mall, which is anchored by Marshall’s, HomeGoods, and Olive Garden. There are four years remaining on the 10-year, double net lease to Verizon Wireless.
NEW YORK CITY — ABS Partners Real Estate LLC has arranged three leases at 44 Wall St. on the seventh floor, totaling close to 8,000 square feet. Matthew Hoffman of Focus Real Estate Group represented Style House PR, which signed a 2,916-square-foot lease. Leon Manoff of Colliers International represented Handelsblatt, a daily German newspaper focusing on business, which signed a 2,135-square-foot lease. Theodora Livadiotis of Cassidy Turley represented SmartAsset, which signed 2,932-square-foot lease. Keith Lipstein, Jay Kreisberg and Adam Nelson of ABS Partners represented the landlord in the transactions.
In the words of Benjamin Franklin, New Jersey’s multifamily housing investment market is “a barrel tapped at both ends,” with fluid trading activity extending from the Hudson River’s Gold Coast to the shores of the Delaware River. Statewide, multifamily properties continue their reign as one of the healthiest investments. Low vacancy rates, convenience to mass transit and a high concentration of properties, particularly in Central and Northern New Jersey, continue to feed the appetite of investors who are hungry for virtually any building class. Thanks to the state’s choice location along the Boston/New York City/Philadelphia/Washington, D.C., corridor, New Jersey has historically been, and continues to be, one of the strongest and most desirable markets for multifamily investments. From urban walk-up buildings to suburban garden-style apartment complexes, the Garden State boasts some of the best multifamily housing stock in the nation. This is further bolstered by a strong average occupancy rate of more than 95 percent and durable rent growth. Both of these conditions are fueled by the enduring effects of the residential housing crisis as well as people “priced out” of cities like Philadelphia and Manhattan, who are seeking a more affordable living option. These migratory tenants are flocking to …
NEWTON, MASS. — Chesapeake Lodging Trust (NYSE: CHSP) has closed on a $60 million, fixed-rate mortgage loan, which is secured by the 430-room Boston Marriott Newton. The seven-year loan was provided by PNC Bank N.A. and carries a 3.6 fixed-interest rate per year, with principal and interest payments based on a 25-year amortization schedule. Proceeds from the loan will be used to invest in future acquisitions of hotels and for general corporate purposes. The hotel is located at 2345 Commonwealth Ave. in Newton, a western suburb of Boston.
NEW YORK CITY — Greystone, a New York-based real estate development and financial services company, has acquired two development properties in Brooklyn for more than $50 million. The Greystone Property Development team, overseen by Douglas Benach, closed the transactions. The first property is located at 137-43 N. 10th St. in Williamsburg between Berry Street and Bedford Avenue. The five-story building spans 30,000 square feet. Greystone plans to convert the building into a 36-unit, high-end multifamily property. The second property acquired is a vacant development site at 47-51 Bridge St. in the Dumbo section of Brooklyn. The site will be transformed into a 27-unit multifamily project.
NEW YORK CITY — A development site located in New York City’s Hudson Yards Special District at 511-515 W. 36th St. has traded for $21.25 million to Lake Success, N.Y.-based Lalezarian Properties. Nancy Tran of Manhattan-based Eastern Consolidated represented the seller, National Acoustics, while Azita Aghravi, also of Eastern Consolidated, procured the buyer of the site, which is currently occupied by a six-story, 37,929-square foot commercial loft building. “The site can potentially accommodate a residential development with ground-floor retail of potentially 96,000 square feet,” says Tran.
PARSIPPANY, N.J. — The 300 Kimball Drive building in Parsippany has been awarded LEED Silver certification under the U.S. Green Building Council’s program for existing buildings. Awarded the assignment to reposition and re-tenant the former State Farm Insurance headquarters a year ago, Transwestern has orchestrated extensive renovations and upgrading of the 12-year-old, Class A office building. Transwestern’s Sustainability Services division worked with its on-site property management team to bring the 400,000-square-foot building’s operations and maintenance to LEED standards.
NEW YORK CITY — A private Irish investment group has sold a 47-property, net-leased bank branch portfolio in the New York City metropolitan area for $97.2 million. All of the properties, which total 157,000 square feet, are triple-net-leased to Citibank under a long-term lease agreement. The portfolio was sold to Path Land Holdings LLC, an entity owned by a group of individual investors. Citibank leases include an annual rent increase, and the portfolio was sold free of debt or mortgage financing. Savills LLC, a real estate investment firm, advised the seller in the transaction.