Northeast

HILLCROFT AT DANBURY SELLS FOR $27.65 MILLION

by admin April 7, 2011

DANBURY, CONN. — Marcus & Millichap has completed the sale of Hillcroft at Danbury, a 192-unit apartment community located in Danbury, for $27.65 million. Situated on 10 acres at 10 Clapboard Ridge Road, the property consists of eight buildings. The unit mix includes four studios, 94 one-bedrooms, 82 two-bedrooms and 12 three-bedrooms. The average unit size is 988 square feet. The community has recently undergone interior and exterior renovations. Steve Witten and Victor Nolletti of Marcus & Millichap's Institutional Property Advisors group represented the seller, Fairfield Hillcroft LLC, as well as the buyer, Par Hillcroft LLC.

April 7, 2011

DAVIS BUYS DISTRESSED OFFICE BUILDING FOR $15.3M IN MASS.

by admin April 7, 2011

MIDDLETON, MASS. — The Davis Companies has purchased Ferncroft Corporate Center from its lender for $15.3 million. The property consists of an eight-story, 226,338-square-foot office building located on 13 acres in Middleton. It was built in 1990 as the headquarters for Verizon's information services division. At the time of the sale, it was 68 percent occupied. The Cushman & Wakefield team of Robert Griffin, Jr., David Pergola and Brian Doherty represented the seller and procured the buyer.

April 7, 2011

Multifamily Northeast

MANHATTAN TOWNHOME TRADES FOR $5.25M

by admin April 7, 2011

NEW YORK CITY — Massey Knakal Realty Services has brokered the sale of a five-story townhome located at 107 E. 37th St. in Manhattan's Murray Hill neighborhood for $5.25 million. The building totals 8,296 and contains six apartments, including two rent-stabilized units and an owner's duplex. Only the duplex was vacant at the time of closing, and the new owner plans to leave the unit vacant for personal use. John Ciraulo and Michael Azarian arranged the deal between two undisclosed parties.

April 7, 2011

Northeast Office

830,000 SF DATA CENTER OPENS

by admin April 6, 2011

EDISON, N.J. — i/o Data Centers has opened a new 830,000-square-foot data center in Edison. i/o New Jersey is located at Exit 10 of the New Jersey Turnpike in the former New York Times printing facility. Peter Yannotta and James Cali represented i/o in lease negotiations. Rob Kossat of Jones Lang LaSalle represented the building owner, KTR Capital Partners. i/o currently has two other data centers in Phoenix and Scottsdale, Ariz.

April 6, 2011

Multifamily Northeast

BEECH STREET SECURES $46.3 MILLION FANNIE MAE LOAN IN NYC

by admin April 6, 2011

NEW YORK CITY — Beech Street Capital has secured a total of $46.3 million in Fannie Mae financing for a New York City multifamily portfolio. The portfolio consists of 386 units located in six buildings in Brooklyn and the Bronx. The loan carries a 7-year term, a fixed interest rate, 7 years of interest-only payments and a 30-year amortization schedule. Meridian Capital Group originated the loan. The borrower was not disclosed.

April 6, 2011

Northeast Retail

GOLDMAN & CO. ARRANGES TWO LONG ISLAND RETAIL LOANS

by admin April 6, 2011

GARDEN CITY PARK AND HEMPSTEAD, N.Y. — M. Robert Goldman & Co. has arranged loans for two Long Island retail centers totaling $24.5 million. In the first transaction, Genworth Financial provided a $14 million loan for the acquisition of City Park Plaza, an 89,000-square-foot, Waldbaum's-anchored shopping center located in Garden City Park. In the second, transaction, Aviva Investors provided a $10.5 million loan to refinance Hempstead Village Commons, a 96,482-square-foot center located in Hempstead. Tenants include Pep Boys, Staples and A.J. Wright. The borrowers in both deals were undisclosed.

April 6, 2011

Northeast Retail

DICK'S TO OPEN NEW STORE IN WHITE PLAINS

by admin April 6, 2011

WHITE PLAINS, N.Y. — Dick's Sporting Goods will hold a grand opening this weekend for its newest location. The store will be located within The Source at 1 Maple Ave. in White Plains. It is the retailer's 30th location in New York.

April 6, 2011

Northeast Retail

HOULIHAN-PARNES ARRANGES $2.5 MILLION RETAIL LOAN

by admin April 6, 2011

NEW YORK CITY — Houlihan-Parnes has arranged a $2.5 million first mortgage for a Bronx retail property. Located at 3427 Jerome Ave., the property totals 10,000 square feet and contains five spaces. The non-recourse loan carries a 5-year term, a 4.75 percent fixed interest rate and interest-only payments for the first 2 years. The lender was a local bank. Mike O'Neil of Houlihan-Parnes secured the financing.

April 6, 2011

Multifamily Northeast

HUDSON VALLEY APARTMENT PROPERTY SELLS

by admin April 5, 2011

WAPPINGERS FALLS, N.Y. — Prudential Serls Prime Properties Commercial Group has brokered the sale of Dutchess Falls Apartments, a 47-unit community located in Wappingers Falls. The buyer, a Westchester-based family business, was able to obtain an extension on the property's first mortgage. The buyer also has the ability to re-sell individual units as condos. The Prudential team of Steven Salomone and Tom LaPerch brokered the deal.

April 5, 2011

Multifamily Northeast

CMC ARRANGED $5M APARTMENT LOAN IN N.J.

by admin April 5, 2011

PARSIPPANY, N.J. — Commercial Mortgage Capital has arranged a $5 million loan for a 400-unit apartment community located in Parsippany. The loan carries a 10-year term and a fixed interest rate. The lender was Aegon USA, and the borrower was undisclosed. CMC's Mark Scott arranged the financing.

April 5, 2011

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