Northeast

N.J. APARTMENT COMMUNITY TRADES FOR $5.1 MILLION IN 1031 EXCHANGE

by admin March 4, 2011

HI-NELLA, N.J. — Gebroe-Hammer Associates has negotiated the 1031 exchange sale of Eagle Run Apartments, a 120-unit community located in Hi-Nella. The property was purchased for $5.1 million by an undisclosed buyer. The party had recently sold Brooklawn Apartments in nearby Brooklawn, N.J., and the purchase of Eagle Run will satisfy the second part of the exchange. The buyer will complete a capital improvements program to the property in the near term. Joel Schwartz of Gebroe-Hammer Associates represented the seller, Village of Hi-Nella LLC, in this deal and helped the buyer arrange its sale of Brooklawn Apartments.

March 4, 2011

ENDURANCE LEASES 307,000 SF WAREHOUSE IN N.J.

by admin March 4, 2011

DELANCO, N.J. — Endurance Real Estate Group has leased 307,000 square feet of rail-served industrial space to Boise Cascade Building Materials Distribution. The property is a two-building, 309,000-square-foot warehouse property located on 47 acres at 2700 Burlington Ave. The Colliers team of Marc Isdaner and Jim Scott represented the landlord in lease negotiations.

March 4, 2011

Multifamily Northeast

F&G SECURES $26 MILLION FOR MULTIFAMILY REDEVELOPMENT IN MASS.

by admin March 4, 2011

WESTFORD, MASS. — Fantini & Gorga has secured $26 million in financing for the historic redevelopment of Abbot Mill in Westford. The property, a series of brick structures constructed in the late 1800s, will be redeveloped into 130 luxury apartments with 103 garage parking spaces. A waterside park will also be constructed. Tim O'Donnell and Derek Coulombe of Fantini & Gorga secured the financing, which consists of a $17 million construction loan and a $9 million bridge loan that is tied to Federal, State and Historic Tax Credits. The lender was a regional bank.

March 4, 2011

Northeast Office

CORNWELL CORP. PURCHASES 73,000-SQUARE-FOOT OFFICE BUILDING

by admin March 3, 2011

PARSIPPANY, N.J. — Cornwell Corp. has purchased a 73,000-square-foot office building located within Morris Corporate Center in Parsippany for $5.25 million. The seller was EBI LLC. Cornwell plans to relocate is corporate office and the offices of one of its subsidiaries, Edifice Information Management, to 22,000 square feet within the building. The company will also complete a capital improvements program. Jon Williams of Cushman & Wakefield's Morristown, N.J., office represented Cornwell in the deal. Williams will also lease the building's vacant space — currently totaling approximately 49,000 square feet. Robert Rudin and Andrew Schiffer of Cushman & Wakefield's East Rutherford, N.J., office represented the seller.

March 3, 2011

Multifamily Northeast

MERIDIAN ARRANGES $25 MILLION FOR MANHATTAN CO-OP

by admin March 3, 2011

NEW YORK CITY — Meridian Capital Group has arranged a $24 million senior underlying mortgage and a $1 million unsecured line of credit for The Royal York, a condominium co-op located in Manhattan's Upper East Side. The 12-story building contains 494 units. The loan carries a 7-year term, a 3.96 percent fixed rate and interest-only payments for the full term of the loan. Allan Lieberman of Meridian's New York City office arranged the financing on behalf of the co-op through a local savings bank.

March 3, 2011

Northeast

EASTERN BANK SELLS ITS STAKE IN FANTINI & GORGA

by admin March 3, 2011

BOSTON — Eastern Bank has sold its majority ownership stake in Boston-based lender Fantini & Gorga back to the company's executive leadership team. Eastern Bank purchased the stake in 2001. The deal also includes the bank's Eastern Mortgage Capital business line. The transaction is expected to close by April 30.

March 3, 2011

Northeast Retail

DLC TO DEVELOP NEW WALGREENS IN N.Y.

by admin March 3, 2011

OSSINING, N.Y. — DLC Management Corp. has commenced development of a $6.3 million Walgreens in Ossining. Infill Development, an affiliate of DLC, will construct a 9,483-square-foot, freestanding building on the site of a former strip center at the intersection of Clinton and Croton avenues. Demolition of the existing structure will begin shortly; construction of the new building will be complete by the fourth quarter of 2011. Construction financing is being provided by Hudson Valley Bank.

March 3, 2011

Healthcare Northeast

TRAMMELL CROW BEGINS TWO HEALTHCARE PROJECTS

by admin March 2, 2011

NEW JERSEY AND RHODE ISLAND — Trammell Crow Co. (TCC) has begun development for two healthcare projects. First, the company is developing a 140,000-square-foot addition to the new University Medical Center of Princeton at Plainsboro. The five-story Medical Arts Pavilion will be physically connected to the hospital and will be complete in May 2012. TCC will own the project in a partnership with physician tenants and a public pension fund advised by Bentall Kennedy. TCC is also developing a 60,000-square-foot addition to Kent Hospital in Warwick. The hospital will operate a 30,000-square-foot ambulatory surgery center on the building's second floor that will feature eight operating rooms. The first floor will contain 30,000 square feet of medical office space. Joining TCC on the development team is Seavest, Steffian Bradley and Dimeo Construction.

March 2, 2011

Multifamily Northeast

EDR TO DEVELOP SYRACUSE STUDENT HOUSING PROJECT

by admin March 2, 2011

SYRACUSE, N.Y. — Education Realty Trust (NYSE: EDR) has been tapped by Syracuse University to develop a 312-bed community on its campus. Known as Campus West Apartments, the project will be developed near the university's College of Law and the new College of Law building; it will cater to law students, other graduate students and upperclassmen. Amenities will include a clubhouse area with a fitness center, a business center and a computer lab. In addition to student residences, the project will contain 5,000 square feet of ground-floor retail space expected to include a combination coffee shop and convenience store. The university's Department of Public Safety will also maintain an office in the complex. The project will seek LEED-Silver certification. EDR will develop, own and manage the community under a ground lease with the university. Construction will begin this summer with completion slated for summer 2012.

March 2, 2011

Multifamily Northeast

HFF SECURES $39.3 MILLION FOR N.J. MULTIFAMILY PORTFOLIO

by admin March 2, 2011

NEW JERSEY — Holliday Fenoglio Fowler (HFF) has secured a $39.3 million loan for the refinancing of a four-property multifamily portfolio in New Jersey. The properties include Summit Manor and Oak Terrace in Hackensack, Pompton Hills in Pompton Lakes, and Radnor Manor Apartments in Fair Lawn. The loan, which was provided by Freddie Mac, carries a 10-year term and a fixed interest rate. The HFF team of Thomas Didio and Samuel Seiden arranged the loan on behalf of Hekemian & Company.

March 2, 2011

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