Northeast

CBRE ARRANGES $6 MILLION MULTIFAMILY LOAN

by admin July 16, 2009

NEW YORK CITY — CB Richard Ellis (CBRE) Capital Markets has arranged a $6 million loan for the refinancing of 9-15 Dutch St., located in Lower Manhattan, New York City. The six-story property contains 18 luxury residential loft units and two-ground-floor commercial spaces currently occupied by a preschool and a consulting firm. Four of the residential units are currently undergoing a renovation. The non-recourse loan carries a 5-year term with a 30-year amortization schedule and a 5.57 percent fixed interest rate. Keith Braddish, Jason Gaccione and Rayna Karaivanov of CBRE Capital Markets arranged the financing on behalf of the borrower, Time Equities. The loan was refinanced through CBRE Multifamily Capital, a Fannie Mae DUS lender.

July 16, 2009

SIONI & PARTNERS NEGOTIATES $3.62 MILLION MULTIFAMILY SALE

by admin July 16, 2009

NEW YORK CITY — New York City-based Sioni & Partners has negotiated the sale of a six-story residential building, located at 1275 Edward L. Grant Highway in the Bronx, New York City, for $3.62 million. The building features 61 residences and 4,000 square feet of ground-floor retail space. Moses Sioni of Sioni & Partners represented the seller, Anlovi Corp. The buyer was a Brooklyn-based investor.

July 16, 2009

Northeast Office

BONNIER CORPORATION LEASES 100,750 SQUARE FEET AT TWO PARK AVENUE

by admin July 15, 2009

NEW YORK CITY — Bonnier Corporation has signed a 10-year direct lease for 100,750 square feet of space comprising the entire 9th and 10th floors at Two Park Avenue in Manhattan, New York City. The 1 million-square-foot, 29-story tower occupies the entire easterly blockfront between 32nd and 33rd streets. Bonnier had been a subtenant for several years in the building, which is managed by L&L Holding Company. Jason Gorman and Paul Walker of CB Richard Ellis represented the tenant and L&L was represented in-house by David Berkey.

July 15, 2009

Multifamily Northeast

BOSTON CAPITAL OPENS NEW FUND

by admin July 15, 2009

BOSTON — Boston Capital has opened a new fund, Boston Capital Tax Credit Fund XXXII. The fund consists of a $150 million diversified portfolio of affordable apartment properties throughout the U.S. The company expects strong investor interest given the rise in LIHTC and the drop in Treasury rates. This new launch follows the successful closing of Fund XXXI, a nationally diversified portfolio of 30 affordable apartment properties in 12 states with total equity invested of $120 million. Boston Capital’s Fund XXXI included 12 developments for seniors and 18 properties focused on families and added an additional 2,109 apartment units to Boston Capital’s holdings, which currently total more than 166,500 apartments. Boston Capital expects to launch and close two multi-investor national funds, including Fund XXXII, totaling $250 to $275 million by March 2010.

July 15, 2009

Northeast Office

COLLIERS ABR NEGOTIATES TWO LEASES AT 477 MADISON AVENUE

by admin July 15, 2009

NEW YORK CITY — Colliers ABR has negotiated two leases at 477 Madison Avenue in Manhattan, New York City. Wyper Capital Management, a private investment management company, signed a 3-year lease for 5,659 square feet of pre-built space on a portion of the fifth floor. In the second transaction, CRG Partners, a leading provider of financial restructuring and operational improvement, signed a 7-year lease for 7,947 square feet of space that is presently demolished. The landlord, J.A.B. Madison Associates, will construct three pre-built units on the entire 16,000-square-foot 12th floor, one of which will be occupied by CRG Partners. David Hoffman and Wendy Miller of Colliers ABR along with Shira Nadich Levin at Cooley, Godward & Kronish, represented the landlord in the lease negotiations. Lindsay Orenstein of Centric Real Estate Advisors represented Wyper Capital Management and Ruth Colp-Haber of Wharton Property Advisors represented CRG Partners.

July 15, 2009

Northeast Retail

CENTRO RENOVATES STONE MILL PLAZA

by admin July 14, 2009

LANCASTER, PA. — Centro Properties Group has renovated Stone Mill Plaza, an approximately 124,000-square-foot shopping center located at the intersection of Columbia Avenue and Jackson Drive in Lancaster. Construction primarily consisted of the expansion of an existing Giant Food Store from 48,900 square feet to approximately 76,000 square feet. In addition, three existing tenants — Subway, Oriental Restaurant and PNC Bank — were relocated within the center. Other improvements included a façade renovation, parking lot and landscaping improvements, and pedestrian-friendly improvements to the street.

July 14, 2009

Healthcare Northeast

HEYWOOD HOSPITAL ADDITION BREAKS GROUND

by admin July 14, 2009

GARDNER, MASS. — Construction management firm William A. Berry & Son has broken ground for a 72,000-square-foot addition to Heywood Hospital, located in Gardner. The new building, known as the Watkins Acute Care & Emergency Center, will house a new emergency center and two floors of inpatient care. The hospital’s intensive care unit, as well as its Favor III medical, surgical and telemetry services, will be relocated to the new building’s second floor. The third floor of the building will eventually house the hospital’s Favor II medical surgical unit. The construction timetable was not released.

July 14, 2009

Industrial Northeast

KISLAK COMPLETES 101,000-SQUARE-FOOT WAREHOUSE SALE

by admin July 14, 2009

NEWARK, N.J. — Woodbridge, N.J.-based The Kislak Company has completed the sale of a 101,000-square-foot warehouse building, located at 194-204 N. 12th St. in Newark. The property, which traded for $1.65 million, contains five floors and features ceiling heights that range from 13 to 18 feet, a 4,000-pound capacity freight elevator, a small office area and six loading doors. Kislak’s Jonathan Greenberg and Scott Davidovic represented the seller; Greenberg represented the buyer. Both parties were undisclosed.

July 14, 2009

Multifamily Northeast

ARBOR ARRANGES TWO FANNIE MAE LOANS

by admin July 14, 2009

WEST HAVEN AND SEYMOUR, CONN. — Arbor Commercial Funding has arranged two loans under the Fannie Mae DUS program totaling $2.3 million. The first loan, which totals $2 million, is secured by Terrace Park Apartments, a 50-unit multifamily property located in West Haven. The loan carries a 10-year term with a 30-year amortization schedule and a 6.06 percent interest rate. The second loan, which totals $300,000, is secured by Westbrook Park Apartments, a 37-unit property located in Seymour. The loan carries a 5-year term with a 30-year amortization schedule and a 6.08 percent interest rate. Both loans were originated by John Edwards of Arbor’s Boston office.

July 14, 2009

Northeast Office

GENZYME RENEWS MANHATTAN LEASE

by admin July 14, 2009

NEW YORK CITY — Cambridge, Mass.-based biotechnology company Genzyme has renewed its 98,000-square-foot New York City office lease. The company occupies the fifth and sixth floors of 521-33 W. 57th St., located in Manhattan. The new lease carries a 10-year term. David Dusek, Peter Capuciati and Alex Blue of Studley represented Genzyme in lease negotiations. The landlord, an affiliate of Himmel + Meringoff Properties, was represented in-house by Mark Stein and Farrell Virga.

July 14, 2009

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