REBusinessOnline

CBRE Brokers $15.2M Sale of Hamilton Plaza Office Building in Paterson, New Jersey

PATERSON, N.J. — CBRE has brokered the $15.2 million sale of 100 Hamilton Plaza, a 181,995-square-foot office building in Paterson, a city in Northern New Jersey. The 14-story, transit-served building was 90 percent leased at the time of sale. Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Gene Pride, Travis Langer and Zach McHale of CBRE represented the seller, Mountain Development Corp., in the transaction. The team also procured the buyer, a private investor based in New York …

JLL Negotiates $180M Sale of Westinghouse Electric Headquarters Near Pittsburgh

CRANBERRY TOWNSHIP, PA. — JLL has negotiated the sale of the Westinghouse Electric Co. headquarters building, an 823,979-square-foot office asset located in Cranberry Township, about 20 miles north of Pittsburgh. Columbia Property Trust sold the property to an institutional investment firm for $180 million.Built in 2009, the Class A complex houses Westinghouse’s executive offices, research and development branch and other various support functions. Amenities at the center include tennis, …

Stone Harbour Capital Acquires 162,000 SF Office Building in Milford, Connecticut

MILFORD, CONN. — Connecticut-based private equity firm Stone Harbour Capital has acquired a 162,000-square-foot office building in the coastal Connecticut city of Milford. Built on 12 acres in 1988, the four-story property was formerly known as Merritt Crossing. Stone Harbour will rebrand the building as Great River Corporate Center and introduce a value-add program that will deliver an upgraded café, coffee bar, fitness center, coworking spaces and conference center, as well as dining and …

Berkadia Arranges $32M in Financing for Manhattan Residential Project

NEW YORK CITY — Berkadia has arranged a $32 million senior loan with a mezzanine loan component for a 60-unit residential project at 433 W. 53rd St. in Midtown Manhattan. Proceeds will be used to stabilize the community, construction of which was recently completed. Keysite Capital Partners provided the loan to the borrower, Emmut Properties. Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia handled the

Merchants Capital Provides $10.5M Construction Loan for Woodlawn Senior Living in The Bronx

NEW YORK CITY — Merchants Capital has provided a $10.5 million construction loan for Woodlawn Senior Living, an 80-unit community in The Bronx. Residences will be reserved for tenants meeting both income and age requirements, with 30 units specifically reserved for formerly homeless residents. The borrower was RiseBoro Community Partnership Inc., a nonprofit organization that works to provide housing and tenant services to New York City

Global Bank Signs 53,186 SF Office Lease Extension at Woodbridge Corporate Plaza in Iselin, New Jersey

ISELIN, N.J. — Global banking organization BNP Paribas has signed a 53,186-square-foot office lease extension at Woodbridge Corporate Plaza, a 630,000-square-foot office complex in the central New Jersey city of Iselin. Owner KBS recently renovated Woodbridge Corporate Plaza, a six-building development that offers a 6,000-square-foot fitness center, full-service café and shuttle service to nearby public transit lines. Jamie Drummond and Andrew Perotti of Newmark Knight Frank represented KBS …

Selling Affordability is Crucial in Metro Boston

With a pressing demand for new housing in the Boston area and communities struggling to provide affordable options to mitigate the effect of rising prices, the barriers to providing new affordable multifamily properties remain significant. Here in the Boston region, the scale of the problem is immense. Boston’s Metropolitan Area Planning Council recently declared a need for 185,000 new units of housing over next 10 or so years in the 15 cities and towns that comprise the inner core of the …

Hunt: Multifamily Should Remain a Favored Product Type in 2020

James P. Flynn, CEO of New York-headquartered Hunt Real Estate Capital, believes 2020 will continue to provide a strong environment for multifamily lending and transactions. Though this may be good news for borrowers, it does mean competition in the market will also remain strong. Flynn addresses these points and elaborates on ORIX USA’s acquisition of the Hunt Companies’ commercial real estate financing subsidiary in the Q&A below. Finance Insight: What commercial property sector …

NKF Arranges $128M Sale of 535-545 Boylston Street Office Building in Boston

BOSTON — Newmark Knight Frank has arranged the $128 million sale of 535-545 Boylston Street, a 184,643-square-foot office building located in the Back Bay neighborhood of Boston. At the time of sale, the building was 98 percent leased to 38 tenants. The property offers access to Copley Square and the Raffles Hotel & Residences project that is currently in development. Edward Maher, Matthew Pullen, James Tribble and Samantha Hallowell represented the seller, Manulife Investment Management. …

Capitol Seniors Housing Opens 88-Unit Arbor Terrace Mount Laurel in New Jersey

MOUNT LAUREL, N.J. — Capitol Seniors Housing has opened Arbor Terrace Mount Laurel, an 88-unit seniors housing community located on the eastern outskirts of Philadelphia. The 75,000-square-foot community offers assisted living and memory care services and amenities such as a bistro, theater room, art studio, technology lounge and fitness center. Meyer Senior Living Studio designed the

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