REBusinessOnline

JBA Equities Arranges $135M Loan for Refinancing of Mondrian Park Avenue Hotel in Manhattan

NEW YORK CITY — JBA Equities has arranged a $135 million loan for the refinancing of the Mondrian Park Avenue hotel in the NoMad district of Manhattan. Journal Hotels manages the 190-room hotel, which opened in October 2017. KeyBank Real Estate Capital provided a $110 million senior mortgage loan and South Korea-based Fidelis Asset Management provided a $25 million mezzanine loan. Jonathan Aghravi, Charles Han and Eli Terry of JBA Equities, along with Tal Bar-or of Lantern Real Estate, …

Hospitality, Loans, New York, Northeast

Terwilliger & Bartone Completes Phase I of 98-Unit Seniors Housing Community on Long Island

HAUPPAUGE, N.Y. — Terwilliger & Bartone Properties has completed Phase I of Cornerstone at Hauppauge, a 98-unit seniors housing project in Hauppauge, located in the central part of Long Island. The community will ultimately offer 68 one-bedroom and 30 two-bedroom units to residents aged 55 and older and a 3,000-square-foot clubhouse with a dining room, library, fitness center and outdoor recreation area. Phase II, which centers on the construction of two-bedroom units, is slated for …

Development, Multifamily, New York, Northeast, Seniors Housing

Counter Capital Acquires Philadelphia’s Shirt Corner Apartments for $22M

PHILADELPHIA — Counter Capital Management LLC has acquired Shirt Corner Apartments, a 62-unit multifamily community in the Old City District of Philadelphia, for $22 million. The property, which was delivered in July 2015, offers studio, one- and two-bedroom floor plans. Counter Capital plans to improve the amenities offered at the

Acquisitions, Multifamily, Northeast, Pennsylvania

Sema4 Signs 70,000 SF Office Lease at Harbor Landing Development in Stamford, Connecticut

STAMFORD, CONN. — Sema4, a medical research and diagnostic company, has signed a 70,000-square-foot office lease in the Harbor Landing mixed-use development in Stamford. The company will relocate from its current space at 333 Ludlow St. in Stamford’s Harbor Point district to the new office and lab space in 2020. Located at 62 Southfield Ave., Harbor Landing is a waterfront development offering 200,000 square feet of Class A office space, 218 multifamily units, multiple restaurants and …

Connecticut, Leasing Activity, Mixed-Use, Northeast, Office

Robotics Firm Renews 60,000 SF Office Headquarters Lease in Wilmington, Massachusetts

WILMINGTON, MASS.— Robotics company Symbotic has renewed its 60,000-square-foot office headquarters lease in Wilmington, a northern suburb of Boston. Located at 200 Research Drive, the property accommodates office, lab, research and light manufacturing and warehouse users. Mike Ripp of CBRE represented Symbotic in the lease negotiations. Matt Adams, Torin Taylor, Richard Ruggiero and Rory Walsh of Newmark Knight Frank represented the landlord, Novaya Real Estate Ventures. Symbotic develops …

Leasing Activity, Massachusetts, Northeast, Office

Price Escalation in Other Asset Classes Pushes Investors Toward NYC Retail

The value proposition for retail investment in New York City is reaching new highs amid an arguably overvalued office market and a multifamily market that continues to grapple with onerous new regulations. Rapid price escalations in both of these sectors have played an integral role in spurring additional investor demand for retail as of late. Analysis of Avison Young’s third-quarter property sales report for Manhattan revealed a rare opportunity, as the average price per square foot for …

Market Reports, New York, Northeast, Northeast Market Reports, Retail

J.P. Morgan Chase Provides $388M Loan for Refinancing of Office Complex in Philadelphia

PHILADELPHIA — J.P. Morgan Chase has provided a $388 million loan for the refinancing of 1500 Market Street, a 1.7 million -square-foot, Class A office complex in Philadelphia. The property comprises two towers that rise 36 and 43 floors and are connected by a three-story atrium. Amenities include a fitness center and direct access to food options, retail and subway lines. The property is also the only office in the Philadelphia CBD with its own subterranean parking garage, offering 450 …

Loans, Northeast, Office, Pennsylvania

CBRE Brokers Sale of 412,231 SF Office Park in Norwalk, Connecticut

NORWALK, CONN. —CBRE has brokered the sale of 800 Connecticut Avenue, a 412,231-square-foot, Class A office park in Norwalk, located approximately 10 miles west of Stamford. Tenants include Booking Holdings, Priceline and Hitachi Capital America Corp. Amenities include a 6,400-square-foot conference center, an outdoor plaza, fitness center and a cafeteria. Jeffrey Dunne, David Gavin, Steven Bardsley, Jeremy Neuer, Gene Pride and Travis Langer of CBRE represented the undisclosed seller in the …

Acquisitions, Connecticut, Northeast, Office

PAG Investments Acquires 330,000 SF Office Building in Parsippany, New Jersey

PARSIPPANY, N.J. — New York City-based PAG Investments has acquired 5 Wood Hollow Road, a Class A office building in Parsippany, located approximately 30 miles west of New York City. Amenities include a full-service cafeteria and a fitness center with shower and locker facilities. Andy Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Frank DiTommaso of Cushman & Wakefield represented the seller, Mack-Cali Realty Corp. The team also procured PAG as the

Acquisitions, New Jersey, Northeast, Office

Greystone Provides $68.5 Loan for Refinancing of Seniors Housing Property in Manhattan

NEW YORK CITY — Greystone has provided a $68.5 million Fannie Mae loan for the refinancing of Capitol Apartments, a Section 8 seniors housing property in Midtown Manhattan. The loan carried a 10-year term, a 30-year amortization period and a fixed interest rate. The borrower, Fifty First Capitol Associates, will use the proceeds to pay yield maintenance, make capital improvements to the property and monetize its existing equity. Originally built in 1925 as a hotel, the property offers 278 …

Loans, Multifamily, New York, Northeast, Seniors Housing
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