Northeast

Otera Capital Provides $93M Loan for Refinancing of Multifamily Property in Mount Vernon, New York

by Taylor Williams December 14, 2023

MOUNT VERNON, N.Y. — Canadian institutional investment firm Otera Capital has provided a $93 million loan for the refinancing of a 249-unit multifamily property in Mount Vernon, about 20 miles north of Manhattan. The 16-story building at 42 W. Broad St. houses studio, one-, two- and three-bedroom units. Amenities include a pool, fitness center, game room, entertainment kitchen, outdoor dining areas, coworking spaces, library and a courtyard garden. Kellogg Gaines and Geoff Goldstein of JLL arranged the financing. The borrower is a joint venture between two New York City-based firms, Alexander Development Group and The Bluestone Organization, and institutional investors advised by JP Morgan Asset Management.

December 14, 2023

Healthcare Loans New York Northeast

Largo Capital Arranges $40.5M Loan for Refinancing of Medical Office Building in Ithaca, New York

by Taylor Williams December 14, 2023

ITHACA, N.Y. — Largo Capital, a financial intermediary based in the Buffalo area, has arranged a $40.5 million loan for the refinancing of a 64,500-square-foot medical office building in downtown Ithaca. The newly developed building is located on the Cayuga Park healthcare campus and houses a walk-in clinic, specialized care for complex illnesses, diagnostic imaging facility, outpatient clinic and a comprehensive women’s health center. Ned Perlman of Largo Capital arranged the debt. The borrower and direct lender were not disclosed.

December 14, 2023

Acquisitions Connecticut Northeast Retail

CBRE Brokers $33M Sale of Hilltop Commons Shopping Center in Derby, Connecticut

by Taylor Williams December 14, 2023

DERBY, CONN. — CBRE has brokered the $33 million sale of Hilltop Commons, a 198,910-square-foot shopping center in Derby, located west of New Haven. Big Y, CVS, Dollar Tree and American Freight anchor the newly redeveloped property. Other tenants include Verizon, AT&T, McDonald’s, Wendy’s and Sherwin-Williams. Jeffrey Dunne, David Gavin and Travis Langer of CBRE represented the seller, a partnership between DLC and Hutensky Capital Partners, in the transaction. Kempner Properties and Lee & Associates NYC acquired the property in partnership via a 1031 exchange.

December 14, 2023

Acquisitions Industrial New York Northeast

Ariel Property Advisors Negotiates $5.2M Sale of Bronx Warehouse

by Taylor Williams December 14, 2023

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $5.2 million sale of a 27,000-square-foot warehouse located in the Mount Eden area of The Bronx that was originally built in 1920, according to propertyshark.com. The site at 1419 Inwood Ave. can support up to 87,000 square feet of development. Jason Gold and Daniel Mahfar of Ariel represented the undisclosed seller in the transaction. The buyer was also not disclosed.

December 14, 2023

Leasing Activity Massachusetts Northeast Restaurant Retail

Blackbird Doughnuts, Chip City Open Stores at Arsenal Yards in Metro Boston

by Taylor Williams December 14, 2023

WATERTOWN, MASS. — A pair of confectionaries, Blackbird Doughnuts and cookie maker Chip City, have opened stores at Arsenal Yards, a mixed-use development located in the western Boston suburb of Watertown. Grand opening celebrations for both stores took place last weekend. A partnership between Wilder Cos. and Boylston Properties owns Arsenal Yards.

December 14, 2023

Rafi Golberstein PACE Loan Group CPACE quote

Content Partner Development Features Hospitality Loans Midwest Northeast Southeast Texas Western

Capital Markets Warm to C-PACE Financing Amid Growing Stress

by Sarah Daniels December 14, 2023

The spike in interest rates and the consequent disruption throughout real estate capital markets over the last 18 months is generating newfound interest in commercial property assessed clean energy (C-PACE) financing. The program, which emerged more than a decade ago, pays for building upgrades to improve energy and water efficiency as well as seismic resilience in new construction and rehabs. In cases where cost overruns, stabilization delays and declining values threaten the ability to refinance construction loans, developers are tapping C-PACE retroactively for a much-needed slug of so-called “rescue capital,” says Rafi Golberstein, CEO of the PACE Loan Group, a direct lender of C-PACE based in Minneapolis, Minn. Typically, developers are using the proceeds to pay down debt and fund reserves to secure loan extensions or modifications. “We are seeing a ton of opportunities right now in deals that were built over the past three years, and C-PACE can provide a liquidity infusion to get many folks through a maturity logjam,” he declares. “When confronted with other options, they’re going to prefer C-PACE all day long.” Cost-Effective Debt Indeed, the cost of those other options, such as mezzanine financing or preferred equity, can be upwards of 500 basis points higher …

December 14, 2023

Loans Multifamily New York Northeast

Dwight Mortgage Trust Provides $100M in Bridge Financing for West Harlem Apartment Building

by Taylor Williams December 13, 2023

NEW YORK CITY — Dwight Mortgage Trust, the affiliate REIT of locally based lender Dwight Capital, has provided $100 million in bridge financing for a 168-unit apartment building located at 224 W. 124th St. in West Harlem. The 19-story building was completed earlier this year and offers one-, two- and three-bedroom units, as well as townhomes and penthouse suites. Roughly 30 percent (51) of the residences are reserved as affordable housing. Amenities include a fitness center, children’s playroom, business lounge and a rooftop deck. The borrower and developer, Carthage Real Estate Advisors, will use the proceeds to refinance existing construction debt and fund lease-up of the property and other capital expenditures.

December 13, 2023

Development New York Northeast Retail

Regency Centers Begins Redevelopment of 280,000 SF Mall on Long Island

by Taylor Williams December 13, 2023

HOLBROOK, N.Y. — Regency Centers has begun the redevelopment of the 280,000-square-foot former SunVet Mall in the Long Island community of Holbrook. Regency has rebranded the 50-year-old property as The Shops at SunVet and plans to reposition it as a 168,000-square-foot, open-air shopping center with six outparcels. Whole Foods Market will anchor the center. Demolition of the existing structure is underway, and new construction is scheduled to begin in spring 2024. SBLM Architects is the lead architect on the project.

December 13, 2023

Acquisitions Multifamily New Jersey Northeast

JLL Arranges $18.6M Loan for Refinancing of Jersey City Apartment Complex

by Taylor Williams December 13, 2023

JERSEY CITY, N.J. — JLL has arranged an $18.6 million loan for the refinancing of an 83-unit apartment complex in the Journal Square area of Jersey City. The six-story building at 39 High St. was delivered earlier this year and houses a mix of studio, one-, two- and three-bedroom units. Amenities include a fitness center, tenant lounge, children’s playroom and a rooftop terrace. Matthew Pizzolato, Max Custer and John Cumming of JLL arranged the fixed-rate loan through an undisclosed life insurance company. The borrower was a partnership between Spitzer Enterprises and Titanium Realty Group.

December 13, 2023

Acquisitions Northeast Office Retail Rhode Island

NEPCG Negotiates Sale of 33,700 SF Office, Retail Building in Providence

by Taylor Williams December 13, 2023

PROVIDENCE, R.I. — Regional brokerage firm Northeast Private Client Group (NEPCG) has negotiated the sale of a 33,700-square-foot office and retail building in Providence. Known as The Lauderdale Building, the downtown-area property consists of nine office suites and three retail spaces. Tim McGeary and Rick Welch of NEPCG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

December 13, 2023

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