Northeast

Multifamily Markets Navigate Challenges Alex Virtue

Multifamily Owners Navigate Challenges, Opportunities Arising from Capital Markets

by Sarah Daniels August 24, 2023

When Zelman & Associates’ 2023 Virtual Housing Summit opens in September, Alex Virtue will take the stage as a newly appointed managing director who has been charged with expanding the firm’s investment banking coverage of multifamily and other commercial real estate property sectors. Virtue joined the institutional research advisory and investment firm in May with over two decades of experience in mergers and acquisition transactions and capital raising across real estate sectors in both the public and private capital markets. His resume includes senior positions with Merrill Lynch, Eastdil Secured/Wells Fargo Securities, CBRE Capital Advisors and Xebec, an industrial developer and asset manager. Zelman & Associates, founded in 2007, was acquired by Bethesda, Md.-based commercial real estate finance and advisory firm Walker & Dunlop in 2021. “My focus at Zelman and Walker & Dunlop is broadening the firm’s reach on entity-level transactions in multifamily and related housing sectors such as single-family rentals, built-for-rent, student housing, affordable housing and manufactured housing communities, as well as other commercial real estate sectors,” says Virtue “I would characterize my concentration as bringing traditional banking investment expertise, knowledge and services across the Walker & Dunlop platform and working with my colleagues to bring these advisory …

August 24, 2023

Loans Multifamily New Jersey New York Northeast

Capital One Provides $200M in Financing for Four Multifamily Properties in New York, New Jersey

by Taylor Williams August 23, 2023

MCLEAN, VA. — Capital One has provided $200 million in financing in separate deals for four multifamily properties totaling roughly 1,300 units in New York and New Jersey. Balance sheet transactions included a refinance of Ramblewood Apartments in Mount Laurel, New Jersey, and a refinance of Mid-Island in Bayshore, New York. Both deals featured fixed-rate loans with full term interest-only payments. Agency transactions included a seven-year, fixed-rate Freddie Mac loan with full-term, interest-only payments to refinance Eagle Rock Apartments at Freehold in Freehold, New Jersey. The team also arranged a Freddie Mac supplemental loan for Vista Point Apartments in Wappinger Falls, New York. Abe Hirsch and Zev Karpel of Meridian Capital Group arranged the loans on behalf of the borrower, Eagle Rock. Todd Phillips and Michael Maidhof led the transactions for Capital One.

August 23, 2023

Acquisitions Massachusetts Multifamily Northeast

Marcus & Millichap Arranges $23.5M Sale of Metro Boston Multifamily Portfolio

by Taylor Williams August 23, 2023

NEWTON AND ALLSTON, MASS. — Marcus & Millichap has arranged the $23.5 million sale of a portfolio of two multifamily buildings totaling 59 units in the Boston area. The buildings are located in Newton and Allston, both of which are situated west of the downtown area. The Newton property offers eight two-bedroom units and 23 one-bedroom units with private balconies and storage units. Constructed in 1985 on 0.59 acres, the Allston property features 28 units and 41 off-street parking spaces. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap brokered the deal in collaboration with Matthew Petty of Frame Residential. The buyer and seller were not disclosed.

August 23, 2023

Affordable Housing Development Massachusetts Multifamily Northeast

Housing Assistance Corp., POAH to Develop 39-Unit Affordable Housing Project in Mashpee, Massachusetts

by Taylor Williams August 23, 2023

MASHPEE, MASS. — A partnership between Housing Assistance Corp. and the Preservation of Affordable Housing (POAH) will develop LeClair Village Apartments, a 39-unit affordable housing project in Mashpee, located in southern Massachusetts at the base of Cape Cod. LeClair Village will offer 14 one-bedroom apartments, 21 two-bedroom units and four three-bedroom apartments that will be rented to households meeting a range of income restrictions. Eastern Bank provided construction and permanent financing for LeClair Village and purchased $10 million in federal Low-Income Housing Tax Credits that will also be used to finance the project. Delivery is slated for 2025.

August 23, 2023

Acquisitions Connecticut Northeast Office

CBRE Brokers $13.6M Sale of Office Portfolio in Greenwich, Darien, Connecticut

by Taylor Williams August 23, 2023

GREENWICH AND DARIEN CONN. — CBRE has brokered the $13.6 million sale of a portfolio of two office buildings totaling 42,794 square feet in Connecticut. The 17,081-square-foot building at 39 Lewis St. in Greenwich was 91 percent leased at the time of sale, and the 25,713-square-foot building at 23 Old Kings Highway in Darien was 86 percent leased at the time of sale. Jeffrey Dunne, Steven Bardsley, Travis Langer and Daniel Blumenkrantz of CBRE represented the seller in the transaction. CBRE also procured separate buyers for each building. All parties requested anonymity.

August 23, 2023

Leasing Activity New York Northeast Office

Vera Wang Signs 26,708 SF Office Lease at 500 Park Avenue in Manhattan

by Taylor Williams August 23, 2023

NEW YORK CITY — Vera Wang has signed a 26,708-square-foot office lease at 500 Park Avenue in Manhattan’s Plaza District. The fashion designer is relocating from 15 East 26th St. and will occupy the entire fifth floor and part of the seventh floor. The complex comprises the 11-story former Pepsi-Cola Building that was constructed in 1960 and the 40-story 500 Park Tower that was built in 1984. Cynthia Wasserberger, Frank Doyle and Michael Pallas of JLL represented the undisclosed landlord in the lease negotiations. Jeff Peck, Daniel Horowitz and Christopher Foerch of Savills represented Vera Wang.

August 23, 2023

Development Leasing Activity Massachusetts Northeast Office Top Stories

LEGO Group’s Americas Division to Relocate to 100,000 SF Office in Boston’s Back Bay

by Kristin Harlow August 23, 2023

BOSTON — The LEGO Group has chosen 1001 Boylston St. in Boston’s Back Bay neighborhood as the location of its new Americas head office when the company relocates in 2026. LEGO first announced in January that it would be relocating from its current base in Enfield, Conn. Samuels & Associates is the developer of 1001 Boylston St., which will feature 450,000 square feet of office and life sciences space, 35,000 square feet of shops and restaurants, new public plazas and a CitizenM hotel over the Massachusetts Turnpike. The project is slated to open in 2024. Amenities at the property will include a fitness center, wellbeing room, parent room and onsite parking and bike storage. The building was designed to achieve multiple sustainability certifications: LEED Gold, WELL Gold and WELL Core Gold v2. Elkus Manfredi served as the project architect. Spread over five floors and more than 100,000 square feet, LEGO’s new office will feature areas for collaboration as well as “concentrative work zones.” The site is accessible for employees walking and cycling to work, and is situated near Green Line and Orange Line public transit stops. LEGO says the location was strategically chosen to draw upon the region’s diverse talent …

August 23, 2023

Hospitality Loans New York Northeast

JLL Arranges Loan for Refinancing of 774-Room Hotel in Midtown Manhattan

by Taylor Williams August 22, 2023

NEW YORK CITY — JLL has arranged a loan of an undisclosed amount for the refinancing of Westin Grand Central, a 774-room hotel located at 212 E. 42nd St. in Midtown Manhattan. Built in 1981, the property features 13,000 square feet of meeting and event space, a restaurant and lobby bar, fitness center and a 144-space parking deck. Kevin Davis and Mark Fisher of JLL arranged the floating-rate financing through funds managed by Apollo Global Management. The borrower was an undisclosed global investment management firm that has owned the hotel since early 2019.

August 22, 2023

Development Industrial Northeast Pennsylvania

PCCP, MRP Industrial Break Ground on 674,000 SF Spec Industrial Project in York, Pennsylvania

by Taylor Williams August 22, 2023

YORK, PA. — A partnership between Los Angeles-based PCCP LLC and MRP Industrial has broken ground on Expressway Commerce Center, a 674,000-square-foot speculative project that will be located west of Philadelphia in York. The development will consist of a 271,000 and 403,000-square-foot building, both of which will have rear-load configurations, 36-foot clear heights and combined parking for 563 cars and 175 trailers. Construction is slated for a third-quarter 2024 completion.

August 22, 2023

Connecticut Loans Multifamily Northeast

Greystone Provides $11M Agency Loan for Refinancing of Multifamily Property in Meriden, Connecticut

by Taylor Williams August 22, 2023

MERIDEN, CONN. — Greystone has provided an $11 million Fannie Mae loan for the refinancing of The Kennedy Building, a 135-unit multifamily property in Meriden, located roughly midway between Hartford and New Haven. The property was built in 1921 and offers studio, one- and two-bedroom units. Dan Sacks of Greystone originated the 10-year, nonrecourse loan, which carried a fixed interest rate, 30-year amortization schedule and seven years of interest-only payments. The borrower was Kennedy Holdings Inc.

August 22, 2023

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