Northeast

KSL Capital Partners Agrees to Acquire Hersha Hospitality Trust for $1.4B

by Kristin Harlow August 30, 2023

DENVER AND PHILADELPHIA — Hersha Hospitality Trust (NYSE: HT) and KSL Capital Partners LLC have entered a definitive merger agreement under which affiliates of KSL will acquire all the outstanding common shares of Hersha for $10 per share in an all-cash transaction valued at approximately $1.4 billion. Philadelphia-based Hersha is a self-advised real estate investment trust in the hospitality sector, owning and operating luxury and lifestyle hotels in coastal gateway and resort markets. The company’s 25 hotels total 3,811 rooms and are located in New York, Washington, D.C., Boston, Philadelphia, South Florida and California. KSL is a private equity firm specializing in travel and leisure enterprises in five primary sectors: hospitality, recreation, clubs, real estate and travel services. In addition to its Denver headquarters, the firm also maintains offices in New York City, Stamford, Conn., and London. The purchase price represents a premium of approximately 60 percent over Hersha’s closing share price on Friday, Aug. 25, the last full trading day prior to the announcement. Upon completion, Hersha will no longer be publicly traded. “Hersha and its team have built an impressive, curated portfolio of experiential luxury and lifestyle hotels and resorts in strategic markets,” says Marty Newburger, partner at …

August 30, 2023

River-Pointe-Logistics-Center-Lehigh-Valley

Development Industrial Northeast Pennsylvania

River Pointe Logistics Provides Updates on 800-Acre Lehigh Valley Industrial Project

by Taylor Williams August 29, 2023

UPPER MOUNT BETHEL, PA. — Developer River Pointe Logistics has provided updated plans for River Pointe Commerce Park, an industrial project located in the Lehigh Valley city of Upper Mount Bethel. The development team has received conditional preliminary approval for subdivision, infrastructure improvements and land development plans for three lots within the 800-acre site. River Pointe now expects to break ground on the initial phase of construction, which will center around a 375,000-square-foot building, in the fourth quarter. To date, River Pointe has invested over $8 million in design, engineering, geotechnical, and impact analysis, including traffic, environmental and economic analysis.

August 29, 2023

Hospitality Loans New York Northeast

Cronheim Mortgage Arranges $22M Loan for Refinancing of Marriott-Branded Hotel in Manhattan

by Taylor Williams August 29, 2023

NEW YORK CITY — An affiliate of New Jersey-based intermediary Cronheim Mortgage has arranged a $22 million loan for the refinancing of the 92-room Fairfield Inn & Suiteshotel located at 21 W. 37th St. in Manhattan. Beau Williams and Michael McGuire of Cronheim Mortgage arranged the debt on behalf of the locally based borrower, LAM Management. The direct lender was not disclosed.

August 29, 2023

Acquisitions Multifamily New Jersey Northeast

Kislak Negotiates $4.1M Sale of Two Multifamily Properties in Elizabeth, New Jersey

by Taylor Williams August 29, 2023

ELIZABETH, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $4.1 million sale of two multifamily properties totaling 20 units in the Northern New Jersey community of Elizabeth. Both buildings rise three stories, and one of the buildings includes two commercial spaces. Don Baxter and Michael Salomon of Kislak represented the seller in the transaction, and Joni Sweetwood of Kislak procured the buyer. Both parties requested anonymity.

August 29, 2023

Leasing Activity New York Northeast Office

BlueCrest Capital Management Signs 21,640 SF Office Lease in Midtown Manhattan

by Taylor Williams August 29, 2023

NEW YORK CITY — BlueCrest Capital Management, a British-American hedge fund, has signed a 21,640-square-foot office lease at 450 Park Avenue in Midtown Manhattan. The lease term is 15 years, and the space encompasses the entire 30th and 31st floors of the 33-story building. Daniel Posy and Joe Messina of JLL represented the tenant in the lease negotiations. Paul Amrich, Neil King, Alexander D’Amario and Maxwell Tarter of CBRE represented the landlord, SL Green.

August 29, 2023

Acquisitions Build-to-Rent Content Partner Development Features Leasing Activity Midwest NAI Northeast Single-Family Rental Southeast Texas Western

Single-Family Rental, Built-to-Rent Investment Sales Outlook Remains Positive Despite Economic Challenges

by Sarah Daniels August 29, 2023

The multifamily sector is under general disruption from a variety of factors, such as falling valuations, financing difficulties, questions about forward net operating income, shifts in regulations and more. Chris Town, who works in commercial sales and leasing at NAI Latter & Blum in Baton Rouge, La., is an expert in single-family rental (SFR) and built-to-rent (BTR) investment sales. Town says that there are challenges, but a solid future ahead for the sector. The overarching challenges take the form of the Federal Reserve interest rate hikes. “It’s the major factor behind the immediate slowdown of home construction and home buying,” Town explains. “Another factor, of course, is land. These are true whether you’re talking true multifamily or the submarkets of BTR and SFR.” A combination of factors has created a tug-of-war among incentives. High interest rates, with home prices at or near historical highs, mean millions of people need places to live. Many of these potential homeowners have families and want the ameliorations and amenities of a detached single-family housing. “Depending on the metric and organization’s research used, you could say the country is five to six million units short on single-family homes,” Town says. The Larger Economy’s Impact on …

August 29, 2023

Development Loans Multifamily New York Northeast

LCOR Underway on 307-Unit Apartment Building in New Rochelle, New York

by Taylor Williams August 28, 2023

NEW ROCHELLE, N.Y. — Locally based developer LCOR is underway on construction of a 307-unit apartment building at 247 North Ave. in New Rochelle, located north of New York City. The 28-story development will include 18,000 square feet of commercial space and offer studio, one- and two-bedroom apartments. Roughly 10 percent (31) of the units will be reserved as affordable housing for renters earning 80 percent or less of the area median income. Bob Tonnessen and Steven Klein of JLL arranged $94 million in construction financing through Pacific Life for the project. Completion is slated for mid-2025.

August 28, 2023

Loans Mixed-Use New York Northeast

Derby Copeland Provides $9.8M Acquisition Loan for Manhattan Mixed-Use Property

by Taylor Williams August 28, 2023

NEW YORK CITY — Derby Copeland Capital, a locally based lending and investment firm, has provided a $9.8 million acquisition loan for 414-416 West Broadway, a 13,396-square-foot, mixed-use property in Manhattan’s SoHo district. The borrower was not disclosed. The four-story building consists of four newly renovated apartments, one unrenovated apartment, one office suite and a ground-floor retail space with a contiguous basement. Marcus & Millichap brokered the $13.2 million sale of the property on behalf on behalf of the seller, Valroge Corp.

August 28, 2023

Connecticut Development Multifamily Northeast

Vessel Technologies to Develop 96-Unit Rental Project in Rocky Hill, Connecticut

by Taylor Williams August 28, 2023

ROCKY HILL, CONN. — Vessel Technologies, a New York City-based provider of modular and prefabricated housing, will develop a 96-unit rental project in Rocky Hill, a southern suburb of Hartford. The property will be developed at a vacant site at 125 Henkel Way. The majority of the units will have one-bedroom floor plans to accompany several residences with two-bedroom floor plans. Fabrication will commence in September, and the first move-ins are scheduled for late 2024.

August 28, 2023

Development Life Sciences Massachusetts Northeast

JC&A Delivers 37,000 SF Life Sciences Project in Waltham, Massachusetts

by Taylor Williams August 28, 2023

WALTHAM, MASS. — Locally based construction management firm J. Calnan & Associates has delivered a 37,000-square-foot life sciences project in the western Boston suburb of Waltham. The space, which is a build-to-suit for Biocytogen Pharmaceuticals, is located at 300 Third Avenue, a 143,533-square-foot building that is owned by Dallas-based Lincoln Property Co. The facility features an open-floor design, climate-controlled vivarium and advanced cell culture and procedure suites.

August 28, 2023

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