Northeast

CVS Agrees to Acquire Oak Street Health in $10.6B Deal

by Kristin Harlow February 8, 2023

WOONSOCKET, R.I., AND CHICAGO — CVS Health (NYSE: CVS) has agreed to acquire Oak Street Health (NYSE: OSH) in an all-cash transaction at $39 per share, representing a total purchase price of roughly $10.6 billion. The price represents a premium of approximately 11.9 percent over Oak Street’s opening price per share this morning. Chicago-based Oak Street Health is a network of primary care centers for adults on Medicare. The company employs approximately 600 primary care providers and maintains 169 medical centers across 21 states. By 2026, Oak Street Health plans to grow to more than 300 centers. Oak Street Health’s technology solution, Canopy, is fully integrated with its operations and utilized when determining the appropriate type and level of care for each patient. That care will be enhanced by CVS Health’s community, home and digital offerings, according to the companies. Bringing CVS Health and Oak Street Health together can significantly benefit patients’ long-term health by reducing care costs and improving outcomes, particularly for those in underserved communities, according to a news release. Oak Street Health centers are located where healthcare services are needed most; more than 50 percent of Oak Street Health’s patients have a housing, food or isolation risk …

February 8, 2023

Acquisitions Hospitality New York Northeast

Hawkins Way, Vardë Acquire 655-Room Hotel in Midtown Manhattan

by Taylor Williams February 7, 2023

NEW YORK CITY — A joint venture between Hawkins Way Capital and Vardë Partners has acquired a 655-room hotel located at 525 Lexington Ave. in Manhattan’s Midtown East neighborhood. The 35-story, 406,261-square-foot building, which was shuttered at the time of sale, was originally constructed in 1922 and most recently housed a Marriott-branded operation. Jeffrey Davis, Gilda Perez-Alvarado, Stephany Chen and Bob Knakal of JLL represented the seller, global investment firm Deka Immobilien, in the transaction.

February 7, 2023

Loans Multifamily New York Northeast

Largo Capital Arranges $30M Loan for Refinancing of Buffalo Multifamily Portfolio

by Taylor Williams February 7, 2023

BUFFALO, N.Y. — Largo Capital, a locally based commercial finance and advisory firm, has arranged a $30 million loan for the refinancing of a portfolio of 11 multifamily properties totaling 789 units in Buffalo. The portfolio was 99 percent occupied at the time of sale. Ned Perlman of Largo Capital originated the financing. The borrower and direct lender were not disclosed.

February 7, 2023

Development Multifamily New Jersey Northeast

Coldwell Banker Begins Leasing 60-Unit Apartment Complex in Jersey City

by Taylor Williams February 7, 2023

JERSEY CITY, N.J. — Coldwell Banker has begun leasing Aspira, a 60-unit apartment complex located in Journal Square neighborhood of Jersey City. The six-story building offers studio and one-bedroom units that are furnished with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a package handling room, bike storage space and a rooftop deck/garden. Rents start at $1,850 per month for a studio. The owner/developer was not disclosed.

February 7, 2023

Acquisitions Connecticut Mixed-Use Northeast

Angel Commercial Negotiates $6M Sale of Mixed-Use Building in Norwalk, Connecticut

by Taylor Williams February 7, 2023

NORWALK, CONN. — Locally based brokerage firm Angel Commercial has negotiated the $6 million sale of a 34,583-square-foot mixed-use building in Norwalk, located in the southern coastal part of Connecticut. The property at 430 Main Ave. comprises 14 retail and office units and nine apartments. Brett Sherman of Angel Commercial represented the seller, an entity doing business as C&H Lew LLC, in the off-market transaction. Sherman also procured the undisclosed buyer.

February 7, 2023

Leasing Activity New Jersey Northeast Office

EXL Signs 17,712 SF Office Lease Renewal in Jersey City

by Taylor Williams February 7, 2023

JERSEY CITY, N.J. — Business management consulting firm EXL has signed a 17,712-square-foot office lease renewal at 10 Exchange Place, a 30-story, 740,354-square-foot building in Jersey City. David DeMatteis, Nicholas Dysenchuk and Robert Lowe of Cushman & Wakefield represented the landlord, an affiliate of Canadian insurance and financial services giant Manulife, in the lease negotiations. Scott Bogetti and Meghan Marchini of Savills represented the tenant.

February 7, 2023

Michael Klein Lending Freedom Financial Funds

Acquisitions Content Partner Features Loans Midwest Northeast Southeast Texas Western

In Spite of Higher Capital Costs, Successful Deals Can Still be Achieved with Diligence and Solid Underwriting

by Sarah Daniels February 7, 2023

Prospective investors can finance acquisitions even when equity is scarce, explains Michael Klein, CEO and founding principal of Freedom Financial Funds. “The scarcity of equity is an old phenomenon; it’s a relatively new phenomenon that made equity plentiful. For most of history, it was hard work to find equity. However, even in a tight market, if there’s a compelling case for a project to result in success and there are multiple ways of protecting the equity and the debt, that deal will get done.” This is the outlook Klein brings to the 2023 MBA Commercial/Multifamily Finance Convention & Expo. Klein’s company, Freedom Financial Funds, LLC is a private REIT based in Los Angeles and operating in the western United States. The REIT specializes in providing capital to real estate professionals adding value to projects. Debt, Equity and Protecting Value Klein explains that with any type of financing, whether it be debt or equity, it is key to have a compelling story and facts to indicate that the borrower is going to provide a fair amount of value. “Protecting the investor from potential downside risks is an essential part of financing,” explains Klein. This sort of forethought requires thorough due diligence …

February 7, 2023

The-District-at-1515-Parsippany-New-Jersey

Development Multifamily New Jersey Northeast

Partnership to Develop 498-Unit Multifamily Project in Parsippany, New Jersey

by Taylor Williams February 6, 2023

PARSIPPANY, N.J. — A partnership between Los Angeles-based PCCP LLC, Claremont Development and Stanbery Development will build The District at 1515, a 498-unit multifamily project in the Northern New Jersey community of Parsippany. The four-building development will include 58,866 square feet of retail space that will be marketed to a mix of full-service and fast casual restaurants, as well as fitness users and soft goods merchandisers. Residential amenities will include a pool, fitness center, lounge area, conference center and a pet spa. Completion is slated for early 2025.

February 6, 2023

Leasing Activity New York Northeast Office

CBS Broadcasting Signs 186,882 SF Office Lease Renewal in Manhattan

by Taylor Williams February 6, 2023

NEW YORK CITY — CBS Broadcasting has signed a five-year, 186,882-square-foot office lease renewal at 555 W. 57th St. in Manhattan’s Hell’s Kitchen neighborhood. The 20-story building, which was completed in 2005, was originally known as the Ford Motors Building due to the automotive giant’s showroom on the ground floor. BMW now occupies that space. Scott Gottlieb, Andrew Sussman and Rocco Laginestra of CBRE represented the tenant in the lease negotiations. The landlord, SL Green, was self-represented.

February 6, 2023

Development Multifamily New Jersey Northeast

Accurate Begins Leasing 105-Unit Apartment Complex in Bound Brook, New Jersey

by Taylor Williams February 6, 2023

BOUND BROOK, N.J. — Accurate has begun leasing Citizen Bound Brook, a 105-unit apartment complex in Northern New Jersey. Designed by Jarmel Kizel Architects & Engineers, the property offers studio, one- and two-bedroom units with stainless steel appliances, quartz countertops and tile backsplashes. Amenities include a clubroom, fitness center and a landscaped terrace. The building also houses 5,000 square feet of street-level retail space. Rents start at approximately $1,600 per month for a studio

February 6, 2023

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