Northeast

Saint-Elizabeth-Medical-Center-Brighton-Massachusetts

CBRE Arranges $1.7B Recapitalization, Refinancing of Massachusetts Healthcare Portfolio

by Taylor Williams March 22, 2022

NEW YORK CITY — CBRE has arranged the recapitalization and refinancing of a portfolio of eight acute care hospitals located throughout Massachusetts in a transaction valued at $1.7 billion. Specifically, the properties are located in the Brighton and Dorchester areas of Boston, as well as in Methuen, Haverhill, Brockton, Fall River, Taunton and Ayer. Steward Health Care System occupies the hospitals. Under the terms of the transaction, the owner of the portfolio, Medical Properties Trust Inc. (NYSE: MPW), will enter into a joint venture with an affiliate of Macquarie Asset Management, which will acquire a 50 percent interest. Keith Harris, Lee Asher, Chris Bodnar, Ryan Lindsley and Jordan Selbiger of CBRE negotiated the equity restructuring on behalf of Medical Properties Trust. James Millon of CBRE arranged a loan of an undisclosed amount for the refinancing of the existing debt on the portfolio.

March 22, 2022

Loans Multifamily Northeast Pennsylvania

Greystone Provides $20M HUD Loan for Refinancing of Philadelphia Multifamily Property

by Taylor Williams March 22, 2022

PHILADELPHIA — Greystone has provided a $20 million HUD-insured loan for the refinancing of Croydon Hall Apartments, a 127-unit multifamily property near Philadelphia’s University City neighborhood. Originally built in 1925 and renovated in 2012, the property houses one, two- and three-bedroom units. Jason Yuen of Greystone originated the financing, which was structured with a fixed interest rate, 35-year term and a 35-year amortization schedule. The borrower was an entity doing business as 49th & Spruce Associates LP.

March 22, 2022

Acquisitions Industrial Northeast Pennsylvania

Realterm Acquires 45-Acre Parking Facility in Bethlehem, Pennsylvania

by Taylor Williams March 22, 2022

BETHLEHEM, PA. — Global logistics operator Realterm has acquired a 45-acre parking and maintenance facility in the Lehigh Valley community of Bethlehem. The site offers proximity to Interstate 78 and U.S. Route 22, as well as rail service from Lehigh Valley Rail Management. John Plower, Ryan Cottone, Chad Hillyer, Zach Maguire and Sean Christman of JLL represented the undisclosed seller in the transaction. The property was fully leased at the time of sale.

March 22, 2022

Industrial Leasing Activity New Jersey Northeast

SEKO Logistics Signs 164,000 SF Industrial Lease in Logan Township, New Jersey

by Taylor Williams March 22, 2022

LOGAN TOWNSHIP, N.J. — Global freight company SEKO Logistics has signed a 164,000-square-foot industrial lease at Building A at Logan North, a 3.2 million-square-foot speculative development in Southern New Jersey. Kevin Dudley, Nick Klackik and Jeff Kapcheck of CBRE represented the tenant in the lease negotiations. Nate Demetsky, Dean Torosian and Matt Kemery of JLL represented the landlord, a partnership between Advance Realty Investors and Greek Development.

March 22, 2022

Acquisitions Healthcare Northeast Rhode Island

Newmark Negotiates $7.1M Sale of Medical Office Building in Lincoln, Rhode Island

by Taylor Williams March 22, 2022

LINCOLN, R.I. — Newmark has negotiated the $7.1 million sale of a 40,037-square-foot medical office building in Lincoln, Rhode Island. At the time of sale, the recently renovated property was fully leased to tenants such as engineering firm BETA and cancer clinic LifeSpan. Michael Greeley, Joseph Alvarado and George Demoulas of Newmark represented the seller, a locally based affiliate of Blackstone, in the transaction. Boston-based Legacy Capital Ventures purchased the asset.

March 22, 2022

Development Life Sciences Northeast Pennsylvania

Partnership Tops Out 250,000 SF Life Sciences Building in Philadelphia

by Taylor Williams March 21, 2022

PHILADELPHIA — A partnership between developer Silverstein Properties, New York City-based investment firm Cantor Fitzgerald and University Place Associates has topped out 3.0 University Place, a 250,000-square-foot life sciences building in Philadelphia’s University City neighborhood. Construction of the eight-story lab and office building began in May 2021. The Sheward Partnership designed the project. Ben Franklin Technology Partners has already signed a lease to open an incubation lab and coworking facility at 3.0 University Place. The opening is scheduled for the fourth quarter.

March 21, 2022

Acquisitions New York Northeast Retail

WS Development Acquires 240,000 SF Stuyvesant Plaza in Albany, New York

by Taylor Williams March 21, 2022

ALBANY, N.Y. — Massachusetts-based WS Development has acquired Stuyvesant Plaza, a 240,000-square-foot shopping center in Albany that houses more than 60 retailers and restaurants. The property was originally built in 1959. The seller was an entity doing business as Stuyvesant Plaza Inc. The new ownership plans to implement a value-add program.

March 21, 2022

Development Life Sciences Northeast Pennsylvania

Joint Venture Breaks Ground on 137,000 SF Life Sciences Project at Philadelphia Navy Yard

by Taylor Williams March 21, 2022

PHILADELPHIA — A joint venture between Ensemble Real Estate Investments, Mosaic Development Partners and Oxford Properties Group has broken ground on a 137,000-square-foot life sciences project at the Philadelphia Navy Yard. The project is being developed on a speculative basis for cell and gene therapy users and will be able to support tenants with space requirements ranging in size from 5,000 to 35,000 square feet. CRB is designing the project. A completion date was not disclosed.

March 21, 2022

Loans Multifamily New York Northeast

Greystone Provides $9.7M Loan for Refinancing of Brooklyn Multifamily Portfolio

by Taylor Williams March 21, 2022

NEW YORK CITY — Greystone has provided a $9.7 million loan for the refinancing of a 24-unit multifamily portfolio in the Williamsburg neighborhood of Brooklyn. The properties were originally built between 2006 and 2008 and offer one-, two- and three-bedroom units. The nonrecourse loan carries a 10-year term and a 30-year amortization schedule, with two years of interest-only payments and a 74 precent loan-to-value ratio. Jason Yuen of Greystone originated the financing.

March 21, 2022

Acquisitions Healthcare New York Northeast

Cayuga Health Buys 108,000 SF Space at Shops at Ithaca Mall in Upstate New York

by Taylor Williams March 21, 2022

ITHACA, N.Y. — Locally based healthcare provider Cayuga Health has purchased a 108,000-square-foot space at The Shops at Ithaca Mall in upstate New York. The provider has occupied the space since March 2020 as a COVID-19 testing center. Cayuga Health plans to consolidate some of its existing practices into this location, as well as to lease out some of the space to new vendors. The seller was a partnership that includes two Long Island-based investment firms, Mason Asset Management and Namdar Realty Group.

March 21, 2022

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