Northeast

Concord Summit Capital Arranges $70M Loan for Refinancing of Buffalo Apartments

by Taylor Williams April 27, 2022

BUFFALO, N.Y. — Concord Summit Capital, a Miami-based financial intermediary, has arranged a $70 million bridge loan for the refinancing of Phase I of Heron Pointe Apartments, a 376-unit multifamily community in Buffalo. The borrower, Buffalo-based Rane Property Management, will use proceeds from the three-year, nonrecourse loan to pay off construction debt from the 232-unit first phase of the development. Construction of the 144-unit second phase is underway and is slated to be complete in the third quarter. Heron Pointe features one-, two- and three-bedroom units and amenities such as a clubhouse with a coffee room and fitness center, a pool, dog park and a playground. Kevin O’Grady, David Larson, Keegan Burger and Daniel Rojo of Concord Summit Capital arranged the loan through TPG, a San Francisco-based private equity firm previously known as Texas Pacific Group.

April 27, 2022

Development New Jersey Northeast Office

Silverman Group Completes Renovation of 122,000 SF Office Complex in Morristown, New Jersey

by Taylor Williams April 27, 2022

MORRISTOWN, N.J. — The Silverman Group has completed the renovation of Morristown Plaza, a two-building, 122,000-square-foot office complex in Northern New Jersey. The value-add program delivered upgrades to the various common areas and amenity spaces, which now include a grab-and-go café, fitness center, conferencing facility, onsite bank branch and outdoor seating areas. The Silverman Group has retained Lee & Associates to lease the property.

April 27, 2022

Acquisitions Industrial New Jersey Northeast

STRO Cos., KRE Group, Fidelco Acquire 77,000 SF Warehouse in Newark

by Taylor Williams April 27, 2022

NEWARK, N.J. — A partnership between three New Jersey-based investment firms, The STRO Cos., KRE Group and Fidelco Realty Group, has acquired a 77,000-square-foot warehouse in Newark. The facility at 798 Frelinghuysen Ave. sits on a 4.7-acre site near the Port of Newark. According to LoopNet Inc., the property was originally built in 1929 and renovated in 1994 and features a clear height of 16 feet. The seller and sales price were not disclosed.

April 27, 2022

Leasing Activity Northeast Office Pennsylvania

iQor Opens 30,000 SF Office, Call Center in Allentown, Pennsylvania

by Taylor Williams April 27, 2022

ALLENTOWN, PA. — iQor, a Florida-based provider of business process outsourcing (BPO) solutions, has opened a 30,000-square-foot office in the Lehigh Valley city of Allentown. The space includes a fitness center and a café and replaces iQor’s old facility in nearby Bethlehem. The company, which more specifically provides customer service, third-party collections and accounts receivable management, employs about 35,000 people across 10 countries.

April 27, 2022

Development Multifamily New Jersey Northeast

Veris Residential Begins Leasing 56-Story Apartment Tower in Jersey City

by Taylor Williams April 26, 2022

JERSEY CITY, N.J. — Veris Residential has begun leasing Haus25, a 56-story apartment tower in Jersey City. Designed by Elkus Manfredi Architects with interiors by Fogarty Finger and landscape architecture by Melillo Bauer Carman, Haus25 rises 600 feet and comprises 750 units, 20 percent of which have been preleased. Residences come in studio, one-, two- and three-bedroom formats and are furnished with stainless steel appliances, quartz countertops, individual washers and dryers and ecobee smart thermostats. Amenities include a pool, indoor and outdoor fitness areas, chef’s kitchen, grilling stations, an amphitheater, bowling alley, karaoke lounge, game room, golf simulator, children’s playroom, pet spa and a dog run. Rents start in the low $3,000s per month for a studio apartment.

April 26, 2022

Acquisitions Affordable Housing Multifamily Northeast Pennsylvania Seniors Housing

CPP Buys 138-Unit Affordable Seniors Housing Community in Erie, Pennsylvania

by Taylor Williams April 26, 2022

ERIE, PA. — Community Preservation Partners (CPP) has acquired Methodist Towers, a 138-unit affordable seniors housing community in Erie. About 40 percent (57) of the 13-story complex’s units receive subsidies under a Section 8 HAP contract. The sales price was not disclosed, but CPP plans to spend $20 million on the acquisition and renovation. CPP received tax-exempt bonds and Low-Income Housing Tax Credits (LIHTCs) from the Pennsylvania Housing Finance Agency (PHFA), with construction and permanent loans from Citibank as well as equity raised from the sale of LIHTCs from PNC Bank, to finance the property acquisition and rehabilitation. Cornerstone Group is a partner on the project.

April 26, 2022

Loans Multifamily New Jersey Northeast

MMCC Arranges $24M Loan for Refinancing of Northern New Jersey Apartments

by Taylor Williams April 26, 2022

LINDEN, N.J. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $24 million loan for the refinancing of a 113-unit apartment complex located at 1120 E. Saint George Ave. in the Northern New Jersey community of Linden. The property was built in 2021 and includes 17,900 square feet of retail space. Amenities include a fitness center, dog park, resident clubhouse and a rooftop deck. M&T Bank provided the 10-year, interest-only loan, which carried a 30-year amortization schedule, on behalf of the undisclosed borrower. Joseph Belgiovine of MMCC arranged the debt.

April 26, 2022

Acquisitions Multifamily New Jersey Northeast

Kislak Negotiates $22.5M Sale of Multifamily Property in Bergenfield, New Jersey

by Taylor Williams April 26, 2022

BERGENFIELD, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $22.5 million sale of Bella at Bergenfield, a 62-unit multifamily property in Northern New Jersey. Bella at Bergenfield was constructed between 2019 and 2020 and includes 57 one-bedroom units and five two-bedroom units with an average size of 869 square feet. Andrew Scheinerman of Kislak arranged the off-market sale on behalf of the seller. Robert Squires, also with Kislak, procured the buyer. Both parties were limited liability companies.

April 26, 2022

Leasing Activity New York Northeast Office

Standard Security Life Insurance Signs 11,314 SF Office Lease in Manhattan

by Taylor Williams April 26, 2022

NEW YORK CITY — Standard Security Life Insurance Co. of New York has signed an 11,314-square-foot office lease at 488 Madison Avenue in Manhattan. Known as The Look Building, 488 Madison Avenue was originally constructed in 1949, rises 24 stories and spans 447,000 square feet. Scott Gutnick of Newmark represented the tenant, which will relocate from 485 Madison Avenue, in the lease negotiations. David Turino represented the landlord, The Feil Organization, on an internal basis.

April 26, 2022

Development Multifamily Northeast Pennsylvania

Midwood Breaks Ground on 32-Story Apartment Tower in Philadelphia

by Taylor Williams April 25, 2022

PHILADELPHIA — New York City-based Midwood Investments & Development has broken ground on a 32-story apartment tower at 210 S. 12th St. in Philadelphia’s Washington Square neighborhood. The property will consist of 378 apartments and two floors of retail space totaling approximately 17,000 square feet. Residential amenities will include a pool with a sundeck, fitness center with a yoga studio, rooftop terrace with private event space, a game room, lounge and conference facilities. London-based Rogers Stirk Harbour + Partners and BLT Architects are designing the project. Specific floor plans and a tentative construction completion date were not disclosed.

April 25, 2022

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