Northeast

Global One Real Estate Acquires 357-Unit Affordable Housing Building in The Bronx

by Taylor Williams January 26, 2022

NEW YORK CITY — Global One Real Estate Fund, an affiliate of New York-based Nelson Management Group, has acquired Evergreen Gardens, a 357-unit affordable housing building in the Soundview neighborhood of The Bronx, for $15.5 million. The two-building, transit-oriented property includes 253 parking spaces. Daniel Parker of Hodges Ward Elliott represented the seller, New York City-based Milstein Properties, in the transaction. The New York City Housing Development Corp. provided $23.6 million in permanent financing to cover the acquisition of the property, as well as to fund capital improvements and preserve affordability,

January 26, 2022

Acquisitions Massachusetts Northeast Retail

JLL Negotiates $39.5M Sale of Grocery-Anchored Shopping Center in Saugus, Massachusetts

by Taylor Williams January 26, 2022

SAUGUS, MASS. — JLL has negotiated the $39.5 million sale of Saugus Plaza, a 165,800-square-foot shopping center in the northern Boston suburb of Saugus that is anchored by grocer Stop & Shop. Floor & Décor serves as the second anchor tenant of the center, which was 97 percent leased at the time of sale. Other tenants include Buffalo Wild Wings, North Shore Liquor and King Crab. Federal Realty Investment Trust (NYSE: FRT) sold the property to a partnership between The Grossman Cos. Inc. and Boston-based North Colony Asset Management. Nat Heald, Chris Angelone and Zach Nitsche of JLL brokered the deal.

January 26, 2022

Acquisitions New York Northeast Office Retail

KPG Funds, LaSalle Buy Manhattan Commercial Building, Plan Redevelopment

by Taylor Williams January 26, 2022

NEW YORK CITY— Locally based private equity firm KPG Funds and LaSalle Global Partner Solutions have purchased 480 Broadway in Manhattan’s SoHo neighborhood with plans to redevelop the property into a boutique office building with retail space. The new ownership purchased the building in conjunction with 155 Spring, a nearby office and retail asset, from Maryland-based REIT Vornado Realty Trust (NYSE: VNO). The redevelopment will include rebranding the building as 40 Crosby.

January 26, 2022

Alison Williams Walker Dunlop Small Balance Lending

Content Partner Features Loans Midwest Multifamily Northeast Southeast Texas Walker & Dunlop Western

Small Balance Lending Evolves with Technology

by Sarah Daniels January 25, 2022

The small balance multifamily lending industry is antiquated, leaving thousands of prospective borrowers behind in a booming market. Multifamily property owners need access to fast, reliable quotes and a streamlined approach to financing. The current industry practice of quoting from rate sheets does not present a holistic or dynamic picture for borrowers or lenders. Walker & Dunlop is offering an alternative approach with a new digital lending platform that utilizes machine learning to quickly provide customized quotes for small balance multifamily acquisition and refinance loans. The rapid pace of lending means that borrowers need strategic partnerships with small balance loan experts that provide personalized customer experience backed by the data science capabilities to pull comparables, as well as online tools that can both streamline and inform processes. Sponsored: As the #1 multifamily lender in the U.S., Walker & Dunlop is launching a digital lending platform that will deliver tailored quotes in minutes for acquisitions and refinances. The platform uses machine learning powered by millions of data points from Walker & Dunlop’s proprietary property database to offer clients accuracy, transparency and confidence from kickoff to closing. The State of Small Balance Lending Small multifamily properties account for roughly 85 percent of …

January 25, 2022

Acquisitions New Jersey Northeast Office

CBRE Negotiates $260.6M Sale of Sanofi Headquarters in Bridgewater, New Jersey

by Taylor Williams January 25, 2022

BRIDGEWATER, N.J. — CBRE has negotiated the $260.6 million sale of a 675,000-square-foot office complex in the Northern New Jersey community of Bridgewater. The property houses the North American headquarters of French pharmaceutical giant Sanofi, which has committed to the building through 2032. Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Rich Gatto, Fahri Ozturk, Travis Langer, Zach McHale and Michael Monahan of CBRE represented the seller, American Finance Trust, in the transaction. The team also procured the buyer, California-based AVG Partners.

January 25, 2022

Loans Multifamily New York Northeast

S3 Capital Provides $105M Construction Loan for Bronx Multifamily Project

by Taylor Williams January 25, 2022

NEW YORK CITY — Locally based private lender S3 Capital Partners has provided a $105 million construction loan for a 447-unit multifamily project that will be located in the Mott Haven neighborhood of The Bronx. The developer, JCS Realty, has entered into a ground lease with the owners of the site, Montgomery Street Partners, which contributed $55 million for the acquisition and improvements to the land. Completion of the 12-story building, which will also house ground-floor commercial space, is slated for late 2023. Zaro’s Family Baker sold the land on which the project will be developed. Jason Gold, Victor Sozio and Daniel Mahfar of Ariel Property Advisors brokered the $35 million sale of the land.

January 25, 2022

Acquisitions Connecticut Industrial Northeast Self-Storage

Marcus & Millichap Brokers Sale of 651-Unit Self-Storage Facility in Portland, Connecticut

by Taylor Williams January 25, 2022

PORTLAND, CONN. — Marcus & Millichap has brokered the sale of Stor U Self Storage, a 651-unit facility in Portland, located in Middlesex County in the central part of the state. The facility comprises 68,774 net rentable square feet across 528 climate-controlled units, 122 non-climate-controlled units and one commercial space. Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction. Susan Bands of Marcus & Millichap assisted in closing the deal as the broker of record.

January 25, 2022

Acquisitions Industrial New York Northeast

Inland Private Capital Sells 124,980 SF Industrial Facility in Syracuse

by Taylor Williams January 25, 2022

SYRACUSE, N.Y. — Illinois-based investment firm Inland Private Capital Corp. has sold a 124,980-square-foot industrial facility in Syracuse for $13.4 million. At the time of sale, the property was 100 percent leased to Niagara Mohawk Corp., an energy provider that also conducts business under the name National Grid. The company purchased the property in 2011 and sold it through a Delaware Statutory Trust (DST). The buyer was not disclosed.

January 25, 2022

Acquisitions Industrial Massachusetts Northeast

Shearwater Cos. Acquires 91,476 SF Industrial Building in Chelmsford, Massachusetts

by Taylor Williams January 25, 2022

CHELMSFORD, MASS. — The Shearwater Cos., an investment firm based in southern New England, has acquired a 91,476-square-foot industrial building in Chelmsford, a northern suburb of Boston. The sales price was $14.8 million. The recently renovated building features a clear height of 27 feet and was fully leased to a subsidiary of medical device provider Teleflex Inc. at the time of sale. Scott Dragos, Chris Skeffington, Doug Jacoby, Anthony Hayes, Roy Sandeman, Tim Mulhall and Dan Hines of CBRE represented the seller, The RAM Cos., in the transaction.

January 25, 2022

Loans Multifamily New Jersey Northeast

G.S. Wilcox Arranges $103M Loan for Refinancing of Northern New Jersey Apartment Building

by Taylor Williams January 24, 2022

UNION, N.J. — Locally based mortgage banking firm G.S. Wilcox & Co. has arranged a $103 million loan for the refinancing of a 428-unit apartment building in the Northern New Jersey community of Union. Gretchen Wilcox and David Fryer of G.S. Wilcox arranged the debt through life insurance company Thrivent Financial on behalf of the borrower, Russo Development. The loan carried an 18.5-year term, 30-year amortization schedule and an interest rate of approximately 2.5 percent.

January 24, 2022

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