Northeast

Cushman & Wakefield Arranges $134M Construction Loan for Brooklyn Mixed-Income Project

by Taylor Williams July 28, 2022

NEW YORK CITY — Cushman & Wakefield has arranged a $134 million construction loan for 15 Hanover Place, a mixed-income residential project that will be located in downtown Brooklyn. The 34-story building will house 314 units, 95 of which will be reserved as affordable housing, as well as 9,000 square feet of commercial space. Gideon Gil, Zachary Kraft and Sebastian Sanchez of Cushman & Wakefield arranged the loan through Santander Bank and City National Bank on behalf of the borrower, locally based developer Lonicera Partners. A tentative completion date has not yet been established.

July 28, 2022

Acquisitions Mixed-Use New York Northeast

JLL Negotiates $33.7M Sale of Manhattan Commercial Portfolio

by Taylor Williams July 28, 2022

NEW YORK CITY — JLL has negotiated the $33.7 million sale of a portfolio of three commercial properties in Manhattan’s Lenox Hill neighborhood. The building at 1026 Third Ave. comprises a ground-level restaurant, second-floor office space, one duplex and one residential loft. The two buildings at 1020-1024 Third Ave. total 19,375 square feet and consist of 25 residential units and three commercial spaces. Clint Olsen and Stephen Godnick of JLL represented the buyer, Kahen Properties, in the transaction. JLL also represented the seller in the $24 million disposition of 1020-1024 Third Avenue. Nick Judson of Judson CRE represented the seller of 1026 Third Avenue, which fetched a price of $9.7 million.

July 28, 2022

Acquisitions New Jersey Northeast Office

Newmark Brokers $26.5M Sale of Office Portfolio, Land Sites in Hamilton, New Jersey

by Taylor Williams July 28, 2022

HAMILTON, N.J. — Newmark has brokered the $26.5 million sale of a portfolio of six office buildings totaling 237,834 square feet and two land sites totaling 12.8 acres in the Central New Jersey community of Hamilton. More specifically, the holdings comprise two office buildings with excess developable acreage, two parcels within Horizon Center North and one office building plus three office/flex buildings within Horizon Center Business Park. Steven Schultz, Stephen Tolkach, Tony Georgiev and Robert Loderstedt of Newmark represented the seller, Denholtz Properties, in the transaction. The buyer was Cammeby’s International Inc. The buildings were 71 percent leased at the time of sale.

July 28, 2022

Development Hospitality New York Northeast

Marriott Opens 130-Room SpringHill Suites Hotel in Midtown Manhattan

by Taylor Williams July 28, 2022

NEW YORK CITY — Marriott has opened a 130-room hotel at 111 E. 24th St. in Midtown Manhattan under that will be operated under the hospitality giant’s SpringHill Suites brand. According to Crain’s New York, McSam Hotel Group developed the property. Gene Kaufman Architect designed the 12-story hotel, which offers amenities such as a breakfast dining room, laundry, fitness center and dry cleaning service.

July 28, 2022

Acquisitions Industrial Massachusetts Northeast

Cardinal Industrial Buys 128,500 SF Industrial Building in Agawam, Massachusetts

by Taylor Williams July 28, 2022

AGAWAM, MASS. — San Diego-based Cardinal Industrial has purchased a 128,500-square-foot industrial building in Agawam, located outside of Springfield. Nicholas Morizio of Colliers represented Cardinal Industrial in the transaction. The representative of the seller, The Grossman Cos., was not disclosed. At the time of sale, the building was fully leased to TW Metals and OMG Inc.

July 28, 2022

Development Industrial Loans New Jersey Northeast

Wells Fargo Provides $227M in Construction Financing for New Jersey Industrial Projects

by Taylor Williams July 27, 2022

LINDEN AND LOGAN TOWNSHIP, N.J. — Wells Fargo has provided $227 million in construction financing for two New Jersey industrial projects. In the first deal, the San Francisco-based bank provided a $142 million loan for Phase III of Linden Logistics Center, a development in the northern part of the Garden State. Phase III will consist of two buildings totaling 849,235 square feet that are scheduled for a second-quarter 2023 completion. In the second transaction, Wells Fargo provided $85 million for the third phase of Logan North Industrial Park, a project that spans 3.2 million square feet and is located in Southern New Jersey. The two buildings comprising Phase III of Logan North Industrial Park will measure 274,200 and 475,000 square feet and are also slated for delivery in the second quarter of next year. Existing tenants at Logan North include SEKO Logistics and LaserShip Logistics. John Alascio, T.J. Sullivan and Chuck Kohaut of Cushman & Wakefield arranged the financing on behalf of the borrower and developer, a partnership between Advance Realty Investors and Greek Development.

July 27, 2022

Acquisitions New York Northeast Retail

Vanbarton Group Sells Retail Assemblage in The Bronx for $22.7M

by Taylor Williams July 27, 2022

NEW YORK CITY — Locally based investment and advisory firm Vanbarton Group has sold a 23,339-square-foot retail assemblage in the Morrisania neighborhood of The Bronx for $22.7 million. The sites collectively span a full block and are located at 1031-1049 Westchester Ave. and 1057 Southern Blvd. Josh Neustadter and Jonathan Squires of Cushman & Wakefield represented Vanbarton Group in the transaction. Jason Gold, Victor Sozio and Daniel Mahfar of Ariel Property Advisors represented the buyer.

July 27, 2022

Connecticut Loans Multifamily Northeast Seniors Housing

Cushman & Wakefield Arranges Refinancing of 104-Unit Seniors Housing Property in Stamford, Connecticut

by Taylor Williams July 27, 2022

STAMFORD, CONN. — Cushman & Wakefield has arranged a loan of an undisclosed amount for the refinancing of The Residence at Summer Street, a 104-unit seniors housing property in Stamford. The five-story, newly built facility offers assisted living and memory care services. Richard Swartz, Jay Wagner, Jim Dooley and Joseph Carbone of Cushman & Wakefield arranged the financing through VIUM Capital and its affiliate Merchants Bank of Indiana. The borrower was a partnership between Virtus and LCB Senior Living.

July 27, 2022

Acquisitions Industrial New Jersey Northeast

CBRE Negotiates $15.2M Sale of Six Industrial Buildings, Vacant Parcel in Freehold, New Jersey

by Taylor Williams July 27, 2022

FREEHOLD, N.J. — CBRE has negotiated the $15.2 million sale of six industrial buildings totaling 90,677 square feet within Freehold Business Park in Central New Jersey. The sale included an additional acre that can support 13,750 square feet of new development. The park was built on 14.2 acres in 2007 and renovated in 2021. Charles Berger, Elli Klapper, Mark Silverman, Jeremy Wernick, Lou Belfer and Scott Belfer of CBRE represented the seller, Asbury Avenue Partners LLC, in the transaction. The buyer was an entity doing business as MT Freehold BPD LLC.

July 27, 2022

Acquisitions Healthcare New York Northeast

Seavest Healthcare Properties Acquires 57,000 SF Medical Office Building in Manhattan

by Taylor Williams July 27, 2022

NEW YORK CITY — Locally based investment firm Seavest Healthcare Properties has acquired a 57,000-square-foot medical office building located at 355 W. 52nd St. in Manhattan. NYU Langone Health anchors the eight-story building, which was fully leased at the time of sale to an array of specialty care practitioners. The seller and sales price were not disclosed.

July 27, 2022

Newer Posts

Older Posts