NEW YORK CITY — New York City-based Ready Capital has closed a $22 million loan for the acquisition, renovation and stabilization of a portfolio of six industrial properties that are located in various parts of New Jersey and Pennsylvania. The nonrecourse, interest-only loan carried a 48-month term and a floating interest rate, an extension option and a facility to fund capital improvements. The borrower was not disclosed.
2021 was an exciting year in the multifamily financing market, and for Berkadia mortgage banking — we originated over $40 billion in volume for our clients across our various lender programs, an increase of 50 percent over our 2020 volumes. Every lender in the market demonstrated a strong appetite for originating loans and increased their holdings of mortgages, which was crucial given that the Federal Housing Finance Agency (FHFA) lowered the caps for Fannie Mae and Freddie Mac to $70 billion each. While the final numbers haven’t been released yet, the Mortgage Bankers Association (MBA) projected the market would originate $578 billion of loans backed by commercial real estate in 2021, a 31 percent increase from 2020 ($442 billion) and just below 2019’s record volume of $601 billion. The fundamentals of the multifamily sector drove unbelievable rent growth, which in turn drove increased investor interest. In 2021, we advised on 762 investment sales transactions, totaling close to $27 billion in volume, a truly record-breaking year for us! This tremendous investor appetite brought about an enhanced need for financing, and often more creative financing. With the government-sponsored enterprises (GSEs) more limited, life companies and commercial banks answered the call, but the …
NEW YORK CITY — Locally based developer The Moinian Group has broken ground on The Hudson Arts Building, a 200,000-square-foot speculative office project in Manhattan. The project was originally announced in February 2020, but construction was delayed, making it Manhattan’s first office building to be developed on a speculative basis since the COVID-19 pandemic began. Designed by Studios Architecture, the 10-story building will be located across the street from the Hudson River in the Chelsea neighborhood. The building will offer a lounge area, fitness center, dog park, dedicated bicycle room and shower area and 15,250 square feet of outdoor amenity space, including a 12,400-square-foot rooftop terrace. The development team expects the first tenants to be able to take occupancy by early 2024. JLL will market the property for lease.
BOXBOROUGH, MASS. — CBRE has negotiated the sale of Paddock Estates, a 244-unit apartment community in Boxborough, about 30 miles west of Boston. Built in 2017, the garden-style property consists of 11 two- and three-story buildings that house one-, two- and three-bedroom units with an average size of 980 square feet. Amenities include a heated outdoor pool, fitness center, basketball and bocce courts, a business and conference facility, game room, dog park and walking trails. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, an affiliate of Texas-based multifamily developer JPI, in the transaction. The team also procured the undisclosed buyer.
BLAUVELT, N.Y. — Global logistics operator Realterm has acquired two warehouses totaling 307,275 square feet within Hudson Crossing Industrial Park in Blauvelt, about 30 miles north of Manhattan. The building at 200-400 Oritani Road sits on 21.8 acres and totals 175,775 square feet, and the building at 100 Oritani Road spans 131,500 square feet and is situated on 10.2 acres. Both warehouses feature a combination of drive-in and dock-high loading positions. Brian Fiumara of CBRE brokered the deal on behalf of the undisclosed seller. The sales price was also not disclosed.
SHELTON, CONN. — Locally based REIT Urstadt Biddle Properties Inc. (NYSE: UBA and UBP) has acquired Shelton Square, a 186,000-square-foot shopping center in Connecticut’s Fairfield County, for $33.6 million. Grocer Shop & Stop anchors the property with a 67,000-square-foot store and an additional 70,000-square-foot space that formerly housed a Bradlees department store. Other tenants at the center, which was 96.5 percent leased at the time of sale, include People’s United Bank, St. Vincent’s/Hartford Health, Burger King and Sport Clips. The seller was not disclosed.
NEW YORK CITY — Talonvest Capital Inc., a California-based boutique financial advisory firm, has arranged a $27.4 million loan for the refinancing of a self-storage facility located at 2727 Knapp St. in Brooklyn. Kim Bishop, Jim Davies, David DiRienzo, Tom Sherlock and Thalia Tovar of Talonvest Capital arranged the nonrecourse financing through an undisclosed investment management fund on behalf of the borrower, a partnership between Clark Investment Group, Metro Storage LLC and Goodfriend Self-Storage. The loan carried a three-year term, floating interest rate and two 12-month extension options.
By Taylor Williams Northern New Jersey is teeming with new multifamily projects, many of them transit-oriented, that mesh suburban locations with urban lifestyles, making the region a desirable alternative to living in New York City. But more housing product is unquestionably needed. According to the U.S. Census Bureau, the Garden State’s population grew by 5.7 percent from approximately 8.8 million to 9.3 million in 2020. New Jersey is the 11th-most populous state and the fifth-smallest state by area, and thus has the highest level of population density in the country. The combination of a growing population and a very limited supply of land means that infill development sites that provide direct access to major cities, most notably New York City and Philadelphia, are highly coveted by developers of all property types. But developers that can deliver the right kind of housing on those sites play central roles in helping municipal leaders bring new jobs, retailers and restaurants to their communities. CENTURION Union Center, a mixed-use project which includes nearly 300 new homes and approximately 27,000 square feet of retail space, is just one such project that ties together a basic need for housing with a larger revitalization of the community. …
NEW YORK CITY — A partnership between locally based investment firm Stonehenge NYC and San Francisco-based Stockbridge Capital Group has purchased The Cole, a 163-unit apartment building on Manhattan’s Upper East Side, for $128.2 million. Built in 2002, the building rises 22 stories, spans 164,000 square feet and includes ground-floor retail space. The amenity package consists of a fitness center, package room, a private courtyard, outdoor grilling areas, billiards room and a resident lounge. Daniel Parker, Paul Gillen, Anthony Ledesma and Allie Boyan of Hodges Ward Elliott brokered the deal. The seller was Carmel Partners. The new ownership will rebrand the property as The Cole by Stonehenge.
STAMFORD, CONN. — A partnership between New York City-based investment firm Monday Properties and Washington Capital has acquired 75 Tresser, a 344-unit apartment community in Stamford, located in the southern coastal part of the state. The property features studio, one-, two- and three-bedroom units and amenities such as a pool, fitness center, outdoor grilling stations, catering kitchen and a movie theater. Jeffrey Dunne and David Gavin of CBRE represented the undisclosed seller in the transaction. The property was 95 percent occupied at the time of sale.