Northeast

Joint Venture Receives $181.9M in Financing for Multifamily Redevelopment in White Plains, New York

by Taylor Williams August 23, 2021

WHITE PLAINS, N.Y. — A joint venture led by locally based development and investment firm Rose Associates Inc. has received $181.9 million in financing for a multifamily redevelopment project in White Plains, a northern suburb of New York City. Los Angeles-based Pacific Western Bank provided a $134.5 million senior construction loan for the project. New York City-based Square Mile Capital contributed a $47.4 million preferred equity investment to round out the capital stack. The joint venture, the other members of which were not disclosed, will convert a vacant office building located at 440 Hamilton Ave. into a 13-story, 255-unit apartment community that will be known as The Lofts. This building will include 3,400 square feet of retail space. The development team also plans to construct a seven-story, 213-unit multifamily family building on the site from the ground up. The final piece of construction will be a six-story, 575-space parking garage. The development will feature a suite of Class A amenities that includes a pool and a fitness center. Of the development’s 468 total units, 8 percent (approximately 37 residences) will be earmarked as affordable housing. Specific income restrictions for these units were not disclosed. A construction timeline for the groundbreaking …

August 23, 2021

Residences-at-Reuten-Park-Closter-New-Jersey

Development Multifamily New Jersey Northeast Seniors Housing

Reuten Associates, Metropolis Unveil Plans for 195-Unit Seniors Housing Project in Closter, New Jersey

by Taylor Williams August 20, 2021

CLOSTER, N.J. — Reuten Associates and Metropolis Property Group have unveiled plans for a new 195-unit seniors housing community that will be located in the Northern New Jersey community of Closter. The property will be situated within Reuten Corporate Park and will offer independent living, assisted living and memory care in studio, one- and two-bedroom floor plans. Amenities will include private outdoor social spaces, an outdoor dining courtyard, multiple indoor dining areas, a café, pool, a spa/salon and fitness center, cinema, game room, community gardens, fire pits and walking trails. A tentative groundbreaking date was not disclosed, but construction is expected to last 14 to 16 months.

August 20, 2021

Acquisitions Hospitality Northeast Pennsylvania

HREC Negotiates Sale of 179-Room Crowne Plaza Suites Hotel in Pittsburgh

by Taylor Williams August 20, 2021

PITTSBURGH — HREC Investment Advisors has negotiated the sale of Crowne Plaza Suites Pittsburgh South, a 179-room hotel located about seven miles from the downtown area. The property offers a pool, fitness center, business center, restaurant and bar and indoor and outdoor event space. Phil White and Mark von Dwingelo of HREC represented the undisclosed buyer in the transaction. The seller and sales price were also not disclosed.

August 20, 2021

Loans Multifamily New York Northeast

Houlihan-Parnes Arranges $19.4M Loan for Refinancing of Multifamily Portfolio in Binghamton, New York

by Taylor Williams August 20, 2021

BINGHAMTON, N.Y. — Houlihan-Parnes Realtors LLC has arranged a $19.4 million loan for the refinancing of a 602-unit multifamily portfolio in the Binghamton area. The portfolio consists of 13 properties that range in size from eight to 144 units and include both garden-style suburban communities and urban buildings. The nonrecourse loan was structured with a fixed interest rate of 2.98 percent for five years. The undisclosed borrower intends to use a portion of the proceeds to fund capital improvements. Ed Graf and Ted Sannella led the transaction for Houlihan-Parnes.

August 20, 2021

Industrial Leasing Activity New Jersey Northeast

LOGON Signs 71,000 SF Industrial Lease Renewal, Expansion in Jersey City

by Taylor Williams August 20, 2021

JERSEY CITY, N.J. — Locally based printing and mailing firm LOGON has signed a 41,000-square-foot industrial lease renewal and added 30,000 square feet to its footprint at the Lackawanna Warehouse Building, a 1.5 million-square-foot industrial property in Jersey City. Dan Reider, Justin Pollner and John Crawford represented the tenant, which has occupied space at the property since 2004, in the lease renewal and expansion negotiations. Jeremy Modest represented the landlord, Solil Management Co., on an internal basis.

August 20, 2021

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Brokers $4.7M Sale of Retail Property in Fair Lawn, New Jersey

by Taylor Williams August 20, 2021

FAIR LAWN, N.J. — Marcus & Millichap has brokered the $4.7 million sale of a 4,416-square-foot retail property that is ground-leased to Bank of America in the Northern New Jersey community of Fair Lawn. Alan Cafiero, Ben Sgambati, David Cafiero and John Moroz of Marcus & Millichap represented the seller and procured the buyer, both of which were limited liability companies that requested anonymity.

August 20, 2021

Acquisitions Multifamily Northeast Pennsylvania

Equus Capital Partners Sells 188-Unit High-Rise Apartment Complex in Philadelphia

by Taylor Williams August 19, 2021

PHILADELPHIA — Locally based investment firm Equus Capital Partners has sold Hill House, a 188-unit high-rise apartment complex in Philadelphia’s Chestnut Hill neighborhood. The property offers studio, one-, two- and three-bedroom units with stainless steel appliances and quartz countertops. Amenities include a pool, fitness center, resident lounge, coffee bar, private library and an outdoor courtyard with grilling areas. Erin Miller, Lizann McGowan and Marybeth Farris of Newmark brokered the deal. Sentinel Real Estate Corp. purchased Hill House, which was 99 percent occupied at the time of sale, for an undisclosed price. Equus originally acquired the property in 2015 and invested $3.7 million in capital improvements over the course of the holding period.

August 19, 2021

Development Multifamily New Jersey Northeast

Values Cos. Breaks Ground on Final Phases of Multifamily Project in Randolph, New Jersey

by Taylor Williams August 19, 2021

RANDOLPH, N.J. — Developer Value Cos. has broken ground on the final phases of Gateways at Randolph, a rental community in Northern New Jersey. The final phases will deliver 104 two-bedroom residences across four buildings and a 7,000-square-foot leasing office. Upon full completion, Gateways at Randolph will consist of more than 1,000 units, with the newest residences ranging in size from 981 to 1,100 square feet. Communal amenities include a pool, fitness center, playground, volleyball court and grilling areas.

August 19, 2021

Healthcare Massachusetts Northeast

Newmark Secures Recapitalization of 200,000 SF Medical Office Portfolio in Northeast

by Taylor Williams August 19, 2021

BOSTON — Newmark has secured the recapitalization of a portfolio of six medical office buildings totaling approximately 200,000 square feet that are located throughout various markets in New England and the Mid-Atlantic. Ben Appel, Michael Greeley, Jay Miele and John Nero of Newmark procured an undisclosed institutional equity partner for owner Aspect Health. The new joint venture also plans to develop more healthcare facilities in these regions.

August 19, 2021

Acquisitions Massachusetts Northeast Office Retail

Quaker Lane Capital, Alcion Ventures Buy 63,000 SF Office, Retail Building in Boston

by Taylor Williams August 19, 2021

BOSTON — A partnership between investment firm Quaker Lane Capital and Boston-based private equity group Alcion Ventures has purchased a 63,000-square-foot boutique office and retail building located at 110 Canal St. within Boston’s North Station submarket. The building features exposed brick walls, lofty ceilings and open floor plates. CBRE has been tapped to market the property to creative office users.

August 19, 2021

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