Northeast

Encompass Digital Media Signs 136,366 SF Office Lease in Stamford, Connecticut

by Taylor Williams August 13, 2021

STAMFORD, CONN. — Encompass Digital Media has signed a 136,366-square-foot office lease at Shippan Landing, a six-building waterfront office campus that is located on a 17-acre site in Stamford. David Block, Steven Greenbush and Joe Coleman of CBRE represented the tenant in the lease negotiations. Trip Hoffman, Adam Klimek and Mike Norris of Cushman & Wakefield represented the owner, a joint venture between developers George Comfort & Sons and Rubenstein Partners LP. Peter Duncan and Dana Pike of George Comfort & Sons also worked on the deal on an internal basis. Encompass Digital Media has occupied space at the campus since 1994, and this transaction extends its commitment term for six more years.

August 13, 2021

Loans Multifamily New York Northeast Seniors Housing

Axiom Capital Arranges $17.4M Loan for Refinancing of Independent Living Property in Upstate New York

by Taylor Williams August 13, 2021

SARATOGA SPRINGS, N.Y. — Axiom Capital LLC has arranged a $17.4 million loan for the refinancing of a 178-unit independent living community located in the Upstate New York city of Saratoga Springs. Units at the property, which was built on 14 acres in the late 1990s, feature stainless steel appliances and enclosed balconies. Amenities include a bank branch, a full-service restaurant, library, fitness facility with steam and sauna, health spa and unisex salon, lounges, putting green and an arts and crafts studio. An undisclosed life insurance company provided the nonrecourse loan, which was structured with a 10-year term and a fixed interest rate. The locally based borrower has owned and operated the facility since its construction.

August 13, 2021

Acquisitions New Jersey Northeast Office

Marcus & Millichap Brokers $12.5M Sale of Office Building in Summit, New Jersey

by Taylor Williams August 13, 2021

SUMMIT, N.J. — Marcus & Millichap has brokered the $12.5 million sale of a 19,971-square-foot office building in Summit, located about 25 miles west of New York City. Alan Cafiero, Ben Sgambati and David Cafiero of Marcus & Millichap represented the buyer and seller, both of which were limited liability companies that requested anonymity, in the transaction. Energy Capital Partners occupies the building.

August 13, 2021

Market Reports Northeast Northeast Market Reports

Commercial Borrowers in the Northeast Benefit from Elevated Liquidity

by Taylor Williams August 13, 2021

By Taylor Williams After months of disruption and uncertainty, commercial lenders throughout the country and the Northeast are eager to deploy funds, creating an environment in which borrowers are somewhat insulated from economic and geopolitical forces that threaten to derail the recovery. With interest rates still at historic lows and investors of all types looking to recoup returns unexpectedly lost to COVID-19, there is tremendous liquidity in the market. There’s also the simple fact that lenders are for-profit companies with expenses to cover. As the saying goes, if “they’re not lending money, they’re not making money,” and they’re losing market share. As a result, sources say, lenders are competing among themselves to finance deals. When lenders compete, borrowers win. “The overall level of capital flowing into the U.S. commercial real estate market is equal to or greater than where it was pre-pandemic,” says Matt Swerdlow, director of capital services at New York City-based intermediary Ariel Property Advisors. “Right now, there’s more capital than deals, so borrowers can get better spreads, higher proceeds or less structure just because the availability of capital is so broad.” “Despite the fact that we’re in a post-pandemic market, it’s heavy competition for deals, which has …

August 13, 2021

Loans Multifamily New York Northeast

Black Bear Capital Arranges $40M Agency Loan for Refinancing of Metro NYC Apartments

by Taylor Williams August 12, 2021

NEW ROCHELLE, N.Y. — Black Bear Capital Partners (BBCP) has arranged a $40 million Fannie Mae loan for the refinancing of The Millennia, a 110-unit apartment complex located north of New York City in New Rochelle. The newly built property, which includes 11 units that are reserved for renters earning 80 percent or less of the area median income, features amenities such as a fitness center, private office space, rooftop terrace, outdoor grilling areas and a putting green. Bryan Manz, Emil DePasquale and George Pektor of BBCP arranged the financing, which carried a fixed interest rate of 2.88 percent for 10 years with interest-only payments for the entirety of the term, through PGIM Real Estate. The borrower was an entity doing business as Millennia Apartments NR LLC.

August 12, 2021

Acquisitions Healthcare New York Northeast

Jacobson, Pyramid Negotiate Sale of 119,602 SF Medical Office Portfolio in Upstate New York

by Taylor Williams August 12, 2021

ALBANY AND TROY, N.Y. — Jacobson Properties and Pyramid Brokerage Co. have negotiated the sale of a four-building, 119,602-square-foot medical office portfolio in Upstate New York. Three of the buildings are located in Albany, and the other is located in Troy, a suburb of the state capital. A national healthcare REIT purchased the portfolio, which was fully occupied at the time of sale, for an undisclosed price. Lisa Menin of Jacobson Properties and Leo Jones of Pyramid Brokerage negotiated the deal.

August 12, 2021

Acquisitions Industrial New York Northeast

B6 Real Estate Advisors Brokers $25M Sale of Industrial Building in Queens

by Taylor Williams August 12, 2021

NEW YORK CITY — B6 Real Estate Advisors has brokered the $25 million sale of a 66,000-square-foot industrial building that consists of 63,000 square feet of warehouse space and 3,000 square feet of office space and is located in the Ridgewood area of Queens. The sale included 61,000 square feet of air rights. Thomas Donovan and Robert Rappa of B6 Real Estate represented the seller, Jason Richard Realty LLC, in the transaction. Brian Jaffe of Jaffe Realty LLC represented the buyer, an entity doing business as MySales LLC.

August 12, 2021

Macy's-Furniture-Gallery-Maple-Shade-New-Jersey

Acquisitions New Jersey Northeast Retail

NorthBridge Partners Buys Macy’s Furniture Gallery Store in Maple Shade, New Jersey, for $9.8M

by Taylor Williams August 12, 2021

MAPLE SHADE, N.J. — Boston-based industrial investment firm NorthBridge Partners has purchased the 72,625-square-foot Macy’s Furniture Gallery store in Maple Shade, a suburb of Philadelphia, for $9.8 million. The retail building sits on 9.4 acres and was originally built in 1991. Macy’s has occupied the building since 2001 and recently signed a 10-year lease extension. A Cushman & Wakefield team of Andy Merin, David Bernhaut, Andrew Schwartz, Karen Iman, Jordan Sobel, Keith Braccia and Andre Balthazard represented the undisclosed seller and NorthBridge Partners in the transaction.

August 12, 2021

Industrial Leasing Activity New Jersey Northeast

Elecnor Hawkeye Signs 13,640 SF Industrial Lease Renewal in Windsor, New Jersey

by Taylor Williams August 12, 2021

WINDSOR, N.J. — Elecnor Hawkeye, an underground utilities construction firm, has signed a 13,640-square-foot industrial lease renewal at 92 Main St. in Windsor, a suburb of Trenton. Marc Shein of NAI DiLeo-Bram represented the tenant in the lease negotiations. The name and representative of the landlord were not disclosed.

August 12, 2021

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

Walker & Dunlop: Excess Capital Makes for Competitive Lending Environment

by Sarah Daniels August 11, 2021

The third quarter of 2020 was the beginning of a significant rebound for capital markets in commercial real estate. After banks and other lenders slowed their activity during the pandemic, lenders and equity investors regained their momentum — particularly in multifamily and industrial — a trend that has continued through the third quarter of 2021. It’s a good time to be a borrower, explains Mark Strauss, managing director of capital markets, and Rob Quarton, senior director of capital markets, with Walker & Dunlop’s Irvine, California, office. Vigorous Lending Markets Currently, Quarton explains, “Banks are really competitive. Debt funds are also aggressive — their funding mechanisms, like collateralized loan obligations (CLOs), have come back strong. Further, insurance companies are under allocated to real estate, which increases their annual volume targets and desire to win more business. Consumers have been purchasing more life insurance policies and insurance in general post pandemic, which provides dry powder for insurance companies to invest. In general, lending markets are very robust today, with ample options for lenders up and down the capital stack.” “Lenders have yearly production quotas, and I don’t think any of them hit their quotas last year,” adds Strauss. “This caused an overhang of …

August 11, 2021

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