Northeast

Multifamily Investment NAI Arthur Milston

Multifamily Investment Attracts Varied Capital as Fundamentals Drive Demand

by Sarah Daniels January 27, 2022

The multifamily investment sales sector had well-documented success in 2021 with a record volume of over $220 billion in transaction activity. Factors driving competition for transactions within the sector included: increasing home prices, widespread interest in renting and the easing of COVID-19 restrictions bringing renters back into the nation’s cities, all of which drove the average, nationwide multifamily occupancy rate above 97 percent. With firmly rooted fundamentals, investor interest across the spectrum of multifamily has been intense. Traditionally popular core investment products (stabilized and value-add assets located in primary and secondary markets) were the clear winners with investors. Some multifamily REIT stocks increased by 75 to 100 percent in 2021, explains Arthur Milston, senior managing director with NAI Global and co-head of the company’s Capital Markets Group. Milston sat down with REBusinessOnline to explain where NAI Global sees growth and opportunities in 2022. REBusiness: Who are the primary investor groups acquiring multifamily? What types/locations are they attracted to? Milston: Historically, multifamily has always had very fragmented ownership compared to other asset classes. Currently, the dominant players are the large aggregators of product, whether it be REITs or institutional investors that are buying, typically in conjunction with an operating partner. Pension …

January 27, 2022

Development Industrial Life Sciences Loans Northeast Pennsylvania

PCCP Provides $500M Loan for Industrial, Life Sciences Redevelopment in Philadelphia

by Taylor Williams January 26, 2022

PHILADELPHIA — Los Angeles-based PCCP LLC has provided a $500 million loan to fund the redevelopment of the former PES oil refinery in South Philadelphia into a 15 million-square-foot logistics and life sciences campus that will be known as The Bellwether District. The borrower, a joint venture led by Hilco Redevelopment Partners, acquired the 1,300-acre property in 2020 out of bankruptcy. The transformation of the site includes the decommissioning of the refinery and significant demolition and remediation work, including the abatement of roughly 30,000 tons of asbestos. Redevelopment efforts initially commenced in June 2020. Site work and vertical construction are expected to commence this year, with the first tenants expected to occupy buildings in 2023.

January 26, 2022

Loans Multifamily New Jersey Northeast

CBRE Arranges $135M Loan for Refinancing of Northern New Jersey Apartment Community

by Taylor Williams January 26, 2022

WEST NEW YORK, N.J. — CBRE has arranged a $135 million loan for the refinancing of The Capstone at Port Imperial, a 360-unit apartment community located across the Hudson River from Manhattan in West New York. Completed in January 2021, the property features studio, one-, two-, three- and four-bedroom units, as well as retail space and a 570-space parking deck. Amenities include a pool, indoor and outdoor fitness areas, movie theater and a rooftop lounge. Michael Sherman, Shawn Rosenthal and Jake Salkovitz of CBRE arranged the loan through U.S. Bank on behalf of the borrower, a partnership between Veris Residential Inc. and an undisclosed global investment manager.

January 26, 2022

Acquisitions Multifamily New York 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

Newer Posts

Older Posts