Northeast

PCCP Provides $32.7M Loan for Refinancing of Leasehold Interest of Manhattan Apartment Building

by Taylor Williams February 22, 2021

NEW YORK CITY — Los Angeles-based PCCP LLC has provided a $32.7 million loan for the refinancing of the leasehold interest of Renoir House, a 151-unit apartment building located at 225 E. 63rd St. on Manhattan’s Upper East Side. An investment fund sponsored by San Francisco-based Carmel Partners acquired the leasehold interest in the property, which was built in 1962, in November 2011. Since that time, the firm has upgraded the property by renovating units, installing and improving amenity spaces and modernizing common areas. Specific loan terms were not disclosed.

February 22, 2021

Development Loans Multifamily New Jersey Northeast

Progress Capital Arranges $30M Acquisition Loan for Former Hospital in Jersey City

by Taylor Williams February 22, 2021

JERSEY CITY, N.J. — Progress Capital has arranged a $30 million acquisition and construction loan for the site of the former Fairmount Hospital in Jersey City. The borrower, New York-based Monticello Equities, plans to redevelop the property into a 99-unit multifamily property with 2,240 square feet of retail space and a 75-space parking garage. Brad Domenico of Progress Capital arranged the financing through Leumi Bank.

February 22, 2021

Acquisitions Multifamily New York Northeast Seniors Housing

ESI Brokers $10M Sale of Seniors Housing Community in Rome, New York

by Taylor Williams February 22, 2021

ROME, N.Y. — Evans Senior Investments (ESI) has brokered the sale of The Terrace at Woodland, a 46-unit assisted living and memory care community in the Central New York city of Rome. An independent owner-operator sold the property to a regional owner-operator for $10 million, or approximately $217,000 per unit. Built in 2009, The Terrace at Woodland is licensed for 48 assisted living beds and 12 memory care beds. During the 12 months prior to sale, the community averaged 90 percent occupancy.

February 22, 2021

Affordable Housing Development Multifamily Northeast Pennsylvania

Frankel Enterprises Breaks Ground on 30-Unit Affordable Housing Property in Philadelphia

by Taylor Williams February 22, 2021

PHILADELPHIA — Developer Frankel Enterprises has broken ground on The Residences at Diamond Village, a 30-unit affordable housing property that will be located near Temple University in Philadelphia. Frankel Enterprises is developing the project in conjunction with the Philadelphia Housing Authority, the Reinvestment Fund, Tester Construction Group and the City of Philadelphia. The first residences are expected to be complete in September.

February 22, 2021

150-Old-New-Brunswick-Road-Piscataway-New-Jersey

Industrial Leasing Activity New Jersey Northeast

Bob’s Discount Furniture Signs 622,230 SF Industrial Lease in Piscataway, New Jersey

by Taylor Williams February 19, 2021

PISCATAWAY, N.J. — Bob’s Discount Furniture has signed a 622,230-square-foot industrial lease at 150 Old New Brunswick Road in Piscataway, located in Northern New Jersey. The facility is currently under construction and is expected to be complete this summer. Building features will include 40-foot clear heights, 125 dock doors, 302 automobile parking spaces and 127 trailer parking spaces. Scott Belfer of CBRE represented the tenant in the lease negotiations. Chuck Fern, Thomas Tucci, Frank Truesdell, Jason Barton and Stephen Shoemaker of Cushman & Wakefield, along with internal agents Cait English and Ben Rosen, represented the landlord, Duke Realty.

February 19, 2021

Imperial-House-Apartments-Elizabeth-New-Jersey

Acquisitions Multifamily New Jersey Northeast

Gebroe-Hammer Negotiates $21.3M Sale of Multifamily Building in Elizabeth, New Jersey

by Taylor Williams February 19, 2021

ELIZABETH, N.J. — New Jersey-based brokerage firm Gebroe-Hammer Associates has negotiated the $21.3 million sale of Imperial House Apartments, a 109-unit multifamily building in Elizabeth, located just south of Newark. Built in 1960, the property offers studio, one-, two- and three-bedroom units ranging in size from 490 to 1,350 square feet. Stephen Tragash and David Jarvis of Gebroe-Hammer represented the seller, New Jersey-based Landmark Cos., in the transaction and procured an undisclosed private investor as the buyer.

February 19, 2021

Development Industrial Loans New Jersey Northeast

JLL Arranges Construction Loan for 171,000 SF Industrial Project in Central New Jersey

by Taylor Williams February 19, 2021

HAMILTON TOWNSHIP, N.J. — JLL has arranged a $12.6 million construction loan for 130 Commerce Center, a 171,000-square-foot speculative industrial project that is a redevelopment of a retail strip center in Central New Jersey’s Hamilton Township. Slated for a third-quarter completion, the property will feature 36-foot clear heights and 50 trailer parking stalls. Michael Klein and Max Custer of JLL arranged the floating-rate financing through an undisclosed lender on behalf of the borrower, a partnership between Penwood Real Estate Investment Management LLC and Metrix Real Estate Services LLC.

February 19, 2021

Acquisitions Connecticut Industrial Northeast

Marsilio Group Sells 60,353 SF Distribution Center in Stratford, Connecticut

by Taylor Williams February 19, 2021

STRATFORD, CONN. — Locally based investment firm The Marsilio Group has sold a two-building, 60,353-square-foot distribution center in Stratford, located in the southern part of the state. The property was built on 3.8 acres in 1952 and is leased to four tenants, including anchor tenant FedEx. Colin Couch of Stan Johnson Co. represented the seller in the transaction. Dave Richard of Colliers International represented the buyer, a New York-based 1031 exchange investor. The deal traded for $6.1 million at a cap rate of 6.8 percent.

February 19, 2021

Acquisitions NAI New Jersey Northeast Retail

NAI Hanson Brokers Sale of 15,390 SF Retail Building in Northern New Jersey

by Taylor Williams February 19, 2021

HASBROUCK HEIGHTS, N.J. — NAI James E. Hanson has negotiated the sale of a 15,390-square-foot retail building located in the Northern New Jersey community of Hasbrouck Heights. The two-story building was vacant at the time of sale. Joan Cenicola and John Schilp of NAI Hanson represented the undisclosed seller in the transaction. The buyer was Bogota Savings Bank, which will use the property as both its headquarters and a bank branch.

February 19, 2021

Industrial Leasing Activity New York Northeast

Briggs & Stratton Signs 566,706 SF Industrial Lease in Upstate New York

by Taylor Williams February 18, 2021

SHERRILL, N.Y. — Briggs & Stratton, a Wisconsin-based manufacturer of gasoline engines, has signed a 566,706-square-foot industrial lease at Silver City Industrial Campus in Sherrill, an eastern suburb of Syracuse. Silver City Industrial Campus spans 90 acres and 864,668 square feet and includes 200,000 square feet of land for future expansion. A partnership between Florida-based firm Index Investment Group and OX Group owns the property.

February 18, 2021

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