Northeast

Strategic Capital, Cape Advisors, Forum Absolute Open 170-Unit Multifamily Project in Manhattan

by Taylor Williams October 22, 2020

NEW YORK CITY — A partnership between Strategic Capital, Cape Advisors and Forum Absolute Capital Partners has opened Greenwich West, a 170-unit multifamily condominium project located at 110 Charlton St. in the West Soho neighborhood of Manhattan. Designed by Parisian architecture firm Loca Anima and interior designer Sebastien Segers, Greenwich West features studio, one-, two- and three-bedroom floor plans, with prices ranging from $1.1 million to $7.9 million. Amenities include a 24-hour attended lobby, a rooftop terrace with multiple outdoor seating areas, a fitness center with a yoga studio and a children’s play area. Plaza Construction served as the general contractor for the 30-story building.

October 22, 2020

Loans Massachusetts Multifamily Northeast

MassHousing Provides $67.4M in Acquisition Financing for Boston Apartments

by Taylor Williams October 22, 2020

BOSTON — MassHousing has provided $67.4 million in acquisition financing for Blue Mountain Apartments, a 217-unit historic affordable housing property located in the Roxbury neighborhood of Boston. The borrower, NHP Foundation, will use a portion of the proceeds to rehabilitate the property and preserve its affordability through 2045. Blue Mountain Apartments consists of 105 one-bedroom apartments, 73 two-bedroom apartments, 18 three-bedroom apartments, 16 four-bedroom apartments and five five-bedroom apartments. Among the improvements planned for the property are concrete and masonry repairs, roof repairs, fire system upgrades, exterior door and window replacements, kitchen and bathroom upgrades and upgrades to the buildings’ HVAC, plumbing and electrical systems.

October 22, 2020

Company News Lument New York Northeast ORIX

ORIX Combines Hunt, Lancaster Pollard, RED Under New Lument Brand

by Taylor Williams October 22, 2020

NEW YORK CITY — ORIX Real Estate Capital, a New York-based business unit of ORIX Corp. USA, has rebranded as Lument. In making this change, Lument is unifying its legacy brands — Hunt Real Estate Capital, Lancaster Pollard and RED Capital Group — under a single banner. ORIX acquired RED in 2010, Lancaster Pollard in 2017 and Hunt in 2019. The company announced plans earlier this year to combine the three real estate finance companies under one banner.

October 22, 2020

Acquisitions Multifamily New York Northeast

Rosewood Realty Brokers $11.5M Sale of Apartment Building in The Bronx

by Taylor Williams October 22, 2020

NEW YORK CITY — Locally based firm Rosewood Realty Group has brokered the $11.5 million sale of an 80-unit apartment building located at 2055 Anthony Ave. in the Fordham Heights area of The Bronx. The property was built in 1920 and spans 74,580 square feet. Aaron Jungreis of Rosewood Realty represented the seller, Morgan Group, and the buyer, locally based investment firm Parkash Group, in the transaction.

October 22, 2020

Connecticut Development Multifamily Northeast

RMS Cos. Begins Work on Phase I of 1,000-Unit Multifamily Project in Hartford

by Taylor Williams October 21, 2020

HARTFORD, CONN. — Connecticut-based developer RMS Cos. has begun construction of the $50 million first phase of Downtown North, a redevelopment project in Hartford that will ultimately add 1,000 new units to the local supply. Phase I of the project will feature studio, one- and two-bedroom floor plans, as well as retail and entertainment space and a 330-space parking garage, at Parcel C, located just north of Dunkin’ Donuts Stadium at Main and Trumbull streets. Construction of Phase I is expected to last about 20 months. The entire Downtown North redevelopment is valued at $200 million and will be developed in phases over the next five years.

October 21, 2020

Acquisitions New Jersey Northeast Office

JLL Negotiates Sale of 228,000 SF Office Building in Florham Park, New Jersey

by Taylor Williams October 21, 2020

FLORHAM PARK, N.J. — JLL has negotiated the sale of 180 Park Avenue, a 228,000-square-foot office building in Florham Park, about 30 miles west of New York City. Built in 2001, The Class A building is situated on 26.6 acres within the 268-acre Green at Florham Park master-planned development that is also home to Summit Medical Group, MD Anderson and the New York Jets. The building was 75 percent leased at the time of sale and offers amenities such as a newly renovated atrium lobby with a coffee bar, full-service cafeteria, fitness center, tenant lounge and a conference center. Container shipping firm Maersk Inc. is the building’s anchor tenant. Jose Cruz, Kevin O’Hearn, Steve Simonelli and Michael Oliver of JLL represented the undisclosed seller in the transaction. The buyer was a joint venture between Vision Properties and The Birch Group. Greg Nalbandian of JLL placed a three-year, floating-rate acquisition loan through CBRE Global Investors on behalf of the buyer.

October 21, 2020

Acquisitions Affordable Housing Multifamily New Jersey Northeast

SVN Brokers Sale of 412-Unit Affordable Housing Portfolio in Jersey City

by Taylor Williams October 21, 2020

JERSEY CITY, N.J. — SVN Affordable | Levental Realty has brokered the sale of a 412-unit affordable housing portfolio in Jersey City. The portfolio consists of four properties: Van Wagenen I (233 units), Van Wagenen II (114 units), Bergen Manor (40 units) and Kennedy Manor (25 units). SVN represented the undisclosed seller in the transaction. The buyer was a joint venture between Hudson Valley Property Group and Nuveen, the $1 trillion asset manager of TIAA. The new ownership will implement sustainable upgrades to the existing buildings in order to extend their affordability.

October 21, 2020

Loans Multifamily New Hampshire Northeast Office

Fantini & Gorga Arranges Two Loans Totaling $10.8M for Commercial Assets in Dover, New Hampshire

by Taylor Williams October 21, 2020

DOVER, N.H. — Boston-based mortgage banking firm Fantini & Gorga has arranged two loans totaling $10.8 million for the refinancing of a pair of commercial assets in Dover, located near the Maine-New Hampshire border. The first property is a 32-unit apartment building with 9,000 square feet of commercial space that was built in 2015. The second asset is a historic building constructed in the late 1800s that features 24 commercial units and 21 residential units. Derek Columbe and Lindsay Feig of Fantini & Gorga placed the loans through a regional bank on behalf of the undisclosed borrower.

October 21, 2020

Acquisitions Multifamily New York Northeast

Vincent Theurer Acquires 49-Unit Apartment Building in Brooklyn

by Taylor Williams October 21, 2020

NEW YORK CITY — Vincent Theurer, CEO of Approved Oil, has acquired a 49-unit apartment building at 417-441 40th St. in the Sunset Park neighborhood of Brooklyn. The property sold for $9 million, or roughly $183,000 per unit. Adam Hess, Edward Setton and Lane Matalon of Meridian Capital Group represented the seller, Ilan Goldstein of Slope Realty, in the transaction.

October 21, 2020

New York Northeast

Total Investment Sales Volume Drops 47 Percent Year-Over-Year in New York City, Says REBNY

by Taylor Williams October 20, 2020

NEW YORK CITY — Total commercial and residential investment sales volume in New York City declined 47 percent between September 2019 and September 2020 as buyers and sellers have both grappled with economic uncertainty amid the COVID-19 pandemic, according to a new report from the Real Estate Board of New York (REBNY). In addition, the report found that the volume of tax revenue generated for both the city and state during that period fell by 36 percent. Through the first nine months of the year, the city has experienced a total commercial and residential investment sales volume of $21.5 billion, a 45 percent decline compared with that period in 2019, causing a 42 percent decrease in tax revenue. The report did note that total sales volume across both commercial and residential assets rose by 9 percent between August and September, fueled mainly by a 43 percent month-to-month increase in the latter category.

October 20, 2020

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