Northeast

Ritz-Carlton Reopens 193-Room Hotel in Boston

by Taylor Williams June 3, 2021

BOSTON — The Ritz-Carlton has reopened its 193-room hotel at 10 Avery St. in downtown Boston following Massachusetts Gov. Charlie Baker’s decision to lift COVID-19 restrictions in advance of Memorial Day. The reopening of the hotel includes the return of Artisan Bistro for breakfast and dinner service, as well as the hotel’s nine meeting rooms, including the 3,500-square-foot ballroom that overlooks the Boston Common. The hotel, which has been closed since March 20202, has added multiple cleaning stations, supplies and protocols for common areas and guestrooms. Guests and staff will be required to wear masks in all indoor public spaces. In addition to the aforementioned amenities, guests will also have access to the 114,000-square-foot Equinox Sports Club Boston that connects to the hotel.

June 3, 2021

Acquisitions Industrial Massachusetts Northeast

Newmark Negotiates Sale of 285,437 SF Industrial Property in Auburn, Massachusetts

by Taylor Williams June 3, 2021

AUBURN, MASS. — Newmark has negotiated the sale of a 285,437-square-foot industrial property at 26 Southbridge St. in Auburn, located south of Worcester. The property was fully leased to locally based soft drink distributor Polar Beverages at the time of sale. Robert Griffin, Edward Maher, Tony Coskren, Matthew Pullen, Samantha Hallowell and Brian Pinch of Newmark represented the undisclosed seller in the transaction. The team also procured the buyer, Westbrook Partners. The sales price was not disclosed.

June 3, 2021

Loans Multifamily Northeast Rhode Island

Berkadia Provides $16.7M HUD-Insured Loan for Rhode Island Apartment Community

by Taylor Williams June 3, 2021

PAWTUCKET, R.I. — Berkadia has provided a $16.7 million HUD-insured loan for the refinancing of 1 Lofts, a 112-unit apartment community in Pawtucket. The property was originally built in 1920 and was converted to a loft-style complex with a variety of floor plans in 2018. Amenities include a game room, tennis court, basketball court, picnic area and onsite laundry facilities. Kevin Kozminske and Yuri Kletsman of Berkadia structured the financing, which carried a 35-year term and a fixed interest rate, through HUD’s 223(f) program. The name of the Rhode Island-based borrower was not disclosed.

June 3, 2021

Development Multifamily New Jersey Northeast

JMF Properties Nears Completion of 110-Unit Apartment Project in Northern New Jersey

by Taylor Williams June 3, 2021

GLEN RIDGE, N.J. — JMF Properties is nearing completion of Clarus Glen Ridge, a 110-unit apartment project in the Northern New Jersey community of Glen Ridge. Units will feature one- and two-bedroom floor plans and stainless steel appliances and individual washers and dryers, while select units will offer private outdoor spaces. Amenities will include a fitness center with a personal training studio, a resident lounge with a wet bar, business center, theater room and an outdoor courtyard with seating areas and fire pits. Leasing is set to begin in July. Rental rates are still being determined.

June 3, 2021

Acquisitions Massachusetts Multifamily Northeast

NEPCG Brokers $12.7M Sale of Pine Ridge Estates Apartments in Greenfield, Massachusetts

by Taylor Williams June 3, 2021

GREENFIELD, MASS. — Northeast Private Client Group (NEPCG) has brokered the $12.7 million sale of Pine Ridge Estates, a 108-unit multifamily community in Greenfield, located in the northwestern part of the state. Built on 4.5 acres in 1972, the property features one- and two-bedroom units, as well as a fitness center and onsite laundry facilities. Brad Carlson, Taylor Perun and Drew Kirkland of NEPCG represented the seller and procured the buyer in the transaction. The asset traded at a cap rate of 5.6 percent.

June 3, 2021

Acquisitions New Hampshire Northeast Office

Brady Sullivan Acquires One Granite Place Office Campus in Concord, New Hampshire

by Taylor Williams June 2, 2021

CONCORD, N.H. — New Hampshire-based investment firm Brady Sullivan Properties has acquired One Granite Place, an office park that consists of two interconnected mid-rise buildings that are situated on a 181-acre wooded campus. The new ownership plans to implement a value-add program at the 114,000-square-foot South Tower, which was vacant at the time of sale. The seller and sales price were not disclosed.

June 2, 2021

Development Loans Multifamily New York Northeast

BHI Provides $102.7M Construction Loan for Manhattan Multifamily Project

by Taylor Williams June 2, 2021

NEW YORK CITY — BHI, the U.S. division of Israeli financial institution Bank Hapoalim, has provided a $102.7 million construction loan for the development of a multifamily project at 1165 Madison Ave. on Manhattan’s Upper East Side. Naftali Group is developing the 62,700-square-foot project, which will offer 12 for-sale condos and 3,750 square feet of retail space. Robert A.M. Stern Architects is designing the project. Completion is slated for May 2023.

June 2, 2021

Acquisitions New York Northeast Office

Brax Realty Negotiates $52.5M Sale of Office Building in Manhattan’s NoMad District

by Taylor Williams June 2, 2021

NEW YORK CITY — Locally based brokerage firm Brax Realty has negotiated the $52.5 million sale of a 65,000-square-foot office building located at 260 Fifth Ave. in between 28th and 29th streets in Manhattan’s NoMad District. The 12-story building was mostly vacant at the time of sale. Michael Ferrara of Brax Realty represented the seller in the transaction. Andrew Zang and Greg Albert of Savills represented the buyer. Both parties requested anonymity.

June 2, 2021

Acquisitions Multifamily New York Northeast Retail

Ariel Property Advisors Brokers $3.5M Sale of Manhattan Retail, Residential Building

by Taylor Williams June 2, 2021

NEW YORK CITY — Ariel Property Advisors has brokered the $3.5 million sale of a 2,700-square-foot retail and residential building in the Kips Bay area of Manhattan that consists of one retail space leased to Dunkin’ and two residential units. Howard Raber, Sean Kelly and Jack Moran of Ariel Property Advisors represented the undisclosed seller in the deal. The buyer and sales price were also not disclosed.

June 2, 2021

Leasing Activity Massachusetts Northeast Office

KPM Analytics Signs 29,402 SF Office Lease in Westborough, Massachusetts

by Taylor Williams June 2, 2021

WESTBOROUGH, MASS. — KPM Analytics America, a Massachusetts-based manufacturer of agricultural instruments, has signed a 29,402-square-foot office lease at 8 Technology Drive in Westborough, about 35 miles west of Boston. Cushman & Wakefield represented the landlord, Feris Development Group, in the lease negotiations. John Eysenbach of R.W. Holmes Realty represented the tenant.

June 2, 2021

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