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.
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.
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.
NEW YORK CITY — Newmark Group Inc. (NASDAQ: NMRK) has rebranded itself as Newmark, a strategic move that reflects a more forward-thinking vision for providing a full suite of commercial real estate services, company officials announced on Monday. Newmark’s primary impetus for rebranding is to outwardly reflect the organization’s evolution into a global commercial real estate leader on the forefront of industry trends, with a progressive standout industry culture. Newmark will maintain its alliance with London-based global real estate consulting firm Knight Frank, both domestically and abroad.
PATERSON, N.J. — KeyBank’s Community Development Lending and Investment (CDLI) team has provided $5 million in acquisition financing for Rosa Parks Apartments, a 50-unit affordable housing property for seniors in Paterson. The borrower was Radiant Property Management LLC, a Newark-based real estate services company that will also manage the property following the acquisition. Eric Steinberg of KeyBank’s CDLI team structured the financing.
NEW YORK CITY — Global coworking firm Regus has signed a 36,600-square-foot lease extension at 136 Madison Avenue, a 300,000-square-foot office building in Manhattan. Regus occupies the entire 15th and 16th floors of the building, and this transaction extends the tenant’s term through 2031. Michael Cohen and Andrew Roos of Colliers International represented the tenant and the landlord, Williams Equities, in the lease negotiations.
NEW YORK CITY — Kreindler & Kreindler LLP, a law firm specializing in aviation accident cases, has signed a 14,078-square-foot office lease at 485 Lexington Avenue, a 32-story building located near Grand Central Station in Midtown Manhattan. Brian Goldman and Cooper Weisman of Newmark represented the tenant in the lease negotiations. SL Green Corp. owns the building, which was most recently renovated in 2007.
BOSTON — A division of Fenway Sports Group, the owner of the Boston Red Sox, is building a team to redevelop the area outside of Fenway Park. The company’s real estate arm, Fenway Sports Group Real Estate (FSGRE), is partnering with Massachusetts-based WS Development and the D’Angelo family to redevelop several sites surrounding the Red Sox home ballpark. Details were not disclosed, but The Boston Globe reports the project would bring office space, apartment buildings, shops, laboratories for life science firms, public spaces and maybe a hotel to the Fenway neighborhood. The office space could house Fenway Sports Group’s staffers who work inside Fenway Park’s offices, according to the newspaper. The move mirrors what other professional sports teams, including the Atlanta Braves and the St. Louis Cardinals, have done in recent years to create density surrounding their ballparks with mixed-use villages. The Boston Globe also reports that Fenway Sports Group has invested $350 million on physical improvements at Fenway Park over the past 18 years and in that time also purchased adjoining sites surrounding the ballpark for future development. “Our partnership’s work in the area surrounding the ballpark will have a profound effect on the experience of Red Sox fans …
WOONSOCKET, R.I. — CVS (NYSE: CVS) intends to hire 15,000 new employees during the fourth quarter in anticipation of communities seeing greater incidences of COVID-19 and the flu during the upcoming winter months. More than 10,000 of these positions are for full- and part-time licensed pharmacy technicians, some of which will be offered on temporary bases with the possibility of becoming permanent. Rhode Island-based CVS is also recruiting qualified candidates to work as pharmacists, nurses, nurse practitioners, physician assistants, member benefit case professionals and distribution center employees. Lastly, the company is seeking to hire several thousand customer service representatives across the country, the majority of which will work from home.
NEW ROCHELLE, N.Y. — Black Bear Capital Partners has arranged a $32 million bridge loan for the refinancing of The Millennia, a 110-unit luxury apartment complex in the northern New York City suburb of New Rochelle. The newly built property also houses 4,500 square feet of commercial space and roughly a dozen units that are reserved for renters earning 80 percent or less of the area median income. Amenities include a fitness center, private office space, outdoor grilling areas, a rooftop terrace and a putting green. Bryan Manz, Emil DePasquale and Philip Bowman of Black Bear arranged the loan, which will be used to retire $25 million in construction debt and stabilize the property, through MF1 Capital on behalf of the undisclosed borrower.