Northeast

Reading International Unveils Tammany Hall Redevelopment in Manhattan

by Taylor Williams October 5, 2020

NEW YORK CITY — Reading International (NASDAQ: RDI), an international cinema and real estate firm, has unveiled the redevelopment of the historic Tammany Hall Building at 44 Union Square in Manhattan. The former 19th-century political hub is now a Class A building with 73,095 square feet of space that can be utilized for either office or retail usage. BKSK Architects designed the project, which included a restoration of the façade and the addition of a three-story glass and steel dome with 19-foot ceilings and views overlooking Union Square.

October 5, 2020

Acquisitions Hospitality Massachusetts Northeast

Xenia Hotels Sells Residence Inn Boston Cambridge Hotel for $107.5M

by Taylor Williams October 5, 2020

CAMBRIDGE, MASS. — Xenia Hotels & Resorts Inc. (NYSE: XHR), a Florida-based REIT, has sold the 221-room Residence Inn by Marriott Boston Cambridge hotel for $107.5 million, or approximately $486,000 per key. The property is located near Harvard University and Kendall Square. The undisclosed buyer acquired the asset at a capitalization rate of 7.8 percent. Xenia will use the $46 million in net proceeds from the sale to repay outstanding debt and for other general corporate purposes.

October 5, 2020

Development Industrial New Hampshire Northeast

Monahan Cos. to Develop 116,288 SF Warehouse in Exeter, New Hampshire

by Taylor Williams October 5, 2020

EXETER, N.H. — New Hampshire-based Monahan Cos. will develop a 116,288-square-foot warehouse within Garrison Glen Corporate Park in Exeter, located east of Manchester. The property will feature 40-foot clear heights and proximity to Interstate 95 and State Route 101. Approvals are in place, and construction is expected to last about nine months. Monahan also recently completed a 110,000-square-foot build-to-suit project for Gourmet Gift Baskets on an adjacent lot. Cushman & Wakefield is marketing the development.

October 5, 2020

Loans Massachusetts Multifamily Northeast

MassHousing Provides $28.9M Loan for Refinancing of Multifamily Asset in Metro Boston

by Taylor Williams October 5, 2020

QUINCY, MASS. — MassHousing has provided a $28.9 million loan for the refinancing of Town Brook House, a 151-unit multifamily community in Quincy, a southern suburb of Boston. The owner and borrower, Wollaston Lutheran Housing Corp., rents the property to senior citizens that qualify for affordable housing status. A portion of the funds will be used for capital improvements. The building was constructed in 1980 and consists of 136 one-bedroom units and 15 two-bedroom units. Amenities include a lounge, common activities area and a communal kitchen. Law firm Nixon Peabody advised the borrower in the transaction.

October 5, 2020

Acquisitions Mixed-Use New York Northeast

Marcus & Millichap Brokers $12.2M Sale of Mixed-Use Portfolio in Brooklyn

by Taylor Williams October 5, 2020

NEW YORK CITY — Marcus & Millichap has brokered the $12.2 million sale of The Prospect Slope Portfolio, a collection of five buildings in Brooklyn that total 18 market-rate apartments and seven commercial spaces. The buildings were originally constructed in 1915. Andrew Bronsteen, Joe Koicim, Mark Zarrella, Peter Von Der Ahe and Shaun Riney of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors that requested anonymity.

October 5, 2020

Loans New York Northeast Office

Barclays Provides $483M Loan for Refinancing of Sotheby’s Headquarters Building in Manhattan

by Taylor Williams October 2, 2020

NEW YORK CITY — Barclays has provided a $483 million senior loan for the refinancing of the headquarters building of auction house Sotheby’s, which is located at 1334 York Ave. on Manhattan’s Upper West Side. Sotheby’s has operated out of the 10-story, 506,000-square-foot building since 1980. After redeveloping the property in 2000, Sotheby’s entered into a sale-leaseback agreement with RFR Holdings in 2003, but regained ownership of the property in 2009. Dustin Stolly, Jordan Roeschlaub, Chris Kramer, Nick Scribani and Dominick Calisto of Newmark Knight Frank placed the five-year loan on behalf of Sotheby’s.

October 2, 2020

Acquisitions Industrial Massachusetts Northeast Self-Storage

Marcus & Millichap Brokers Sale of 301-Unit Self-Storage Facility in Worcester, Massachusetts

by Taylor Williams October 2, 2020

WORCESTER, MASS. — Marcus & Millichap has brokered the sale of a 301-unit CubeSmart self-storage facility in the central Massachusetts city of Worcester. The property features 19,776 square feet of net rentable climate-controlled space. Nathan Coe, Brett Hatcher, Gabriel Coe and Joseph French Jr. of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was also an undisclosed limited liability company.

October 2, 2020

Development Massachusetts Multifamily Northeast

Callahan Breaks Ground on 254-Unit Parkway Apartments in West Roxbury, Massachusetts

by Taylor Williams October 2, 2020

WEST ROXBURY, MASS. — General contractor Callahan Construction Managers has broken ground on Parkway Apartments, a 254-unit multifamily project in West Roxbury, located southwest of Boston. Designed by SK+I Architecture and developed by Lincoln Property Co., the property will consist of two four-story buildings offering a mix of market-rate and affordable units. Amenities will include a pool, fitness center, café, outdoor courtyard and a pet spa. Completion is scheduled for February 2022.

October 2, 2020

Development Multifamily New Jersey Northeast

Woodmont Completes Lease-Up of 220-Unit Multifamily Community in Bayonne, New Jersey

by Taylor Williams October 2, 2020

BAYONNE, N.J. — New Jersey-based Woodmont Properties has completed the lease-up Woodmont Bay Club, a 220-unit luxury multifamily community in Bayonne, located just outside New York City. The property is now fully occupied. Units feature studio, one-. two- and three-bedroom floor plans ranging in size from 650 to 1,500 square feet. Amenities include a pool, rooftop terrace, fitness center, business center, game room, pet spa and a golf simulator.

October 2, 2020

Loans Massachusetts Multifamily Northeast

Cornerstone Arranges $4.4M Construction Loan for Boston Apartments

by Taylor Williams October 2, 2020

BOSTON — Cornerstone Realty Capital has arranged a $4.4 million construction loan for a nine-unit multifamily project in the Allston neighborhood of Boston. Units will feature granite countertops, custom cabinetry, stainless steel appliances and individual washers and dryers. Andrew Saccone of Cornerstone originated the financing, which was structured with 24 months of interest-only payments and a 30-year amortization schedule. The borrower and direct lender were not disclosed.

October 2, 2020

Newer Posts

Older Posts