BOSTON — MC Real Estate Partners LLC, in partnership with an undisclosed capital source, has purchased a 76,000-square-foot historic office building located at 110 Chauncy St. in downtown Boston. The property was originally built in the 1890s and will serve as the new headquarters for global design firm Sasaki, which has signed a 64,000-square-foot lease. MC Real Estate will work with Sasaki to redesign and renovate the space, which will house approximately 250 employees.
BOSTON — Locally based design firm Finegold Alexander Architects has unveiled the new design and renovation of the Eliot Innovation School in Boston. The school is part of a three-building campus in the city’s North End neighborhood and will serve students in grades 5-8. The building formerly served as an FDA testing facility and an office property before its latest conversion to a school. Construction of the $15 million project was completed in September 2019, but the coronavirus outbreak delayed the school’s opening.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $4.3 million sale of a 26,787-square-foot commercial building at 1414-1424 Cromwell Ave. in the Mount Eden neighborhood of The Bronx. The property is currently leased to a parking operator but is also zoned for warehouse use. Jason Gold, Michael Tortorici and Daniel Mahfar of Ariel Property Advisors brokered the deal. The buyer and seller were not disclosed.
WHITEHOUSE STATION, N.J. — Locally based brokerage firm Kislak Commercial Real Estate Services Inc. has arranged the $3.9 million sale of a 44,300-square-foot industrial property in the Northern New Jersey community of Whitehouse Station. Peter Wisniewski of Kislak represented the seller, Palumbo Realty LLC, in the transaction. Wisniewski also procured the buyer, 27 Ridge Road LLC
Student housing lending faces a number of uncertainties as 2021 begins: agency policies affecting available sources of lending, the availability of distressed properties, special considerations for Tier 2 and 3 schools and the difficulties of obtaining construction and permanent financing under certain circumstances. Timothy S. Bradley, founder of TSB Capital Advisors and a principal of TSB Realty, explains his outlook on 2021 for the student housing industry, including some of the intricacies in student housing finance versus conventional multifamily. While the two classes did not face vastly different outcomes before COVID, “Post-COVID is a completely different story. There is a significant delta when you are looking at permanent financing for student housing right now versus conventional. The agencies [have enacted] COVID reserves that have been instituted in new loan originations — and most new loan originations are for acquisitions versus refinancing right now. We are starting to see them reduce the reserves, but they were doing it for both multifamily and student.” Bradley explains, “However the interest rates that, over the past three to four months, you could get for conventional housing versus student ranged anywhere from 50 to 75 basis points better for conventional. This allows the conventional market cap rates to keep compressing …
VALHALLA, N.Y. — HJ Sims has placed $30 million in financing for The Bethel Methodist Home and its continuing care retirement community, The Knolls, in Valhalla, approximately 25 miles north of Midtown Manhattan. The community, which opened in 2002 under the name Westchester Meadows, offers independent living, assisted living and skilled nursing services on one campus.
HUDSON, N.H. — NAI Norwood Group has negotiated the sale of Hudson Self Storage, a 321-unit facility in Hudson, located outside Nashua near the New Hampshire-Massachusetts border. The property totals 39,825 net rentable square feet. Joseph Mendola of NAI Norwood represented the undisclosed seller and the institutional buyer in the transaction. The sales price was $4.8 million.
CAMBRIDGE, MASS. — Pennsylvania-based Hersha Hospitality Trust has sold the 112-room Holiday Inn Express & Suites Boston, located at 250 Monsignor O’Brien Highway in Cambridge. Cyrus Vazifdar, Jay Morrow, Michael Tormey and Alex Yiankes of Hodges Ward Elliott (HWE) represented Hersha Hospitality in the transaction. Additionally, HWE’s capital markets team sourced acquisition financing for the undisclosed buyer.
WHITEHOUSE STATION, N.J. — Locally based brokerage firm Kislak Commercial Real Estate Services Inc. has arranged the $3.9 million sale of a 44,300-square-foot industrial property in the Northern New Jersey community of Whitehouse Station. Peter Wisniewski of Kislak represented the seller, Palumbo Realty LLC, in the transaction. Wisniewski also procured the buyer, 27 Ridge Road LLC.
NEW HAVEN, CONN. — Connecticut-based Edgewood Capital Advisors has provided a $3.5 million bridge loan for the refinancing of a portfolio of eight multifamily properties totaling 30 units in New Haven. The borrower, an undisclosed, locally based investor, will use the proceeds to pay off existing debt, cover closing costs and provide working capital.
