WEEHAWKEN, N.J. — Gebroe-Hammer Associates has brokered the $25.3 million sale of Hamilton House, a 99-unit multifamily property in Weehawken, just west of Manhattan. Located at 700 John F. Kennedy Blvd. East, the 12-story building was constructed in 1964 and offers a mix of 21 studio, 59 one- and 19 two-bedroom layouts. Ken Uranowitz and Niko Nicolaou of Gebroe-Hammer represented the seller, Hamilton House LLC, in the transaction. The team also procured the buyer, Tuli Realty LLC.
BUFFALO, N.Y. — Gantry has arranged a total of $22.4 million in refinancing loans for two properties in Upstate New York. In the first transaction, a regional bank and a correspondent life insurance company provided a 10-year loan at a fixed interest rate of 3.1 percent to an undisclosed borrower. That loan provided permanent financing for a multi-tenant, mixed-use property located in an affluent suburb of Buffalo. The same lender provided a nonrecourse loan at a 10-year, fixed interest rate with a 30-year amortization. That loan provided permanent financing for a multifamily property located in the Hudson Valley region. Tom Grzebinski and Jack Stelianou of Gantry arranged the loans.
TRENTON, N.J. — Some pandemic restrictions on restaurants and retail stores in New Jersey have lifted, according to a statement from Gov. Phil Murphy on Monday, June 15. Outdoor dining at restaurants and bars has resumed and retail stores can now allow indoor shopping at half capacity. However, indoor dining at restaurants is not yet allowed and shopping malls remain closed. Murphy also said that libraries and yard sales can reopen using curbside pickup, and that childcare centers, places of worship, real estate open houses and car washes can resume operation. Personal care businesses, including hair salons, barbershops, nail salons and tattoo parlors, can reopen on June 22. As of June 15, the Centers for Disease Control and Prevention has reported nearly 166,900 confirmed cases of COVID-19 in New Jersey and more than 12,600 deaths.
PRINCETON, N.J. — Woodmont Properties has begun development of Woodmont Way, a 433-unit multifamily community in Princeton, a northeastern suburb of Trenton. Located at 200 Emmons Drive, the property will offer a mix of one-, two- and three-bedroom units. Amenities will include a clubhouse, fitness center, swimming pool and a barbecue and fire pit area. The property offers convenient access to Interstate 1, the Princeton Junction train station and multiple retail destinations. Construction is underway and slated to be complete in fall 2020.
NEW YORK CITY — Ryan Severino, chief economist at JLL, has joined the adjunct faculty staff at Fordham Real Estate Institute in New York City. He will teach classes in real estate risk and portfolio management this fall. Prior to his role at JLL, Severino served as senior economist and director of research at Reis, as well as associate director of research at MetLife Real Estate Investments. Severino is a member of the CFA Institute, the American Economic Association, the National Association for Business Economics, Urban Land Institute and National Council of Real Estate Investment Fiduciaries. He earned a master’s degree from Columbia University in International Finance and Economics, a bachelor’s degree in Finance, Japanese and Economics from Georgetown University, and also has experience teaching real estate finance and economics at leading universities in New York City.
MALVERN, PA. — A joint venture between GMH Capital Partners LP and AEW Capital Management LP plans to develop The Pendleton at Malvern, a 225-unit multifamily property in Malvern, a northwestern suburb of Philadelphia. The community will offer studio, one- and two-bedroom units. Amenities will include a fitness studio, conference rooms and resident lounge. The property will offer convenient access to State Route 202, Interstate 76 and The Pennsylvania Turnpike. The community is slated to open in summer 2021.
NEW YORK CITY — Houlihan-Parnes has arranged a $29 million loan for the refinancing of a 222,637-square-foot office condominium in The Bronx. The condominium is in an office building located at 1775 Grand Concourse. A local bank provided the 10-year, nonrecourse loan at a fixed rate of 2.9 percent. Verizon Wireless is the anchor tenant of the building with two floors. The borrower has converted the remaining six floors into an ancillary indoor parking garage on the first floor, and retail and professional office space on floors four through eight. JJ Operating Inc. owns the building.
Western New York, Capital Region Expected to Reopen Additional Businesses This Week, Says Gov. Cuomo
ALBANY, N.Y. — As the COVID-19 pandemic gradually eases in the state of New York, Western New York and Capital Region are expected to reopen additional businesses this week, according to a statement from Gov. Andrew Cuomo on June 13. The regions will enter Phase III of Cuomo’s state reopening plan, which will include dine-in service at restaurants and the use of hotel amenities such as restaurants, spas and gyms. Phase III will also allow youth sports with limited spectators to resume. Western New York is expected to enter Phase III on June 16 while the Capital Region is expected to enter Phase III on June 17. As of June 14, the Centers for Disease Control and Prevention reported nearly 380,000 cases of COVID-19 in the state of New York and more than 30,500 deaths.
LUNENBURG, MASS. — Great Bridge Properties, a New Hampshire-based developer, has begun development of Baker Brook Apartments, a 70-unit seniors housing property in Lunenburg, approximately 25 miles north of Worcester. Located on nearly four acres, the community will feature 62 one-bedroom and eight two-bedroom units. The property will serve seniors ages 55 and older earning 80 percent or less of the Area Median Income (AMI) and 48 units will be reserved for seniors earning 60 percent or less of the AMI. Eight units will be reserved for seniors earning 30 percent or less of the AMI. Ten percent of the units will feature a preference toward homeless populations.
CONCORD, N.H. — Select retail businesses, including indoor seating at restaurants and recreational activities, are allowed to reopen in New Hampshire, according to a statement from Gov. Chris Sununu on June 15. Restaurants in the state were permitted to offer delivery and curbside service at the start of the COVID-19 outbreak, and outdoor seating resumed in mid-May. Both indoor and outdoor seating areas are required to position tables six feet apart, and restaurants are limited to 50 percent capacity. A number of recreational activities and other businesses have also reopened, including museums, art galleries, libraries, bowling alleys, billiards halls, gyms, pools, wedding venues, motor speedways and funeral homes. Performing arts centers and amusement parks are expected to reopen on June 29. As of June 14, the Centers for Disease Control and Prevention reported nearly 5,300 cases of COVID-19 in New Hampshire and more than 300 deaths.