Northeast

MassHousing Provides $78.8M in Financing for Multifamily Redevelopment in South Boston

by Taylor Williams October 6, 2020

BOSTON — MassHousing has provided $78.8 million in financing for the third phase of the redevelopment of Old Colony, a federal housing development originally built in 1940 in South Boston. The borrower, Beacon Communities LLC, in partnership with the Boston Housing Authority, will demolish 135 older public housing units at the Anne M. Lynch Homes and construct 170 new affordable homes for lower-income families and senior citizens. The project is part of the larger redevelopment of Old Colony, which has thus far added 420 new apartments and townhomes to the local supply.

October 6, 2020

Acquisitions New York Northeast Retail

JLL Negotiates Sale of 133,849 SF Grocery-Anchored Shopping Center in Cortland, New York

by Taylor Williams October 6, 2020

CORTLAND, N.Y. — JLL has negotiated the sale of Tops Plaza, a 133,849-square-foot, grocery-anchored shopping center in Cortland, located south of Syracuse in the Finger Lakes region. Regional grocer Tops anchors the center, which was 90 percent leased at the time of sale. Jose Cruz, J.B. Bruno, Kevin O’Hearn, Andrew Scandalios, Michael Oliver and Steve Simonelli of JLL represented the seller, an undisclosed CMBS trust. Jonathan Abda represented the buyer, Namdar Realty Group, on an internal basis. The property was built in 1994 and renovated in 1999.

October 6, 2020

Acquisitions Massachusetts Multifamily Northeast

Rockport Mortgage Arranges $32.8M Loan for Refinancing of Metro Boston Apartments

by Taylor Williams October 6, 2020

STONEHAM, MASS. — Rockport Mortgage Corp. has arranged a $32.8 million HUD loan for the refinancing of Mountain View Terrace Apartments, a 194-unit community located in the northern Boston suburb of Stoneham. Built in 1981 and renovated in 2011, the property sits on 8.2 acres and offers one- and two-bedroom apartments as well as three- and four-bedroom townhomes. A portion of the proceeds will be used to fund capital improvements. The owner of the property is 7th AP Co. LP.

October 6, 2020

Development Multifamily New Jersey Northeast

Prism Capital Begins Leasing Final Phase of 300-Unit Apartment Complex in West Orange, New Jersey

by Taylor Williams October 6, 2020

WEST ORANGE, N.J. — Prism Capital Partners has begun leasing the final phase of The Residences at Edison Lofts, a 300-unit apartment complex in West Orange, about 20 miles west of New York City. The property is part of the 21-acre Edison Village, which is a redevelopment of Thomas Edison’s historic Invention Factory and Commerce Center. Residential amenities include a 5,000-square-foot fitness center, heated indoor pool, 12,000-square-foot rooftop lounge, a café and concierge services.

October 6, 2020

Acquisitions Industrial New Jersey Northeast

Stro Cos. Acquires 78,000 SF Industrial Building in Fairfield, New Jersey

by Taylor Williams October 6, 2020

FAIRFIELD, N.J. — The Stro Companies, a New Jersey-based investment firm, has acquired a 78,000-square-foot industrial building in Fairfield, about 25 miles west of New York City. The property was fully leased at the time of sale and features 21-foot ceiling heights, proximity to several interstates and additional land for trailer parking. Robert Nathin of Sheldon Gross Realty represented the undisclosed seller in the transaction.

October 6, 2020

Development New York Northeast Office Retail

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

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