Northeast

Cushman & Wakefield Arranges $57M Acquisition Loan for Multifamily Property in Brooklyn

by Alex Patton June 24, 2020

NEW YORK CITY — Cushman & Wakefield has arranged a $57 million acquisition loan for a 183-unit multifamily property in Brooklyn. USAA Real Estate provided the fixed-rate loan to an undisclosed borrower. Located at 1 Flatbush Ave., the 19-story, Class A apartment building was constructed in 2018. Amenities include a fitness center, resident lounge and landscaped roof deck. Gideon Gil, Alex Lapidus and Maya Steinberger of Cushman & Wakefield arranged the loan. Adam Spies, Adam Doneger, Dan O’Brien and Avery Silverstein represented the seller, a partnership between Meadow Partners and Slate Property Group, in the transaction.

June 24, 2020

Connecticut Loans Multifamily Northeast

CIT Group Provides $35.9M Construction Loan for Apartment Building in Stamford, Connecticut

by Alex Patton June 24, 2020

STAMFORD, CONN. — CIT Group Inc. has provided a $35.9 million construction loan for a 183-unit apartment building in Stamford. The borrower was a joint venture between New Jersey-based developer Fields Development Group and Alpine Residential. The project will be located on Canal Street near the Metro North railway station and will include ground-floor retail space. Chris Niederpruem of CIT Group originated the loan.

June 24, 2020

Northeast Pennsylvania Retail Top Stories

GNC Files for Chapter 11 Bankruptcy, Plans to Close Up to 1,200 Stores

by Kristin Harlow June 24, 2020

PITTSBURGH — Global health and wellness company GNC Holdings Inc. (NYSE: GNC) has filed for Chapter 11 bankruptcy. Over the past year, the company has executed a strategy to close underperforming stores, while investing further in alternatives to in-store sales, such as e-commerce. With the Chapter 11 filing, GNC expects to accelerate the closure of 800 to 1,200 stores. Pittsburgh-based GNC expects to use the bankruptcy process “to improve its balance sheet and capital structure while continuing to advance its business strategy, right-size its corporate store portfolio and strengthen its brands to protect the long-term sustainability of its business,” according to a press release from the company. Additionally, GNC has reached an agreement with its lenders and Harbin Pharmaceutical Group Holding Co. Ltd., an affiliate of GNC’s largest shareholders, for the sale of the company’s business. The sale transaction has a $760 million purchase price and “would be executed through a court-supervised auction process at which higher and better bids may be presented.” The company expects to either complete the sale or the bankruptcy process this fall. GNC’s largest vendor and a joint venture partner, IVC, is working with the company to ensure a continued supply of products. Looking ahead, …

June 24, 2020

Loans New York Northeast Office

SL Green Receives $510M Loan for Manhattan Office Building

by Alex Patton June 23, 2020

NEW YORK CITY —SL Green has received a $510 million loan for the refinancing of an office building in Manhattan. A lending group led by Aareal Capital Corp., Citi and Credit Agricole provided the loan. Located at 220 E. 42nd St., the 37-story building is known as The News Building and originally served as the headquarters for The New York Daily News. Locally based investment firm SL Green purchased the property in February 2003 for $265 million. The building is currently 97 percent leased to tenant roster including the Visiting Nurse Service of New York, Omnicom Group, local television station WPIX and the United Nations.

June 23, 2020

Development Northeast Office Pennsylvania

Oliver Tyrone Pulver Plans to Develop 700,000 SF Office Building in Philadelphia

by Alex Patton June 23, 2020

PHILADELPHIA — Oliver Tyrone Pulver Corp., a metro Philadelphia-based developer, plans to build a 700,000-square-foot office building in the Center City area of Philadelphia. The 30-story building will be located adjacent to City Hall at 1301 Market St. and will feature 25,200 square-foot plates on the lower floors and 17,000-square-foot plates on the upper floors. Amenities will include a 10,000-square-foot fitness center, outdoor terraces, a café, bike lockers, conference rooms, casual workspaces and a two-story, glass-enclosed marble lobby. Construction is slated to be completed in 2023. JLL will lead the leasing program at the building.

June 23, 2020

Development Multifamily Northeast Pennsylvania

Milhaus Underway on Phase II of $75M Multifamily Project in Pittsburgh

by Alex Patton June 23, 2020

PITTSBURGH — Milhaus, an Indianapolis-based developer, is underway on Phase II of Arsenal 201, a $75 million multifamily project in the Lawrenceville neighborhood of Pittsburgh. Located at 147 39th St., the project will add 343 apartment units in studio, one-, two- and three-bedroom floor plans to the existing 243 units. Amenities will include a fitness center, dog park and pet spa, outdoor kitchen, community courtyard and a pool. Ten percent of the units will be designated as affordable to residents earning 50 percent or less of the median area income. CrossHarbor Capital Partners, Citizens Bank, First Merchants Bank and Commonwealth Bank provided debt and equity financing for the project. Dwell Design Studio designed the project, and Franjo Construction is the general contractor. Construction is slated to be complete in summer 2022.

June 23, 2020

Northeast Pennsylvania Retail

PREIT to Reopen All Malls, Retail Centers Across Its Portfolio by July 4

by Alex Patton June 23, 2020

PHILADELPHIA — Pennsylvania Real Estate Investment Trust (PREIT) plans to open all of its malls and retail centers, including its 900,000-square-foot Fashion District Philadelphia shopping and entertainment destination, by July 4. Following temporary store closures amid the COVID-19 outbreak, PREIT has reported an average occupancy rate of 85 percent among non-anchor tenants at its reopened properties. Retailers and restaurants at PREIT’s properties have implemented expanded sanitation and social distancing procedures, including outdoor dining service and contactless pickup. Many stores also offer complimentary masks to guests on entry. PREIT owns and operates more than 22.5 million square feet of space across more than 20 malls and retail centers concentrated in the Northeast and Southeast regions. Upon reopening, PREIT’s properties will employ more than 30,000 workers. The company’s stock price closed at $1.33 per share on June 22, compared with $6.22 per share at the same time last year.

June 23, 2020

Acquisitions Multifamily New York Northeast

Avison Young Brokers $22.2M Sale of Adjacent Apartment Buildings in Manhattan

by Alex Patton June 23, 2020

NEW YORK CITY — Avison Young has brokered the $22.2 million sale of two adjacent apartment buildings in the Greenwich Village neighborhood of Manhattan. Located at 103 and 105 MacDougal St., the two seven-story buildings total 72 multifamily units with one- and two-bedroom floor plans. The properties span 39,000 square feet, and one building includes a 5,000-square-foot retail space. James Nelson, Brandon Polakoff, Alexandra Marolda and David Shalom represented the undisclosed seller in the transaction. Davean Holdings was the buyer.

June 23, 2020

Massachusetts Northeast

Massachusetts Governor Allows Indoor Dining, Personal Service Businesses to Reopen

by Alex Patton June 22, 2020

BOSTON — Indoor dining services at restaurants and personal service businesses, including nail salons and massage therapy parlors, have been cleared to reopen as of June 22, according to a statement from Massachusetts Gov. Charlie Baker. Businesses in Massachusetts have gradually reopened over the last few weeks as the COVID-19 pandemic has slowed across the state. Restaurants were permitted to resume outdoor dining services on June 8, provided that tables both inside and outside were spaced at least six feet apart and customers wore masks when not seated at their table. Party sizes are limited to six guests and bar seating is not allowed. Other businesses permitted to reopen include retail fitting rooms, tanning salons, skin care services, tattoo parlors and personal training facilities. In addition, offices can expand from 25 percent to 50 percent capacity but are still encouraged to allow employees to work from home if possible. As of June 21, the Centers for Disease Control and Prevention reported more than 106,900 cases of COVID-19 in Massachusetts, and more than 7,800 deaths.

June 22, 2020

Development Multifamily New Jersey Northeast

Sterling Properties, Willton Investment Group Open 208-Unit Multifamily Community in East Rutherford, New Jersey

by Alex Patton June 22, 2020

EAST RUTHERFORD, N.J. — A partnership between New York-based developer Sterling Properties and Willton Investment Group has opened Central & Oak, a 208-unit luxury multifamily community in East Rutherford, a northwestern suburb of New York City. Located at 80 Oak St., the seven-building property features one- and two-bedroom units and amenities including a resident clubhouse, outdoor terrace, green space and a fitness center. Residences range in size from 724 to 1,308 square feet. The property offers convenient access to the Rutherford Trail Station, MetLife Stadium and the American Dream shopping and entertainment destination.

June 22, 2020

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