Northeast

Talonvest Arranges $16.5M Loan for Refinancing of Self-Storage Facility in Norwalk, Connecticut

by Alex Patton February 24, 2020

NORWALK, CONN. — Talonvest Capital Inc., a California-based self-storage advisory firm, has arranged a $16.5 million bridge loan for the refinancing of Secure Self Storage, a 766-unit facility in Norwalk, an eastern suburb of Stamford. A Midwest-based bank provided the 42-month loan, which carried 36 months of interest-only payments. Located at 587 Connecticut Ave., the property totals 72,490 square feet. Eric Snyder, Kim Bishop and Jim Davis led the Talonvest team that arranged the loan. A joint venture between TVG Partners and Clark Investment Group was the borrower.

February 24, 2020

Delaware Leasing Activity Northeast Retail

Sprouts to Open 30,000 SF Grocery Store in Wilmington, Delaware

by Alex Patton February 24, 2020

WILMINGTON, DEL. — Sprouts Farmers Market will open a 30,000-square-foot grocery store in Wilmington, located approximately 30 miles southwest of Philadelphia. The Arizona-based grocery chain offers organic produce, an expansive bulk foods selections and an extensive vitamin department. Located at 4727 Concord Pike, the new store will bring 140 full- and part-time jobs to the area. The opening is scheduled for March 11.

February 24, 2020

Connecticut Leasing Activity Northeast

Nonprofit Movie Theater Debuts Four-Screen Venue in Wilton, Connecticut

by Alex Patton February 24, 2020

WILTON, CONN. — A nonprofit movie theater will open in Wilton, Connecticut, located approximately 15 miles from Stamford. Located at 21 River Road, The Prospector Theater will be a four-screen venue that will employ adults with mental and physical disabilities. The theater will take over the space previously occupied by Bow Tie Cinema in the Wilton River Park shopping center. Ira Mitchell and Luis Matos of IJM Enterprises Ltd. represented the theater in the lease negotiations. Amy Daniels represented the landlord, Kimco Realty, on an internal basis.

February 24, 2020

Finance Insight Midwest Multifamily Northeast Southeast Texas Thought Leadership Video Walker & Dunlop Western

What Does Walker & Dunlop’s New Venture Mean for Multifamily Lending?

by Sarah Daniels February 24, 2020

Walker & Dunlop has entered into a joint venture with commercial real estate data science company GeoPhy to optimize the multifamily valuation process. The new appraisal company is called Apprise, and its goal is a five-day appraisal to accelerate the delivery of capital to real estate operators, Walker & Dunlop’s clients among them. Brad Savage, MAI, CCIM, Chief Product Officer of Apprise, discusses the marriage of data and human expertise in Apprise’s approach to commercial valuation. Apprise’s proprietary platform acts as a co-pilot for its appraisers, making sense of complex datasets and streamlining manual processes. By producing more credible reports in less time, Apprise allows clients to make quicker, more informed investment decisions. Watch the interview to learn how the program works and what it means for the industry.

February 24, 2020

Loans Multifamily New York Northeast Top Stories

Meritz Securities Provides $350M Refinancing for The Centrale Residential Tower in Manhattan

by Taylor Williams February 24, 2020

NEW YORK CITY — Meritz Securities, a South Korea-based lender and intermediary, has provided a $350 million inventory loan for The Centrale, a 63-story residential tower in Midtown Manhattan. The loan, which essentially functions as permanent financing, is collateralized by the property and pays off the property’s $300 million construction loan. New York City-based Madison Realty Capital provided that loan to the project developer, Ceruzzi Properties, in 2017. The Centrale features 124 residential condominium units, 7,645 square feet of ground-floor retail space and a parking garage. Pelli Clarke Pelli Architects designed the project, construction of which was completed in early 2019. Units at the property feature one-, two-, three-, four- and five-bedroom floor plans that range in size from 777 to 5,388 square feet. Amenities include an indoor pool, a spa, fitness center and shared workspaces. The property also offers proximity to Grand Central Station, several subway lines, Times Square and Midtown East’s Plaza District. JLL arranged the loan through Meritz Securities on behalf of Ceruzzi Properties. VI Development Group advised Meritz on the transaction and tapped PIA Asset Management to manage the project. “New York City remains the go-to market for global capital,” says Chris Peck, a managing director …

February 24, 2020

New York Multifamily Rent and Occupancy Forecast 2020

Content Partner Features Lument Market Reports Multifamily New York Northeast Northeast Market Reports RED Capital Group

Expanded Rent Stabilization Law Freezes NYC Stabilized Multifamily Property Market, Generates Buying Opportunities for Intrepid Investors

by Sarah Daniels February 21, 2020

New York state authorities last year passed legislation designed to maintain rental affordability and housing stability in the Empire State. Mandated changes for units not currently subject to stabilization were mostly technical in nature — relating to rent increase notification periods, evictions and security deposits — but the impact on the New York City’s nearly 1 million regulated units was significant. Previously, an owner’s ability to raise stabilized unit rents was limited by a city board, except upon vacancy or after major property or unit improvements were made. These exceptions were curtailed by the legislation, largely negating the appeal of buying, renovating and repositioning older properties. The regulations sent a chill through the recently hot New York City multifamily property market. Sales volume dropped by half last year to about $3.3 billion, with the largest declines coming after the law took effect at mid-year. Indeed, volume in the typically busy fourth quarter plunged to less than $200 million, the lowest single-quarter sales total since recessionary 2010. Although obscured by thin volume, cap rates appeared to rise. After hovering near 4 percent throughout 2018, institutional B/B+ quality asset purchase yields gapped higher, drifting up to about 4.25 percent at mid-year and …

February 21, 2020

Development Massachusetts Multifamily Northeast

WSV, BedRock to Develop $73M Multifamily Building in Boston

by Alex Patton February 21, 2020

BOSTON — Washington Square Ventures and Bedrock Real Estate Partners will develop The Brookliner, a $73 million multifamily project in the Brighton neighborhood of Boston. Located at 5 Washington St., the building will comprise 108 apartments and 12,150 square feet of retail space. CVS Pharmacy will occupy 90 percent of the retail space. Amenities will include a deck, fitness center and convenient access to two MBTA Green Line Subway stops. Stantec will serve as the project architect. Simon Butler, Biria St. John and Kyle Juszczyszyn secured financing from an institutional investor. Construction is slated to begin later this year and complete in 2021.

February 21, 2020

Northeast Office Pennsylvania Uncategorized

Colliers Arranges Sale of 50,000 SF Office Building in Wilkes-Barre, Pennsylvania

by Alex Patton February 21, 2020

WILKES-BARRE, PA. — Colliers International has arranged the sale of a 50,000-square-foot office building in Wilkes-Barre, located approximately 100 miles north of Philadelphia. Situated at 15 South Franklin St., the 10-story office building was completed in 1920. The buyer plans to convert the building to apartments or condos, possibly with commercial or office components. Law firm Rosenn, Jenkins & Greenwald has operated its headquarters at the building since 1954 and will relocate to Cross Creek Pointe at 1065 Route 315 in Plains. Jeff Algatt and John Susanin of Colliers represented the seller, a group of locally based private investors. The buyer was Franklin Downtown LLC, based in Somerset, New Jersey. The sales price was undisclosed.

February 21, 2020

Leasing Activity New York Northeast Office

Alumni Ventures Signs 11,006 SF Office Lease in Manhattan

by Alex Patton February 21, 2020

NEW YORK CITY — Venture capital firm Alumni Ventures Group (AVG) has signed an 11,006-square-foot office lease in the NoMad neighborhood of Manhattan. The firm plans to occupy its new space on the 18th floor of an office building at 183 Madison Ave. beginning this summer. AVG is headquartered in Manchester, New Hampshire, and this office will be the firm’s first in New York City. Jason Frazier of CBRE represented AVG in the lease negotiations. Andrew Sachs, Tim Gibson and Josh Gosin led a Newmark Knight Frank team that represented the landlord, APF Properties.

February 21, 2020

Acquisitions Multifamily New York Northeast

Westbridge Brokers $4.8M Sale of Multifamily Building in Queens

by Alex Patton February 21, 2020

NEW YORK CITY — Westbridge Realty Group has brokered the $4.8 million sale of a multifamily property in the Woodside neighborhood of Queens. Located at 39-26 62nd St., the property features 26 units. Alexandra Rossland of Westbridge represented the seller, 39-26 62nd Street LLC. Jonathan Bichoupan of Westbridge procured the buyer, a private individual. The sales price was not disclosed.

February 21, 2020

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