YORK, PA. — Larken Associates, a New Jersey-based developer, has acquired The View at Mackenzi, a 224-unit apartment community in York, located approximately 25 miles south of Harrisburg. Located at 2035 Patriot St., the property features two-bedroom units and amenities such as a fitness center, walking trails and a dog park. Rents range from $1,042 per month to $1,195. The seller and sales price were undisclosed.
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Walker & Dunlop: Rent, Lenders, Tech in the Midst of Coronavirus
In recent weeks, the ability of commercial real estate owners to access debt and equity has come into question as the novel coronavirus wreaks havoc on the economy. While some deals in the pipeline are still getting done, the debt markets took a pause as the pandemic took hold. Debt markets were waiting for clarity on how various sectors would react, according to Mark Strauss, managing director of capital markets, and Rob Quarton, director of capital markets, with Walker & Dunlop’s Irvine, Calif., office. The two recently spoke with REBusinessOnline via Zoom about the robustness of certain asset types, market stability, debt pricing and adoption of tech-heavy creativity in the wake of COVID-19 and its effects on commercial real estate nationwide. Commercial Real Estate Debt & Coronavirus Strauss and Quarton primarily work with institutional capital sources that provide capitalization for commercial real estate developers and owners. As such, they have a broad view of all debt markets and their willingness to fund. Debt funds are one of the most affected areas of the financial markets. “The way that debt funds finance their position behind the scenes — either using collateralized loan obligations (CLOs), bank warehouse lines or repo facilities — …
HARRISBURG, PA. — Some construction projects, including public and private residential and non-residential construction, in Pennsylvania will be allowed to restart on May 8, according to Pennsylvania Gov. Tom Wolf. The state shut down all nonessential businesses on March 21, including most construction projects not related to healthcare or critical infrastructure. Restrictions on new construction also extended to housing developments that had not been issued a final occupancy permit. In a public statement, the governor said that when construction sites do restart, development teams should adhere to social distancing, personnel limits and other guidance provided by the administration. If cases of COVID-19 flare up again in the state, construction sites will have to close once more.
NEW YORK CITY — The International Council of Shopping Centers (ICSC) has canceled its annual RECon event due to concerns about COVID-19. The move comes after the organization initially postponed RECon and suspended all of its events that were scheduled to occur before June 30. ICSC’s Annual Meeting of Members that typically takes place at RECon each year, along with the approval of the new slate of board of trustees, ICSC chair and vice chair, will now be scheduled for December 2020 during the New York Deal Making conference. The organization still plans to hold six regional deal-making events, including New York Deal Making, and additionally will hold the U.S. Law Conference and CenterBuild Conference. In 2019, more than 37,000 industry professionals descended on the Las Vegas Convention Center for the annual retail and real estate networking event, which featured 1,200 exhibitors and 853,000 square feet of exhibit space.
BOSTON — JLL has arranged the $19.3 million sale of 45 Holton Street, a 180,000-square-foot industrial warehouse in the northwestern suburb of Boston of Winchester. The building features 26-foot clear heights, 33 loading docks, two drive-in doors and roughly 18,000 square feet office space, as well as convenient access to Interstates 95 and 93 and State Route 3. At the time of sale, the property was fully leased to Tighe Logistics Group and Archive America. Matt Sherry and Jamey Lipscomb led a JLL team that represented the seller, JG Holt Ltd. Partnership, in the transaction. Brett Paulsrud and Sam Campbell led the JLL debt placement team that arranged $13.3 million in acquisition financing through Harbor One Bank for the buyer, a partnership between Boston-based firms Bain Capital Real Estate and Oliver Street Capital.
BETHLEHEM, PA. — Colliers International has brokered the $3 million sale of a 33,000-square-foot office building located at 257 Brodhead Road in Bethlehem, an eastern suburb of Allentown. The seller, First Commonwealth Federal Credit Union (FCFCU), previously used the building as its corporate headquarters and will move to a new space within the Trexler Business Center development currently under construction in Trexlertown, Pennsylvania. An undisclosed new tenant has already been procured. Derek Zerfass of Colliers represented FCFCU in the transaction. Ryan Dietrick and Kelly Berfield, also of Colliers, represented the buyer, Brodhead Road Holdings LLC.
RED BANK, N.J. — First National Realty Partners (FNRP) has acquired The Coastal Building, a 29,178-square-foot Class A office building in Red Bank, a southern suburb of New York City. Located at 151 Bodman Place on the Navesink River, the property offers convenient access to State Highway 35 and the Garden State Parkway. At the time of sale, tenants included Conklin Office Services LLC, Hudson Canyon Investment Counselors and The Pat Menna Law Firm. The building was constructed in 1982 and underwent lobby renovations in 2013. First National acquired the building in an off-market transaction and plans to improve the property with targeted upgrades focused on green initiatives and technology. The sales price was undisclosed.
NEWTON, MASS. — A joint venture between Austin Street Partners, Dinosaur Capital Partners and Oaktree Development has completed construction of 28 Austin Street, a 68-unit multifamily building in Newton, a western suburb of Boston. The property features 33 one- and 35 two-bedroom apartments, including 23 workforce housing units that are reserved for renters earning less than 80 percent of the area median income. Leasing has begun and many tenants have already moved in. Eastern Bank provided $25.7 million in construction and permanent financing for the project. Stantec and GreenStaxx designed the project. NEI General Contracting constructed the building.
YONKERS, N.Y. — CBRE has brokered the $39.5 million sale of Stratus on Hudson, a 74-unit luxury apartment building in Yonkers, a northern suburb of New York City. Located at 1077 Warburton Ave., the Class A multifamily community was completed in 2019 and features one- and two-bedroom floor plans. Amenities include a fitness center, resident lounge and a rooftop terrace overlooking the Hudson River, as well as convenient access to the Greystone Metro North Station. Jeffrey Dunne and Gene Pride led a CBRE team that represented the seller, RMS Cos., in the transaction. Ginsburg Development Cos. was the buyer.
NEWARK, DEL. — Greystone has provided a $26.6 million Fannie Mae refinancing loan for Liberty Square, a 297-unit multifamily property in Newark, Delaware,, located approximately 45 miles southwest of Philadelphia. The loan carries a 10-year term with a 30-year amortization schedule, as well as interest-only payments for the first three years. Liberty Square is a garden-style apartment community with amenities including a pool, playground, tennis court and laundry facilities. Dan Sacks of Greystone originated the debt.