BLACKWOOD, N.J. — M&T Realty Capital Corp. has closed a $79.5 million FHA-insured loan to refinance a 458-bed skilled nursing facility in Blackwood, a southeastern suburb of Philadelphia. The 30-year loan is fully amortizing and features a fixed interest rate of 3.28 percent. The borrower and name of facility were not disclosed. Paula Quigley and Matthew Pipitone of M&T Realty Capital Baltimore office led the transaction in collaboration with Aaron Anglada of M&T Bank’s Paramus office. Quigley also serves as the FHA/HUD program manager for the company.
NEW YORK CITY — Avison Young has arranged the sale of a 10,438-square-foot office condominium in Manhattan to education union Local 372 for $9.2 million. The space is located on the 8th floor of a 13-story office building at 20 W. 33rd St. between Fifth Avenue and Broadway, walking distance from Penn Station, Herald Square and the Port Authority Grand Central Tunnel. Local 372 will use the office as its headquarters. James Nelson, David Lawrence and Carter Lovejoy represented the sellers, which included 60 Guilders.
STRATFORD, CONN. — Coastal States Bank has provided a $13.1 million acquisition loan to affiliates of Woodbine Senior Living to purchase a 100-unit licensed assisted living community in Stratford. Excess funds will be used to help bring the 88,825-square-foot property to stabilization. The name of the property was not released. Woodbine Senior Living partnered with Locust Point Capital, which provided a $5 million preferred equity investment.
With a unemployment rate of 3.9 percent, strong demographics, transportation that provides direct access to New York City and a highly skilled workforce, Westchester County is seeing steady investor interest across all major property types. We have seen significant interest from institutional investors, including pension fund advisors, insurance companies and REITs. This same buyer class has continued to underwrite increased rent growth in the more urban markets of Westchester County — Yonkers, New Rochelle, White Plains — ranging from 2.5 to 4.5 percent depending on occupancy and development pipeline within the local submarkets. This investor group is targeting yields of 5.5 to 6.5 percent in return on cost metrics and purchasing existing assets for cap rates ranging from 4.4 to 5.3 percent, depending on the age, location and upside of the transaction. That spread has historically been between 150 and 200 basis points. Given the need to put capital to work, the spread is now closer to 100 basis points, reflecting more aggressive pricing for the market. This trend is evident in the Westchester market with new construction projects in the transportation-oriented towns. In addition, interest rates have helped keep investors motivated to buy. Low yields have helped to keep …
NEW YORK CITY — Law firm Debevoise & Plimpton LLP has signed a 530,000-square-foot office lease for its new headquarters at The Spiral, a 2.8 million-square-foot office building currently under construction in the Hudson Yards district of Manhattan. The law firm will move from its current location at 919 Third Ave. into floors 40 through 52 of the 65-story tower under a 20-year lease agreement beginning in the second half of 2022. As a result of this latest lease signing, The Spiral is now 54 percent preleased. Other tenants include biopharmaceutical company Pfizer, which will occupy 800,000 square feet, and asset management company AllianceBernstein, which will occupy 189,000 square feet. The base of the building will also include 25,000 square feet of retail space. Designed by BIG Bjarke Ingels Group, construction of the building began in 2019 and is slated for completion in the second half of 2022. Tishman Speyer is the developer and owner of The Spiral.
HARRISON, N.Y. — Wegmans Food Market will open a 121,000-square-foot supermarket in Harrison, a northern suburb of New York City. The store is known for its wide selection of fresh produce, deli meats, cheeses and fresh baked breads, as well as its devoted following of “Wegmaniac” fans. The store will also house an internal restaurant called The Burger Bar, which will serve made-to-order burgers, sandwiches, salads and other casual cuisine, as well as beer and wine by the glass. Wegmans plans to hire 280 part-time and 220 full-time employees at the store, which is slated to open Sunday, June 7.
MONTCLAIR, N.J. — The Hampshire Cos. and Hackensack Meridian Health will open the 45,375 Mountainside Medical Center office building in Montclair, a western suburb of New York City. The medical center will provide a range of medical services including general surgery, cardiology, orthopedics and pediatrics. The Class A, three-story building will be located at 1 Bay Ave. NK Architects designed the building and construction began in 2018. The medical center will open this Thursday, Jan. 9.
NEW YORK CITY — JLL has arranged a $47.5 million loan for the refinancing of The 80th Street Residence, a seniors housing facility in Manhattan. The assisted living facility specializes in enhanced memory care and comprises 61 units and 70 beds. IDB Bank, a New York-based private and commercial bank, provided the loan. Peter Rotchford, Zach Rigby, Jason Skalko and Dillon Donald of JLL arranged the loan on behalf of property owners Wayne Kaplan and Larry Morehead.
YORK, PA. — ROCK Commercial Real Estate has brokered the sale of a 14,138-square-foot industrial property in York, a southern suburb of Harrisburg. Located at 258 West Philadelphia St. at the site of a former steel fabrication facility, the single-tenant building was completed in 1953 and features a 12-foot ceiling height and close access to State Route 30. Ted Turnbull, Jason Turnbull and Kevin Hodge of ROCK Commercial represented the seller, Scott Real Estate Enterprises LLC. The team also procured the buyer, Trombo Enterprises LLC. The sales price was undisclosed.
STAMFORD, CT. — AJH Management has acquired Infinity Harbor Point, a 242-unit high-rise apartment building in Stamford, for $90 million. Completed in 2012, the building features one- and two-bedroom floor plans with amenities including a fitness center with Peloton cycles and an outdoor area with a fire pit and barbecue grills. Jeffrey Dunne, Gene Pride, Jeremy Neuer led a CBRE team that procured AJH Management as the buyer. The CBRE team also represented the seller, an undisclosed institutional owner.