Northeast

CBRE Brokers $61.2M Sale of Axalta Global Innovation Center Office Building in Philadelphia

by Alex Patton February 10, 2020

PHILADELPHIA — CBRE has brokered the $61.2 million sale of the 175,000-square-foot Axalta Global Innovation Center office building at the Philadelphia Navy Yard. Situated at 1050 Constitution Ave., the single-tenant property was completed in 2017 and serves as a research and development facility for Axalta Coating Systems, a manufacturer of vehicle coatings. Robert Fahey, Jerry Kranzel, Erin Hannan and Jack Corcoran of CBRE represented the seller, Liberty Property Trust, in the transaction. Nick Harris and Steven Doherty of CBRE secured acquisition financing and represented the buyer, Apex Capital Investments. Apex is a U.S.-based subsidiary of Kuwait-based Dimah Capital.

February 10, 2020

Loans New Jersey Northeast Office

JLL Arranges $31.1M Acquisition Loan for Office Building in Parsippany, New Jersey

by Alex Patton February 10, 2020

PARSIPPANY, N.J. — JLL has arranged a $31.1 million bridge loan for the acquisition of 5 Wood Hollow Road, a 330,631-square-foot office building in Parsippany, an eastern suburb of New York City. Prime Finance provided the three-year, floating-rate loan, which has two one-year extension options. The borrower, PAG Investments, will use a portion of the proceeds to fund future capital expenditures and leasing advances. Michael Klein and Andrew Zilenziger of JLL secured the loan.

February 10, 2020

Development Multifamily New York Northeast

Mill Creek Residential to Develop 334-Unit Apartment Community in New Rochelle, New York

by Alex Patton February 10, 2020

NEW ROCHELLE, N.Y. — Mill Creek Residential will develop a 334-unit apartment in New Rochelle, a northeastern suburb of New York City. The project will be situated on a two-acre plot at 115 Centre Ave., the site of the former Blessed Sacrament School. Mill Creek acquired the site for an undisclosed price. William Cuddy Jr. and Jacqueline Novotny of CBRE represented and advised the seller, Church of the Blessed Sacrament, in the transaction.

February 10, 2020

Leasing Activity New York Northeast Office

Transwestern Negotiates 25,000 SF Office Lease in Manhattan

by Alex Patton February 10, 2020

NEW YORK CITY — Transwestern has negotiated a 25,000-square-foot office lease for nonprofit childcare organization Sheltering Arms in Manhattan. The space is situated on a single floor of 25 Broadway, a 22-story, Class A office property also known as the Cunard Building. Other tenants include Relay Graduate School of Education, Teach for America and the American Thoracic Society. Lindsay Ornstein, Stephen Powers, Thomas Hines and Jake Cinti of Transwestern represented Sheltering Arms in the lease negotiations. Bruce Surry, Richard Levine and Gary Kamenetsky of CBRE represented the landlord, The Wolfson Group.

February 10, 2020

Acquisitions Multifamily New York Northeast

Brax Realty Arranges $6.5M Sale of Manhattan Multifamily Property, Sesame Street Set

by Alex Patton February 10, 2020

NEW YORK CITY — Brax Realty has arranged the $6.5 million sale of an eight-unit multifamily property in the Chelsea neighborhood of Manhattan. Located at 220 W. 16th St., the property is situated near the Google corporate office between 7th and 8th avenues. The ground-floor retail space is currently being used as a production set for the upcoming season of “Sesame Street.” Alan Stenson of Brax represented the seller, a private family that owned the property for 35 years. Stenson also represented the buyer, a private investor that acquired the asset via a 1031 exchange.

February 10, 2020

Features Finance Insight Loans Midwest Northeast Southeast Texas Western

ACRES Capital Talks Alternative Lending and Its Role in a Downturn

by Sarah Daniels February 10, 2020

Mark Fogel, president and CEO of ACRES Capital, believes alternative lenders can maintain their flexibility and creativity where perhaps more traditional lenders cannot. He believes this will be important as the country continues its unprecedented upcycle, with a potential downturn threatening in the next 18 months or so. Finance Insight (FI): As an alternative lender focused on the middle market, can you tell me a little bit more about alternative lenders and your specific areas of expertise in comparison with traditional funding sources? Fogel: Traditional lenders offer an important role in most communities as a source of funding. However, they are restricted by regulations that impede their ability to take on riskier transactions and go higher on the capital stack. In this regard, alternative lenders can step in and provide capital and opportunity for those projects that are going through a redevelopment or are repurposed from their original business plan. FI: Do you lend against all property types and pursue projects in all geographical regions of the U.S.? Fogel: ACRES seeks out opportunities on an asset-by-asset basis. We do not necessarily follow market trends, but rather identify alternative situations where, from a debt perspective, our basis is low and the …

February 10, 2020

HUD Section 232 Summary Statistics - Fiscal Year 2019

Features Loans Midwest Multifamily Northeast Seniors Housing Southeast Texas Western

HUD Lean Lenders Reflect on Memorable Year for Seniors Housing

by Sarah Daniels February 10, 2020

Despite enduring a federal government shutdown for 35 days that temporarily put a crimp in loan processing, the HUD/FHA Section 232 mortgage insurance program used to finance seniors housing properties rallied to post a solid performance in fiscal year 2019. The volume of loans closed during the 12-month period that started Oct. 1, 2018 and ended Sept. 30, 2019 totaled $3.7 billion. That’s up from $3.6 billion the prior fiscal year. The HUD/FHA Section 232 program — more commonly referred to as the HUD Lean program — helps finance nursing homes and assisted living facilities, as well as board and care facilities. The Lean process developed by HUD in 2008 is a methodology based on the Toyota model to increase efficiency by reducing waste. In short, the goal is to eliminate historical inefficiencies in the processing and approval of HUD loan applications. Dissecting the data Although the government shutdown that occurred in late December 2018 and January 2019 resulted in the program’s loan count dropping from 317 to 288 on a year-over-year basis, the average loan amount increased 14 percent during the same period to reach a record high of nearly $13 million. “This was driven not only by some …

February 10, 2020

Loans Mixed-Use New York Northeast

M&T Bank Provides $78.7M Acquisition, Construction Loan for Mixed-Use Development in Brooklyn

by Alex Patton February 7, 2020

NEW YORK CITY — M&T Bank has provided a $78.7 million acquisition and construction loan for the purchase of land in the Williamsburg neighborhood of Brooklyn and development of a mixed-use project. The borrower, Two Trees Management, plans to build two mixed-use towers with 1,000 multifamily units, a 47,000-square-foot YMCA fitness facility, 57,000 square feet of office space and 30,000 square feet of retail space. Additional ground-level space will house amenities and a six-acre public park. The proposed project will be located along the East River on River Street, between Grand and North 3rd streets. Bjarke Ingels Group designed the project and James Corner Field Operations served as the landscape architect. Total cost of the project and the construction timeline were not disclosed, as Two Trees is seeking a rezoning.

February 7, 2020

Acquisitions Healthcare Massachusetts Northeast

Joint Venture Acquires Emerson Hospital Center in Concord, Massachusetts, for $23.3M

by Alex Patton February 7, 2020

CONCORD, MASS. — A joint venture of Celera Properties and AEW Capital Management has acquired Emerson Hospital Center for Specialty Care, a 46,350-square-foot medical office property in Concord, a northwestern suburb of Boston. Located at 54 Baker Ave. Extension, the building serves as a specialized outpatient facility for Emerson Hospital. Coleman Benedict, Ben Sayles and Mike Restivo led a JLL team that represented the seller, Concord Property Management, in the transaction. The team also procured the joint venture as the buyer.

February 7, 2020

Development Northeast Office Pennsylvania

Fe Equus Underway on 20,000 SF Office Building in Pittsburgh

by Alex Patton February 7, 2020

PITTSBURGH — Fe Equus Development LLC, a Wisconsin-based developer, is underway on BLD 2563, a 20,000-square-foot Class A office building in Pittsburgh. Situated at 2563 Brandt School Road, the property will offer amenities including a full kitchen, billiards and game room and a fitness room with Peloton bikes. Software company SRS Computing is the building’s first signed tenant, with 6,400 square feet on the top floor. Construction is slated for completion by the third quarter of this year. Tim Goetz and Darin Shriver of Cushman & Wakefield are leading the leasing initiative.

February 7, 2020

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