Northeast

Equus Completes 182-Unit Madison Lansdale Station Apartments Near Philadelphia

by Taylor Williams January 23, 2020

LANSDALE, PA. — Equus Capital Partners, a locally based private equity fund, has completed Madison Lansdale Station, a 182-unit multifamily property in Lansdale, about 25 miles north of Philadelphia. The property, which features studio, one- and two-bedroom units, is part of a 6.7-acre mixed-use development located adjacent to Lansdale station on the SEPTA transit line. Additional uses include single-family homes and 15,000 square feet of retail space. Amenities at Madison Lansdale Station, which is now 50 percent leased, include a fitness center, business center, clubhouse, demonstration kitchen, billiard room and outdoor spaces with lounges and fire pits.

January 23, 2020

Development Massachusetts Multifamily Northeast

Greystar to Develop 126-Unit Apartment Building in Boston’s Back Bay

by Taylor Williams January 23, 2020

BOSTON — Charleston, S.C.-based Greystar has acquired land at 212 Stuart St. in Boston’s Back Bay neighborhood for the development of a 19-story, 126-unit apartment building that will also feature ground-floor retail space. The property will offer one- and two-bedroom units as well as three-bedroom penthouses ranging in size from 500 to 2,100 square feet. Amenities will include a fitness center, lounge, library and bike storage space. Greystar plans to break ground this month and to complete the project in the first half of 2022.

January 23, 2020

Loans Massachusetts Multifamily Northeast

Citizens Bank Provides $53M Construction Loan for Boston Multifamily Project

by Taylor Williams January 23, 2020

BOSTON — Citizens Commercial Banking has provided a $53 million construction loan for 7INK, a 180-unit multifamily project in Boston. The property will be located within Ink Block, a mixed-use development at the former site of The Boston Herald in the city’s South End neighborhood. Floor plans will include fully furnished studios, one-bedroom residences and shared suites. The borrower was Massachusetts-based National Development.

January 23, 2020

Loans Multifamily New York Northeast

Black Bear Capital Arranges $50.4M in Permanent Financing for Multifamily Portfolio in The Bronx

by Taylor Williams January 23, 2020

NEW YORK CITY — Black Bear Capital Partners has arranged $50.4 million in permanent financing for a portfolio of multifamily properties in The Bronx. Morgan Stanley provided the loan, which carries a fixed interest rate of 3.78 percent and 10 years of interest-only payments, to Finkelstein Timberger East Real Estate. The portfolio spans five properties and includes 357 multifamily units and nine commercial spaces. Bryan Manz, Rob Serra and Emil DePasquale of Black Bear arranged the transaction.

January 23, 2020

Acquisitions New Jersey Northeast Office

CBRE Brokers $15.2M Sale of Hamilton Plaza Office Building in Paterson, New Jersey

by Taylor Williams January 23, 2020

PATERSON, N.J. — CBRE has brokered the $15.2 million sale of 100 Hamilton Plaza, a 181,995-square-foot office building in Paterson, a city in Northern New Jersey. The 14-story, transit-served building was 90 percent leased at the time of sale. Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Gene Pride, Travis Langer and Zach McHale of CBRE represented the seller, Mountain Development Corp., in the transaction. The team also procured the buyer, a private investor based in New York City.

January 23, 2020

Acquisitions Northeast Office Pennsylvania

JLL Negotiates $180M Sale of Westinghouse Electric Headquarters Near Pittsburgh

by Taylor Williams January 22, 2020

CRANBERRY TOWNSHIP, PA. — JLL has negotiated the sale of the Westinghouse Electric Co. headquarters building, an 823,979-square-foot office asset located in Cranberry Township, about 20 miles north of Pittsburgh. Columbia Property Trust sold the property to an institutional investment firm for $180 million.Built in 2009, the Class A complex houses Westinghouse’s executive offices, research and development branch and other various support functions. Amenities at the center include tennis, basketball and volleyball courts, childcare services, walking trails and a bank branch. John Pelusi, Mark Popovich, Mark West, Coler Yoakam and Nick Unkovic of JLL represented the seller, Columbia Property Trust, in the transaction.

January 22, 2020

Acquisitions Connecticut Northeast Office

Stone Harbour Capital Acquires 162,000 SF Office Building in Milford, Connecticut

by Taylor Williams January 22, 2020

MILFORD, CONN. — Connecticut-based private equity firm Stone Harbour Capital has acquired a 162,000-square-foot office building in the coastal Connecticut city of Milford. Built on 12 acres in 1988, the four-story property was formerly known as Merritt Crossing. Stone Harbour will rebrand the building as Great River Corporate Center and introduce a value-add program that will deliver an upgraded café, coffee bar, fitness center, coworking spaces and conference center, as well as dining and recreation areas. Renovations are set to start this month with completion slated for summer 2020. The seller was not disclosed.

January 22, 2020

Loans Multifamily New York Northeast

Berkadia Arranges $32M in Financing for Manhattan Residential Project

by Taylor Williams January 22, 2020

NEW YORK CITY — Berkadia has arranged a $32 million senior loan with a mezzanine loan component for a 60-unit residential project at 433 W. 53rd St. in Midtown Manhattan. Proceeds will be used to stabilize the community, construction of which was recently completed. Keysite Capital Partners provided the loan to the borrower, Emmut Properties. Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia handled the transaction.

January 22, 2020

Leasing Activity New Jersey Northeast Office

Global Bank Signs 53,186 SF Office Lease Extension at Woodbridge Corporate Plaza in Iselin, New Jersey

by Taylor Williams January 22, 2020

ISELIN, N.J. — Global banking organization BNP Paribas has signed a 53,186-square-foot office lease extension at Woodbridge Corporate Plaza, a 630,000-square-foot office complex in the central New Jersey city of Iselin. Owner KBS recently renovated Woodbridge Corporate Plaza, a six-building development that offers a 6,000-square-foot fitness center, full-service café and shuttle service to nearby public transit lines. Jamie Drummond and Andrew Perotti of Newmark Knight Frank represented KBS in the lease negotiations.

January 22, 2020

Market Reports Massachusetts Multifamily Northeast Northeast Market Reports

Selling Affordability is Crucial in Metro Boston

by Taylor Williams January 22, 2020

With a pressing demand for new housing in the Boston area and communities struggling to provide affordable options to mitigate the effect of rising prices, the barriers to providing new affordable multifamily properties remain significant. Here in the Boston region, the scale of the problem is immense. Boston’s Metropolitan Area Planning Council recently declared a need for 185,000 new units of housing over next 10 or so years in the 15 cities and towns that comprise the inner core of the metro area — just to keep up with expected growth. Some of the integral variables and processes associated with multifamily development, like land acquisition and construction costs, can be tangibly quantified. But harder to define is the often unpredictable process of securing public approvals, wherein a development team must navigate the sometimes contentious ground between neighborhood groups and regulatory agencies. Locally Scaled Solutions In 2018, Related Beal completed The Beverly, a 239-unit, income-restricted project in downtown Boston, capturing headlines that heralded this significant model for addressing housing affordability in the region. Landmark projects like The Beverly represent great strides toward addressing the housing affordability crisis and have helped raise the awareness of efforts to develop real solutions to the …

January 22, 2020

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