Northeast

Philadelphia Retail Market Embraces Change in ’20s

by Alex Patton February 25, 2020

As our economy fades out of one decade and cruises into the next, a look in the rearview mirror reveals more than 10 years of expansion and 10-year GDP growth in excess of 26 percent. Sean Beuche, Marcus & Millichap The Philadelphia and Northeastern retail investment sales markets should be both thankful for progress made and road bumps navigated and mindful of several current trends affecting transactions and challenges looming on the horizon for owners and tenants of single and multi-tenant retail assets alike. Savvy Investors enter 2020 with the wind at their backs in many respects while also facing some familiar and unconventional challenges ahead. The 3.7 percent unemployment remains near a 50-year low, meaning that consumers are gainfully employed with money to spend. Mixed-use developments that capture the live-work-play lifestyle are ubiquitous and keep placemaking everywhere they spring up. Millennials and baby boomers alike are demanding walkable communities and opportunities to spend more of their money closer to home via dining out, signing up for memberships at gyms and fitness centers. Both these groups are enjoying the experiential retail that every landlord desires in their centers and portfolios. Stocks of publicly traded retailers like Target, Walmart, and Home …

February 25, 2020

Development Massachusetts Mixed-Use Northeast

National Development Unveils Plans for Mixed-Use Project in Boston

by Alex Patton February 24, 2020

BOSTON — Locally based firm National Development has unveiled plans for a mixed-use project at 333 Dorchester Ave. in South Boston, pending approval from the City of Boston. The project will include 256 apartment units, 47,000 square feet of office space, 14,500 square feet of retail space and public green space. The project is part of a larger Dorchester Avenue redevelopment initiative spearheaded by National Development, which includes transformation of industrial buildings including 333 Dorchester Ave. into primarily residential and commercial properties.

February 24, 2020

Acquisitions Multifamily New York Northeast

Stonehenge NYC, A-Rod Corp., Modlin Group Acquire Multifamily Building in Manhattan for $66.2M

by Alex Patton February 24, 2020

NEW YORK CITY — A partnership between Stonehenge NYC, A-Rod Corp. and Modlin Group has acquired a 114-unit multifamily building in the Midtown East neighborhood of Manhattan, for $66.2 million. The London Family constructed the 14-story building, which is located at 340 East 51st St., in 1965. Formerly known as Allen House, the building has been rebranded as Stonehenge 51. David Krantz and Paul Leibowitz of Savills represented the partnership in the transaction. Former Major League Baseball player Alex Rodriguez founded A-Rod Corp.

February 24, 2020

Connecticut Industrial Loans Northeast Self-Storage

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

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