Northeast

Greystone Arranges $50M Loan for Refinancing of Brooklyn Multifamily Building

by Alex Patton November 19, 2019

NEW YORK CITY — Greystone has arranged a $50 million bridge loan for the refinancing of House No. 94, a recently constructed 75-unit multifamily building in the Williamsburg neighborhood of Brooklyn. An affiliate of Ares Management LLC provided the five-year, variable-rate loan to the borrower, an affiliate of Hudson Cos. Inc. Completed in 2018, the property offers mixed-income housing, ground-floor retail space and amenities including a 12,000-square-foot courtyard, tenant lounge and fitness center.

November 19, 2019

Acquisitions Delaware Multifamily Northeast

Evergreen Acquires 116-Unit River Commons Apartments in Wilmington, Delaware

by Alex Patton November 19, 2019

WILMINGTON, DEL. — Evergreen Apartment Group Inc. has acquired River Commons Apartments, a 116-unit multifamily property in Wilmington, located approximately 25 miles southwest of Philadelphia. River Commons, which was redeveloped in 2004, offers two- and three-bedroom apartments with a community clubhouse. Andrew Townsend of Marcus & Millichap represented Evergreen in the transaction, the seller in which was not disclosed. Key Bank Real Estate Capital provided a Fannie Mae acquisition loan, and AMA Financial was the mortgage broker.

November 19, 2019

Development Hospitality Massachusetts Northeast

Olshan Properties-Led Partnership Underway on $125M Canopy by Hilton Hotel in Boston

by Taylor Williams November 18, 2019

BOSTON — A partnership between Olshan Properties, CV Properties and Harbinger Development is underway on construction of a 212-room Canopy by Hilton hotel in downtown Boston. The $125 million hotel will be located across from the Rose Fitzgerald Kennedy Greenway parks near the city’s Haymarket and North End Districts and will add 12,711 square feet of ground-floor retail and restaurant space to the local supply. Olshan Properties will manage the hotel, which is slated for delivery by mid-2021.

November 18, 2019

Loans New Jersey Northeast Retail

JLL Secures $32M Loan for Refinancing of Shopping Center in Lyndhurst, New Jersey

by Taylor Williams November 18, 2019

LYNDHURST, N.J. — JLL has secured a $32 million loan for the refinancing of Veterans Square Town Center, a 136,928-square-foot shopping center in Lyndhurst, a western suburb of New York City. Originally constructed in 2000, Veterans Square Town Center is fully occupied by 13 tenants, including anchor tenant ShopRite, HomeGoods, PetSmart and Supercuts. PGIM Real Estate Finance provided the nonrecourse loan, which carries a 10-year term and a fixed rate. Proceeds will be used to refinance an existing loan previously arranged by HFF prior to its acquisition by JLL. Jon Mikula, Michael Klein and Connor Van Cleef of JLL secured the loan for the borrower, The Hampshire Cos.

November 18, 2019

Company News New York Northeast

Cushman & Wakefield Acquires NAI Long Island, Hires 16 Professionals

by Taylor Williams November 18, 2019

MELVILLE, N.Y. — Cushman & Wakefield has acquired the brokerage division of NAI Long Island, adding 16 new commercial leasing and investment sales professionals to its regional workforce. Founded in 1980 by Carmine Inserra, NAI Long Island is based in Melville, located centrally on Long Island, and represents both investors and tenants in leasing and sales of office, industrial, retail and mixed-use properties. Former NAI Long Island employees will continue to work temporarily in NAI Long Island’s current office until all team members relocate to a new Cushman & Wakefield office in Melville in 2020. Financial details of the acquisition were not disclosed.

November 18, 2019

Acquisitions Industrial Northeast Pennsylvania

Colliers Brokers Sale of 100,800 SF Industrial Facility in Bristol, Pennsylvania

by Taylor Williams November 18, 2019

BRISTOL, PA. — Colliers International has brokered the $6.8 million sale of 220 Rittenhouse Circle, a 100,800-square-foot industrial facility in Bristol, a southern suburb of Trenton. The property is located within Keystone Industrial Park, which offers immediate access to I-95 and also houses tenants including FedEx, L3 Communications and Office Depot. Jim Scott of Colliers represented the buyer, Penwood Real Estate Investment Management. The seller was undisclosed.

November 18, 2019

Leasing Activity New Jersey Northeast Office

Geosyntec Consultants Signs 8,886 SF Office Lease in Hopewell, New Jersey

by Taylor Williams November 18, 2019

HOPEWELL, N.J. — Environmental consulting and engineering firm Geosyntec Consultants has signed an 8,886-square-foot office lease at Princeton Place at Hopewell, an office campus located approximately 15 miles north of Trenton. The company will relocate its regional office from Ewing to the three-building, Class A office campus. Additional tenants at the campus include health insurance provider Horizon Blue Cross, pharmaceutical developer Janssen Research and Bank of America. Amenities include onsite dining services, a fitness ccenter and an outdoor space with a jogging trail, multiple sporting fields and courts. Steve Tolkach of Newmark Knight Frank represented Geosyntec Consultants in the lease negotiations. Todd Elfand, Kevin Carton, Paul Giannone and Joe Vacca of Cushman & Wakefield represented the landlord, Lindy Communities.

November 18, 2019

Loans Multifamily New Jersey Northeast Top Stories

Roseland Residential Receives $300M Construction Loan for 57-Story Apartment Building in Jersey City

by Taylor Williams November 18, 2019

JERSEY CITY, N.J. — Roseland Residential Trust, a subsidiary of locally based REIT Mack-Cali Realty Corp. (NYSE: CLI), has received a $300 million loan for the construction of The Charlotte, a 57-story apartment tower on the fringe of New York City. The Charlotte will be located at 25 Christopher Columbus Drive in Jersey City and feature 750 Class A apartments, 37 of which will be earmarked for affordable housing. In addition, Roseland Residential will construct a 36,000-square-foot elementary school on the site that will be deeded over to Jersey City upon completion. The Charlotte will also feature approximately 16,500 square feet of retail space and a public plaza. Michael Sherman and Irene Lu of CBRE’s Midtown Manhattan office arranged the financing through an undisclosed lender on behalf of Roseland Residential Trust. The nonrecourse loan was structured with a five-year term and a one-year extension option. “The trophy quality of the asset, strength of sponsorship and prime location led to a highly competitive bid process for this loan at very attractive pricing,” says Sherman. “The project is a testament to the continuing growth of Jersey City, as evidenced by the strong partnership between the developer and the municipality.” Construction of the …

November 18, 2019

Development Multifamily New York Northeast

NKF Arranges $44 Million Acquisition Loan for Development Site in Manhattan

by Alex Patton November 15, 2019

NEW YORK CITY — Newmark Knight Frank (NKF) has arranged a $44 million acquisition loan for 4650 Broadway, a 47,350-square-foot development site located in the Inwood neighborhood of Manhattan. SCALE Lending, the lending arm of Slate Property Group, provided the floating-rate loan to Arden Group Inc. The borrower plans to use the loan to acquire the site and develop a 300,000-square-foot multifamily building with retail space. Dustin Stolly and Jordan Roeschlaub led the NKF team that secured the loan.

November 15, 2019

Connecticut Loans Multifamily Northeast Seniors Housing

HJ Sims Secures $45.8M Construction Loan for Seniors Housing Property in New Haven, Connecticut

by Alex Patton November 15, 2019

NEW HAVEN, CONN. — HJ Sims has secured a $45.8 million construction loan for The Mary Wade Home, a seniors housing property in New Haven that offers a skilled nursing center, residential care home services, adult day medical health center, physical rehabilitation and transportation services. The borrower, Mary Wade, is expanding by adding an assisted living and memory care building on parcels of nearby land acquired over several years. This new building, when delivered in 2021, will complete the continuum of care by enabling residents with assisted living needs to remain in the community as their needs change over time.

November 15, 2019

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