Northeast

CBRE Arranges $20M Sale of Bergen Medical Center in Paramus, New Jersey

by Alex Patton August 9, 2019

PARAMUS, N.J. — CBRE has arranged the $20 million sale of Bergen Medical Center, a 75,000-square-foot healthcare complex in Paramus, about 20 miles north of New York City. The property is located in close proximity to Valley Medical Center, Bergen Regional Medical Center and Hackensack University Medical Center. Nat Gambuzza, Jeffrey Babikian, Bob L’Abbate, Nor Ramos and Allyson L’Abbate of CBRE represented the seller, the Eye Institute of New Jersey, in the transaction and procured the buyer, a private investor.

August 9, 2019

Loans Multifamily Northeast Pennsylvania

Berkadia Negotiates Sale, Financing of 96-Unit Multifamily Community in Bethlehem, Pennsylvania

by Alex Patton August 9, 2019

BETHLEHEM, PA. — Berkadia has negotiated the sale of Birchwood Commons, a newly constructed, 96-unit multifamily community in Bethlehem, a city about 50 miles north of Philadelphia. The property was completed in 2018 and features one- and two-bedroom floor plans averaging 933 square feet. Matt Stefanski, Zac Pierce, Alan Krawitz and Christopher Farmer of Berkadia represented the seller, local developer Ashley Development Corp., in the transaction, and procured the buyer, Philadelphia-based Halfpenny Management Co. Stephen Comly of Berkadia secured acquisition financing through Investors Bank.

August 9, 2019

Loans Multifamily New Jersey Northeast

Greystone Provides $6.5M Freddie Mac Loan for Refinancing of Multifamily Property in New Jersey

by Alex Patton August 9, 2019

EAST ORANGE, N.J. — Greystone has provided a $6.5 million Freddie Mac loan to refinance 49 South Clinton Street, a 53-unit multifamily property located in East Orange, a city about 10 miles west of New York City. The non-recourse loan carries an adjustable-rate mortgage with a fixed rate for five years and 30-year amortization period. Jason Yuen of Greystone originated the loan. Morristown-based Red Oak Capital Advisors arranged the financing for the borrower.

August 9, 2019

Leasing Activity New York Northeast Retail

Helmsley Spear Negotiate 4,100 SF Retail Lease in Manhattan

by Alex Patton August 9, 2019

NEW YORK CITY — Helmsley Spear LLC has negotiated a 4,100-square-foot retail lease in the Financial District of Manhattan. The 20-year lease includes the ground floor of 83 Maiden Lane and a portion of the basement, which will be converted into a restaurant and brewery called MezCali. Kent Swig, Andrew Simon and Brett Zelner of Helmsley Spear represented the landlord, AHRC NYC, in the lease negotiations. Manu Wendum and Lee Block of Winnick Realty Group represented the tenant.

August 9, 2019

Development Multifamily Northeast Pennsylvania Student Housing

CA Student Living Begins Construction on $86M Student Housing Project in State College, Pennsylvania

by Alex Patton August 8, 2019

STATE COLLEGE, PA. — CA Student Living has begun construction on HERE at State College, an $86 million, 227-unit student housing property located one block from Penn State University. The 12-story complex will feature more than 700 beds and house 30,000 square feet of retail space on the lower two levels. The general contractor is Missouri-based Brinkmann Constructors, and the architect is Shepley Bulfinch. HERE at State College is expected to open in fall 2020.

August 8, 2019

Acquisitions New Jersey Northeast Office

JLL Arranges Sale of 330,000 SF Office Property in Princeton, New Jersey

by Alex Patton August 8, 2019

PRINCETON, N.J. — JLL has arranged the sale of 1 University Square, a 330,000-square-foot office property in Princeton. Global investment management firm BlackRock anchors the building. Jose Cruz, Andrew Scandalios, Kevin O’Hearn, Stephen Simonelli, Michael Oliver and J.B. Bruno of JLL represented the seller, a partnership between RXR Realty and The Blackstone Group, in the transaction, and procured the buyer, investment firm Argent Ventures. The sales price was undisclosed.

August 8, 2019

Development Multifamily Northeast Pennsylvania Student Housing

Pinecrest, Cardinal Group Complete 473-Bed Student Housing Community in Pittsburgh

by Alex Patton August 8, 2019

PITTSBURGH — A joint venture between Pinecrest and Cardinal Group has completed construction on The Bridge on Forbes, a 473-bed student housing property in Pittsburgh. The community offers fully furnished studio-, one-, two- and three-bedroom units to students attending the University of Pittsburgh, Carnegie Mellon University and Carlow University. Shared amenities include a 24-hour fitness center, an outdoor deck with grilling stations and fire pits, collaboration rooms, a coffee bar and lounge and retail space occupied by Arby’s and Bank of America. The property is fully leased for the upcoming academic year.

August 8, 2019

Loans Multifamily New Jersey Northeast Seniors Housing

Greystone Provides $16.5M Freddie Mac Acquisition Loan for Seniors Housing Community in New Jersey

by Alex Patton August 8, 2019

MONROE, N.J. — Greystone has provided a $16.5 million Freddie Mac loan for the acquisition of Waterside Villas, a 100-unit seniors housing community located in Monroe, a city about 20 miles northeast of Trenton. The loan carries a 10-year term and 30-year amortization schedule with a fixed interest rate and interest-only payments for the first five years. Sela Realty, an apartment rental agency based in New Jersey, was the borrower and buyer. John Williams and Ephraim Kantor of Greystone’s New York office originated the loan, while Adam Zweibel of Gebroe-Hammer brokered the transaction.

August 8, 2019

Connecticut Loans Multifamily Northeast

Capital Funding Provides $2.8M Loan for Refinancing of Multifamily Asset in Meriden, Connecticut

by Alex Patton August 8, 2019

MERIDEN, CONN. — Capital Funding Group (CFG), a Baltimore-based lender, has provided a $2.8 million bridge-to-HUD loan for the refinancing of Meriden Mill, a 43-unit multifamily property in Meriden, about 20 miles south of Hartford. The owner and borrower, Manhattan Five Realty, will use a portion of the proceeds to fund future renovations. Gary Sever of CFG handled the transaction through HUD’s 223(f) refinance program, which is used to refinance market-rate multifamily properties.

August 8, 2019

Acquisitions Connecticut Northeast Office Retail

CBRE Arranges $67M Sale of Retail, Office Property in Greenwich, Connecticut

by Alex Patton August 7, 2019

GREENWICH, CONN. — CBRE has arranged the $67 million sale of a retail and office property in Greenwich, located about 30 miles north of New York City. The 62,850-square-foot property is located at 200 Greenwich Ave. on a retail corridor that also includes Tiffany, Gucci and Vineyard Vines. Jeffrey Dunne, David Gavin, Jeremy Neuer and Travis Langer of CBRE represented the landlord, 200 Greenwich Avenue LLC, in the transaction, and procured the buyer, Kensico Properties.

August 7, 2019

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