Northeast

HREC Arranges $14.1M Construction Loan for Tru by Hilton Hotel in Manchester, New Hampshire

by Alex Patton March 17, 2020

MANCHESTER, N.H. — Hospitality Real Estate Counselors (HREC) has arranged a $14.1 million construction loan for the 126-room Tru by Hilton hotel in Manchester, located approximately 15 miles south of Concord. A regional bank provided the loan. Florida-based developer Lansing Melbourne Group is building the hotel for $23 million, according to local news site manchesterinklink.com. John Siska and Mike Armstrong of HREC arranged the loan, specific terms of which were undisclosed. The hotel is expected to open in third quarter of 2020.

March 17, 2020

Acquisitions New Jersey Northeast Office

Thor Equities Acquires Liberty Innovation Centre Office Building in Jersey City for $94.5M

by Alex Patton March 16, 2020

JERSEY CITY, N.J. — Thor Equities Group has acquired Liberty Innovation Centra, a 337,888-square-foot office building in located at 95 Greene St. in Jersey City, for $94.5 million. The building served as a primary manufacturing facility for Colgate Palmolive until 1987, when it was converted into a Class A office building. The building offers convenient access to the Exchange Place rail station and Newark Airport. Daniel Loughlin, Jose Cruz and John Cunningham led a JLL team that represented the seller, SJP Properties, in the transaction.

March 16, 2020

Leasing Activity Northeast Office Pennsylvania

The Flynn Co. Negotiates 49,112 SF Office Lease in King of Prussia, Pennsylvania

by Alex Patton March 16, 2020

KING OF PRUSSIA, PENN. — The Flynn Co. has negotiated a 49,112-square-foot office lease for an undisclosed defense contractor in King of Prussia, a northwestern suburb of Philadelphia. The tenant will immediately take occupancy of the entirety of 1021 W. 8th Avenue, an office building situated adjacent to the Valle Forge Casino Resort and in close proximity to King of Prussia Mall. Duke Gleeson and Kevin Flynn Jr. of The Flynn Co. represented the landlord, MS County Line Associates, in the lease negotiations. JLL represented the tenant.

March 16, 2020

Acquisitions Connecticut Multifamily Northeast

Chozick Brokers $12M Sale of Apartment Community in Bloomfield, Connecticut

by Alex Patton March 16, 2020

BLOOMFIELD, CONN. — Chozick Realty has brokered the $12 million sale of Wedgewood apartments, a 112-unit apartment community in Bloomfield, a northern suburb of Hartford. The community was constructed in the 1960s and features one-, two- and three-bedroom apartments. The seller was a local family office. The buyer was a regional investor that targets garden-style apartments. Both parties involved in the transaction requested anonymity.

March 16, 2020

Leasing Activity New York Northeast Retail

Manolo Blahik to Open 9,947 SF Store in Manhattan

by Alex Patton March 16, 2020

NEW YORK CITY — Footwear retailer Manolo Blahik will open a 9,947-square-foot retail and office lease in Manhattan. The property with include 4,942 square feet of retail space and 5,005 square feet of office space. David Thomas Design will serve as the project architect for the interior build-out of the store. Ariel Schuster, Ben Birnbaum and Peter Shimkin represented Manolo Blahik in the lease negotiations. The landlord is 717 Madison LP The store is slated to open later this year.

March 16, 2020

Leasing Activity Northeast Pennsylvania Retail

Playa Bowls Signs 2,000 SF Retail Lease in Easton, Pennsylvania

by Alex Patton March 16, 2020

EASTON, PENN. — Quick-service restaurant Playa Bowls has signed a 2,000-square-foot retail lease in Easton, an eastern suburb of Allentown. The restaurant serves fruit bowls, smoothies, soups, salads and other items. The space is located within the Lower Nazareth Commons Shopping Center, an approximately 90,200-square-foot retail center located at 3770 Dryland Way. Target anchors the retail center, and other tenants include Petco and Burlington Coat Factory. Scott Horner of Colliers International represented the Playa Bowls in the lease negotiations. The landlord, Regency Centers Corp., was represented internally.

March 16, 2020

Loans New York Northeast Office Top Stories

JLL Arranges $545M Refinancing for Historic 711 Fifth Avenue Office Building in Manhattan

by Taylor Williams March 16, 2020

NEW YORK CITY — JLL has arranged a $545 million loan for the refinancing of 711 Fifth Avenue, a 340,024-square-foot office building in Manhattan. Originally built in 1927, the 18-story building consists of 284,061 square feet of office space and 55,963 square feet of retail space. In its 93-year history, 711 Fifth Avenue has served as the both the corporate and regional headquarters of companies such as NBC, Columbia Pictures and Coca-Cola. The building is located near Central Park and the world-renowned 57th Street luxury residential corridor, also known as Billionaires’ Row. Goldman Sachs served as the senior lender on the deal. The borrower was a partnership between locally based development firm SVHO, Deutsche Finance America and BLG Capital. The partnership acquired the building in September 2019. A portion of the proceeds will be used to fund capital improvements, including upgrades to the lobby, mechanical systems, terraces and other outdoor common areas. The SHVO-led development team has acquired seven properties during the past 18 months, including 685 Fifth Avenue, 711 Fifth Avenue and 530 Broadway in New York City. Michael Tepedino, David Sitt, Robert Tonnessen, Kristen Knapp and Sophie Gaylor led the JLL team that placed the debt. Wachtel Missry LLP served as the borrower’s legal …

March 16, 2020

Features Hospitality Industrial Midwest Multifamily Northeast Office Retail Southeast Texas Western

Coronavirus Resources for the Commercial Real Estate Industry

by Jaime Lackey March 13, 2020

REBusinessOnline has compiled a number of commercial real estate industry reports and webinars to help readers find the information they need regarding coronavirus (COVID-19) and commercial real estate. The reports are organized by relevance and timeliness. (This page is no longer updated as of June 1, 2020.) Interested in coronavirus-related news items posted by REBusinessOnline? Click here for the feed. Interested in commercial real estate-related webinars focusing on responses to the pandemic? Click here for the list. Webinars Student Housing Business Up Close with Bill Bayless (05/04/2020) How to Maintain Leasing Velocity in Today’s Environment (04/30/2020) COVID-19 & the Impact on Student Housing: The CEO Perspective (04/17/2020) The Impact of COVID-19 on Student Housing (03/25/2020) Marcus & Millichap Marcus & Millichap Special Update: Multifamily Legislation (05/13/2020) The Shape of Things to Come: How Will the Economy and Retail Real Estate Look After the Global Health Crisis? (05/18/2020) InterFace Conference Group Seniors Housing Marketing and Sales During the Pandemic and Beyond (Upcoming 05/20/2020) California Retail Reboot — How Will California’s Retail and Restaurant Sector Recover Post-Coronavirus? (05/21/2020) Atlanta Retail Reboot (05/08/2020) Texas Retail Reboot (05/07/2020) The Short- and Long-term Impact of COVID-19 on Healthcare and Medical Office Real Estate (04/14/2020, Fee is …

March 13, 2020

Loans Massachusetts Multifamily Northeast

Berkadia Arranges $211.2M Loan for Refinancing of Multifamily Property in Chestnut Hill, Massachusetts

by Alex Patton March 13, 2020

CHESTNUT HILL, MASS. — Berkadia has arranged a $211.2 million refinancing loan for Hancock Village, a 161-unit multifamily community in Chestnut Hill, a northwestern suburb of Boston. The 15-year Freddie Mac loan featured a fixed interest rate and a 30-year amortization schedule. The property features one- and two-bedroom townhomes and amenities including a fitness center and a resident lounge. Robert Lipson of Berkadia arranged the loan on behalf of the borrower, Chestnut Hill Realty.

March 13, 2020

Connecticut Loans Multifamily Northeast

Greystone Arranges $50M Construction Loan for Multifamily Project in New Haven, Connecticut

by Alex Patton March 13, 2020

NEW HAVEN, CONN. — Greystone has arranged a $50 million construction loan for a multifamily project that will be located at 44 Olive St in New Haven. BMO Harris Bank, a subsidiary of BMO Financial Group, provided the loan on a three-year initial term. The borrower, Adam America Real Estate, will use the loan to finance construction of a six-story multifamily building with 299 units and 6,100 square feet of ground-floor retail space. Drew Fletcher and Matthew Hirsh of Greystone arranged the loan. Construction is slated to be complete by August 2022.

March 13, 2020

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