Northeast

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Extell Development Tops Out 245-Unit Multifamily Project at Jersey Shore

by Taylor Williams May 22, 2019

LONG BRANCH, N.J. — Extell Development Co. has topped out The Lofts Pier Village, a 245-unit multifamily project located in the Jersey Shore area. The property will feature condominiums available in one-, two-, three- and four-bedroom formats with floor-to-ceiling windows, open layouts and private outdoor terraces. Amenities will include a pool, private 1.5-acre park, lounge area with fire pits and grills, fitness center with men’s and women’s locker rooms, children’s play area, as well as package reception and bike storage services. Prices run from $569,000 to $2.4 million, with the first sales expected to close later this year. ShorePoint Architecture designed the community.

May 22, 2019

Acquisitions Massachusetts Northeast Retail

HFF Negotiates Sale of 291,860 SF Retail Center Near Downtown Boston

by Taylor Williams May 22, 2019

BOSTON — HFF has negotiated the sale of Meadow Glen, a 291,860-square-foot retail center located near downtown Boston. A Wegmans grocery store anchors the property, which was redeveloped in 2017 and now houses other tenants such as Dick’s Sporting Goods, Marshalls and Petco. Coleman Benedict, Riaz Cassum, Jim Koury and Ben Sayles of HFF marketed the property on behalf of the seller, a private partnership. The team also procured the buyer, global investment manager DWS Group. The sales price was not disclosed. Meadow Glen, which was fully leased at the time of sale, is one of only six retail centers in Boston that is anchored by a Wegmans.

May 22, 2019

Affordable Housing Loans Multifamily New York Northeast

KeyBank Closes $42M in Financing for Renovation of Affordable Housing Property in The Bronx

by Taylor Williams May 22, 2019

NEW YORK CITY — KeyBank’s community lending and investment team has closed a $42 million Fannie Mae loan for the Phase II renovation of Twin Parks West, a 311-unit affordable housing property located in The Bronx. A portion of the proceeds will also be used to refinance existing debt on the asset. Tabare Borbon of KeyBank closed the loan, which carried a fixed interest rate, 15-year term, 35-year amortization schedule and five years of interest-only payments. The borrower was a joint venture between Gilbane Development Co., Kraus Management, Apex Building Group and Dantes Partners.

May 22, 2019

Loans Mixed-Use New York Northeast

MRC Provides $30M Loan for Development of Mixed-Use Project in Queens

by Taylor Williams May 22, 2019

NEW YORK CITY — Madison Realty Capital (MRC) has provided a $30 million loan for the development of a 17-story mixed-use project in the Flushing neighborhood of Queens. Proceeds will be used to cover various pre-construction costs. The project, located at the former site of the RKO Keith’s Theater, will ultimately feature 269 residential units, 17,000 square feet of retail space, 15,000 square feet of additional communal space and 305 parking spaces. MRC provided the loan to Xinyuan Real Estate, which plans to demolish the existing structure by February 2020 and commence construction shortly thereafter.

May 22, 2019

Acquisitions Connecticut Multifamily Northeast

Northeast Private Client Group Brokers $12.4M Sale of Connecticut Apartment Portfolio

by Taylor Williams May 22, 2019

WINSTED AND TORRINGTON, CONN. — Northeast Private Client Group, an investment sales brokerage firm with offices throughout the Northeast, has brokered the $12.4 million sale of a portfolio of apartment properties located throughout Connecticut. The portfolio spans three properties totaling 187 units. Brad Balletto, Rich Edwards and Jeff Wright of the firm’s Shelton, Connecticut, office brokered the deal on behalf of the sellers and procured the buyer, Monsey, New York-based Yellowstone Property Group. The sale closed at a capitalization rate of 7.3 percent based on current net operating income.

May 22, 2019

Hospitality Market Reports Northeast Northeast Market Reports Rhode Island

Rhode Island — The Land of Hotels, Schools and Medical Properties

by Kristin Harlow May 22, 2019

Thus far in 2019, much of the growth and development in Rhode Island has been focused on downtown Providence. Much of this has to do with the colleges and hospitals, as well as the residential component in general. But Rhode Island continues to develop hotels, especially in downtown, due in part simply to having a vibrant, in-demand city. Officials want to create the ability for Providence to compete for and attract top-tier conventions. Hotel Development Wave With 1,000-plus hotel rooms coming on line over the next 18 to 24 months, along with another 1,000 residential units of new and redeveloped housing, the long sought-after downtown Providence residential market seems to be here. Examples of this hotel development include the following: • Procaccianti Group’s 176 room Marriott Residence Inn at the Convention Center, coming in the second half of 2019; • First Bristol & Paolino Properties’ 120-room Homewood Suites Extended Stay, which opened in April; • Hotel Beatrice, 28-32 Kennedy Plaza, 48 rooms, under construction; • Best Western Glo Hotel, 322 Washington Street, 76 rooms, commission/board review approved; • Aloft hotel, Innovation Complex, 170 rooms, commission/board review approved; • Holiday Inn, 371 Pine Street, 91 rooms, commission/board review approved; • Hotel …

May 22, 2019

Acquisitions Healthcare Life Sciences Massachusetts Northeast Office

Harrison Street Acquires 676,917 SF Life Sciences Property Near MIT

by Taylor Williams May 21, 2019

CAMBRIDGE, MASS. — Chicago-based investment management firm Harrison Street has acquired Osborn Triangle, a 676,917-square-foot life sciences property situated adjacent to the Massachusetts Institute of Technology (MIT) campus in Cambridge. The complex encompasses three buildings, all of which were either recently built or renovated. The sale included a 650-space parking garage. Harrison Street partnered with Bulfinch Cos., a subsidiary of MIT that retains a partial interest in the property, for the acquisition. Osborn Triangle was fully leased at the time of sale to seven tenants, including anchors Pfizer, Novartis International AG and LabCentral, an incubator for life science and biotech startups. MIT will retain long-term ownership of the land. The sales price was not disclosed.

May 21, 2019

Loans Massachusetts Multifamily Property Type

American Street Capital Arranges $30.4M Refinancing for Apartment Building in Boston

by Taylor Williams May 21, 2019

BOSTON — American Street Capital (ASC), a Chicago-based intermediary specializing in balance sheet and CMBS deals, has arranged a $30.4 million loan for the refinancing of Barclay on Beacon, a 111-unit apartment building located in the Brookline neighborhood of Boston. Built in 1965, the property offers one- and two-bedroom units averaging 1,014 square feet. Amenities include a 92-space underground parking garage, rooftop pool with pavilion, onsite laundry facilities and tenant lounge. Igor Zhizhin and Alexander Rek of ASC placed the nonrecourse loan with an agency lender on behalf of an undisclosed borrower. The loan, which was secured to transition the property out of floating-rate debt accrued in 2016, features a fixed interest rate for the 15-year term with an initial eight years of interest-only payments on a 30-year amortization schedule.

May 21, 2019

Loans New York Northeast Retail

Cronheim Mortgage Places $30M in Permanent Financing for Retail Center in Pelham Manor, New York

by Taylor Williams May 21, 2019

PELHAM MANOR, N.Y. — New Jersey-based Cronheim Mortgage has placed $30 million in permanent financing for Post Road Plaza, a 257,593-square-foot regional shopping center in Pelham Manor, about 20 miles north of Manhattan. Transamerica Financial Life Insurance Co. provided the 15-year loan, which amortizes over 30 years. Post Road Plaza, which was built in the early 1960s, comprises a two-story primary retail strip, a one-story secondary strip and three outparcel buildings. A 75,000-square-foot Fairway supermarket anchors the property, which also houses a Dave & Buster’s, 24 Hour Fitness, HomeGoods, Lane Bryant, Smashburger and Sally Beauty Supply. The borrower was not disclosed.

May 21, 2019

Industrial Loans New York Northeast

Aries Capital Closes $6.5M CMBS Loan to Refinance Manufacturing Facility in Brooklyn

by Taylor Williams May 21, 2019

NEW YORK CITY — Aries Capital LLC, a Chicago-based commercial mortgage and investment banking firm, has closed a $6.5 million CMBS loan for the refinancing of a 16,500-square-foot manufacturing facility in Brooklyn. The property is located at 413 20th St. in the borough’s Greenwood Heights neighborhood and was fully leased at the time of sale to Sedona Marble & Granite, which is also a part owner of the building. Neil Freeman and Brandon Perdeck of Aries Capital handled the transaction on behalf of the borrower, New York-based TKS Development Group. The nonrecourse loan carried a 10-year term, 75 percent loan-to-value ratio and 30-year amortization schedule.

May 21, 2019

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