Northeast

FCP Acquires 286-Unit Apartment Community in Philadelphia for $117.9M

by Taylor Williams June 18, 2019

PHILADELPHIA — FCP, a Maryland-based investment firm, has acquired Edgewater, a 286-unit apartment community located at 2323 Race St. in the Center City neighborhood of Philadelphia, for $117.9 million. Edgewater offers a mix of studio, one-, two- and three-bedroom units and amenities such as a 24-hour fitness center with a yoga studio, resident lounge and hospitality center and a children’s play area. The sale includes land for additional development. Erin Miller and Lizann McGowan of Newmark Knight Frank represented the seller, an institutional investor advised by J.P. Morgan Asset Management, in the transaction.

June 18, 2019

Development Healthcare New York Northeast

New York State Department Approves $92.9M Healthcare Project in Kingston

by Taylor Williams June 18, 2019

KINGSTON, N.Y. — The New York State Department has approved a proposal from HealthAlliance of the Hudson Valley to transform and expand its hospital in Kingston, a project that is valued at roughly $92.9 million. Project plans call for the construction of a new, 79,000-square-foot building that will house 175 beds and an emergency care center and a full renovation of the existing 48,000-square-foot space. An exact construction start date has yet to be determined, but the department’s approval represents the final hurdle to be cleared in green-lighting the project, according to the development team.

June 18, 2019

Industrial Loans New York Northeast Self-Storage

Talonvest Arranges $48.8M Bridge Loan for Refinancing of NYC Self-Storage Properties

by Taylor Williams June 18, 2019

NEW YORK CITY, NEW ROCHELLE AND MOUNT VERNON, N.Y. — Talonvest Capital Inc., a California-based mortgage broker, has arranged a $48.8 million bridge loan for the refinancing of three self-storage properties located throughout the New York City metropolitan area. The properties total 175,531 net rentable square feet across 2,012 units and are located in The Bronx, New Rochelle and Mount Vernon. An undisclosed lender provided the three-year, nonrecourse loan to a partnership between Kansas-based Clark Investment Group and self-storage developer GoodFriend Management. A full service commercial real estate lender provided the loan, which included an interest/operating reserve, individual release provisions and prepayment flexibility.

June 18, 2019

Loans Multifamily New York Northeast

Arbor Provides $15M Bridge Loan for Refinancing of Brooklyn Apartment Complex

by Taylor Williams June 18, 2019

NEW YORK CITY — Arbor Realty Trust Inc. has provided a $15 million bridge loan for the refinancing of a 43-unit apartment complex located at 2417 Albemarle Road in Brooklyn. The property was built in 2018 and features an oversized common deck, bike storage area and an underground parking garage. Eugene Yanovskiy of Arbor originated the loan, which carries a two-year term with interest-only payments. The borrower was not disclosed.

June 18, 2019

Acquisitions Hospitality Northeast Pennsylvania

HREC Brokers Sale of 110-Room Hampton Inn & Suites in Hershey, Pennsylvania

by Taylor Williams June 18, 2019

HERSHEY, PA. — HREC Investment Advisors has brokered the sale of a 110-room Hampton Inn & Suites located in Hershey, an eastern suburb of Harrisburg. Kenan Patel and Kevin Hanley of HREC handled the sale on behalf of the buyer and seller, both of which requested anonymity. Greg Porter of HREC arranged an acquisition loan for the transaction that carried a 10-year term, a 72.6 percent loan-to-cost ratio and a fixed interest rate of 4.35 percent.

June 18, 2019

Development Northeast Pennsylvania Retail

Penn National Gaming to Open $111M Casino in Morgantown, Pennsylvania

by Taylor Williams June 17, 2019

MORGANTOWN, PA. — Penn National Gaming Inc., an owner-operator of gaming and racing facilities, has received licensing approval from the Pennsylvania Gaming Control Board and will soon begin construction on a $111 million casino in Morgantown. The property will be built on 36 acres at the intersection of I-76, I-176 and State Route 10 and located roughly midway between Philadelphia and Harrisburg. The casino will span 80,000 square feet and offer 750 slot machines and 30 game tables, a sports book, restaurant, food hall and entertainment lounge. The project, which carries an 18-month construction schedule, is expected to create 250 new jobs at the casino and 275 construction jobs.

June 17, 2019

150-Milford-Road-East-Windsor-New-Jersey

Acquisitions Industrial New Jersey Northeast

Dermody Properties Acquires 615,000 SF Logistics Center in New Jersey

by Taylor Williams June 17, 2019

EAST WINDSOR, N.J. — Dermody Properties has acquired a 615,000-square-foot logistics center in East Windsor, a northern suburb of Trenton. Built in 1998 and expanded in 2003, the 51.5-acre property features a clear height of 36 feet, 41 dock-high doors, 413 automobile parking spots and 28 trailer parking spots. Dermody, an investment firm based in Reno, Nevada, plans to upgrade the building and make the space available for occupancy by 2020. CBRE is handling leasing of the center.

June 17, 2019

Colwick-Business-Center-Cherry-Hill-New-Jersey

Acquisitions New Jersey Northeast Office

JLL Negotiates $17.4M Sale of 172,500 SF Office Park in Cherry Hill, New Jersey

by Taylor Williams June 17, 2019

CHERRY HILL, N.J. — JLL has negotiated the $17.4 million sale of Colwick Business Center, a 172,500-square-foot office park located outside Philadelphia in Cherry Hill. The three-building property was 90 percent leased at the time of sale. An undisclosed Brooklyn-based firm acquired the portfolio from a joint venture between Endurance Real Estate Group and Blue Vista Capital Management. Brett Grifo, Jim Galbally, John Plower and Chad Orcutt of JLL brokered the deal.

June 17, 2019

Loans Multifamily New Jersey Northeast

NorthMarq Capital Provides $44.4M in Loans to Refinance New Jersey Multifamily Portfolio

by Taylor Williams June 17, 2019

LITTLE FERRY, N.J. — NorthMarq Capital has provided $44.4 million in Freddie Mac loans for the refinancing of a three-property multifamily portfolio totaling 516 units in Little Ferry, located across from Upper Manhattan. The properties include Gilbert Manor, North Village I and North Village II. Robert Ranieri of NorthMarq’s White Plains, New York, office arranged the loans, which were structured with seven-year terms, two years of interest-only payments and 30-year amortization schedules on behalf of the undisclosed borrower.

June 17, 2019

Leasing Activity Northeast Office Pennsylvania

Marcus & Millichap Relocates Office From Wynnewood, Pennsylvania to King of Prussia

by Taylor Williams June 17, 2019

KING OF PRUSSIA, PA. — Marcus & Millichap has relocated its office in the western Philadelphia suburb of Wynnewood to 200 N. Warner Road in King of Prussia. Sean Beuche, regional manager of Marcus & Millichap’s Philadelphia office, will oversee the new operation, which is currently manned by eight agents.

June 17, 2019

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