Northeast

CBRE Arranges Office Lease in Pittsburgh for Kennametal Inc.

by David Cohen April 9, 2019

PITTSBURGH, PA. — CBRE has arranged an office lease for Kennametal Inc. at an office tower in Pittsburgh’s central business district. Located at 525 William Penn Place, the 900,000-square-foot, 41-story office property is owned by investment group FAC 525. The tower is Pittsburgh’s fourth-largest office building in the CBD. Major capital improvements are nearing completion as part of a rebranding and redevelopment initiative at the property, including a complete lobby renovation, fitness center and reserved tenant parking.CBRE represented FAC 525 in the deal. Avison Young represented Kennametal in the lease transaction, the size of which was not disclosed.

April 9, 2019

Acquisitions New York Northeast Office

JFR Global Investments Acquires Two Office Buildings on Long Island for $91M

by David Cohen April 8, 2019

GARDEN CITY, N.Y. — Brooklyn-based real estate investment firm JFR Global Investments has acquired two office buildings in Garden City for a total of $91 million. Atria East, which is located at 900 Stewart Ave. sold for $50 million while Atria West, which is located at 990 Stewart Ave., sold for $41 million. JFR plans to spend $4.2 million on upgrades and repairs to the 252,730-square-foot Atria East and $3.5 million on repairs and upgrades to the 297,339-square-foot Atria West. The seller was Onyx Equities and its partner, The Davis Cos.

April 8, 2019

New York Northeast Office

HFF Secures $32M Refinancing for Office Tower in Manhattan

by David Cohen April 8, 2019

NEW YORK CITY — HFF has secured a $32 million loan to refinance a 12-story office tower in the Garment District of Manhattan. Located at 35 W. 36th St., the 77,880-square-foot office building was built in 1911. The building’s renovated lobby includes two high-speed elevators as well as building amenities such as a doorman, 24/7 key card access, an onsite café and a kickboxing gym. Steven Klein, Scott Findlay and Jackie Ferrer of HFF secured financing on behalf of the borrower, Hidrock Properties. The lender was Ladder Capital Finance. Terms of the financing included a three-year, floating-rate loan.

April 8, 2019

Loans Massachusetts Multifamily Northeast Seniors Housing

KeyBank Originates $12.2M Fannie Mae Loan for 70-Unit Seniors Housing Community in Massachusetts

by David Cohen April 8, 2019

LEOMINSTER, MASS. — KeyBank Real Estate Capital has originated a $12.2 million Fannie Mae, first mortgage loan for Sunrise of Leominster in Leominster, approximately 40 miles west of Boston. Built in 1996, the three-story property features 70 units on a five-acre plot. The property originally comprised 48 assisted living units, with 23 memory care units added in 1999. In 2013, 10 existing assisted living units were converted into nine memory care units. During that renovation, a new common room and dining room were added. Carolyn Nazdin of KeyBank’s Commercial Mortgage Group arranged the non-recourse, fixed-rate loan with a 10-year interest-only term. The loan was used to refinance existing debt.

April 8, 2019

Acquisitions Mixed-Use New York Northeast

Cushman & Wakefield Negotiates $1M Sale of Mixed-Use Building in Long Island City

by David Cohen April 8, 2019

NEW YORK CITY — Cushman & Wakefield has arranged the $1 million sale of a mixed-use building in Long Island City. Located at 5105 34th St., the three-story, 2,360-square-foot property is fully renovated and consists of one commercial unit on the ground floor and two residential units on the upper floors. Stephen Preuss of Cushman & Wakefieldrepresented the undisclosed seller in the transaction. The buyer was Latino 2000 USA Inc.

April 8, 2019

Affordable Housing Development Loans Multifamily New Jersey Northeast

TD Bank Provides $6.9M Construction Loan for Affordable Housing Community in Camden, New Jersey

by David Cohen April 8, 2019

CAMDEN, N.J. — TD Bank has provided a $6.9 million construction loan for Cooper Plaza Townhomes, an affordable housing community in the Cooper Plaza historic district of Camden. All 64 townhomes will remain affordable, serving households earning less than 80 percent of the area median income. The loan will fund part of a $14 million renovation that will modernize the interiors and exteriors of the homes including new HVAC and mechanical systems, replacement of roofs, new windows and porch improvements.Additional funding includes a $3.1 million permanent mortgage provided by Berkadia. TD Bank provided the financing to borrower, The Michaels Organization. Terms of the financing were not disclosed.

April 8, 2019

Acquisitions Lee & Associates New York Northeast Retail

Lee & Associates Brokers $32M Sale of Parking Garage in Manhattan

by David Cohen April 5, 2019

NEW YORK CITY — Lee & Associates has brokered the $32.2 million sale of a 50,000-square-foot parking garage in Manhattan’s Flatiron district. Located at 41-47 E. 21st St., the four-story garage is six blocks from the 4, 5, 6, L, N, Q, R and W trains. Steve Lorenzo, Mitchell Salmon and Christopher Ventura of Lee & Associates represented the buyer, Mequity Cos., in the transaction. Sidney Rosenthal of Lee & Associates represented the seller, Zucker Organization.

April 5, 2019

Massachusetts Multifamily Northeast Seniors Housing

HJ Sims Arranges $20M Refinancing for Seniors Housing Community Near Boston

by David Cohen April 5, 2019

CANTON, MASS. — HJ Sims has arranged $20 million in bonds to refinance Orchard Cove, a continuing care retirement community in Canton. Hebrew SeniorLife (HSL) operates the community, which opened in 1993. HJ Sims underwrote the original bonds to build the community in 1992, and has provided expansion financing and capital planning over the intervening years. The new transaction will refinance the community’s existing tax-exempt, fixed-rate bonds. Financing objectives included creating a level annual debt service schedule compared with the fluctuating existing schedule, and maximizing annual debt savings over the near term to fund community improvements without increasing the debt load. The maturity on the new bonds was extended and amortized over 30 years, but included a five-year call provision to maintain future flexibility. The maximum annual debt service was reduced by approximately $1.2 million, and aggregate debt-service savings over the next seven years will be $15.4 million, according to HJ Sims.

April 5, 2019

Acquisitions Industrial New Jersey Northeast

HFF Negotiates $8.5M Sale of Industrial Facility in New Jersey

by David Cohen April 5, 2019

HAMILTON, N.J. — HFF has negotiated the $8.5 million sale of a 76,220-square-foot industrial facility in Hamilton. Located at 17 Quakerbridge Plaza Drive, the fully leased facility is situated on more than 13 acres. Marc Duval, Jordan Avanzato, Mark Mahasky, Kevin O’Hearn, Steve Simonelli and Michael Oliver of HFF represented the seller, Matrix Development Group, in the transaction. The buyer was Black Creek Group.

April 5, 2019

New York Northeast Retail

Houlihan-Parnes Secures $1.7M Refinancing for Shopping Center in Ardsley, New York

by David Cohen April 5, 2019

ARDSLEY, N.Y. — Houlihan-Parnes Realtors has secured a $1.7 million loan to refinance Ardsley Shopping Center in Ardsley. Located at 717-725 Saw Mill River Road, the center, which is anchored by a CVS Pharmacy, is approximately 19 miles north of Manhattan. James J. Houlihan, Christie L. Houlihan and Bryan J. Houlihan of Houlihan-Parnes secured the financing on behalf of the undisclosed borrower. The lender was a local bank. Terms of the financing included a five-year term with a 4.6 percent interest rate.

April 5, 2019

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