Northeast

RAL Development Completes 324-Room Hotel, Resort Project in Upstate New York

by Taylor Williams May 20, 2019

MONTICELLO, N.Y. — Manhattan-based RAL Development Services has completed The Kartrite Resort & Indoor Waterpark, a 324-room hotel and resort located in the Upstate New York city of Monticello. Located about 90 minutes outside New York City at the former site of The Concord Resort, The Kartrite’s signature feature is a two-acre indoor water park, the largest such attraction in the state. The property offers an array of other amenities for children, including a rock climbing wall, ropes and obstacle course, arcade games, mini-bowling alley and a laser tag arena. The Kartrite also houses eight uniquely themed restaurants and bars, a spa, pools and 11,000 square feet of conference and meeting space.

May 20, 2019

Berkeley-at-Waypointe-Norwalk-ConnecticutWaypointe-at-Berkeley-Norwalk-Connecticut

Connecticut Loans Multifamily Northeast

CBRE Arranges $53.5M Loan for Refinancing of Multifamily Assets in Norwalk, Connecticut

by Taylor Williams May 20, 2019

NORWALK, CONN. — CBRE has arranged a $53.5 million loan for the refinancing of The Berkeley at Waypoint and Quincy Lofts, two multifamily properties in Norwalk, located north of Stamford along the Connecticut coast. The Berkeley at Waypoint was built in 2017 and features 129 units in one- and two-bedroom formats. Quincy Lofts was constructed in 2016 and offers 69 loft-style units in one- and two-bedroom floor plans. Both properties were 95 percent occupied at the time of the loan closing, and 10 percent of the units in both properties are reserved for residents earning less than 80 percent of the area median income. Jason Gaccione, Shawn Rosenthal and Tom Didio of CBRE arranged the funds on behalf of the borrower, a joint venture between Alex Brown Realty Inc. and Belpointe Capital LLC. Los Angeles-based Thorofare Capital provided the financing.

May 20, 2019

Development Mixed-Use New York Northeast

Starwood Capital to Develop 147,000 SF Mixed-Use Project in Bronx Opportunity Zone

by Taylor Williams May 20, 2019

NEW YORK CITY — An affiliate of global private investment firm Starwood Capital Group will develop a 147,000-square-foot mixed-use project within a designated opportunity zone in The Bronx. The 10-story building, located at 425 Westchester Ave., will house office space for a nonprofit organization, ground-floor retail space and a charter school. The project will also feature 11,000 square feet of outdoor amenity space. Construction is scheduled to begin this month. Starwood will focus its opportunity zone initiatives in gateway markets in which it already has substantial real estate holdings, including New York and Washington, D.C.

May 20, 2019

Loans Multifamily New York Northeast Student Housing

Pebb Capital, TriArch Real Estate Receive $27.5M Loan for Student Housing Project in Manhattan

by Taylor Williams May 20, 2019

NEW YORK CITY— A partnership between Pebb Capital, a private equity firm with offices in Florida and New York, and TriArch Real Estate has received a $27.5 million permanent loan for the development of a 14-story student housing community in the Morningside Heights neighborhood of Manhattan. Construction began on the property in March 2018, with delivery set for fall 2020. The community will serve students at Columbia University. Valley Bank provided the initial construction loan and is now invested in the project to the tune of $41.7 million.

May 20, 2019

Leasing Activity Massachusetts Northeast Office

Regenerative Medicine Firm Leases 43,850 SF of Life Science Space Near Boston

by Taylor Williams May 20, 2019

NORWOOD, MASS. — Organogenesis, which provides regenerative medicine for the surgical and sports medicine fields, has leased 43,850 square feet of lab and manufacturing space at 333 Providence Highway in the Boston suburb of Norwood. The single-story building consists of 86,450 square feet of office, lab and flex space. Rob Byrne, Paul Leone, Ryan Romano, George O’Connor and Philip Verre of Cushman & Wakefield represented the landlord, The Davis Companies, in the lease negotiations. Landmark Real Estate Advisors represented the tenant.

May 20, 2019

Hospitality Loans Northeast Pennsylvania

Meridian Capital Arranges $12.6M Acquisition Loan for Hotel in Easton, Pennsylvania

by Taylor Williams May 17, 2019

EASTON, PA. — Meridian Capital Group has arranged a $12.6 million acquisition loan for the 86-room TownePlace Suites by Marriott in Easton, located 17 miles northeast of Allentown. The four-story property is located in Lower Nazareth Township among major corporate entities including Amazon, BMW and Porsche, in addition to several medical centers and shopping centers. The hotel was built in 2009 and offers five king suites, 26 queen suites, nine one-bedroom suites and six two-bedroom suites. Morris Betesh, Philip Galligan and Alex Bailkin of Meridian Capital arranged the financing through a balance sheet lender on behalf of the borrower, Manhattan-based RiverBrook Equities. The 10-year loan includes a 25-year amortization schedule.

May 17, 2019

Acquisitions Hospitality Northeast Pennsylvania

Chatham Lodging Trust Sells Two Marriott-Branded Hotels in Western Pennsylvania for $10M

by Taylor Williams May 17, 2019

ALTOONA AND WASHINGTON, PA. — Florida-based hospitality REIT Chatham Lodging Trust has sold two Marriott-branded hotels in Western Pennsylvania for approximately $10 million. The properties include the 105-room Courtyard by Marriott in Altoona, about 100 miles east of Pittsburgh, and the 86-room SpringHill Suites by Marriott in Washington, located about 30 miles southwest of Pittsburgh. Chatham, which purchased the hotels in 2010 as part of a larger portfolio acquisition, sold the properties at a capitalization rate of 6 percent. The buyer was not disclosed. Chatham CEO Jeffrey Fisher noted that the revenue per available room (RevPAR) at both hotels did not meet the standards of his company’s portfolio, and that disposing of the properties saved the company roughly $4 million in renovation costs.

May 17, 2019

Acquisitions Northeast Pennsylvania Retail

JLL Negotiates Sale of 55,000 SF Retail Building Leased to Whole Foods in Exton, Pennsylvania

by Taylor Williams May 17, 2019

EXTON, PA. — JLL has negotiated the sale of a 55,000-square-foot retail property leased to Whole Foods Market in Exton, about 50 miles west of Philadelphia. The freestanding building is located at the entrance of the Exton Square Mall near two major thoroughfares, State Route 100 and U.S. Route 30. Austin-based Whole Foods signed a 20-year lease at the property and opened its doors in January 2018. The grocery store also includes a 4,000-square-foot rooftop deck with fire pits for dining. Jim Galbally, Bill Moylan and Colin Behr of JLL handled the transaction on behalf of the seller, Philadelphia-based Pennsylvania Real Estate Investment Trust (PREIT). A New York-based investment firm purchased the asset for an undisclosed price.

May 17, 2019

Development Maine Northeast Retail

Cinemark to Open 12-Screen Theater Near Portland, Maine

by Taylor Williams May 17, 2019

WESTBROOK, MAINE — Cinemark Holdings Inc., a publicly traded owner-operator of movie theaters, will open a 12-screen venue within the Rock Row mixed-use development in Westbrook, Maine, a western suburb of Portland. The theater, which will be built from the ground up, is scheduled to open in spring 2021. All auditoriums will feature oversized recliners with footrests and cup holders, as well as wall-to-wall screens and enhanced sound systems. Rock Row, a 100-acre development by Waterstone Properties Group, features more than 1 million square feet of commercial and residential space, as well as a beer and food hall, grocery store, medical and wellness campus and an 8,200-seat concert venue. A general contractor for the project has not yet been selected.

May 17, 2019

Acquisitions Mixed-Use New York Northeast

Cushman & Wakefield Brokers $7.9M Sale of Commercial Property in Manhattan

by Taylor Williams May 17, 2019

NEW YORK CITY — Cushman & Wakefield has brokered the $7.9 million sale of a Manhattan property featuring six residential units and two commercial spaces. The property is located at 833 Lexington Ave. in the Lenox Hill neighborhood. Hunter Moss, Michael Gembecki, Brad Jones, Alessandra Faglione and Austin Fabel represented the seller, SBP Lexington LLC, in the transaction. Additional terms of sale were not disclosed.

May 17, 2019

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