Northeast

HFF Arranges $111.5M Loan for Refinancing of Boston Office Building

by Taylor Williams June 26, 2019

BOSTON — HFF has arranged a $111.5 million loan for the refinancing of 80 Guest Street, a 245,720-square-foot office building located in the Allston/Brighton neighborhood of Boston. Designed by Elkus Manfredi, the property was the second building to be completed in the Boston Landing mixed-use development, which houses 1.9 million square feet of retail, office, residential and hotel space, including the world headquarters of New Balance. The property, which also features lab space and a 55,000-square-foot ice rink complex, is fully leased to four office tenants, including the Boston Bruins, as well as three ground-floor restaurant tenants. John Fowler, Riaz Cassum, Sam Campbell and Henry Schaffer of HFF arranged the fixed-rate loan through MetLife on behalf of the borrower, NB Development Group.

June 26, 2019

Development Industrial Northeast Pennsylvania

Endurance, DWS to Develop 352,000 SF Warehouse in York County, Pennsylvania

by Taylor Williams June 26, 2019

SPRINGETTSBURY TOWNSHIP, PA. — A partnership between affiliates of locally based developer Endurance Real Estate Group LLC and asset manager DWS Group will develop a 352,000-square-foot warehouse and distribution center in Springettsbury Township, located in York County. Construction began recently with the demolition of the existing structures on the 28.1-acre, rail-served site, which is located less than half a mile from I-83. Delivery is slated for the first quarter of 2020. Building features will include 36-foot clear heights, an ESFR sprinkler system, a 185-foot truck court and ample space for automobile and trailer parking.

June 26, 2019

Loans Multifamily New York Northeast Seniors Housing

Berkadia Provides $104.2M HUD Loan for Skilled Nursing Facility in The Bronx

by Taylor Williams June 26, 2019

NEW YORK CITY — Berkadia has provided a $104.2 million HUD loan for the refinancing of Workmen’s Circle Multicare Center, a skilled nursing facility in The Bronx. In addition to skilled nursing care, the property offers mental health services, palliative care and social services. Gemma Geldmacher and Richard Price of Berkadia negotiated the transaction through HUD’s 232/223(f) program, which specifically targets residential care facilities. The loan, which was provided for Woodbury, New York-based Cassena Care, was structured with a fixed interest rate and a 20-year, fully amortizing schedule.

June 26, 2019

Development Industrial Massachusetts Northeast

Cedar’s Foods to Open $100M Production Facility in Ward Hill, Massachusetts

by Taylor Williams June 26, 2019

WARD HILL, MASS. — Cedar’s Foods, a supplier of Mediterranean foods, will soon open a $100 million, 125,000-square-foot production facility in Ward Hill, located near the New Hampshire border. The facility has been under construction for the past year and is scheduled to open in August in a move that will bring 125 new jobs to the area. Cedar’s also operates two other production facilities in the area totaling 174,000 square feet, as well as a 75,000-square-foot dry storage facility. With the completion of this project, the company’s regional footprint will total roughly 375,000 square feet.

June 26, 2019

Affordable Housing Development Massachusetts Multifamily Northeast

WinnCo, NeighborWorks Complete $44M Affordable Housing Project Near Boston

by Taylor Williams June 26, 2019

QUINCY, MASS. — WinnCompanies and NeighborWorks Housing Solutions have completed construction of The Watson, a 140-unit affordable housing project in the southern Boston suburb of Quincy. Project costs were approximately $44 million. The Watson features 86 apartments available to residents earning 110 percent or less than the area median income (AMI). Twenty eight residences will be rented to households earning 50 percent or less of AMI, and 26 units are reserved for market-rate housing. The Watson was developed at the site of a former shipyard and is close to being fully preleased.

June 26, 2019

Industrial Market Reports Northeast Northeast Market Reports Pennsylvania

Attention Industrial Investors: Here’s Why You Should Consider Pittsburgh

by Taylor Williams June 26, 2019

Industrial properties have experienced unprecedented growth in demand over the past several years as both new and old companies seek to find space. This shift has benefited industrial assets in many metros across the country, although investors may unintentionally limit their focus to the markets with the most outsized gains. Smaller cities can provide equally compelling investment opportunities due to some unique advantages. Multiple factors combine to create such a scenario in Pittsburgh. The city is home to several prominent educational institutions, healthcare providers and technology companies that are fueling job growth, thus dropping the unemployment rate to its lowest in two decades. Opportunities in these high-wage industries are bolstering the metro’s median household income and improving retail sales. Consumer spending is projected to jump 4.4 percent in 2019, about 100 basis points more than last year. As shopping activity expands, the need for distribution centers is becoming more acute. Together with an established manufacturing sector, both sources of demand are supporting the absorption of industrial space. More tenants moving in are enabling properties to perform at a greater level. The metro’s vacancy rate has declined 400 basis points since 2009 and is now under 6 percent. Availability is lowest …

June 26, 2019

Development Multifamily New Jersey Northeast

Prism, Northwestern to Develop 232-Unit Multifamily Project in Woodbridge, New Jersey

by Taylor Williams June 25, 2019

WOODBRIDGE, N.J. — A joint venture between Prism Capital Partners and Northwestern Mutual Insurance Co. has acquired land in Woodbridge, located south of Newark, for the development of a 232-unit apartment project. The transit-served community will also include 12,000 square feet of retail space. Construction will begin in July with the demolition of the former Lucas Chevrolet dealership that is located on the site. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Ryan Dowd of Cushman & Wakefield represented the joint venture in the land sale. Northwestern is also providing construction financing for the project, which has a construction schedule of about 20 to 24 months.

June 25, 2019

Development Multifamily New Jersey Northeast

Woodmont Properties Opens 220-Unit Apartment Community in Bayonne, New Jersey

by Taylor Williams June 25, 2019

BAYONNE, N.J. — Woodmont Properties, a development firm based in Fairfield, New Jersey, has opened Woodmont Bay Club, a 220-unit apartment community in Bayonne, located across from Brooklyn. The waterfront property offers studio, one-, two- and three-bedroom units. The apartments feature quartz countertops, 9-foot ceilings and private balconies. Amenities include a pool, outdoor grilling area, fitness center, business center, game room, pet spa, golf simulator and a sky lounge. Residents can also enjoy access to a waterfront walkway and a network of nature trails.

June 25, 2019

Leasing Activity New York Northeast Office

Flatiron Health Signs 252,452 SF Office Lease Renewal, Expansion in Manhattan

by Taylor Williams June 25, 2019

NEW YORK CITY — Flatiron Health, a healthcare technology firm that specializes in cancer research, has signed a 252,452-square-foot office lease renewal and expansion at One SoHo Square. The newly renovated, 15-story office building is located in Manhattan. In addition to renewing the 130,384 square feet it currently leases, the firm will take an additional 122,068 square feet, bringing its total footprint to nine full floors. Zev Holzman, Brad Wolk and Herman Dodson of Savills Inc. represented Flatiron Health in the lease negotiations, along with Roswell Hobbs, the tenant’s head of real estate. Brent Ozarowski, David Malawer, Andy Peretz and Brian Waterman of Newmark Knight Frank represented the landlord, Imperium Capital.

June 25, 2019

Acquisitions Massachusetts Northeast Office

CBRE Brokers $20.7M Sale-Leaseback of Office, Lab Property Near Boston

by Taylor Williams June 25, 2019

FRAMINGHAM, MASS. — CBRE has brokered the $20.4 million sale of a 153,000-square-foot office and laboratory property located within Framingham Technology Park on the western outskirts of Boston. Zell Partnership represented the seller, biotech firm Sanofi Genzyme, which will continue to operate out of the property until it takes occupancy of a new build-to-suit space at Cambridge Crossing. That property is under construction, and Sanofi Genzyme expects to move in by late 2021 or early 2022. Steve Purpura, Chris Skeffington and Roy Sandeman of CBRE represented the buyer, King Street Properties, which plans to redevelop the property into a multi-tenanted R&D lab facility after Sanofi moves out.

June 25, 2019

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