Northeast

Tremont Mortgage Trust Provides $37.6M Acquisition Loan for Industrial Facility in New Jersey

by Taylor Williams May 9, 2019

BARRINGTON, N.J. — Boston-based commercial lender Tremont Mortgage Trust has provided a $37.6 million first mortgage bridge loan for the acquisition of Barrington Business Center, a 931,682-square-foot industrial facility located in Barrington, just south of Philadelphia. The multi-tenant property offers convenient access to I-295 and the New Jersey Turnpike, 30- to 34-foot clear heights and was approximately 94 percent occupied at the time of the loan closing. The floating-rate financing includes $34.9 million in initial funding and a future funding allowance of $2.7 million for property improvements and leasing capital. The loan is structured with a 79 percent loan-to-value ratio and a three-year term with a one-year borrower extension option. The borrower was not disclosed.

May 9, 2019

Leasing Activity New York Northeast Office

Madison Realty Capital Relocates to 20,000 SF Office Space in Midtown Manhattan

by Taylor Williams May 9, 2019

NEW YORK CITY — Private equity firm Madison Realty Capital has relocated its New York City headquarters to a 20,000-square-foot space located at 520 Madison Ave. in Midtown Manhattan. After spending 12 years at 825 Third Avenue, the company will now occupy the 35th floor at its new high-rise building, which is located between 53rd and 54th streets. Adam Doneger, Anthony LoPresti and Ethan Silverstein of Cushman & Wakefield represented Madison Realty Capital in the lease negotiations for the new space. Tishman Speyer owns the building, which offers approximately 1 million square feet of office space.

May 9, 2019

Industrial Loans Massachusetts Northeast

EagleBridge Capital Arranges $2.1M Acquisition Loan for Industrial Building in Metro Boston

by Taylor Williams May 9, 2019

HINGHAM, MASS. — Boston-based mortgage banking firm EagleBridge Capital has arranged $2.1 million in acquisition financing for a 23,600-square-foot industrial building located at 80 Sharp St. in Hingham, a southern suburb of Boston. The borrower, Yankee Trader Seafood, which prepares and sells frozen prepackaged seafood meals, will occupy and renovate the space. Ted Sidel of EagleBridge Capital secured the loan, specific terms of which were not disclosed, through a Massachusetts thrift institution.

May 9, 2019

Acquisitions Industrial New York Northeast

H.I.G. Capital Acquires Industrial, Flex Portfolio in New York Area for $487M

by Taylor Williams May 8, 2019

NEW YORK — An affiliate of Miami-based H.I.G Capital, which has offices in the United States, Europe and South America, has acquired a portfolio of industrial and flex assets located throughout the New York City metropolitan area for $487 million. The portfolio spans approximately 3.1 million square feet, comprises 56 properties and is leased to about 260 tenants across a diverse range of industries. With this transaction, H.I.G. Capital now has more than $30 billion of assets under management. Jose Cruz, Marc Duval, Jordan Avanzato, Kevin O’Hearn, Andrew Scandalios, Stephen Simonelli and Michael Oliver of HFF represented the seller, Mack-Cali Realty Corp., in the transaction. In addition, Mike Tepedino, Peter Rotchford, Scott Findlay and Jackie Ferrer of HFF arranged $400 million in floating-rate acquisition financing through Bank of America for the deal.

May 8, 2019

Development Hospitality New York Northeast

Bellefield to Develop 150-Room Marriott-Branded Hotel in Hyde Park, New York

by Taylor Williams May 8, 2019

HYDE PARK, N.Y. — Bellefield Development Partners, an affiliate of New York City-based T-Rex Capital Group LLC, plans to develop a 150-room hotel at Bellefield at Historic Hyde Park, a $500 million hospitality and dining destination in Hyde Park. Bellefield partnered with owner-operator Shaner Hotel Group and Marriott International on an earlier hotel project, a 133-room Residence Inn, and will continue that partnership with this new project. Amenities at the new hotel will include a spa, conference center, sports facility and indoor and outdoor pools. A construction timeline has not yet been released. Bellefield at Historic Hyde Park includes farm-to-table restaurants, culinary shops, an event barn and an educational center.

May 8, 2019

Industrial Leasing Activity New York Northeast

JLL Negotiates 103,000 SF Industrial Lease on Long Island

by Taylor Williams May 8, 2019

SYOSSET, N.Y. — JLL has negotiated a 103,000-square-foot industrial lease at 225 Underhill Blvd. in Syosset, a city on Long Island. The property, located about 32 miles east of Midtown Manhattan, features 19-foot ceiling heights and more than 3,000 square feet of office space. Max Omstrom, Doug Omstrom and Kyle Crennan of JLL represented the tenant, One Stop Properties, a real estate development firm based in Long Island City. The landlord, Balrich Realty Corp., was represented internally.

May 8, 2019

Acquisitions Connecticut Multifamily Northeast

Rittenhouse Arranges Sale of 140-Unit Apartment Community Near Wilmington, Delaware

by Taylor Williams May 8, 2019

ELSMERE, DEL. — Philadelphia-based Rittenhouse Realty Advisors has arranged the sale of Parklynn Apartments, a 140-unit multifamily complex located in Elsmere, a western suburb of Wilmington. The garden-style property is located near a major shopping center and several employment hubs, including Wilmington VA Medical Center and the University of Delaware-Wilmington campus. Units include hardwood floors, oversized closets and onsite laundry facilities. The buyer and seller were not disclosed.

May 8, 2019

Connecticut Loans Multifamily Northeast Seniors Housing

Greystone Funds $7.1M Acquisition of Skilled Nursing Facility in Connecticut

by Taylor Williams May 8, 2019

PLAINFIELD, CONN. — Greystone has provided $7.1 million in bridge financing for the acquisition of Colonial Health & Rehab, a 90-bed skilled nursing facility in Plainfield, located near the Rhode Island border. The borrowers were owner-operators Curtis Rodowicz and Robert Darigan. Lisa Fischman of Greystone originated the loan, with the expectation that it will eventually be converted to FHA-insured financing. The nonrecourse loan features a 35-year term and fixed interest rate.

May 8, 2019

Market Reports New York Northeast Northeast Market Reports Office

New York City, There’s a Smarter Way to Do Glass Buildings

by Taylor Williams May 8, 2019

New York City recently passed the Climate Mobilization Act, the first real action by any city to require buildings’ greenhouse gas emissions to meet global climate targets. The new law requires owners of large buildings to meet carbon footprint standards or face millions of dollars in annual fines. The emission limits will begin in 2024 and become increasingly stringent from there. The legislation primarily applies to commercial office and market-rate multifamily buildings over 25,000 square feet. According to Urban Green, these buildings account for about 60 percent of the total building area in New York City — those that make up the Manhattan skyline. While skyscrapers will be forced to act first, significant levels of investment will also be needed for public buildings, affordable housing and non-profits. The Real Estate Board of New York (REBNY) estimates the total cost of the upgrades needed to comply with the new law is about $4 billion. Building owners can calculate the performance targets they’ll need to meet and the associated fines if they fail to meet them. While it may be possible to buy renewable energy credits to offset emissions, it is unclear how many will be available. Some buildings will need to …

May 8, 2019

Loans Massachusetts Multifamily New Hampshire Northeast

PGIM Provides $164M Loan for Refinancing of New England Multifamily Portfolio

by Taylor Williams May 7, 2019

BOSTON — PGIM Real Estate Finance has provided a $164 million loan for the refinancing of a portfolio of 14 multifamily properties located throughout metro Boston and the nearby suburbs of New Hampshire. Eleven of the properties are located in the Middlesex, Essex and Worcester counties of Massachusetts, and the others are located in Keene, New Hampshire. The portfolio totals 1,620 units. The borrower was Princeton Properties, an investment firm that has owned all 14 properties for more than 15 years. Specific loan terms were not disclosed.

May 7, 2019

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