BRIARCLIFF MANOR, N.Y. — Senior Lifestyle Corp. has opened a welcome center at The Club at Briarcliff Manor, a seniors housing community in Briarcliff Manor, approximately 25 miles north of Manhattan. A grand opening was recently held for prospective residents, who can start moving into the community in late spring. The Club at Briarcliff Manor features a mix of 287 independent living, assisted living and memory care apartments in two interconnected buildings. The independent living apartments range from 974 square feet to 1,111 square feet. Monthly rents start at $7,350. The name and architecture are an homage to the Briarcliff Lodge, a grand resort hotel built in the early 1900s. The 59-acre property features views of the Hudson River and Manhattan skyline, numerous walking trails and landscaped grounds originally designed by Frederick Law Olmstead.
NEW YORK CITY — Avison Young has arranged the $68 million sale of a development site on the Upper East Side of Manhattan for $68 million. Located at 1393 York Ave., the property has a floor area of 112,420 square feet. Avison Young represented the seller, The Church of the Epiphany, in the transaction. The buyer was Weill Cornell Medical College, which plans to build housing for medical students at the site. As part of the transaction, The Church of the Epiphany will remain at 1393 York Avenue for two years as a tenant.
NEW YORK CITY — Madison Realty Capital has provided a $21.4 million loan to refinance a 78,313-square-foot mixed-use building in Queens. Located at 251-73 Jericho Turnpike, the newly constructed property is 70 percent leased to six office and retail tenants. The exterior of the building is primarily brick, steel and glass. Madison Realty Capital provided the financing to borrower AB Capstone, which plans to use the funds to refinance previous debt and support final lease-up of the property.
AMHERST, N.Y. — Marcus & Millichap has negotiated the $7.3 million sale of the Comfort Inn University in Amherst. Located at 1 Flint Road, the four-story property includes 102 rooms. Among the amenities are a fitness center, laundry facility, indoor swimming pool and business center. Jerry Swon, Dan Zagoria and Cameron Peirce of Marcus & Millichap represented the undisclosed seller in the transaction. The buyer was also undisclosed.
PEABODY, MASS. — Fantini & Gorga has arranged a $2.5 million loan to refinance a four-story office building in Peabody. Located at 1R Newbury St., the 40,861-square-foot property is currently occupied by 22 tenants. The building is part of Peabody Corporate Center. Derek Coulombe and Lindsay Feig of Fantini & Gorga secured the 15-year, fixed-rate loan on behalf of the undisclosed borrower. The lender was not disclosed.
NEW YORK CITY — Brax Realty has secured a 99-year ground lease for a development site in the Mott Haven section in the Bronx. The lease is valued at $108 million. The properties are located at 550 Trinity Ave. and 571 Jackson Ave. The site offers a buildable square footage of 52,318 square feet. Brax Realty secured the ground lease on behalf of the landlord, M&R Friedlander Supply Co. The lessee is 550 Trinity LLC.
Jeff Weidell, president of NorthMarq, recognizes there is still plenty of money out there to sustain activity levels in 2019. He also recognizes, however, that lenders are becoming prudent in this extra-long real estate cycle. This has caused borrowers to flex their creative muscles as they fund their projects in the interim period between redevelopment and sale. Weidell notes that bridge financing is extremely active and popular, with many borrowers doing what they can to leverage the entire capital stack as we wait to see where this market is headed. Watch the video for more insights from Weidell about what 2019 will bring to the commercial real estate lending landscape.
WARREN AND SOMERSET, N.J. — Cushman & Wakefield has arranged a $41 million acquisition loan for a 768,244-square-foot industrial portfolio in Warren and Somerset. The seven-property portfolio is comprised of three industrial buildings, two flex buildings and two office buildings. The properties include 7 Powder Horn Drive, 30 Technology Drive, 40 Technology Drive and 45 Technology Drive in Warren as well as 1 Riverview Drive, 50 Randolph Road and 100 Randolph Road in Somerset. John Alascio, Sridhar Vankayala and Zachary Kraft of Cushman & Wakefield represented the borrower, Ivy Realty, in the transaction. BBVA Compass provided the loan.
NEW YORK CITY — JLL has arranged a $22.7 million loan to convert a 13-story multifamily building into condominiums. The building is located at 42-14 Crescent St. in the Long Island City neighborhood of Queens. The property, which is called The Independent, currently consists of 32,102 square feet of residential space across 48 units. The property was completed in 2016 and is currently fully leased. JLL represented the borrower, Meadow Partners LLC, in the transaction. The lender was Sterling National Bank. Meadow Partners plans to begin sales of units at the property in March 2019.
LEXINGTON, MASS. — CBRE has brokered the sale of a 78,717-square-foot office building in Lexington for an undisclosed price. Located at 131 Hartwell Ave., the three-story building is located on more than five acres in the heart of the Route 128 Technology Corridor in Lexington. The property was renovated in 2014 and is currently 80 percent leased to six tenants. Roy Sandeman, Chris Skeffington and Jason Levendusky of CBRE represented the seller, Griffith Properties, in the transaction. The buyer was Azad Legacy Partners.