Northeast

RED Arranges Acquisition Financing for $60M Apartment Portfolio in Union City, New Jersey

by Taylor Williams May 7, 2019

UNION CITY, N.J. — RED Mortgage Capital, the lending arm of ORIX Real Estate Capital, has arranged acquisition financing for a $60 million portfolio of apartment properties in Jersey City, located across the Hudson River from lower Manhattan. The portfolio comprises 18 properties and includes 481 units of affordable housing product. John Darrow, Jim Martin and Harris O’Connell of RED, along with Brad Domenico of Progress Capital, arranged the financing through Freddie Mac’s small balance loan program. The loan, the borrower of which was not disclosed, featured a fixed interest rate and a 20-year term.

May 7, 2019

Leasing Activity New York Northeast Office

Tommy Hilfiger Expands Lease to 220,000 SF at Manhattan Office Tower

by Taylor Williams May 7, 2019

NEW YORK CITY — Apparel designer and retailer Tommy Hilfiger has committed to an additional 14,054 square feet of office space at 285 Madison Avenue in Manhattan as part of a lease renewal and expansion. The company now occupies 220,000 square feet at the 26-story, Class A property, which is located at the corner of Madison Avenue and 40th Street. Matthew Astrachan, Mitchell Konsker and Steven Bauer of JLL represented PVH Corp., the parent company of Tommy Hilfiger, in the lease transaction. Konsker, along with JLL associates Alexander Chudnoff, Dan Turkewitz and Diana Biasotti, represented the landlord, RFR Realty, in the lease negotiations. Leasing agents A.J. Camhi and Ryan Silverman also represented RFR Realty on an internal basis.

May 7, 2019

Loans Multifamily New York Northeast Student Housing

SunTrust Originates $13.3M Freddie Mac Acquisition Loan for Student Housing Asset in Ithaca, New York

by Taylor Williams May 7, 2019

ITHACA, N.Y. — SunTrust Banks Inc. has originated a $13.3 million acquisition loan for Gun Hill Residences, a 273-bed student housing property located adjacent to Cornell University in Ithaca, a city in upstate New York. The 94-unit property was close to full occupancy at the time of the loan closing. Yuchen Yang and Artin Anvar of SunTrust originated the loan, which featured a fixed interest rate, 10-year term and a 30-year amortization schedule. The borrower was New York-based DMG Investments LLC, a subsidiary of a Chinese development firm. The seller was not disclosed.

May 7, 2019

Acquisitions New York Northeast Office

Goldschmidt & Associates Brokers Sale of 10,000 SF Office Building in Mamaroneck, New York

by Taylor Williams May 7, 2019

MAMARONECK, N.Y. — Scarsdale, New York-based Goldschmidt & Associates has brokered the sale of the former Chase Bank building, a 10,000-square-foot office property in Mamaroneck, a northern suburb of New York City. The sales price was approximately $2 million. Pam Bren Goldschmidt and Adam Bren of Goldschmidt & Associates represented the seller in the transaction. The buyer was an undisclosed religious institution.

May 7, 2019

Leasing Activity New York Northeast Office

CBRE Negotiates 241,657 SF Office Lease Restructuring for Colgate-Palmolive in Manhattan

by Taylor Williams May 6, 2019

NEW YORK CITY — CBRE has negotiated a 241,657-square-foot office lease restructuring for global household products provider Colgate-Palmolive Co. at 300 Park Avenue in Midtown Manhattan. Colgate-Palmolive serves as the anchor tenant at the Class A office tower, which is owned by local investment firm Tishman Speyer. The company will consolidate its current footprint to six floors at the 26-story building. Mary Ann Tighe, Mike Geoghegan, Ken Meyerson and Ariel Ball of CBRE represented Colgate-Palmolive in the lease negotiations. Tishman Speyer was represented internally.

May 6, 2019

Loans Multifamily New York Northeast Student Housing

Marcus & Millichap Arranges $16M Loan for Refinancing of Student Housing Property in New Rochelle

by Taylor Williams May 6, 2019

NEW ROCHELLE, N.Y. — Marcus & Millichap Capital Corp. has arranged a $16 million loan for the refinancing of a 282-bed student housing property located at 17 Locust Ave. in New Rochelle, a northern suburb of New York City. The newly built, 94-unit property serves nearby Monroe College. Steven Rock of Marcus & Millichap arranged the loan that was originated at a 65 percent loan-to-value. The loan features a fixed interest rate of 4.98 percent as well as 18 months of interest-only payments. The borrower was not disclosed.

May 6, 2019

Loans Massachusetts Multifamily Northeast

Fantini & Gorga Places $14M Construction Loan for Redevelopment Project in Lowell, Massachusetts

by Taylor Williams May 6, 2019

LOWELL, MASS. — Boston-based mortgage banking firm Fantini & Gorga has placed a $14 million construction loan for a redevelopment project involving a former corduroy mill in Lowell, Massachusetts, about 30 miles north of Boston. The project will convert the 80,000-square-foot facility, known as Waterhead Mill, into a 71-unit residential building that will offer studio and one-bedroom units. The new property will also feature amenities such as a fitness center, a movie theater, coworking office space, resident lounge and a package receiving area. The borrower was not disclosed. Construction is underway and expected to last about 15 months.

May 6, 2019

Leasing Activity New York Northeast Office

RFR Realty Signs Three Tenants to New Office Leases Totaling 53,000 SF in Manhattan

by Taylor Williams May 6, 2019

NEW YORK CITY — Locally based investment firm RFR Realty has signed office leases with three new tenants at 17 State Street, a 42-story tower in Manhattan’s Financial District. The new leases total approximately 53,000 square feet. Global investment firm Alphadyne Asset Management LP signed a 43,872-square-foot lease extension; finance firm Arles Management inked a 4,318-square-foot lease and real estate investment firm RC BME Holdco LLC signed a 5,042-square-foot new lease. Mitchell Konsker, John Wheeler and Clayton Kline of JLL, along with A.J. Camhi and Ryan Silverman of RFR Realty, represented the building ownership in each of the lease negotiations. JLL represented the tenants in the first two deals, and CBRE represented the tenant in the third transaction.

May 6, 2019

Acquisitions Connecticut Northeast Retail

SRS Brokers $2.6M Sale of Single-Tenant Retail Asset in Torrington, Connecticut

by Taylor Williams May 6, 2019

TORRINGTON, CONN. — Dallas-based SRS Real Estate Partners has brokered the $2.6 million sale of a single-tenant retail property that is net leased to AFC Urgent Care in Torrington, Connecticut, located west of Hartford. The tenant’s lease term is 15 years. Britt Raymond and Kyle Fant of SRS represented the Connecticut-based seller, which completed construction of the property earlier this year. Terri Frohnmayer of First Commercial Oregon represented the Oregon-based buyer, which acquired the asset via a 1031 exchange.

May 6, 2019

Development New Jersey Northeast Office

Prism Capital Partners to Develop Two Office Towers Totaling 400,000 SF in Clifton, New Jersey

by Taylor Williams May 3, 2019

CLIFTON, N.J. — Prism Capital Partners, a locally based owner-operator of commercial properties, will develop two office buildings in Clifton, New Jersey, a northern suburb of Newark. The project will add approximately 400,000 square feet of Class A space to ON3, the company’s 116-acre campus in Clifton that also extends into nearby Nutley Township. Prism has retained Chicago-based Goettsch Partners to design the buildings, construction timelines for which have not yet been released. Prism expects that corporate tenants and users will employ more than 5,500 people at ON3 by 2021.

May 3, 2019

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