Northeast

Analyst: Amazon Abandoning New York City HQ Will Have Greatest Impact on Condo Market

by Kristin Harlow February 15, 2019

NEW YORK CITY — The New York City condo market will likely take the biggest hit after Amazon announced Thursday that it would not move forward with plans to build a second headquarters in the city, according to one REIT analyst. The online retail giant cited a lack of support from state and local elected officials as its reason for pulling out of a massive headquarters plan in the Long Island City neighborhood of Queens. “While polls show that 70 percent of New Yorkers support our plans and investment, a number of state and local politicians have made it clear that they oppose our presence and will not work with us to build the type of relationships that are required to go forward with the project we and many others envisioned in Long Island City,” wrote Amazon in a blog post. Amazon does not intend to reopen the HQ2 search at this time. The company will proceed with its plans for a headquarters in Northern Virginia and operations hub in Nashville. James Sullivan, managing director of equity research for BTIG, says that there are a lot of residential units in the development pipeline in the Long Island City market. “The …

February 15, 2019

Loans Mixed-Use New York Northeast

AIG Provides $280M Refinancing for Mixed-Use Building in Brooklyn

by David Cohen February 14, 2019

NEW YORK CITY — AIG has provided a $280 million loan to refinance Empire Stores, a newly redeveloped retail and office building in the DUMBO neighborhood of Brooklyn. The six-story property, which is located at 55 Water St., is comprised of 377,929 square feet of office space and 65,082 square feet of ground-floor retail. Aaron Appel, David Sitt, Jonathan Schwartz, Adam Schwartz, Keith Kurland, Jackson Sastri and Eliott Zeitoune of JLL Capital Markets secured the 15-year loan on behalf of the borrowers, Midtown Equities and HK Organization. Terms of the financing were undisclosed.

February 14, 2019

Connecticut Development Multifamily Northeast Seniors Housing Uncategorized

Covenant to Break Ground on $48M Senior Living Expansion in Connecticut

by David Cohen February 14, 2019

CROMWELL, CONN. — Covenant Retirement Communities, a nonprofit, faith-based seniors housing owner-operator, will break ground Feb. 21 on a $48 million expansion at Covenant Village of Cromwell, located just south of Hartford. The community originally opened in 1964. The expansion project will add 54 new apartments and a town center with three dining venues, lobbies, a game room, art studio, wellness center and event center. Approximately 87 percent of the units have already been pre-sold. The development team for the expansion includes general contractor C.E. Floyd Co., architecture firm THW Design, landscape architect Milone & Macbroom, project manager JFW Inc. and law firm Dowley & Associates. Construction is scheduled to begin in March with an anticipated completion in the fall of 2020. A ministry of the Evangelical Covenant Church, Covenant Retirement Communities serves 5,000 residents at 16 retirement communities throughout the United States.

February 14, 2019

Loans New Jersey Northeast Office

HFF Secures $27M Refinancing for Office Building in Northern New Jersey

by David Cohen February 14, 2019

FAIRFIELD, N.J. — HFF has secured two loans totaling $27 million to refinance Greenbrook Executive Center, a 203,028-square-foot, office building in Fairfield. Located at 100 Passaic Ave., the three-story building is near the Willowbrook Mall as well as Interstate 80 and Route 46. Jim Cadranell and Matthew Pizzolato of HFF secured the two loans on behalf of the borrower, Accordia Realty Ventures. Silverpeak Argentic provided a $22.4 million, 10-year securitized loan and Morrison Street Capital provided a $4.5 million, 10-year mezzanine loan. The financing allowed Accordia to buy out its institutional equity partner, Guggenheim Real Estate. Accordia and Guggenheim who they have owned the asset with since 2006.

February 14, 2019

Acquisitions Loans Massachusetts Northeast

Cornerstone Realty Capital Arranges $5.7M Acquisition Loan for Apartment Building in Massachusetts

by David Cohen February 14, 2019

AMESBURY, MASS. — Cornerstone Realty Capital has arranged a $5.7 million acquisition loan for Briggs Mill, a 44-unit apartment complex in Amesbury. Located at 20 Cedar St., the former mill building was converted into apartments in 2014. All units feature stainless-steel appliances, ample closet space and hardwood floors in the kitchen and living room. Building amenities include a community room with a kitchenette and entertainment area, storage units and a fitness center. Cornerstone worked on behalf of the undisclosed borrower to deliver a fixed-rate financing structure with two years of interest-only payments followed by a 30-year amortization through an agency lender.

February 14, 2019

Acquisitions Connecticut Northeast Retail

Marcus & Millichap Brokers $5.5M Sale of Retail Center in Stamford

by David Cohen February 14, 2019

STAMFORD, CONN. — Marcus & Millichap has brokered the $5.5 million sale of a retail center in Stamford. The 8,989-square-foot retail center is located at 1003-1007 High Ridge Road. The tenant roster at the fully leased retail center includes Subway, Vitamin Shoppe, and High Ridge Printing & Copy Center. Mark Krantz and Derrick Dougherty of Marcus & Millichap’s Philadelphia office represented the seller, HRR Investments LLC, in the transaction. The buyer was a private investor based out of White Plains, New York.

February 14, 2019

Loans Multifamily New York Northeast

Lightstone Secures $187M Refinancing for 428-Unit ARC Multifamily Property in Long Island City

by David Cohen February 13, 2019

NEW YORK CITY — Real estate developer Lightstone has secured a $187 million loan to refinance ARC, a 428-unit luxury rental property in the Dutch Kills section of Long Island City. Located at 30-02 39th Ave., the building offers more than 50,000 square feet of indoor and outdoor amenities and completed its initial leasing in August 2018. Amenities at the property include a fitness club, yoga studio, outdoor exercise space, basketball court and golf simulator as well as a half-acre private courtyard park, resident lounge, library, club room, game room and gourmet catering kitchen. Citibank provided the financing to Lightstone. Terms of the financing were undisclosed.

February 13, 2019

Acquisitions Multifamily New Hampshire Northeast Uncategorized

CBRE Negotiates $88.5M Sale of Apartment Portfolio in New Hampshire

by David Cohen February 13, 2019

MANCHESTER, N.H. — CBRE has negotiated the $88.5 million sale of a 640-unit apartment portfolio in Manchester. The properties include Hilltop Ridge and The Highlands at Washington Park, which were both built in the early 1980s. Biria St. John and Simon Butler of CBRE represented the sellers, Hilltop Apartments LLC and WPN Property LLC, in the transaction. The buyer was an affiliate of The DSF Group. Brian Eisendrath, Cameron Chalfant and John Kelly of CBRE’s Capital Markets team secured financing for the buyer through an agency execution. DSF plans to operate the properties as one community in order to gain operational efficiencies. Both of the buildings have new roofs, exterior siding and windows.

February 13, 2019

Acquisitions New Jersey Northeast

NAI Hanson Orchestrates Sale of 3,469 SF Mixed-Use Asset in New Jersey

by David Cohen February 13, 2019

MONTCLAIR, N.J. — NAI James Hanson has arranged the sale of a 3,469-square-foot mixed-use building in Montclair. The sales price was undisclosed. Located at 555 Bloomfield Ave. in downtown Montclair, the two-story property consists of retail and office space. The first floor of the building is fully leased to a T-Mobile franchisee. Michael Walters and Fernando Garip of NAI James Hanson represented the private seller in the transaction. The buyer was undisclosed.

February 13, 2019

Acquisitions Hospitality Massachusetts Northeast

HFF Brokers Sale of 130-Room Residence Inn in Tewksbury, Massachusetts

by David Cohen February 13, 2019

TEWKSBURY, MASS. — HFF has brokered the sale of the Residence Inn Boston Tewksbury/Andover hotel in Tewksbury. The sales price was undisclosed. Located at 1775 Andover St., the 130-room hotel was completed in 1990 and comprises 10 three-story buildings. Amenities include a fitness room, car rental station, convenience store, outdoor swimming pool and business center. Daniel C. Peek, Denny Meikleham, Alan Suzuki, KC Patel and Matthew Enright of HFF represented the institutional seller in the transaction. The buyer was Sawyer Realty Holdings LLC.

February 13, 2019

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