Northeast

NKF Negotiates $123.2M Sale of Apartment Tower in Boston

by David Cohen January 28, 2019

BOSTON — NKF has negotiated the $123.2 million sale of Serenity, a 195-unit apartment building in Boston. Located in the Jamaica Plain neighborhood of Boston, Serenity was completed in 2017 and features a two-story, dual-entrance lobby, lounge, elevated pool deck, private courtyard and fitness center. Michael Byrne, Thomas Greeley, Casey Griffin, Devlin Man and Andrew Herald of NKF’s Boston Capital Markets team represented the seller, Longwood Group, in the transaction. The buyer was Oxford Properties Group.

January 28, 2019

Acquisitions Industrial Northeast Pennsylvania

Endurance Real Estate Acquires Distribution Facility in Pennsylvania for $23.7M

by David Cohen January 28, 2019

BENSALEM, PA. — Endurance Real Estate Group has acquired 450 Winks Lane, a 430,373-square-foot warehouse and distribution center in Bensalem for $23.7 million. The property is currently 97 percent leased to three tenants, National Refrigeration Inc., Rolled Metal Products Inc. and Brenner Aerostructures LLC. Gerry Blinebury, Gary Gabriel, Kyle Schmidt and Jonas Skovdal of Cushman & Wakefield represented the seller, Ivy Realty LLC, in the transaction. Built in 1973 and renovated in 2018, the property includes clear heights of up to 40 feet, LED lighting, 38 dock-high loading doors and six drive-in doors. National Refrigeration, Rolled Metal Products and Brenner Aerostructures utilize the facility for manufacturing, warehousing and distribution.

January 28, 2019

Acquisitions Development Industrial New Jersey Northeast

CBRE Brokers $8M Sale of Development Site in Lyndhurst, New Jersey

by David Cohen January 28, 2019

LYNDHURST, N.J. — CBRE has brokered the $8 million sale of a five-acre development site in Lyndhurst. Located at 1290 Wall St., the property can accommodate up to 85,400 square feet of warehouse and distribution space. Brian Fiumara, Michael Hines, Brad Ruppel, Lauren Dawicki and Thomas Monahan of CBRE represented the seller, Rugby Realty Co., in the transaction. The buyer was Gramercy Property Trust.

January 28, 2019

Acquisitions New Jersey Northeast Office

Marcus & Millichap Orchestrates $2.6M Sale of Office Building in Clifton, New Jersey

by David Cohen January 28, 2019

CLIFTON, N.J. — Marcus & Millichap has arranged the $2.6 million sale of a 21,240-square-foot office building in Clinton. Located at 95 Main Ave., the property was built in 1985. Fahri Ozturk and Richard Gatto of Marcus & Millichap’s New Jersey office represented the seller, a private investor, in the transaction. The buyer was also a private investor.

January 28, 2019

Loans Massachusetts Northeast Retail

Fantini & Gorga Arranges $2.4M Acquisition Loan for Retail Plaza in Massachusetts

by David Cohen January 28, 2019

BROCKTON, MASS. — Fantini & Gorga has arranged a $2.4 million acquisition loan for Eastway Plaza, a two-building retail plaza in in Brockton. Located at 587 Centre St., the property was built in 1982 and includes 11 retail units. The first building is leased to tenant roster that includes a liquor store, bakery and chiropractic office. The second building is currently leased to home improvement store Grossman’s Bargain Outlet. Casimir Groblewski and Jon Garcia of Fantini & Gorga secured the financing on behalf of a long-standing client through a Massachusetts-based credit union. Terms of the financing were undisclosed.

January 28, 2019

Features Finance Insight Midwest Northeast Southeast Texas Western

Deploying Capital in 2019

by Jaime Lackey January 28, 2019

Todd Harrop, executive vice president and national director of capital markets at Bellwether Enterprise in Columbus, Ohio, believes 2019 will be another opportunistic year for lenders and intermediaries. REBusinessOnline discussed with Harrop the abundance of capital in this market – and how discipline and changes in capital providers’ programs have put these funds to work. What is the biggest challenge you anticipate in 2019 as an intermediary in commercial real estate? Much like 2018, we continue to be optimistic about the commercial real estate finance market in 2019. In 2018, we were challenged with a variety of market disruptors including rising interest rates, market volatility, geopolitical risks, and signs of an overall slowing global economy. In 2019, we expect these disruptors to continue. Furthermore, the debt space remains very crowded as capital flows continue to rise and opportunities have declined due to fewer refinance opportunities. The good news is capital is far from complacent and underwriting remains very disciplined, which should enable the markets to continue to function well. Where do you see the biggest opportunity for your company in 2019? In general, I believe there is an increased opportunity for mortgage bankers/intermediaries in 2019. This is due to the fact …

January 28, 2019

Features Finance Insight Loans Midwest Northeast Southeast Texas Western

Commercial Real Estate Lending Had a Banner Year in 2018

by Jaime Lackey January 28, 2019

Records were meant to be broken. That’s a phrase commercial lenders have become fairly familiar with over the past few years. Multifamily lending, in particular, has enjoyed a good run. In the fourth quarter of 2018, the Mortgage Bankers Association released the MBA Annual Report on Multifamily Lending. According to the report, strong market conditions helped fuel a 6 percent increase in multifamily lending in 2017. Lenders provided a record high of $285 billion in new mortgages for apartment buildings with five or more units. Jamie Woodwell, vice president of commercial real estate research for MBA, cited a few reasons for this uptick in activity. “The multifamily lending market in 2017 benefited from improving fundamentals, rising property values and low interest rates,” he says. “The result was larger loan sizes and record levels of overall borrowing and lending…Demand came from borrowers and lenders of all sizes, with loan amounts ranging from thousands of dollars to hundreds of millions.” This breakneck pace continued last year as low unemployment, job growth and overall economic strength gave investors and lenders confidence in the market. Freddie Mac had its best year ever in terms of multifamily production in 2018. The government-sponsored enterprise (GSE) closed …

January 28, 2019

Conference Coverage Features Midwest Northeast Southeast Texas Western

How to Reach the Right Retail Audience

by Jaime Lackey January 27, 2019

It’s no secret that pop-up and experiential retail are hot topics. But it can be hard to figure out how best to engage audiences with an individual activation before, during and after the event. To help marketers solve this conundrum, Brandon Chesnutt, vice president and director of digital & development at Identity, hosted a session titled “Six Winning Pop-Up Retail Marketing Ideas Property Managers Can’t Ignore” during the 2019 Ancillary Retail Expo, a two-day conference produced by InterFace Conference Group and Ancillary Retail magazine. At issue during the session, which took place in mid-January at the Hilton Daytona Beach hotel, were a host of key topics for retailers looking to decide which pop-up retail marketing strategies generate the most attention, excitement and foot traffic. Chesnutt introduced the property owners and managers in attendance to tactics and campaign ideas that have the attention of retail marketers, including targeted social media advertising and tailored group activations. The Detroit native acknowledged that it’s an exciting time for marketers of all stripes, but said that excitement and energy comes with a host of questions about best practices in a rapidly changing industry. “The expectations of what is considered marketing are shifting,” said Chesnutt. “If …

January 27, 2019

Development Multifamily New York Northeast Seniors Housing

Greystone Provides $78.5M HUD Financing for Long Island Nursing Home Complex

by David Cohen January 25, 2019

WOODBURY, N.Y. — Greystone has provided $78.5 million in HUD-insured financing for a skilled nursing complex in Woodbury. Fred Levine of Greystone originated the refinancing, which carries a fixed rate and fully amortizes at 30 years. Greystone also arranged the high-leverage bridge acquisition loan that this refinancing replaces. The borrowers were not disclosed. Located on Long Island, the 588-bed Cold Spring Hills Center for Nursing & Rehabilitation facility offers an array of specialized services and programs, including clinical care; physical, occupational and speech therapies; amputee rehabilitation; pulmonary/ventilator care; cardiac care; and memory care. Significant, multi-year renovations were completed to the property’s five interconnected residential buildings properties and additional office building in 2010.

January 25, 2019

Acquisitions New Jersey Northeast Office

Cushman & Wakefield Brokers Sale of 192,741 SF Office Building in Bridgewater, New Jersey

by David Cohen January 25, 2019

BRIDGEWATER, N.J. — Cushman & Wakefield has brokered the sale of a 192,741-square-foot office building in Bridgewater. Located at 721 U.S. Highway 202/206, the four-story property is situated on nearly 16 acres. The property was vacant at the time of sale. Gary Gabriel, Andrew Merin, David Bernhaut, Brian Whitmer and Frank DiTommaso of Cushman & Wakefield’s New Jersey capital markets team represented the seller, Mack-Cali Realty Corp., in the transaction. The buyer was a local developer.

January 25, 2019

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