Northeast

All of a Sudden, Pittsburgh Multifamily Trades Increase in Velocity

by Taylor Williams July 3, 2019

After a brief increase in the overall vacancy rate in the Pittsburgh region in 2017, the market has rebounded nicely and is back in the 4 to 5 percent range. But what has been more eye-opening is the increased velocity in the acquisition market that has investors from outside of Pittsburgh more focused on the Western Pennsylvania market than ever before. Multifamily Sales Market Multifamily sales in the Pittsburgh region over the last 10 years have been rather anemic. Sales velocity was slow due to various factors, including the reluctance of long-time local ownership groups to sell a property in a market where few options existed for a 1031 tax-deferred exchange transaction. There was also very little new construction to attract outside capital. In general, not much attention was paid to the Pittsburgh metro. However, developers recently had an epiphany and noticed that there was much old multifamily product scattered throughout the region, and that the time was right to break ground on new projects. Now that a significant amount of new construction projects have been delivered over the last six or so years, Pittsburgh has become a target for many investment firms from outside Western Pennsylvania. Some of the …

July 3, 2019

Loans Multifamily New York Northeast Top Stories

Greystone Arranges $178M Refinancing for 26-Story Apartment Tower in Brooklyn

by Kristin Harlow July 3, 2019

NEW YORK CITY — Greystone has arranged a $178 million permanent loan for the refinancing of Hoyt & Horn, a new 26-story apartment tower in downtown Brooklyn. Wells Fargo Multifamily Capital provided the loan to the borrower, a joint venture between affiliates of Rose Associates and Benenson Capital Partners. The 15-year, fixed-rate loan was structured as a direct purchase of tax-exempt and taxable bonds issued through the New York State Housing Finance Agency’s 80/20 Housing Program. Under the 80/20 program, 20 percent of the units within a building are set aside for low- and moderate-income households. The new financing replaces the original $158 million construction loan provided by J.P. Morgan and SunTrust Bank. Built in 2018, Hoyt & Horn is a mixed-income rental community with 368 units. It features a lobby, bicycle storage, fitness center, golf simulator, game room and outdoor decks. Starbucks recently signed a 10-year lease for 2,050 square feet on the ground floor of the property and is expected to open late this year. An additional 7,500 square feet along Livingston Street and 3,600 square feet on Schermerhorn Street are currently available for lease. Drew Fletcher of Greystone Capital Advisors served as exclusive advisor on the transaction, …

July 3, 2019

Development Hospitality New York Northeast

Ward Capital to Build 225-Room, Wyndham-Branded Hotel in New Rochelle

by Taylor Williams July 2, 2019

NEW ROCHELLE, N.Y. — Locally based investment and development firm Ward Capital Management LLC will build a 225-room TRYP by Wyndham hotel in New Rochelle, a northern suburb of New York City. The 24-story property, which will include an event center, will be situated on a site that currently houses an industrial building that will be demolished. Hotel amenities will feature a restaurant and bar, rooftop pool and grill, conference space, a ballroom and 433 parking spaces. Construction of the hotel is expected to begin late this year or in early 2020 and last 18 months. This project represents the largest hotel development in Westchester County in the last 20 years, according to the development team. A general contractor has not yet been selected.

July 2, 2019

Development Massachusetts Multifamily Northeast

Fountain Residential, HC2 Underway on 150-Unit Multifamily Project in Massachusetts

by Taylor Williams July 2, 2019

SUNDERLAND, MASS. — A joint venture between two Dallas-based firms, Fountain Residential Partners and HC2 Capital, is underway on North 116 Flats, a 150-unit multifamily project in the central Massachusetts city of Sunderland. Situated on 18 acres, North 116 Flats will feature 38 units that will be rented to households earning 80 percent or less of area median income. Floor plans include one-, two- and three-bedroom units, stone countertops, faux hardwood floors and individual washers and dryers. Select units will be offered for lease as fully furnished with 50-inch TVs. Amenities will include an 8,000-square-foot clubhouse with a fitness center, dog parks, outdoor grilling stations and sports courts. Stuart Roosth Architects is designing the project, and Granby, Massachusetts-based Western Builders is serving as general contractor. Construction is scheduled to be complete by summer 2020.

July 2, 2019

Loans Multifamily New York Northeast

Stonehenge Receives $63M Loan for Refinancing of Two Multifamily Buildings in Manhattan

by Taylor Williams July 2, 2019

NEW YORK CITY — Stonehenge NYC, a New York City-based investment and management firm, has received a $63 million loan for the refinancing of two multifamily buildings totaling 206 units in Manhattan. The properties are located at 108 W. 15th St. and 210 W. 89th St. and span 56 and 150 units, respectively. New York Community Bank provided the funds to Stonehenge, which has owned and managed the buildings since the 1990s. Ralph Herzka and Abe Hirsh of Meridian Capital Group arranged the financing, the specific terms of which were not disclosed.

July 2, 2019

Acquisitions New Jersey Northeast Office

Cushman & Wakefield Arranges $36M Sale of New Jersey Office Asset

by Taylor Williams July 2, 2019

WOODCLIFF LAKE, N.J. — Cushman & Wakefield has arranged the $36 million sale of a 118,000-square-foot office property in Woodcliff Lake, located in the northern part of the Garden State. Brooklyn-based Sheila Properties purchased the asset, which was fully leased at the time of sale to a subsidiary of Japanese pharmaceutical firm Eisai Inc., from Hartz Mountain Industries. David Bernhaut, Andrew Merin, Gary Gabriel, Brian Whitmer and Kyle Schmidt of Cushman & Wakefield represented both parties in the transaction.

July 2, 2019

Loans Multifamily Northeast Pennsylvania Seniors Housing

Sims Mortgage Provides $5.3M HUD Loan for Affordable Seniors Housing Property in Pennsylvania

by Taylor Williams July 2, 2019

MIDDLETOWN, PA. — Sims Mortgage Funding, a subsidiary of Connecticut-based lender HJ Sims, has provided a $5.3 million HUD-insured loan for Middletown Interfaith Apartments, a 125-unit affordable seniors housing community located outside of Harrisburg. The property was built in the early 1980s. Sims Mortgage secured the financing through the HUD 223(f) loan program, which is often used to finance affordable housing projects. The loan, a portion of which will be used to fund capital improvements, was structured with a 35-year term.

July 2, 2019

Development Hospitality Multifamily New York Northeast

Exact Capital, Lam Group Top Off 26-Story, Marriott-Branded Hotel in Harlem

by Taylor Williams July 1, 2019

NEW YORK CITY — A partnership between two New York-based developers, Exact Capital and Lam Group, has topped off a 26-story Renaissance by Marriott hotel in Harlem. The 210-room property is being constructed above Harlem’s historic Victoria Theater, which was originally built in 1917. The hotel will include a 5,000-square-foot ballroom, and the building will house 25,000 square feet of retail space. Completion is slated for 2020. A 191-unit multifamily building under construction on the site is also nearing completion. Half of the units in the residential building will be rented at below-market rates.

July 1, 2019

Loans Massachusetts Multifamily Northeast Seniors Housing

Washington Trust Provides $30M Refinancing for Seniors Housing Community Near Boston

by Taylor Williams July 1, 2019

WALPOLE, MASS. — Washington Trust Bank has provided a $30 million loan for the refinancing of New Pond Village, a seniors housing community in the southern Boston suburb of Walpole. Situated on 19.4 acres, the property includes 167 independent living units and 17 assisted living units. The borrower was Benchmark Senior Living, which recently completed an $8 million renovation program at the property that included the addition of memory care services.

July 1, 2019

Industrial Leasing Activity New Jersey Northeast

NKF Negotiates 200,000 SF Industrial Lease in Parsippany, New Jersey

by Taylor Williams July 1, 2019

PARSIPPANY, N.J. — Newmark Knight Frank (NKF) has negotiated a 200,000-square-foot industrial lease at 100 Jefferson Road in Parsippany, located west of Newark, on behalf of Vitaquest International LLC, a manufacturer of nutritional foods. James Ritman and Trevor Patterson of NKF represented the tenant in the lease negotiations. The name and representative of the landlord were not disclosed.

July 1, 2019

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