A combination of location and demand for e-commerce continues to drive industrial activity across New Jersey, spurring increased activity in the already robust northern and central regions of the state and driving a frenzy of activity in the south. Unlike some of the previous speculative booms, however, this one appears be carefully thought out and is likely to be sustainable. Northern and Central New Jersey We are seeing an enormous increase in the number of tenants interested in the market who face a limited supply. Across Northern and Central New Jersey, a record low vacancy rate of 3.4 percent is pushing rental rates to an all-time high despite a healthy but cautious building cycle. The region is an inherently attractive one, thanks to its proximity to New York City and Port Newark as well as the ability to reach 60-plus million people in the tri-state area in a matter of hours. Speculative development across North and Central New Jersey is ongoing, and we anticipate a number of legacy sites to be redeveloped during the next two- to five-year period. Of course, the 2008 recession remains on everyone’s mind. Accordingly, speculative velocity is not as robust as it was in previous …
NEW YORK CITY — Greystone has provided a total of $100.8 million in HUD-insured loans to refinance two seniors housing properties in the state of New York. Fred Levine, managing director in Greystone’s Monsey office, originated the separate transactions for the same borrower. Although the borrower was not disclosed, Centers Health Care operates both facilities. Greystone provided a $71.8 million loan for Triboro Center for Rehabilitation and Nursing in the Bronx. The facility features 405 skilled nursing beds and 70 assisted living beds. Proceeds of the loan will be used to refinance the existing debt and to renovate portions of the facility. Greystone also provided a $29 million loan for Buffalo Center for Rehabilitation and Nursing, a 200-bed facility in Buffalo. The transaction was a bridge-to-HUD execution, for which Greystone funded the acquisition of the facility with its non recourse bridge loan platform and then completed a permanent exit with HUD’s long-term, fixed-rate financing. A portion of the loan proceeds will be used for renovations and improvements to the property.
NEW YORK CITY — Square Mile Capital Management has provided a $71 million loan to refinance The Rennie, a newly built condominium building in Harlem. The eight-story property spans the entire block between W. 137th and 138th Streets and contains 134 residential condominium units. Square Mile Capital provided the loan to Goldman Sachs Urban Investment Group and BRP Companies. Proceeds of the loan were used to repay existing debt, return equity to the sponsor and provide term to allow time for condominium sales. Preston Flammang of Cushman & Wakefield’s New York City office represented the borrower in the transaction.
SOUTHEAST, N.Y. — Urstadt Biddle Properties Inc. has acquired Lakeview Plaza Shopping Center in the town of Southeast for $12 million. The 177,000-square-foot property is anchored by a 54,000-square-foot Acme Supermarket and consists of five buildings on a 23-acre site. Lakeview Plaza is currently 73 percent leased to a mix of local, regional and national tenants including Rite-Aid, JPMorgan Chase, Supercuts, Subway, M&T Bank, KeyBank and Burger King. Urstadt Biddle purchased the shopping center from a lender who had foreclosed its loan on the property.
BRIDGEWATER, N.J. — LCS has closed acquisition financing and started construction of The Delaney of Bridgewater, a new seniors housing community in Bridgewater, approximately 45 miles southwest of Manhattan. Totaling 262,000 square feet, the property will be the fifth under the Delaney brand for LCS and the first outside Texas. When complete, the community will offer 122 independent living apartments, 15 freestanding villas, 56 assisted living units and a 32-unit memory care neighborhood. The community is slated to open in the fall of 2020. Financial terms were not disclosed, though BMO Harris was involved in the construction financing.
NEW YORK CITY — Marcus & Millichap has negotiated the $2.2 million sale of a 7,140-square-foot mixed-use building in Brooklyn. The property is located at 1501-1503 Broadway. Shaun Riney, Thomas Shihadeh and Andrew Reiter of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, in the transaction. The buyer was also a private investor.
PHILADELPHIA — New York Life Real Estate Investors has provided a $45 million loan to refinance The Versailles, a 113-unit apartment building in the Rittenhouse Square section ofPhiladelphia. Located at 530 Locust St., the property was built in the 1920s and was recently renovated. New York Life Real Estate Investors, whose parent company is New York Life Insurance Co., provided the 12-year, fixed-rate loan for the borrower, Philadelphia-based family office Spring Creek.
BEDFORD, N.H. — KeyBank Real Estate Capital has secured a $35.6 million loan for the acquisition of Heritage on the Merrimack, a 240-unit multifamily community in Bedford. Built in 1998, the garden-style community is comprised of eight, three-story buildings on more than 27 acres. Paul Angle of KeyBank Commercial Mortgage Group secured financing for the undisclosed borrower through Fannie Mae. The fixed-rate, interest-only loan is for a period of 10 years.
KEARNY, N.J. — Cushman & Wakefield has brokered the sale of a six-acre development site in Kearny. The sales price was undisclosed. A multifamily community is planned at the property, which is located at 60 Passaic Ave. The site is a former industrial property that has sat vacant for three decades. Brian Whitmer, Robert Shapiro, Andrew Merin, David Bernhaut, Gary Gabriel and Ryan Dowdof Cushman & Wakefield represented the seller, a family estate, in the transaction. The buyer was Russo Development.
HOOKSETT, N.H. — Cornerstone Realty Capital has arranged a $6.7 million loan to refinance Merrimack Heights, a 70-unit apartment community in Hooksett. Located at 512 W. River Road in Merrimack County, the property is comprised of two connected apartment buildings and features studio, one- and two-bedroom units. Patrick Brady of Cornerstone arranged the fully amortized, fixed-rate financing for the undisclosed borrower. The lender was not disclosed.