Northeast

MCR, BLT Secure $647.5M Refinancing for 53-Property Hotel Portfolio

by David Cohen November 14, 2018

NEW YORK CITY — A joint venture between hotel owner-operator MCR and real estate developer and manager Building and Land Technology has secured a $647.5M refinancing for a 53-property hotel portfolio spanning 15 states and 31 markets. The 5,958-room portfolio includes 33 Marriot-branded properties and 20 Hilton-branded properties. The assets are 12 years old on average. Bank of America led the financing, which also included Wells Fargo and two mezzanine lenders. The proceeds will go towards repaying current loans as well as returning capital to the joint venture. Terms of the financing were not disclosed. MCR has offices in New York City and Dallas and is the sixth-largest hotel owner-operator in the United States. MCR’s hotels are operated under 11 different brands. Stamford, Connecticut-based BLT was founded in 1982 and has invested in more than 25 million square feet of commercial, hotel and residential properties across 26 states. — David Cohen

November 14, 2018

Development Industrial Loans Northeast Pennsylvania

Square Mile Capital Provides $54.4M Construction Loan for Distribution Facility in Pennsylvania

by David Cohen November 13, 2018

PITTSTON, PA. — Square Mile Capital Management has provided a $54.4 million construction loan for Interstate Distribution Center, a 1.1 million-square-foot distribution facility in Pittston. The project is located at the convergence of Interstates 81 and 476. Amazon, Lowes, Walmart, and FedEx all occupy distribution facilities nearby. Square Mile Capital provided the loan to a joint venture between affiliates of Endurance Real Estate Group and Blue Vista Capital.

November 13, 2018

Loans Multifamily Northeast Rhode Island

Colliers Arranges $16M Refinancing for Multifamily Community in Rhode Island

by David Cohen November 13, 2018

WARWICK, R.I. — Colliers International has arranged a $16 million loan to refinance Briarwood Meadows, a 552-unit multifamily community in Warwick. The 36-acre property consists of 32 residential buildings as well as a fitness center, indoor pool, tennis courts and a clubhouse. Kevin Phelan and Sean Burke of Colliers arranged the fixed-rate financing on behalf of the borrower, The Driscoll Co. Principal Real Estate Investors provided the loan.

November 13, 2018

Development Multifamily New York Northeast Seniors Housing

Welltower, Hines Plan Second High-Rise Senior Living Community in Manhattan

by David Cohen November 13, 2018

NEW YORK CITY — Seniors housing REIT giant Welltower Inc. (NYSE:HCN) and international real estate firm Hines have announced plans for a 17-story seniors housing community on the Upper West Side of Manhattan. The project will be the second of its type for the partnership. A 16-story seniors housing community named The Welltower is currently under construction in Midtown. An undisclosed “passive institutional investor” is also involved in both projects. The companies acquired the development site, located at Broadway and 85thStreet. Plans call for a 140,000-square-foot “The Welltower West” building rising from the 9,100-square-foot plot. Existing commercial structures on the site will be demolished to make way for construction. SLCE Architects LLP will design the project. Sarah Hawkins and Bevin Littlehale of Hines and John Olympitis and Talal Khan of Welltower, both out of their respective New York regional offices, led the transaction teams on the land acquisition.

November 13, 2018

Acquisitions Development Industrial Northeast Pennsylvania

Binswanger Brokers $1.7M Sale of Development Site in Warminster, Pennsylvania

by David Cohen November 13, 2018

WARMINSTER, PA. — Binswanger has brokered the $1.7 million sale of a six-acre development site in Warminster. Located at 273 West County Line Road, the property is zoned as an industrial office district. Patagon Storage LLC acquired the property with plans to develop a self-storage facility. Chris Pennington and Jason Ostach of Binswanger represented the undisclosed seller in the transaction.

November 13, 2018

Connecticut Development Multifamily Northeast Seniors Housing

Benchmark Opens 88-Unit Assisted Living Community in Connecticut

by David Cohen November 13, 2018

FAIRFIELD, CONN. — Benchmark has opened Sturges Ridge of Fairfield, an assisted living and memory care community in Fairfield, a coastal town between New York City and Hartford. The 85,000-square-foot community offers 68 assisted living units and 20 memory care units. It is Benchmark’s 18thcommunity, and is located in the hometown of company founder Tom Grape. Terry Hornikel, executive director of the new community, lives in Fairfield and brings more than 40 years of senior living and healthcare experience, including as a certified gerontologist.

November 13, 2018

Company News Development New York Northeast Office Southeast Top Stories Virginia Washington Western

Amazon Selects New York City, Northern Virginia for $5B Second Headquarters, Nashville for Operations Hub

by John Nelson November 13, 2018

SEATTLE — Amazon (NASDAQ: AMZN) has officially selected New York City and Arlington, Va., as the homes for its second headquarters, confirming reports last week of the e-commerce giant’s decision to split HQ2. Amazon will invest $5 billion and create more than 50,000 jobs across the two new headquarters locations, with more than 25,000 employees in each new headquarters. Both campuses will feature 4 million square feet of new office space, which is expandable up to 8 million square feet at each location. New York City and Arlington will join Seattle as the company’s three headquarters in North America. “These two locations will allow us to attract world-class talent that will help us to continue inventing for customers for years to come,” says Jeff Bezos, founder and CEO of Amazon. “The team did a great job selecting these sites, and we look forward to becoming an even bigger part of these communities.” The New York location will be in Queens’ Long Island City neighborhood. The Arlington office will be in River Landing, a newly branded neighborhood encompassing parts of Pentagon City and Crystal City in Arlington and Potomac Yard in nearby Alexandria. Amazon estimates the incremental tax revenue to exceed $10 billion for the New York location …

November 13, 2018

Industrial Loans New Jersey Northeast

G.S. Wilcox & Co. Secures $17.6M Refinancing for Industrial Facility in New Jersey

by David Cohen November 12, 2018

SOUTH BRUNSWICK, N.J. — G.S. Wilcox & Co. has secured a $17.6 million loan to refinance an industrial facility in South Brunswick. Located at 1100 Cranbury South River Road, the 28-acre site contains a one-story industrial building with 340,900 rentable square feet of space. The building features 40 exterior loading docks and four drive-in doors. Gretchen Wilcox and Albert Raymond of G.S. Wilcox represented the undisclosed borrower in securing the financing through lender Thrivent Financial. The 15-year loan includes a 20-year amortization schedule.

November 12, 2018

Industrial Leasing Activity New Jersey Northeast

Fujitsu General America Signs 155,000 SF Industrial Lease in Piscataway, New Jersey

by David Cohen November 12, 2018

PISCATAWAY, N.J.— Fujitsu General America Inc. has signed a 155,000-square-foot industrial lease at the Rockefeller Group Logistics Center in Piscataway. Fujitsu General is the third company to sign a lease at the five-building, 2.1 million-square-foot project. Other tenants include Humanscale and Best Buy. Fujitsu General provides ductless cooling and heating systems for residential and commercial use. Jules Nissim, Stan Danzig and Marc Petrella of Cushman & Wakefield represented the owners, Rockefeller Group and PCCP, in the transaction. Bob Sager and Dave Blitt from Bussel Realty represented Fujitsu General.

November 12, 2018

Acquisitions Northeast Office Pennsylvania

Viking Partners Purchases 142,000 SF Office Park in Langhorne, Pennsylvania

by David Cohen November 12, 2018

LANGHORNE, PA. — Viking Partners Fund III LLC has purchased the Bucks Town Corporate Center, a 142,000-square-foot, five-building office park in Langhorne. The price was undisclosed. Located at the intersection of Middletown Blvd. and Town Center Drive, the office park is adjacent to the Oxford Valley Mall. The seller was undisclosed. Colliers International has been assigned the leasing for Bucks Town Corporate Center.

November 12, 2018

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