WOODSIDE, N.Y. — NAI Queens has arranged the $3.6 million sale of an 8,000-square-foot warehouse in Woodside. Located on 56th St., the two-story property was built in 1970 and features two drive-in doors as well as 10-foot clear heights. Brian Sarath of NAI Queens represented the seller, Nancy Siegel, in the transaction. The buyer was Susan Wu.
RAHWAY, N.J. — Marcus & Millichap has brokered the $2.4 million sale of Heritage House, a 21-unit multifamily building in Rahway. Located at 1909 Church St., the property is approximately one mile from the Rahway Train Station and two miles from the Linden Train Station as well as 22 miles southeast of New York City. Fahri Ozturk, Richard Gatto and Thomas Cleary of Marcus & Millichap’s New Jersey office represented the buyer and seller in the transaction, both private investors.
SUSSEX, N.J. — Redwood Realty Advisors has negotiated the $9.5 million sale of Wilson Manor, a 68-unit apartment community in Sussex. Located at 1 Wilson Road, the seven-building property was built in the 1960s. Each building at the nearly 7-acre community is two-stories. Kevin McCrann and Jeremy Wernick of Redwood Realty represented the seller, a long-term owner, in the transaction. The buyer was undisclosed.
BOSTON — Computer software and services company PTC has relocated to a new 250,000-square-foot global headquarters in Boston’s Seaport District. PTC relocated its headquarters in Needham to 121 Seaport Blvd., a newly constructed 17-story, 400,000-square-foot office building. The property will house 1,000 of PTC’s 6,000 employees worldwide. The open design of PTC’s office includes conference rooms and meeting spaces around the building core on each floor as well as a themed work café and coffee space. The office will feature no private offices and no assigned seats. Cresa represented PTC in the site-selection process, lease administration, transaction management, workplace strategy and project management. Gilbane Building Co. served as construction manager and Margulies Perruzzi Architects served as architectural and interior designer on the project. A joint venture of American Realty Advisors and Norges Bank Real Estate Management owns 121 Seaport.
SALEM, N.H. — Fantini & Gorga has arranged an $11 million loan to refinance North Broadway Crossing, a four-building shopping complex in Salem. Located at 236 N. Broadway, the nearly 10-acre property was completed in 2007 and features a tenant roster that includes Pentucket Bank, McKinnon’s Market, Maddie’s Bagel & Eatery, Wasabi Hibachi Restaurant and Edible Arrangements. Casimir Groblewski and Lindsay Feig of Fantini & Gorga represented the borrower, the original developer, in the transaction. The lender was a major Massachusetts-based financial institution. Terms of the financing were undisclosed.
ROCHELLE PARK, N.J. — HFF has arranged a $10.3 million construction loan for the development of an 829-unit CubeSmart self-storage facility in Rochelle Park. The 112,980-square-foot facility will be located on two acres at 120 W. Passaic St. and will house climate-controlled storage units ranging from 25 to 300 square feet. Michael Klein and Jon Mikula of HFF secured the four-year, fixed-rate financing on behalf of the borrower, Tulfra Real Estate, through lender First Bank. CubeSmart will manage daily operations.
YARDLEY, PA. — Caddis has announced plans to develop Heartis Yardley, a 99-unit assisted living and memory care community in Yardley, just across the state border from Trenton, N.J. The two-story, 95,587-square-foot project is located on a 6.1-acre plot. The property will be the first Heartis-branded community in Pennsylvania, and is part of Dallas-based Caddis’ planned expansion in the Mid-Atlantic. “Caddis’ extensive research on this market — including population and demographic trends, existing senior residences and other factors — showed that there is a demand for more seniors housing, especially assisted living and memory care communities,” says Tami Cumings, Caddis vice president of senior living. The project is slated for completion in summer 2020. Pathway to Living will be the operator. The architect is Austin, Texas-based Katus, which has designed 15 Heartis communities. The general contractor is Wohlsen Construction Co.
GIBSONIA, PA. — Marcus & Millichap has brokered the sale of Route 8 Self Storage, a 91,740-square-foot self-storage facility in Gibsonia, approximately 15 miles north of Pittsburgh. The sales price was undisclosed. Located at 5301 North Pioneer Road, the facility includes 670 units across 16 buildings. The property is currently 89 percent occupied. Brett R. Hatcher and Gabriel Coe of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was also a a limited liability company.
Paul Letourneau, manager of commercial lending for Alliant Credit Union, believes the more things change, the more fundamental business practices stay the same. In the lending world, this includes the ability to form and maintain relationships with key sponsors and brokers. As a credit union, how does Alliant compare to other capital sources? Letourneau: Alliant is looking to complement the prospect’s existing lending relationships. Alliant is a national lender and a great option to supplement the geographic and structure constraints of local capital providers. Strong broker engagement helps Alliant as the brokers bring both market and sponsor intelligence that might not be possible to come by otherwise. The broker’s knowledge is key to thriving in all lending environments and markets. There has been some recent volatility within the markets, so it is more important than ever to make informed decisions, which involves working with experienced and knowledgeable brokers as intermediaries for our clients. How can a disciplined lender remain flexible and accommodating for today’s borrowing needs? Letourneau: Today’s borrowing needs are not much different than they were in the past. Borrowers who need flexibility look to capital providers that can accommodate them. Whether it is interest-only, short-term bridge, flexible pre-payment penalties, longer term fixed rates, floating rates or …
Paul Woodworth, head of agency lending for SunTrust, believes a lot of focus will remain on multifamily in 2019, but that doesn’t mean that multifamily deals will be a piece of cake. Instead, he predicts some ingenuity will be required on the part of the lender in order to keep momentum strong following an active 2018. What are the best ways lenders can work with developers to increase our nation’s affordable housing supply? Woodworth: Lenders should play a consultative and collaborative role. A financial institution has a unique opportunity to leverage its public-private relationships, bringing an array of resources to the table, including foundations, as well as public and private subsidy sources. It is also critical for a lender to bring multiple solutions to fill the capital stack. This could include construction or bridge financing, LIHTC equity and permanent lending solutions. Furthermore, banks have a desire and an obligation to serve their communities. Active — and creative — participation in delivering quality affordable housing plays a critical role in the sustainability of the communities we serve. Where is SunTrust’s sweet spot right now in terms of multifamily activity? Woodworth: SunTrust’s sweet spot is primarily focused in affordable housing, conventional multifamily — …