Northeast

Cronheim Mortgage Arranges $27M Refinancing for Industrial Facility in Newburgh, New York

by David Cohen September 13, 2018

NEWBURGH, N.Y. — Cronheim Mortgage has arranged a $27 million refinancing for a 504,875-square-foot industrial facility in Newburgh. The property is currently fully leased to wholesale grocery supply company C&S Corp. Features at the facility include ceiling heights of 40 feet, one drive-in dock and 89 tailgate loading docks. The building was constructed in 1990. The loan was placed with American General Life Insurance Co. and The United States Life Insurance Co. The borrower is an affiliate of Purchase, N.Y.-based National Realty & Development Corp.

September 13, 2018

Acquisitions New York Northeast Office

Cushman & Wakefield, Rudder Property Group Negotiate $9.5M Sale of Office Property in Hudson Yards

by David Cohen September 13, 2018

NEW YORK CITY — Cushman & Wakefield and Rudder Property Group have negotiated the $9.5 million sale of an 11,750-square-foot office cooperative in Manhattan’s Hudson Yards neighborhood. Located at 450 West 31st St., the property includes the entire 12th floor of the building as well as the penthouse. The cooperative also includes a 4,750-square-foot private terrace and a basement storage area. Carri Lyon of Cushman & Wakefield, along with Michael Rudder and Michael Heller of Rudder Property Group, represented the seller, Studio 450. Todd Korren of Avison Young represented the buyer, Melkonian Capital Management.

September 13, 2018

Connecticut Loans Multifamily Northeast

NorthMarq Capital Secures $6.7M Refinancing for Apartment Community in Milford, Connecticut

by David Cohen September 13, 2018

MILFORD, CONN. — NorthMarq Capital has secured a $6.7 million refinancing for Robert Treat Apartments, a 124-unit multifamily community in Milford. The property is located at 30-60 Robert Treat Drive, eight miles northeast of Bridgeport. Robert Ranieri of NorthMarq arranged a fixed-rate loan with a 10-year, interest-only term on behalf of the borrower, Robert Treat Associates LLC. The lender was Freddie Mac.

September 13, 2018

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Orchestrates $5.9M Sale of Retail Property in Livingston, New Jersey

by David Cohen September 13, 2018

LIVINGSTON, N.J. — Marcus & Millichap has brokered the $5.9 million sale of a 7,840-square foot retail property in Livingston. The property, which is located at 1 W. Mount Pleasant Ave., is currently fully occupied by Starbucks, Verizon Wireless and Haven Savings Bank. Alan Cafiero, Ben Sgambati, David Cafiero and Michael DeVit of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was also a private investor.

September 13, 2018

Development New York Northeast Office Top Stories

Columbia Property Trust, Normandy to Develop $300M Boutique Office Building in Manhattan

by Camren Skelton September 13, 2018

NEW YORK — Columbia Property Trust Inc. (NYSE: CXP) and Normandy Real Estate Partners LLC plan to form a joint venture to develop 799 Broadway, a 12-story boutique office building in Manhattan’s Midtown South neighborhood. The $300 million, ground-up project will be located at the corner of 11th Street and Broadway, at the convergence of Union Square and Greenwich Village. The loft-style building will total 182,000 square feet and will feature floor plates ranging from 3,600 to 22,000 square feet. Other features will include 15-foot ceilings, floor-to-ceiling glass and private terraces. “We look forward to working with Columbia to jointly develop a Class A, loft-style creative building in this ideal location,” said Jeffrey Gronning, founder and partner of Normandy Real Estate Partners. “With its high-end amenities and features, this unique building will be ideally suited for tenants seeking a creative and collaborative environment and should benefit from the limited supply of newly developed properties in this neighborhood.” Chicago-based architecture firm Perkins+Will is designing the building, which is slated for completion in the second half of 2020. Once completed, 799 Broadway will join Columbia’s existing Manhattan portfolio, which includes 218 W. 18th St., 249 W. 17th St., 114 5th Ave., 229 …

September 13, 2018

Connecticut Loans Northeast

NKF Capital Markets Secures $19.5M Acquisition Loan for Multifamily Complex in Connecticut

by David Cohen September 12, 2018

WEST HARTFORD, CONN. — NKF Capital Markets has secured a $19.5 million acquisition loan for Cove West Hartford, a 200-unit apartment community in West Hartford. Dustin Stolly, Jordan Roeschlaub and Daniel Fromm of NKF secured financing on behalf of CS Acquisitions Group through an equity investor. The six-building complex is located approximately two miles from downtown Hartford. The seller was not disclosed.

September 12, 2018

Development Multifamily Northeast Pennsylvania

IMC Construction Breaks Ground on $35M Apartment Building in Philadelphia

by David Cohen September 12, 2018

PHILADELPHIA — IMC Construction has broken ground on Station Square, a $35 million apartment building on Philadelphia’s Main Line. Located at 37 North Valley Road in Paoli, the property is adjacent to the Paoli train station. The four-story, 256,000-square-foot building will include 153 units as well as a fitness center, co-working space and outdoor pool. The project, which Linden Lane Capital Partners is developing, is scheduled for completion in spring 2020.

September 12, 2018

Loans Multifamily New York Northeast

Axiom Capital Arranges $21M Refinancing of Multifamily Community Near Albany

by David Cohen September 12, 2018

GLENVILLE, N.Y. — Axiom Capital Corp. has arranged a $21 million refinancing for a 360-unit multifamily community in Glenville. The property is approximately 31 miles northwest of Albany. Axiom Capital represented the borrower, a private investor, in securing financing through a bank. The community is located in close proximity to Union College and Schenectady Community College.

September 12, 2018

Loans Multifamily New York Northeast

Bellwether Structures $11.7M Construction Loan for Mixed-Income Apartments in the Bronx

by David Cohen September 12, 2018

NEW YORK CITY — Bellwether Enterprise Real Estate Capital has arranged an $11.7 million construction loan for Bronxview at Serviam. The building will include 114 units with a mix of one-, two- and three-bedroom units. Equity for the approximately $61.3 million project was provided through the purchase of 9 percent low-income housing tax credits awarded by the New York City Department of Housing Preservation and Development (HPD). The property will feature 12 units for residents earning up to 30 percent of the area median income (AMI), 12 units at 50 percent AMI, 33 units at 60 percent AMI, 34 units at 80 percent the AMI and 22 units at 90 percent AMI. Jim Gillespie of Bellwether arranged the Freddie Mac loan for the Fordham Bedford Housing Corp. The financing features a 36-month forward period followed by a 30-year permanent mortgage and a fixed rate locked at the time of the construction loan closing.

September 12, 2018

Acquisitions Multifamily Northeast Pennsylvania

Marcus & Millichap Brokers $1.8M Sale of Multifamily Property in York, Pennsylvania

by David Cohen September 12, 2018

YORK, PA. — Marcus & Millichap has brokered the sale of the Country View Townhomes in York. The 12-unit property, which is located at 2-14 Tate Way, sold for $1.8 million. Will Riter, Andrew Townsend, Clarke Talone, and Ridge MacLaren of Marcus & Millichap represented the buyer, a limited liability company, in the transaction. The seller was undisclosed. Country View Townhomes was constructed in 2007 and is comprised of 12 three-bedroom units.

September 12, 2018

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