Northeast

KeyBank Provides $16.8M Fannie Mae Loan for Affordable Housing Community in Trenton

by David Cohen September 10, 2018

TRENTON, N.J. — KeyBank Real Estate Capital has provided a $16.8 million Fannie Mae first mortgage loan for Oakland Park Apartments in Trenton. Built in 1947 and renovated in 1986, the property comprises 10 three-story buildings and includes 270 units. Under the Housing Assistance Payments contract, 269 of the 270 units qualify as low-income for individuals and families earning up to 80 percent of the area median income. Tom Peloquin of KeyBank arranged the non-recourse, floating-rate financing with a seven-year term, one-year interest-only period and 30-year amortization schedule. The loan was used to facilitate the acquisition of the property.

September 10, 2018

Acquisitions Hospitality New Jersey Northeast

HREC Orchestrates Sale of Holiday Inn Cherry Hill in New Jersey

by David Cohen September 10, 2018

CHERRY HILL, N.J. — HREC Investment Advisors has orchestrated the sale of the Holiday Inn Philadelphia-Cherry Hill. The sales price was undisclosed. The 186-room property is located seven miles east of downtown Philadelphia. Ketan Patel, Mark von Dwingelo and Bill Schoenenberger of HREC represented the seller, 2715 Marlton Pike Associates LP., in the transaction. KPG Hotels acquired the property.

September 10, 2018

Civic Development New York Northeast

CTA Architects Completes $20M Renovation, Expansion of Bronx Charter School in New York

by David Cohen September 7, 2018

NEW YORK CITY — CTA Architects P.C. has completed the final phase of a renovation and expansion project at the Bronx Charter School for Excellence in the Bronx.Located at 1952-1960 Benedict Ave. in the Bronx, the $20 million project included construction of a new, seven-story tower spanning 35,000 square feet; the renovation of an existing 10,000-square foot, two-story building; and a 4,500-square foot, two-story addition to the existing structure. The project team included Collado Engineering, Robert Silman Associates Structural Engineers, DPC Engineers, Hubert H. Hayes Inc. and Municipal Building Consultants Inc.JLL served as the owner’s representative.

September 7, 2018

Development Industrial New Hampshire Northeast

General Properties Breaks Ground on Three-Building Flex Complex in New Hampshire

by David Cohen September 7, 2018

FRANKLIN, N.H. — General Properties has broken ground on Mercantile Place, a three-building flex complex in Franklin. Located on the Pemigewasset River, the property will incorporate a mix of office and industrial tenants. The tenant roster will include FBG Tank Services, a branch of First Business Group; Sustainable Refining, a formulator of vehicle undercoating products; Poly Lining Systems Inc.; Online Motor Deals LLC and a vehicle service maintenance center. GP Property Management, a division of General Properties LLC, will manage the complex.

September 7, 2018

Loans Massachusetts Multifamily Northeast

Cornerstone Arranges $4.4M Construction Loan for Condominium Development in Suburban Boston

by David Cohen September 7, 2018

ROSLINDALE, MASS. — Cornerstone Realty Capital has arranged a $4.4 million loan for the construction of Roslindale Village, a residential condominium development in the Boston suburb of Roslindale. The lender was undisclosed. The development, which is located at 32 Cummins Highway, will include nine condominiums. All units will feature granite countertops, custom cabinets, and stainless steel appliances as well as in-unit washers and dryers. Roslindale is located approximately eight miles south of Boston. Andrew Saccone of Cornerstone Realty Capital arranged a full-term, interest-only loan at a fixed rate for the undisclosed borrower.

September 7, 2018

Acquisitions New Jersey Northeast Retail

NAI James Hanson Negotiates Sale of 3,950 SF Retail Building in New Jersey

by David Cohen September 7, 2018

FLORHAM PARK, N.J. — NAI James Hanson has negotiated the sale of a 3,950-square-foot retail building in Florham Park. The freestanding structure, a former Chase Bank branch, is located at 77 Hanover Road. Joan Cenicola and John Schilp of NAI James Hanson represented the seller, DFK Associates, in the transaction. The buyer is a Florham Park-based Jiu Jitsu and Karate school, which plans to relocate from the rental space it currently occupies nearby.

September 7, 2018

Leasing Activity New York Northeast Office

Knotel Signs 19,563 SF Lease in Hudson Square

by David Cohen September 7, 2018

NEW YORK CITY — Workspace provider Knotel has signed a 19,563-square-foot lease in the Hudson Square neighborhood of Manhattan. The lease will encompass a large portion of the 3rd floor of the property, which is located at 250 Hudson St. The 15-story, 400,000-square-foot building is owned by Jack Resnick & Sons. Tenants at the building include Daniel J. Edelman, Bed Bath & Beyond, Gluckman Tang Architects, Sopexa, Lieff Cabraser Heinmann & Bernstein and Writers Guild of America East. Knotel, which was founded in 2016, designs, builds and operates custom spaces for companies of 50 employees or more. The company currently has more than 70 locations worldwide. Michael Morris and Greg DiGioia of Newmark Knight Frank represented Knotel in the leasing transaction.

September 7, 2018

Loans New York Northeast Office

NKF Capital Market Arranges $125M Refinancing of Office Tower in Manhattan

by David Cohen September 6, 2018

NEW YORK CITY — NKF Capital Markets has arranged the $125 million refinancing of Tower 56, a 33-story office tower in Midtown, Manhattan. Jordan Roeschlaub, Dustin Stolly, Nick Scribani and Chris Kramer of NKF represented the borrower, Pearlmark, in securing the financing through Blackstone. The financing will be used to retire existing debt and will include a funding component to support future leasing costs during the loan term. The 186,811-square-foot building was designed by Fox & Fowle Architects and is located on 56th Street between Park and Lexington avenues. Currently, the property is 92 percent leased by tenants in the finance, legal, technology and entertainment sectors.

September 6, 2018

Acquisitions Mixed-Use New York Northeast

Brookfield Properties Acquires Two Development Sites in the Bronx for $165M

by David Cohen September 6, 2018

NEW YORK CITY — Brookfield Properties has closed on the acquisition of two development sites along the Harlem River waterfront in the Bronx for $165 million. The two sites are located at 101 Lincoln Ave. and 2401 Third Ave. in the Mott Haven section of the Bronx. Brookfield plans to continue construction on a mixed-use project at the two sites that will include a total of 1,253 residential units and four retail stores. Doug Harmon and Adam Doneger of Cushman & Wakefield brokered the transaction on behalf of the buyer. Todd Soloway, Danielle Schechner, and Ari Tran of Pryor Cashman represented the seller, a joint venture comprised of affiliates of The Chetrit Group and Somerset Partners, in the transaction.

September 6, 2018

Development Multifamily New Jersey Northeast

Prism Capital Partners Opens 300-Unit Multifamily Community in New Jersey

by David Cohen September 6, 2018

WEST ORANGE, N.J. — Prism Capital Partners has opened The Residences at Edison Lofts, a 300-unit multifamily community in West Orange. The property is a redevelopment of the 100-year-old Thomas Edison Invention Factory and Commerce Center. The residences at Edison Lofts range from 590 to 1,500 square feet with rental rates starting at $1,625 per month. Designed by Minno & Wasko Architects and Planners, Edison Village features 16-foot ceiling heights and 10-foot windows to let in natural light. Amenities at the complex include a private fitness center, indoor swimming pool, bike storage, a media room, business center, private dining room, doorman and concierge service.

September 6, 2018

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