Northeast

Cushman & Wakefield Arranges $3M Sale of Apartment Building in Queens

by David Cohen August 13, 2018

NEW YORK CITY — Cushman & Wakefield has arranged the $3 million sale of an eight-unit apartment building in the Astoria neighborhood of Queens. The sales price equates to approximately $511 per square foot and a 4.3 percent capitalization rate. Thomas A. Donovan, Tommy Lin, Eugene Kim and Robert Rappa of Cushman & Wakefield represented the undisclosed seller in the transaction. The buyer was also undisclosed. The property, which is located at 28-08 23rd Ave., consists of eight two-bedroom apartment units. Four units are rent-stabilized, one is rent-controlled and three are free-market.

August 13, 2018

Acquisitions Multifamily Pennsylvania Seniors Housing

Blueprint Brokers Sale of 176-Bed Skilled Nursing Facility in Philadelphia

by David Cohen August 13, 2018

PHILADELPHIA — Blueprint Healthcare Real Estate Advisors has brokered the sale of Fairview Care Center of Bethlehem Pike, a 176-bed skilled nursing facility in the Chestnut Hill area of Philadelphia. The deal is a follow-up transaction to the recently announced “Lightning Portfolio,” where eight skilled nursing facilities in the Philadelphia metro traded hands. The seller sought to divest of the non-core assets, which featured a concentration of high-barrier-to-entry locations in the Philadelphia area. The buyer was a regional owner-operator looking for a growth opportunity. The price was not disclosed. Blueprint’s Ben Firestone, Christopher Hyldahl, Michael Segal and Gideon Orion handled the transaction.

August 13, 2018

Acquisitions Industrial New Jersey

Sitex Group Acquires 83,000 SF Warehouse in Moonachie, New Jersey

by David Cohen August 13, 2018

MOONACHIE, N.J. — Sitex Group has acquired an 83,000-square-foot warehouse located at 131 W. Commercial Ave. in Moonachie. Sitex purchased the property from a private seller. The sales price was not disclosed. The property, which is located approximately ten miles from New York City, can accommodate one or two occupants and features ceiling heights of up to 20 feet. The building is currently 50 percent occupied by a logistics company. Sitex plans to renovate the interior and exterior of the property in order to appeal to corporate tenants.

August 13, 2018

Acquisitions Connecticut Northeast Retail

Press/Cuozzo Orchestrates Sale of 5,742 SF Retail Property in North Haven

by David Cohen August 13, 2018

NORTH HAVEN, CONN. — Press/Cuozzo Commercial Services has orchestrated the sale of a 5,742-square-foot retail property in North Haven. Kitchen Advantage LLC acquired the vacant property for an undisclosed price and will relocate its kitchen design showroom to the location. Stephen Press of SIOR represented the seller, 278 State Street LLC, in the transaction. The property sits on a 0.6-acre corner lot at 276-278 State St.

August 13, 2018

Development Hospitality Massachusetts Northeast Top Stories

JLL Arranges $330.7M Construction Loan for 1,055-Room Hotel in Boston

by Taylor Williams August 13, 2018

BOSTON — JLL has arranged a $330.7 million loan for the construction of the Omni Boston Hotel at the Seaport, a 1,055-room luxury hotel being developed in Boston’s Seaport District. Completion is slated for early 2021. Omni Boston Hotel at the Seaport will be located across the street from the Boston Convention and Exhibition Center. The property will be the fourth-largest hotel in Massachusetts by room count and will also feature 111,700 square feet of meeting and convention space, including a 25,000-square-foot ballroom. Other amenities will include more than 47,000 square feet of retail space, a pool, event venue and a fitness center. JLL arranged the financing on behalf of New Boston Hospitality — an affiliate of Boston-based investment and development firm The Davis Cos. — and its development partner, Omni Hotels & Resorts. A syndicate led by U.S. Bank, Santander and M&T Bank originated the loan. Kevin Davis, Bob Webster and Jon Schneider of JLL led the debt placement effort. “Lodging supply growth in the Seaport District has been minimal,” said Schneider. “The addition of Omni Boston Hotel at the Seaport will really meet that demand and solidify Boston as a premier convention destination, both nationally and internationally.” “This …

August 13, 2018

Loans Multifamily New Jersey

NYLREI Provides $131M Loan for Multifamily Tower in Jersey City

by David Cohen August 10, 2018

JERSEY CITY, N.J. — New York Life Real Estate Investors (NYLREI) has provided a $131 million loan for the Marbella Apartments, a 40-story multifamily tower in Jersey City. The 412-unit community was originally developed in 2004. The borrower was Roseland Residential Trust, a subsidiary of Mack-Cali Realty Corp. Keith Duane of NYLREI served as loan officer in the transaction, in providing an eight-year, fixed-rate loan for the borrower.

August 10, 2018

Acquisitions Multifamily New Jersey Northeast

Capital Realty Brokers $130M Sale of Apartment Portfolio in New Jersey

by David Cohen August 10, 2018

UNION CITY AND BAYONNE, N.J. — Capital Realty has brokered the $130 million sale of a 66-building multifamily portfolio in Bayonne and Union City. A private investor purchased the 919-unit portfolio. Benjamin Greenstein of Capital Realty represented the undisclosed seller in the transaction. All 66 properties are within commuting distance of Manhattan. The city of Bayonne is expected to launch a Manhattan-bound commuter ferry in 2019.

August 10, 2018

Acquisitions Hospitality Pennsylvania

Neema Hospitality Acquires Fairfield Inn & Suites, Holiday Inn Express & Suites Near Pittsburgh

by David Cohen August 10, 2018

SLIPPERY ROCK AND CANONSBURG, PA. — Neema Hospitality has acquired the Fairfield Inn & Suites in Slippery Rock and the Holiday Inn Express & Suites in Canonsburg. The sales price was undisclosed. The 75-room Fairfield Inn & Suites is located north of Pittsburgh nearby Slippery Rock University. Amenities include complimentary hot breakfast, free Wi-Fi, in-room microwaves and an indoor pool. The 90-room Holiday Inn Express & Suites is located south of Pittsburgh in Canonsburg. The hotel’s rooms offer microwaves, refrigerators, 42-inch flat-screen TVs and free breakfast and Wi-Fi. The hotel also features a heated indoor pool and more than 1,600 square feet of meeting space.

August 10, 2018

Loans Multifamily New York Seniors Housing

BMO Harris, Wells Fargo Arrange $200M Loan for Seniors Housing Redevelopment in Brooklyn

by David Cohen August 10, 2018

NEW YORK CITY — BMO Harris Healthcare Real Estate Finance and Wells Fargo Bank National Association have arranged a $200 million loan to support the redevelopment of the former Leverich Towers Hotel in Brooklyn into a seniors housing community. The companies acted as lead arrangers as bookrunners on the transaction, which refinances the acquisition and redevelopment loans. BMO acted as administrative agent and Wells Fargo partnered with Capital One to form the syndicate for the facility. The project will convert the building into a 314,000-square-foot, 273-unit independent living, assisted living and memory care community. The borrowers are Kayne Anderson and Watermark Retirement Communities.

August 10, 2018

Development Hospitality Massachusetts

Carpenter & Co. Tops Out 61-Story Hotel and Residential Tower in Boston

by David Cohen August 10, 2018

BOSTON — Cambridge-based developer Carpenter & Co. has topped out One Dalton, a 61-story hotel and residential tower in Boston. The tower will include a 215-room Four Seasons hotel and 160 residential condominiums. Carpenter & Co. is developing One Dalton, which was designed by Pei Cobb Freed & Partners and Cambridge Seven Associates. Suffolk is the builder. At 742 feet tall, One Dalton will be Boston’s third-tallest tower after the 790-foot tower at 200 Clarendon St. formerly known as the John Hancock Tower and the 749-foot Prudential Tower.

August 10, 2018

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