Northeast

PCCP Provides $168.5M Loan to Refinance Luxury Apartment Building in Manhattan

by Kristin Harlow August 10, 2018

NEW YORK CITY — PCCP has provided a $168.5 million senior loan to refinance a 280-unit luxury apartment building in the Hell’s Kitchen submarket of Manhattan. The 14-story property is located at 535 W. 43rd St. The borrower, a joint venture between Patrinely Group, USAA Real Estate and DHA Capital, completed development of the property in mid-2016. The asset is currently 93 percent occupied. Steve Kohn, Gideon Gil, Chris Moyer and Noble Carpenter III of Cushman & Wakefield arranged the loan. The property comprises two towers with 218 market-rate units and 62 affordable housing units. A courtyard garden and glass-enclosed walkway bridge connect the two towers. Floor plans include a mix of studios, one- and two-bedroom units. More than 28,000 square feet of amenity space includes two rooftop gardens, a fitness center and yoga area, game room, media room, club lounge, communal kitchen and children’s playroom. Hell’s Kitchen, which has historically consisted of old warehouses and small multifamily properties, has experienced an influx of development in recent years. The activity has largely been led by the rezoning of the Hudson Rail Yards. Upon completion, the Hudson Yards redevelopment project will feature more than 18 million square feet of commercial and …

August 10, 2018

Acquisitions Massachusetts Multifamily Northeast

Colliers Negotiates $42.5M Sale of Apartment Community in Boston

by David Cohen August 9, 2018

BOSTON — Colliers International has negotiated the $42.5 million sale of Trac 75, an 80-unit apartment community in Boston’s Allston neighborhood. Located at 75 Braintree St., the property consists of a mix of studio, one-, two- and three-bedroom units. Colliers represented the seller, a joint venture between affiliates of The Grossman Cos. and The Waypoint Cos. Coldwell Banker Residential Brokerage represented the buyer, a private family office. Dolben will continue to manage Trac 75.

August 9, 2018

Acquisitions Multifamily New York

Greystone Arranges $54.8M Freddie Mac Loan for Multifamily Building in Brooklyn

by David Cohen August 9, 2018

NEW YORK CITY — Greystone has arranged a $54.8 million Freddie Mac loan for The Dean, a 120-unit multifamily community in the Crown Heights neighborhood of Brooklyn. Located at 1040 Dean St., the eight-story property features a roof deck, lounge, fitness center and onsite parking. Anthony Cristi of Greystone arranged the 10-year, fixed-rate Freddie Mac CME loan, which is designed for new construction assets nearing stabilization. Yoel Goldman of All Year Holdings owns the building.

August 9, 2018

Acquisitions Development New York Northeast

Cushman & Wakefield Brokers $8M Sale of Development Site in Long Island City

by David Cohen August 9, 2018

NEW YORK CITY — Cushman & Wakefield has brokered the $8 million sale of a 49,790-buildable-square-foot development site in Long Island City. Stephen R. Preuss, Denise Prevete-Tempone and Andreas Efthymiou of Cushman & Wakefield represented both the buyer, Midpiece 9th Street LLC., and the seller, J&N Development, in the transaction. The property is located at 3823-3829 9th St.

August 9, 2018

Loans Massachusetts Multifamily Northeast

Cornerstone Realty Capital Secures $7.5M Refinancing for Multifamily Community in Boston

by David Cohen August 9, 2018

BOSTON — Cornerstone Realty Capital has secured a $7.5 million refinancing for a four-building, 64-unit multifamily community in Boston. The properties are located on Pleasant Street in Melrose, approximately 8 miles north of Boston. Cornerstone secured a fixed-rate loan through a correspondent lender with 24 months of interest-only payments followed by a 30-year amortization. The borrower was undisclosed.

August 9, 2018

Leasing Activity New York Northeast Office

Warshaw Burstein Signs 40,000 SF Lease in Manhattan Office Tower

by David Cohen August 9, 2018

NEW YORK CITY — Warshaw Burstein LLP has signed a 15-year, 40,383-square-foot office lease at 575 Lexington Ave. in Manhattan. The law firm will occupy the entire seventh floor of the building. Michael Burgio of Cushman & Wakefield represented Warshaw Burstein in the transaction. Newmark Knight Frank represented the landlord, a joint venture comprising George Comfort & Sons, Angelo Gordon & Co. and Normandy Real Estate Partners. The 35-story, 745,400-square-foot office tower has recently undergone a series of renovations that included a full redesign of the building’s lobby, upgrades to the elevators and the construction of a new entrance.

August 9, 2018

Company News Idaho Northeast Pennsylvania Retail Top Stories Western

Rite Aid, Albertsons Terminate $24B Merger Amid Stockholder Pushback

by Camren Skelton August 9, 2018

CAMP HILL PA. AND BOISE, IDAHO — Rite Aid Corp. (NYSE: RAD) announced Wednesday it has called off its previously announced merger with Boise-based grocery chain Alberstons Cos. The $24 billion deal, first announced in February, would have allowed Albertsons to go public. Under the terms of the transaction, Rite Aid shareholders would have held a 29 percent stake in the combined company. The integrated company would have operated about 4,900 locations, 4,350 pharmacy counters and 320 clinics across 38 states and Washington, D.C. “While we believe in the merits of the combination with Albertsons, we have heard the views expressed by our stockholders and are committed to moving forward and executing our strategic plan as a standalone company,” said John Standley, chairman and CEO of Rite Aid, in a prepared statement. The merger has faced pushback from a number of stockholders and investors in the months leading up to a shareholder vote over the deal, which was originally scheduled for Thursday, Aug. 9, but has since been called off. In June, Highfields Capital Management, an investment management firm that holds approximately 47 million Rite Aid shares, said it would vote against the merger, claiming it did not offer compelling value …

August 9, 2018

Acquisitions Multifamily Northeast Pennsylvania

Southern Land Co., Redwood Capital Sell Residential Tower in Philadelphia for $140M

by David Cohen August 8, 2018

PHILADELPHIA — Southern Land Co. and project partner Redwood Capital Investments have sold 3601 Market, a 28-story, 363-unit apartment tower in Philadelphia for $140 million. FPA Core Plus Fund IV purchased the property. The LEED Silver-certified project opened in 2015 and features a rooftop pool and 13,600 square feet of restaurant and retail space.

August 8, 2018

Acquisitions Mixed-Use New York

Cushman & Wakefield Brokers $61M Sale of Development Site in Brooklyn

by David Cohen August 8, 2018

NEW YORK CITY — Cushman & Wakefield has brokered the $61 million sale of a 95,000-square-foot development site in the Gowanus neighborhood of Brooklyn. Located at 313-331 Bond St., the property’s M2-1 zoning regulations allows for 185,040 of buildable square feet, according to Cushman & Wakefield. Stephen Palmese, Winfield Clifford, James Berluti and William Barrett of Cushman & Wakefield represented the undisclosed seller in the transaction. All Year Management purchased the property and plans to build a mixed-use project on the site.

August 8, 2018

Connecticut Loans Multifamily

Marcus & Millichap Arranges $7.6M Refinancing for Mixed-Use Property in Connecticut

by David Cohen August 8, 2018

SHELTON, CONN. — Marcus & Millichap Capital Corp. has secured a $7.6 million cash-out refinancing for Bridge Street Commons, a mixed-use property located at 50 Bridge St. in Shelton. The building consists of 43 residential units and 7,000 square feet of commercial space. Robert Bhat of Marcus & Millichap Capital Corp. secured a 15-year loan with a fixed rate of 5 percent for the undisclosed borrower. The lender was Fannie Mae.

August 8, 2018

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