Property Type

Meridian Capital Arranges $155M Refinancing for Multifamily Community in Brooklyn

by David Cohen July 23, 2018

NEW YORK CITY — Meridian Capital Group has arranged a $155 million cash-out refinancing for a multifamily community in Brooklyn, located at 1277 east 14th St. The borrower, Hampshire Properties, is midway through construction on the eight-story, 302-unit property. Morris Betesh of Meridan arranged the loan, provided by Square Mile Capital. The building is the former site of the Shulamith School for Girls. Amenities will include a fitness center, game room, concierge desk and rooftop with views of the Manhattan skyline.

July 23, 2018

Affordable Housing Loans Multifamily New York Northeast Property Type

KeyBank Provides $19.6M Construction Loan for Affordable Housing Community in New York

by David Cohen July 23, 2018

COHOES, N.Y. — KeyBank has provided $19.6 million in financing for the development of Mosaic Village, a 68-unit affordable housing community in Cohoes. KeyBank provided a $10.7 million construction loan as well as $8.9 million in Low-Income Housing Tax Credit equity for the borrower, Vecino Group. When completed, Mosaic Village will include 68 one-, two- and three-bedroom units for individuals and families earning between 30 and 80 percent of the area median income. A number of units will also be available for individuals with mobility impairments who meet the Empire State Supportive Housing Initiative homeless criteria. Additional sources of financing were provided by New York State Homes and Community Renewal, New York State Housing Trust Fund Corporation and Community Preservation Corporation.

July 23, 2018

Industrial Leasing Activity New Jersey Northeast

CBRE Secures 110,000 SF Industrial Lease in Kearny, New Jersey

by David Cohen July 23, 2018

KEARNY, N.J. — CBRE has secured a 110,147-square-foot industrial lease for global logistics provider Mainfreight in Kearny. CBRE represented Mainfreight in the full-building lease at RTC Properties’ 50 Cable Drive in Kearny. Terms of the lease were not disclosed. Mainfreight was founded in 1978 and is a provider of managed warehousing, as well as international and domestic freight forwarding services. The property features on-site management, 24-hour security and is located near the New Jersey Turnpike.

July 23, 2018

Acquisitions Multifamily New Jersey Northeast

Marcus & Millichap Brokers $3M Sale of Apartment Community in Union City, New Jersey

by David Cohen July 23, 2018

UNION CITY, N.J. — Marcus & Millichap has brokered the sale of a recently constructed apartment community in Union City. The 12-unit property sold for $3 million, or approximately $252,000 per door, which is the highest price per unit in the history of Union City, according to Marcus & Millichap. The property, which was built in 2015, is located at 536-538 29th St. Marcus & Millichap represented the seller, a private investor. The buyer was also a private investor.

July 23, 2018

Development Multifamily Northeast Pennsylvania Seniors Housing

Presbyterian Senior Living Completes $10M Expansion at CCRC in Pennsylvania

by David Cohen July 23, 2018

PHILIPSBURG, PA. — Presbyterian Senior Living has completed a $10 million expansion at Windy Hill Village, a continuing care retirement community (CCRC) in the Central Pennsylvania borough of Philipsburg. The project added a 48-unit apartment building to the property. The expansion was based on the Passive House design, which requires 50 percent less energy than other heating and cooling systems. Dan Rothschild served as the project architect. Of the 48 total units, eight are priced at market rate, ranging from $850 to $1,100, and the remaining rentals will be subsidized by tax credits for individuals who apply and meet income-limit requirements. Presbyterian Senior Living was awarded $7.7 million in tax credits by the Pennsylvania Housing Finance Agency for this project.

July 23, 2018

Development Mixed-Use Office South Carolina Southeast

Gateway Development Breaks Ground on Third Building at $300M WestEdge Project in Charleston

by Camren Skelton July 23, 2018

CHARLESTON, S.C. — Atlanta-based Gateway Development has broken ground on 22 WestEdge, a 156,000-square-foot office building located within the $300 million WestEdge mixed-use district in Charleston. The 3 million-square-foot development is situated along the Ashley River, between The Medical University of South Carolina (MUSC) and The Citadel. 22 WestEdge is the third building within the project. At 125 feet, the eight-story building will be the tallest multi-tenant office building on the peninsula and in Charleston’s metropolitan area when it opens in November 2019. The building is 48 percent preleased to MUSC, The South Carolina Research Authority, The City of Charleston, WestEdge Foundation Inc. and Heritage Trust Credit Union. In addition to office space, 22 WestEdge will include 15,000 square feet of street-front retail space. The building will feature restaurants, fitness facilities, conference and event facilities and a rooftop terrace overlooking the Ashley River. Recently completed projects at WestEdge include The Caroline, a 237-unit apartment complex with 20,000 square feet of ground-floor retail. Gateway has also topped out construction on 10 WestEdge, a 350-unit apartment community that will house a Publix, Woodhouse Spa and additional retail and restaurant space. Trident Construction is the general contractor for the project, Perkins + Will …

July 23, 2018

Acquisitions Florida Multifamily Southeast

Cedano, UrbaniZa Realty Broker $56M Sale of Apartment Community in Broward County

by Camren Skelton July 23, 2018

HOLLYWOOD, FLA. — Cedano Realty Advisors and UrbaniZa Realty have arranged the sale of Park Colony Apartments, a 316-unit multifamily community located at 812 S. Park Road in Hollywood, roughly 11 miles south of downtown Fort Lauderdale. Ronald Meyerson of Cedano, along with Ray Jourdain of UrbaniZa, represented the buyer, Asset Development & Management Group LLC, an entity owned by American Landmark. RSE Capital provided joint venture equity for the acquisition. Dallas Wharton of Dalmar Real Estate Group LLC represented the undisclosed seller. Constructed in 1987, Park Colony Apartments includes a mix of one-, two- and three-bedroom units. Community amenities include a swimming pool, dog park, business center and gated access.The new ownership will invest $3.5 million to upgrade the property’s common areas and amenities, rebranding the community as The EnV. The renovation will include the addition of granite countertops, new plumbing and lighting fixtures, plank flooring, landscaping and improvements to the clubhouse, fitness center and swimming pool.

July 23, 2018

Development Florida Industrial Southeast

Exeter Property Group to Develop Four New Industrial Buildings in South Florida

by Camren Skelton July 23, 2018

CORAL SPRINGS, FLA. — Exeter Property Group will break ground on four new industrial buildings along the Sawgrass Expressway in South Florida’s Coral Springs. The Pennsylvania-based development company is finishing work on 4030 N.W. 126th St., a 215,486-square-foot, cross-dock facility that is fully preleased to a private flooring company. Exeter has started construction on the second building at the park, which will complete build-out of Coral Springs Commerce Center Phase I. The 215,486-square-foot building is located at 4050 N.W. 126th St. and is scheduled to deliver in January 2019. Less than a mile away, Exeter will break ground on the second phase of Coral Springs Commerce Center. The 40-acre site on Coral Ridge Drive will include three speculative buildings. Exeter acquired the site in 2017 from Swiss manufacturer Hoerbiger. The sale included an existing 193,211-square-foot building that Exeter plans to remodel with a new roof and modern tilt-wall front. Exeter will break ground on Phase II of the project this summer.

July 23, 2018

Loans Maryland Office Southeast

WPC Receives $35M Loan for Refinancing of Office Building in Metro D.C.

by Camren Skelton July 23, 2018

SILVER SPRING, MD. — Washington Property Co. (WPC) has received a $35 million loan for the refinancing of 8757 Georgia Avenue, a 242,000-square-foot office building in Silver Spring, roughly six miles north of Washington, D.C. Tyler Blue and Paul Wallace of Berkadia arranged the loan through Wells Fargo. WPC acquired 8757 Georgia Avenue in 2001 and invested $20 million to renovate the property. At the time of sale, the building was 87 percent leased to tenants including Conflulytics, Social & Scientific Systems and Synergy Enterprises. The property is situated within walking distance to the Silver Spring Metro station and the planned Purple Line light rail station. In addition, the building has been awarded the LEED for Existing Buildings certification for its incorporation of energy-efficient lighting, low-flow plumbing fixtures and green cleaning products and equipment.

July 23, 2018

Acquisitions Georgia Multifamily Southeast

Cushman & Wakefield Arranges $30M Sale of Multifamily Community South of Atlanta

by Camren Skelton July 23, 2018

COLLEGE PARK, GA. — Cushman & Wakefield has arranged the $30 million sale of The Parc at 1875, a 352-unit apartment community in College Park, roughly four miles south of Hartsfield-Jackson Atlanta International Airport. Tyler Averitt and Nathan Swenson of Cushman & Wakefield arranged the transaction on behalf of the sellers, Sage Equities and M. Banks Realty Partners. Two Waters Capital Management acquired the property. Constructed in 1988, The Parc at 1875 features a car care center, fitness center, pet walk and care stations, playground, sports court and a swimming pool.

July 23, 2018

Newer Posts

Older Posts