Property Type

HFF Secures $12.5M in Refinancing for Office Building in Manhattan

by Amy Works January 23, 2018

NEW YORK CITY — HFF has arranged $12.5 million in refinancing for 135 Bowery, a boutique creative office building in Manhattan’s Midtown South technology corridor. The borrower is a joint venture between Caspi Development and RWN Real Estate Partners. Steven Klein and Alex Staikos of HFF secured the five-year, fixed-rate loan through BBVA Compass Bank. Loan proceeds were used to refinance a construction loan on the property. Originally built in 1900 and redeveloped in 2016, the eight-story, 21,308-square-foot building features a ground-floor retail space occupied by a high-end restaurant, and full-floor loft office units above. The office spaces feature collaborative open floor plates, 10-foot ceilings, reclaimed wood details, custom kitchenettes, conference rooms and two suites that offer private terraces with city views. The property is fully occupied by tenants, including lola/VFX, Bullish, Tradewind, breather, Martin Lui & Associates, Minds+Assembly and RTS Ventures.

January 23, 2018

Multifamily New York Northeast

Cignature Realty Arranges $12.1M Sale of Apartment Building in Manhattan

by Amy Works January 23, 2018

NEW YORK CITY — Cignature Realty Associates has brokered the sale of a six-story apartment building located at 964 Amsterdam Ave. in Manhattan Valley. TriArch Real Estate Group acquired the building from The Orbach Group for $12.1 million. Built in 1900, the 21,072-square-foot property features 22 residential apartments and four retail stores. Peter Vanderpool of Cignature Realty represented the buyer, while Elan Teichman, also of Cignature, represented the seller in the deal.

January 23, 2018

The-Residence-at-Penniman-Hill-Hingham-MA

Massachusetts Multifamily Northeast Student Housing

LCB Plans 90-Unit Seniors Housing Community Near Boston

by Amy Works January 23, 2018

HINGHAM, MASS. — The Town of Hingham, a suburb of Boston, has approved the construction of The Residence at Penniman Hill, a 90-unit independent living, assisted living and memory care community. LCB Senior Living LLC is developing the 89,000-square-foot building. All programming was developed in collaboration with the Harvard Medical School, McLean Hospital and Brigham & Women’s Hospital. LCB Senior Living is a Massachusetts-based seniors housing operator and developer with communities throughout New England and the Mid-Atlantic states.

January 23, 2018

Loans Midwest Office Ohio

KeyBank Provides $237.1M Acquisition Financing for Office Portfolio in Eight States

by Kristin Harlow January 23, 2018

CLEVELAND — KeyBank Real Estate Capital has provided a $237.1 million bridge loan for the acquisition of a 12-property office portfolio located throughout eight states. The Class A and B properties are located in Arizona, Illinois, Georgia, Florida, Maryland, Massachusetts, Michigan and Tennessee. The portfolio, which is 71 percent leased, includes nine multi-tenant buildings and three single-tenant buildings totaling more than 2.2 million square feet. Alex Buecking, Devin Jolley and Josh Berde of Key arranged the loan on behalf of the borrower, Bridge Investment Group Partners.

January 23, 2018

Iowa Loans Midwest Student Housing

Berkadia Arranges $46.5M Refinancing for Student Housing Property in Iowa City, Iowa

by Kristin Harlow January 23, 2018

IOWA CITY, IOWA — Berkadia has arranged a $46.5 million loan for the refinancing of The Quarters at Iowa City, an 892-bed student housing property. The development is located at 2401 Highway 6 East near the University of Iowa. The community features studio, two- and three-bedroom floor plans and amenities such as a resort-style pool, outdoor sand volleyball court, fitness center, game lounge, outdoor grill area and private shuttle to campus. Peter Benedetto and Aaron Moll of Berkadia arranged the two-year loan, which features a 75 percent loan-to-value ratio. Voya Investment Management provided the loan for the borrower, The Tailwind Group.

January 23, 2018

Industrial Michigan Midwest

Paslin Signs 140,000 SF Industrial Lease in Troy, Michigan

by Kristin Harlow January 23, 2018

TROY, MICH. — Paslin has signed a 140,000-square-foot industrial lease in Troy. A full-service engineering and manufacturing company that builds welding automation systems for the auto industry, Paslin will occupy the entire facility, which is located at 500 W. Long Lake Road. The company occupies other properties in Warren and Shelby Township, Mich. Jason Capitani of L. Mason Capitani represented Paslin in the lease transaction. The landlord was not disclosed.

January 23, 2018

Industrial Midwest Wisconsin

Dickman Co. Brokers Sale of 16,440 SF Industrial Building in Pewaukee, Wisconsin

by Kristin Harlow January 23, 2018

PEWAUKEE, WIS. — The Dickman Co. Inc./CORFAC International has brokered the sale of a 16,440-square-foot industrial building in Pewaukee, about 20 miles west of Milwaukee. The sales price was not disclosed. The property is located at 1275 Hickory St. Nick Keys of the Dickman Co. represented the seller, Evergreen Business Development Wisconsin LLC. Bast Mequon LLC purchased the property.

January 23, 2018

Illinois Midwest Mixed-Use

Adelphia Negotiates Sale of 4,800 SF Mixed-Use Property in Fox Lake, Illinois

by Kristin Harlow January 23, 2018

FOX LAKE, ILL. — Adelphia Properties has arranged the sale of a 4,800-square-foot mixed-use property in Fox Lake, about 56 miles north of Chicago. The sales price was not disclosed. The property, located at 1 Nippersink Blvd., was 100 percent leased at the time of sale. In addition to three apartment units on the second floor, the ground floor is home to one tenant, Lucky Bernies Gaming. Simeon Spirrison and George Spirrison of Adelphia represented both the buyer, a local investor, and the undisclosed seller.

January 23, 2018

North Carolina Office Southeast

HFF Brokers $55.6M Sale of Two-Building Office Park in Triangle

by Camren Skelton January 23, 2018

DURHAM, N.C. — HFF has arranged the $55.6 million sale of Palladian Corporate Center, a two-building, 201,008-square-foot office complex in Durham. Ryan Clutter, Scot Humphrey and Chris Lingerfelt of HFF arranged the transaction on behalf of the seller, an institutional owner advised by Clarion Partners LLC. An affiliate of Innovatus acquired the asset. In addition, Brent Bowman of HFF arranged acquisition financing for the asset through Citizens Bank on behalf of the new owner. Palladian Corporate Center is located at 200 and 240 Leigh Farm Road, adjacent to Interstate 40, along the Highway 54 corridor. Constructed in 2005 and 2007, the four-story buildings feature landscaped exteriors, brick and glass façades, weekly scheduled food trucks and adjacent walking trails. Palladian Corporate Center is home to tenants including Northwestern Mutual, Eco-Site LLC and AICPA’s corporate headquarters. At the time of sale, the property was 98.4 percent leased.

January 23, 2018

District of Columbia Hospitality Loans Southeast

PCCP Provides $44.9M Acquisition Loan for Embassy Suites Hotel in D.C.

by Camren Skelton January 23, 2018

WASHINGTON, D.C. — PCCP LLC has provided a $44.9 million loan for the acquisition of Embassy Suites at Chevy Chase Pavilion, a 198-room hotel in Washington D.C.’s Friendship Heights neighborhood. Arden Group acquired the asset from Clarion Partners. The hotel is located at 4300 Military Road N.W., on the border of northwest Washington, D.C. and Chevy Chase, Md., and within Chevy Chase Pavilion, a mixed-use complex. In addition to the hotel, the development includes a 205,000-square-foot office building and 155,000 square feet of retail. The hotel features an indoor swimming pool, health club and four meeting rooms. In addition, the hotel has access to Chevy Chase Pavilion’s 675-space underground parking garage and direct underground access to the Red Line Metro Station.

January 23, 2018

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