Property Type

HFF Secures $91.6M Capitalization of Multifamily Property in Fleetwood, New York

by Amy Works January 4, 2018

FLEETWOOD, N.Y. — HFF has secured $91.6 million in joint venture equity and first mortgage financing for the development of 42 Broad Street West, a multifamily property located in Fleetwood. The developer is a partnership between Alexander Development Group and The Bluestone Organization. HFF arranged $32.6 million in joint venture equity from institutional investors advised by J.P. Morgan Asset Management. Additionally, the HFF team, including David Giancola and Geoff Goldstein, placed a $59 million construction loan with Santander Bank and People’s United Bank. Once completed, the 16-story, 354,000-square-foot building will feature 249 apartment units, more than 16,000 square feet of amenity space, 12,000 square feet of ground-floor retail space and a connected four-story, 580-space parking garage. Residential units will include a variety of studio, one-, two- and three-bedroom floor plans, and amenities will include an outdoor swimming pool and patio area, a fitness center, a game room/viewing room, a library, a business center and a landscaped rooftop garden with outdoor kitchens and fireplace, as well as a concierge service. The property is slated for completion in 2019.

January 4, 2018

Industrial New Jersey Northeast

Devli Group Acquires Two-Building 121,954 SF Flex Property in Warren, New Jersey

by Amy Works January 4, 2018

WARREN, N.J. — Devli Group has purchased a two-building flex industrial property located at 150 Mt. Bethel Road in Warren for an undisclosed price. Situated on 15.7 acres, the buildings feature a total of 121,954 square feet of space with 26-foot clear ceiling heights and nine loading docks, as well as 355 parking space. Additionally, the property has approved plans to develop an additional 46,000-square-foot building. Andrew Schwartz, Andrew Merin and Ryan Larkin of Cushman & Wakefield represented the buyer and seller in the transaction.

January 4, 2018

Hospitality Loans New York Northeast

Eastern Consolidated Arranges $121.3M Construction Loan for 526-Room Hotel in Manhattan

by Amy Works January 4, 2018

NEW YORK CITY — Eastern Consolidated has arranged a debt and equity package totaling $121.3 million to finance the construction of a 45-story hotel at 140 W. 28th St. in the Chelsea section of Manhattan. The borrower is McSam Hotel Group, led by Sam Chang. The financing package includes a $97.5 million first mortgage with Bank of the Ozarks and a $23.8 million mezzanine construction loan from Square Mile Capital Management. Adam Hakim and James Murad of Eastern Consolidated secured the financing. The 178,000-square-foot, 526-room hotel will operate under two separate hotel flags under the Marriott brand — TownePlace Suites and Springhill Suites — with two separate lobbies and shared common spaces. Planned amenities include a continental breakfast service area, meeting space and an exercise room. The hotel is slated to open in 2019.

January 4, 2018

Loans Multifamily Northeast Pennsylvania Seniors Housing

KeyBank Secures $57.7M in Financing for Two Seniors Housing Properties in Pennsylvania

by Amy Works January 4, 2018

PENNSYLVANIA — KeyBank Real Estate Capital has arranged a total of $57.7 million in FHA financing for a large regional owner and operator of healthcare facilities across the Northeast. The properties include a 180-bed skilled nursing facility and a 120-bed skilled nursing facility that also has a 73-bed assisted living/independent living wing. John Randolph of Key’s Commercial Mortgage Group arranged the permanent financing through the FHA 232/223(f) mortgage insurance program. Henry Alonso and Brandon Taseff of Key’s Healthcare Group structured the original bridge loan for the sponsor. The loan proceeds were used to pay down a portion of the existing bridge loan, which funded the initial acquisition and subsequent recapitalization of a pool of healthcare facilities located in the Northeast.

January 4, 2018

Multifamily New York Northeast

Ariel Property Advisors Secures Financing, Arranges $9M Sale of Multifamily Asset in Central Harlem

by Amy Works January 4, 2018

NEW YORK CITY — Ariel Property Advisors has secured financing and facilitated the sale of Grand Crossing Apartments, a two-building multifamily asset located at 208 and 212 W. 133rd St. in Central Harlem. An undisclosed buyer acquired the properties for $9 million. Ariel Property Advisors assisted the buyer’s acquisition of the asset by obtaining a $5.1 million non-recourse, fixed-rate acquisition loan. Victor Sozio, Shimon Shkury, Michael Tortorici and Matthew Gillis of Ariel Property Advisors represented the undisclosed seller and secured the buyer in the deal. The five-story property at 208 W. 133rd St. features 14,175 square feet and 15 apartments, while the 41,380-square-foot property at 212 W. 133rd St. features 40 apartments.

January 4, 2018

Florida Loans Multifamily Southeast

Canyon Provides $102.3M Bridge Loan for Multifamily Property in Miami

by Camren Skelton January 4, 2018

MIAMI — Canyon Partners Real Estate LLC has provided a $102.3 million senior bridge loan for the recapitalization of Shorecrest Club, a 467-unit, waterfront apartment community in Miami. Canyon arranged the transaction on behalf of the borrower, Upper East Side Miami LLC, an affiliate of ECI Group, an Atlanta-based real estate development, brokerage and management company. The property is located roughly 10 miles from Miami International Airport and eight miles north of Miami’s Brickell district. Shorecrest Club offers a mix of one- to three-bedroom units, with rents starting at $1,535 per month for a one-bedroom, according to Apartments.com. In addition, the property features a resort-style pool with lap lanes, outdoor cabanas, fitness center with saunas, tenant lounges, storage units and a movie theater. ECI Group plans to further enhance the property with the addition of 12 boat slips for the planned Biscayne Bay waterfront, landscaping and a dog park.

January 4, 2018

Healthcare Office Southeast Virginia

Avison Young Arranges $62.5M Sale of Medical Office Building in Metro D.C.

by Camren Skelton January 4, 2018

FAIRFAX, VA. — Avison Young has arranged the sale of Merrifield-Fairfax Medical Campus, a 119,788-square-foot medical office building located at 3023 Hamaker Court in Fairfax, roughly 20 miles west of Washington, D.C. Grosvenor Americas Inc. sold the asset for $62.5 million to Harrison Street Real Estate, according to the Washington Business Journal. Jim Kornick, Chip Ryan, Mike Wilson, Erik Foster and Mark Johnson of Avison Young arranged the transaction. Situated adjacent to the Inova Fairfax Hospital campus, the building was 84.5 percent leased at the time of sale to tenants including Children’s National Health System and Pediatric Specialists of Virginia, a venture between Children’s and Inova. In addition, the transaction included a 120,000-square-foot adjacent site that has been approved for a second phase of development.

January 4, 2018

Georgia Office Southeast

ATPS Realty Partners Acquires Office Building in Atlanta’s Buckhead District for $50M

by Camren Skelton January 4, 2018

ATLANTA — ATPS Realty Partners, a joint venture between Israel-based Sage Equities and Atlanta-based Anchor Capital Partners, has acquired Live Oak Square, a 201,488-square-foot office building in Atlanta’s Buckhead district. The Atlanta Business Chronicle reports HighBrook Investors sold the asset for approximately $50 million. Justin Parsonnet, Jay O’Meara, Will Yowell and Ryan Reeth of of CBRE arranged the transaction on behalf of the seller. The 10-story building is located at the intersection of Peachtree and Lenox roads, across the street from both Lenox Square mall and Phipps Plaza and within walking distance of the Lenox MARTA Station. The University of Georgia’s Terry College of Business anchors the building, which was 74 percent leased at the time of sale to tenants including Merchant E-Solutions, MRI Software and The Bucket Shop Café. Kevin Lott and Claire Ross of JLL will oversee the building’s leasing assignment, and JLL’s Stacy Goldworn will manage the property.

January 4, 2018

Georgia Industrial Southeast

Trammell Crow, Allstate Sell 760,256 SF Industrial Facility in Metro Atlanta

by Camren Skelton January 4, 2018

MCDONOUGH, GA. — Trammell Crow Co. (TCC) and its partner, Allstate, have sold Phase II of King Mill Distribution Park, an approximately 1.6 million-square-foot industrial park in McDonough, roughly 30 miles southeast of Atlanta. Canadian REIT Pure Industrial Real Estate Trust (PIRET) acquired the 760,256-square-foot warehouse, located at 150 Distribution Drive. Frank Fallon, Chris Riley and Trey Barry of CBRE arranged the transaction on behalf of the joint venture. Other terms of the deal were not disclosed. The building features 36-foot clear heights, ample trailer storage, employee vehicle parking, ingress/egress with two separate entrances and the flexibility to accommodate multiple tenants. In May, TCC and Allstate sold the first phase of the development to American Realty Advisors. The 846,496-square-foot building is fully leased to Wayfair, a Boston-based e-commerce retailer specializing in home furnishings and décor.

January 4, 2018

Alabama Retail Southeast

InvenTrust Sells Shopping Center in Dothan, Alabama for $33.8M

by Camren Skelton January 4, 2018

DOTHAN, ALA. — InvenTrust Properties Inc. has sold Dothan Pavilion, a 327,423-square-foot shopping center located at 4601 Montgomery Highway in Dothan, for $33.8 million. Dothan Pavilion Group LLC acquired the asset, and Jim Hamilton, Richard Reid and Barry Brown of HFF arranged the transaction on behalf of InvenTrust. At the time of sale, Dothan Pavilion was 89 percent leased to tenants including Bed Bath & Beyond, Barnes & Noble, Carmike Cinemas AMC Theatres, Michaels, Ross Dress for Less, Dick’s Sporting Goods, Target, Lowe’s Home Improvement, Kohl’s, Moe’s Southwest Grill, Ulta Beauty, Cold Stone Creamery and GameStop.

January 4, 2018

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