Property Type

Citizens Commercial Banking Provides $70M Construction Loan for Marriott Moxy Hotel in Boston

by Haisten Willis March 13, 2017

BOSTON — Citizens Commercial Banking has provided a $70 million loan to TS Lodging LLC / Norwich Partners to partially finance the construction of a 340-room Marriott Moxy Hotel on the corner of Stuart and Tremont streets in downtown Boston. Citizens is the lead debt arranger of the four-bank group. Construction has begun on the property, which is slated for delivery in the fourth quarter of 2018. Norwich Partners has developed more than two dozen chain-affiliated hotels across New England and Florida. Boston’s Marriott Moxy Hotel will span 142,400 square feet across 25 stories with an illuminated rooftop lounge, 24-hour café, coffee bar, restaurant and lounge. The second and third floors will include common areas, with a fitness center on the third floor.

March 13, 2017

Multifamily New Jersey Northeast

Gebroe-Hammer Associates Arranges $12.8M Sales of Multifamily Properties in New Jersey

by Haisten Willis March 13, 2017

EAST ORANGE, ORANGE, AND IRVINGTON, N.J. — Gebroe-Hammer Associates’ David Oropeza has arranged the sales of several multifamily residential properties in East Orange, Orange and Irvington. The transactions include a total 170 units, which were purchased for a combined $12.8 million. Oropeza represented the buyers and sellers in each transaction. An East Orange portfolio sale includes 73 units spanning six properties. These include 63 N. Walnut St., 132 N. Grove St., 433 William St., 75 Carnegie St., 572 Springfield Ave. and 998 18th Ave. Also in East Orange, Oropeza arranged the $2.6 million sale of 30 units at South Harrison Apartments, located at 370 S. Harrison St. In Orange, Oropeza represented the seller and procured the buyer of 364 and 372 White St., totaling 42 units. In Irvington, Oropeza arranged the $1.95 million sale of 25 units at 25 Linden Ave.

March 13, 2017

Massachusetts Multifamily Northeast

Chevron Partners to Redevelop Boston Property into Multifamily Residence

by Haisten Willis March 13, 2017

BOSTON — Chevron Partners, a privately-held real estate firm, has acquired 260-262 Commonwealth Ave. in Boston from Commonwealth Realty Trust for $14 million. The 1880-built brownstone will be redeveloped into five apartments, which will be known as Maison Commonwealth. The property, currently a dorm for Bay State College students, includes on-site parking for each residence and is a joint venture between developers Fulton and Marcel Safar. Chevron Partners’ first residential property, Maison Vernon, is located at 41 Mount Vernon St. in Beacon Hill. The renovation is scheduled for completion in late spring 2019.

March 13, 2017

Healthcare New York Northeast

Simone Development Co. to Build Medical Facility on Long Island

by Haisten Willis March 13, 2017

TOWN OF HUNTINGTON, N.Y. — Simone Development Co. has received approval from the Town of Huntington to redevelop two buildings located at 5 Cuba Hill Road for medical use. Defense contractor BAE Systems sold 18 acres of its property, located in the Greenlawn area of Huntington (on Long Island), to the Bronx-based developer late last year. At the time, Simone Development leased the four-building complex totaling 200,000 square feet back to BAE. A nine-acre portion with two existing buildings totaling 95,000 square feet will be redeveloped for medical use. Mount Sinai Doctors Long Island, which is part of the Mount Sinai Health System, will become the tenant. Mount Sinai will combine three of its current locations in Huntington into a practice at the new Greenlawn location. The new site will offer imaging services, primary care, pediatric and concierge medicine along with specialty services. In November 2015, KeyBank provided financing to Simone Development for the acquisition and redevelopment of the 5 Cuba Hill property.

March 13, 2017

Multifamily Northeast Pennsylvania

Philadelphia Magazine to Occupy 15,786 SF at The Curtis in Philadelphia

by Haisten Willis March 13, 2017

PHILADELPHIA — Philadelphia Magazine has signed a long-term lease for 15,786 square feet at The Curtis, a mixed-use office property in Philadelphia. Keystone Property Group owns the property, which is located at 601 Walnut St. in the Washington Square area. Colliers International’s Sandy Richardson and Liz Morrow represented Keystone Property Group in the transaction. Josh Haber of Binswanger Co. represented Metrocorp, the publisher of Philadelphia Magazine.

March 13, 2017

Midwest Minnesota Retail

Gander Mountain, Subsidiaries File for Chapter 11 Reorganization

by Kristin Harlow March 13, 2017

ST. PAUL, MINN. — Gander Mountain Co. and its subsidiaries have filed for Chapter 11 bankruptcy protection. The decision is the result of an in-depth review of the company’s strategic options undertaken in recent months to preserve the value of the company and position it for long-term success, according to a news release. St. Paul-based Gander Mountain, an outdoor retail network with stores across 26 states, will sell the company while continuing operations. An auction will be held in late April and the sale is expected to be complete by May 15. The company generally expects to conduct normal business operations during the restructuring period, but 32 underperforming retail locations will begin a shutdown process in the next several weeks. The company has obtained a committed debtor-in-possession (DIP) financing facility underwritten by Wells Fargo. Subject to court approval, this DIP financing, combined with cash from operations, is expected to provide sufficient liquidity to support the company’s continuing business operations and to minimize any disruption during the reorganization process. The petitions were filed in the U.S. Bankruptcy Court for the District of Minnesota. Houlihan Lokey Capital Inc. is serving as financial advisor and investment banker to Gander Moutain. Lighthouse Management Group …

March 13, 2017

Illinois Midwest Retail

Marcus & Millichap Brokers $6.4M Sale of Retail Property in Orland Park, Illinois

by Kristin Harlow March 13, 2017

ORLAND PARK, ILL. — Marcus & Millichap has brokered the sale of a Mattress Firm regional mall outparcel center in Orland Park, a suburb of Chicago, for $6.4 million. The 10,000-square-foot retail property is located at 29 Orland Square Drive. Mattress Firm and State & Main Kitchen and Bar occupy the property. Austin Weisenbeck and Sean R. Sharko of Marcus & Millichap marketed the property on behalf of the seller, an out-of-state developer. The duo also secured and represented the buyer, a private investor.

March 13, 2017

Illinois Loans Midwest Retail

Philipsborn Secures $2.2M Loan for Refinancing of Retail Center in Richton Park, Illinois

by Kristin Harlow March 13, 2017

RICHTON PARK, ILL. — The Philipsborn Co. has secured a $2.2 million loan for the refinancing of Sauk Trail Plaza in Richton Park, about 35 miles south of Chicago. The 30,267-square-foot center is located on the southwest corner of Sauk Trail and Central Park avenues. Constructed in phases during the 1960s and 1970s, the center is situated on 2.6 acres. The property is 98 percent leased and is anchored by Save-A-Lot. The fixed-rate loan was used to refinance the outstanding debt and provide funds for capital reserves. David Kubert of Philipsborn negotiated the transaction on behalf of all parties. ICA Investment Advisors provided the loan. The borrower was a limited liability company.

March 13, 2017

Loans Midwest Minnesota Multifamily

CBRE Arranges $1.3M Acquisition Loan for 20-Unit Apartment Property in Minneapolis

by Kristin Harlow March 13, 2017

MINNEAPOLIS — CBRE has arranged a $1.3 million loan for the acquisition of a 20-unit apartment property in the Minneapolis neighborhood of Ventura Village. The two-story building is located at 1828 Park Ave. and consists of one-, two- and three-bedroom units. Originally built in 1916, the property was fully occupied at the time of closing. The 10-year loan was obtained through Freddie Mac’s small balance loan program and features a 30-year amortization schedule. Ben Bastian and Mark Roos of CBRE represented the borrower, Lotus Acres LLC, an affiliate of EIG Property Management.

March 13, 2017

California Office Western

Kashani Family Purchases Scripps Collection Office Property in San Diego for $10M

by Nellie Day March 13, 2017

SAN DIEGO — The Kashani Family has purchased The Scripps Collection, a 47,302-square-foot office property in the San Diego submarket of Scripps Ranch, for $10 million. The property is located at 9775 Businesspark Ave. and 10021 Willow Creek Road. It was built in the mid- to late 1980s. The Scripps Collection is fully leased. Peter Curry and Duncan Dodd of Cushman & Wakefield represented both the buyer and seller, HighBrook, in this transaction.

March 13, 2017

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