Property Type

J.G. Petrucci Opens The Station at Manayunk in Philadelphia

by Amy Works March 11, 2015

PHILADELPHIA — J.G. Petrucci has opened The Station at Manayunk, a luxury apartment community located at 1 Parker Ave. in the Manayunk section of Philadelphia. The 149-unit community features a 24-hour fitness center, outdoor and garage parking, full-size washer and dryers in each unit, personal balconies, kitchens with energy-efficient stainless steel appliances and granite countertops, and a bike share program. Rents range from $1,447 to $1,537 for one-bedroom units and $1,777 to $1,887 to two-bedroom units. The property is available for immediate occupancy.

March 11, 2015

Civic New York Northeast

$69.9M Construction Bond Approved for School District Improvements in Port Washington, N.Y.

by Amy Works March 11, 2015

PORT WASHINGTON, N.Y. — Local voters have approved a $69.9 million construction bond issue for improvements and renovations at the Port Washington Union Free School District in Port Washington. The construction program will encompass seven schools, an administration building and athletic facilities owned by the district. The properties include Paul D. Schreiber Senior High School, Carrie Palmer Weber Middle School, John Philip Sousa Elementary School, Guggenheim Elementary School, John J. Daly Elementary School, South Salem Elementary School, Manorhaven Elementary School. BBS Architects, Landscape Architects and Engineers is providing architectural, interior design, mechanical, electrical and plumbing, civil engineering and site and athletic field design services for the entire project. The improvement and renovation plan is slated to begin this summer. The Port Washington Union Free School District serves grades K-12 with a current enrollment of 4,994 students.

March 11, 2015

Mixed-Use New York Northeast

Eastern Consolidated Arranges $35M Sale of Mixed-Use Property in NYC

by Amy Works March 11, 2015

NEW YORK CITY — Eastern Consolidated has arranged the sale of a 17,500-square-foot mixed-use property located at 893 Broadway, also known as 13 East 19th Street, in New York City. The four-story property sold for $35 million, or $2,000 per square foot. As part of the deal, the buyer, Cholla LLC, also acquired the leasehold interest held by Hotel Verite, which occupies 13,500 square feet of the building. The remaining 4,500 square feet is leased to Barn Joo, a Korean-inspired gastropub. The combined total price of $35 million includes both the sale of the property and the leasehold interest in the hotel. Tony Park of PD Properties LLC represented Charles Jung, the seller of the leasehold interest in Hotel Verite in the deal. Adelaide Polsinelli of Eastern Consolidated represented the buyer and the seller, Warman Enterprises LLC, in the transaction.

March 11, 2015

Loans New York Northeast Office

Mission Capital Advisors Arranges $29M Acquisition Loan for Mott Haven Office Property

by Amy Works March 11, 2015

NEW YORK CITY — Mission Capital Advisors has arranged $29 million in non-recourse acquisition and renovation financing for a commercial loft property located at 2415 Third Ave. in the Mott Haven section of the Bronx. The eight-story, 175,000-square-foot property will undergo a capital improvements program, including upgrades to elevators, bathrooms, windows, corridors and HVAC systems. Additionally the new ownership plans to rebrand the property as the Bruckner Building. Jonathan More, Ari Hirt, Steven Buchwald and David Behmoaras of Missions Capital secured the loan on behalf of a joint venture between Savanna and Hornig Capital Partners.

March 11, 2015

Industrial New York Northeast

Rechler Equity Partners Brokers 54,775 SF Industrial Lease in Islip, N.Y.

by Amy Works March 11, 2015

ISLIP, N.Y. — Rechler Equity Partners has brokered the lease of 54,775 square feet of industrial space at 2004 Orville Dr. North in Islip. Spirit Pharmaceuticals, a wholesaler and distributor of over-the-counter and generic drugs, plans to use the property for packaging, warehouse and distribution space. Additionally, Spirit received a 10-year IDA tax benefit from the city. Ted Stratigos and Amanda Gorozdi of Avison Young represented the tenant in the transaction.

March 11, 2015

Florida Loans Multifamily Southeast

NXT Capital Provides $20.4M Acquisition Loan for Apartment Community in St. Petersburg

by John Nelson March 11, 2015

ST. PETERSBURG, FLA. — NXT Capital has provided a $20.4 million acquisition loan for Sienna Bay, a Class B apartment community in St. Petersburg. The property is located roughly 14 miles from downtown Tampa and 12 miles from MacDill Air Force Base. Proceeds from the loan will be used to renovate the asset. The apartment community features swimming pools, a tennis court and a fitness center.

March 11, 2015

Loans Multifamily South Carolina Southeast

Walker & Dunlop Arranges $17M Refinance of Apartment Community in Metro Charlotte

by John Nelson March 11, 2015

ROCK HILL, S.C. — Walker & Dunlop Inc. has structured a $17 million refinance loan for Brookstone Apartments, a 348-unit multifamily community located in Rock Hill, a suburb of Charlotte. Justin Nelson led Walker & Dunlop’s team to arrange the 15-year loan with five years of interest-only payments and a 30-year amortization schedule. Built in 2001, the property’s amenity package includes a clubhouse, 24-hour fitness center, laundry facility, gated access, playground, swimming pool, volleyball court and dog park.

March 11, 2015

North Carolina Office Southeast

Trinity Partners Brokers $8.5M Sale of Office Building in Charlotte

by John Nelson March 11, 2015

CHARLOTTE, N.C. — Trinity Partners has brokered the $8.5 million sale of Three South Executive Park, a 54,000-square-foot office building located at 6115 Park South Drive in Charlotte’s SouthPark submarket. Chicago-based Origin Capital Partners purchased the property from an unnamed private partnership. The office building was 86 percent leased at the time of sale to tenants such as Signature Healthcare, Carolinas ACG and Wyndham Capital Mortgage. This is Origin Capital’s second acquisition in Charlotte — the company purchased Cambridge Corporate Center in August 2014. Dunn Mileham of Trinity Partners represented the seller in the transaction.

March 11, 2015

Florida Multifamily Southeast

SMD Brokers $5.8M Sale of Retail Center in Coconut Creek

by John Nelson March 11, 2015

COCONUT CREEK, FLA. — Boca Raton-based Southern Management and Development (SMD) has brokered the $5.8 million sale of Lyons Plaza, an 80,027-square-foot shopping center located at 1301-1509 Lyons Road in Coconut Creek. Built in 1986, the shopping center’s tenant roster includes Goodyear Tire, Humana Medical and Gold Coast Ballroom. Lyons Plaza Coconut Creek I LLC purchased the shopping center from Lyons Plaza Partners Ltd. SMD represented the seller in the transaction.

March 11, 2015

Georgia Multifamily Southeast

Franklin Street Brokers Sale of Two Apartment Communities in Metro Atlanta

by John Nelson March 11, 2015

ATLANTA AND BROOKHAVEN, GA. — Franklin Street Real Estate Services has brokered the sale of two apartment communities in the metro Atlanta area. The buyer, an affiliate of Ardent Acquisitions and an Atlanta-based real estate investment company, purchased Lenox Townhomes in Brookhaven for $4.8 million and Toco Hills Apartments in Atlanta for $2 million. Jake Reid and Ricky Jones of Franklin Street represented the buyer. Both sellers are private investors based in Atlanta. The two communities total 88 units and are both roughly 50 years old.

March 11, 2015

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