24 Hour Local Real Estate News

Middle Market Digest: This Week in the Northeast

Here is a roundup of the latest leases, sales and other transactions in the Northeast middle markets.

NEWS & NOTABLES

James Weichert Jr.MORRIS PLAINS, NJ—Jim Weichert, chairman and CEO of the Weichert Cos, is pleased to announce that James Weichert Jr. has been named president of Weichert, Realtors, one of the country’s largest family-owned-and-operated real estate companies. Along with his father, chairman and CEO Jim Weichert, James will continue to serve in his current position of co-president of the Weichert Cos., a family of more than 15 real estate, financial services, workforce mobility and affiliated service businesses.


Brian BurkeBOSTON—Bentall Kennedy has hired Brian Burke as VP, client relations & product development here. Prior to joining the firm he was VP of institutional business development and consultant relations at Pioneer Investments, where he was responsible for selling traditional fixed income, equities and alternatives to a mix of Taft-Hartley, public, E&F and corporate clients. Previously Burke held positions at Monarch Partners, Wellington Management and State Street Global Advisors. He has an extensive background in business development and raising investor capital across multiple markets.

DEAL TRACKER DAILY

1-WTC.-resizedNEW YORK CITY—Meeting space provider Convene has signed on to manage a 31,000-square-foot amenity space at One World Trade Center here. Located on the 64th floor of the 3.1-million-square-foot Downtown office tower, the offering will be under Convene’s oversight for five years. Rosenberg & Estis served as legal counsel for 1 World Trade Center in the agreement. Member William Byers Jr. and Stefanie M. Graham, associate, represented the property.

ACQUISITIONS

3 ParkwayPHILADELPHIA—Acting on behalf of an institutional investor, MRP Realty and Barings Real they have closed on the acquisition of 3 Parkway, a 600,000-square-foot Class A office building here, in Center City. The transaction was handled by Doug Rodio, Brett Segal and Ben Appel from Holliday Fenoglio Fowler’s local office. GlobeSt.com could not obtain the price of the deal at press time.

 

MONEY MOVES

ENFIELD, CT—Washington Trust’s commercial real estate group has provided $15.5 million in financing to the Mayfield Place apartment project here. The money will fund phase-two construction of 120 class-A apartments at the site, a 340-unit apartment complex here, between Hartford, CT and Springfield, MA. In all,  is a three-phase construction project including 340 apartment units on a 69-acre property located in Enfield,

NEW YORK CITY—Meridian Capital Group negotiated $7.5 million in bridge financing for the purchase of an industrial property at 670 E. 137th St. in the Bronx. The two-year loan, provided by a bridge lender, features a competitive fixed rate and full-term interest-only payments. This transaction was negotiated by Meridian VP Michael Farkovits and Steve Edelstein, who are both based here. The building is a two-story industrial property, located just a few blocks from the iconic History Channel building in the Bronx.

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