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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.

ACQUISITIONS

165 William St.NEW YORK CITY—Lower Manhattan’s 165-167 William St. just changed hands. The 10-story property features more than 31,000 square feet, and a width of 53 feet. Thomas Guss, president of New York Residence and his colleague Saul Lalic represented the buyers, one of Europe’s largest private equity funds. Victor Sozio and Jesse Greshin of Ariel Property Advisors represented the sellers, an investor group led by Eli Tabak from Bluestone Group.

BOSTON–CVS | Medford in Medford, Massachusetts has been sold to Linear Retail for $4.75 million. NGKF capital markets Boston team executive managing director Geoffrey Millerd, managing director Justin Smith and associate directors Paul Penman and Matthew Waisnor oversaw the transaction of the freestanding single-tenant asset on behalf of Case Real Estate Capital. Totaling 15,700 square feet, the property boasts strong frontage along High Street, one of the corridors that combines to form Medford Square, the Downtown district.

HARTFORD, CT—The NHP Foundation-Urban Atlantic Fund I has acquired four apartment complexes— Exchange Place Tower Apartments, Countryside Apartments (I&II), and Flanders West Apartments—here for approximately $43 million. These senior properties are located in the Waterbury region just west of town. The 404 units consist primarily of studios and one-bedrooms, with a few two bedroom units. All properties benefit from a Project-Based Section 8 Housing Assistance Payment (HAP) contract for 100% of units.

MONEY MOVES

66_Summer_StreetSTAMFORD, CT— A 209-unit, Class A luxury apartment building here has secured $51 million in financing for the acquisition of 66 Summer St. Mark Fisher, Jason Gaccione, Alex Furnary, and Irene Lu of CBRE capital markets’ debt & structured finance team in New York City, and Michael Riccio of CBRE’s Hartford office, facilitated the loan on behalf of the borrower, KC Summer Street Owner—a joint venture between The Kabr Group and Ceruzzi Properties. CBRE Capital Markets’ investment Properties team arranged the sale on behalf of the seller.Freddie Mac provided the eight-year, fixed rate loan with full funding based on pro forma, as the property is still in its lease-up period.

teachersvillageNEWARK, NJ—The Singer & Bassuk Organization has arranged a total of $27.5 million in financing for affiliates of RBH Group here. The loans include a $25 million first mortgage land loan from an affiliate of Knighthead Funding covering several future development parcels in the area south of Market Street in the downtown area, as well as a simultaneously-funded $2.5 million second mortgage from Prudential Impact Investments Mortgage Loans covering the 909 Broad St. development here. Scott A Singer, President, and Jeffrey Moroch, Managing Director led SBO’s efforts in the transaction. Laurie Grasso of Hunton & Williams and Leah Sandbank of McManimon, Scotland & Baumann served as lead borrower counsel. The SoMa Redevelopment Project encompasses over 15 million square feet of development capacity within a 23-acre area southwest of Market Street.

 

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