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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.

NEWS & NOTABLES

Bhavesh PatelCINNAMINSON, NJ—New Jersey hotelier Bhavesh Patel has become chairman of the Asian American Hotel Owners Association Friday. AAHOA is the largest group of hotel owners in the world. A resident here, Patel is a principal of ADM Hotels, a family-owned real estate company specializing in hospitality management, development and investments. His portfolio features several multi-brand and independent properties in the Northeast. Patel has served on the board of directors for the association since 2009 and was elected by the membership to the position of secretary in 2014.

DEALTRACKER DAILY

470 West AvenueSTAMFORD, CT—Ralph Edwards/Stu Billett Productions, the production company behind the long-running reality television courtroom series The People’s Court, has committed to an 18,739-square-foot office lease at 470 West Ave. here.  The tenant will relocate its operations to the loft style office property, which is owned by New England Investment Partners. The CBRE team of Steven Greenbush and Joseph Weaver represented both Ralph Edwards/Stu Billett Productions and the building ownership group in the lease negotiations.

ACQUISITIONS/DISPOSITIONS

32 Route 10-Bldg FrontEAST HANOVER, NJ—NAI James E. Hanson  has brokered the sale of a 5,100-square-foot retail building at 32 Route 10 West here. The firm’s John Schilp represented the seller, Charles W. Kramer, in the transaction. The buyer, NJ Retail Acquisitions, was represented by Jeffery Realty. The single-story retail building boasts frontage on Route 10, a retail corridors with dozens of large national and regional chains. At 100% leased, it was purchased as an investment property by the new owners, who were looking to acquire a stable and profitable property in the northern New Jersey marketplace. Schilp represented the property owner for many years prior and leased the space to the current tenant.

MONEY MOVES

945 White Plains Rd NEW YORK CITY—M&M of Bruckner, which is operated by the Modell family, has secured a $6 million loan to refinance the ground lease for a 33,636-square-foot shopping center in the Soundview section of the Bronx. Located at 945 White Plains Rd., the center is home to major retailers Modell’s Sporting Goods, Party City, and Game Stop. Eastern Consolidated’s Managing Director Sam Zabala and Associate Director Charles Han, from the firm’s capital advisory division, represented the borrower, and secured a loan from Signature Bank.

BOSTON—Key Bank Real Estate Capital has arranged $38.7 million in Fannie Mae financing for a four-property multifamily portfolio here. A $20.7 million first mortgage loan was secured by Boylston Apartments, a 129-unit property built here in 1927; a $10.1 million first mortgage loan was secured by Cambridge Apartments, a 56-unit property built in 1880, located in Cambridge, MA and a $7.9 million first mortgage loan was secured by Commonwealth & Lothian Apartments, two properties totaling 61-units built between 1925-1928, located in Brighton, MA. Hayley Suminski of Key’s Commercial Mortgage Group arranged the financing with 10-year terms, five years of interest only and 30-year amortization schedules. The nonrecourse loans were used to refinance existing debt.

BUILDING BLOCKS

GLEN COVE, NY—RXR Realty has begun construction of The Beacon (a condominium) and Harbor Landing (a rental property) at Garvies Point here. Both sites are expected to be completed in 2019. The Beacon will be a 167-unit condo complex offering one, two, and three-bedroom residences—ranging from 897 to 2052 square feet—and numerous outdoor spaces. Harbor Landing, a 385-unit complex, will studios and one and two-bedroom residences across two buildings, ranging from 500 to 1,300 square feet. The first phase of construction also includes 28 acres of public open space, including waterfront parks and esplanades, restored wetlands, an educational ecology pier and other amenities, which will be completed approximately 24 months from the start of construction.

 

 

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