24 Hour Local Real Estate News

Middle Market Digest: The Northeast

Here is a roundup of recent deals, leases, executive moves, and other news from the past week.

Deal Tracker

GALLOWAY, NJ—Cushman & Wakefield served as exclusive advisor to P3RE Properties in arranging $6.5 million of financing secured by Smithville Square in Galloway, NJ. The five-year, fixed-rate financing was provided by Atlantic Stewardship Bank. Cushman & Wakefield successfully marketed the transaction and secured multiple offers for P3RE. Smithville Square is a recently renovated, 107,000-square-foot retail center located less than a mile from the historic Smithville downtown in Galloway, NJ. It has 19 diverse tenants, including Dunkin Donuts, Petvalu, JD’s Pub and Grill, Village Dry Cleaners and Lucky Nails.

NEW YORK, NY—The Kalikow Group and Steelpoint Property Group completed the sale of 517 Second Avenue, located between 28th and 29th Streets in the Kips Bay neighborhood of Manhattan, for $7.425 million, after a three-year renovation of the property. Kalikow and Steelpoint originally purchased the property in 2014 for $5.025 million. The four-story, mixed-use building is home to a ground-level restaurant with three (3) floor-through, three-bedroom apartments. The second-floor unit also includes a private 1,000 sq. ft. terrace. The buyer was represented by Sarah Woo.

CICERO, NY—Charterhouse Development Corporation is buying a Rite Aid pharmacy in Cicero, New York. Located at 7939 Brewerton Road, the pharmacy totals 11,180 square feet, and was sourced and negotiated by John Gendron of Gendron Commercial Brokers of Portland, ME. It will be acquired from Cicero ECK by an entity operated by Charterhouse Development.

FALL RIVER, MA AND READING, PA—Hunt Mortgage Group provided a conventional Fannie Mae loan facility and mezzanine loan to refinance South Coast Landings, consisting of eight two-story residential buildings, plus a clubhouse, containing 240 units, in Fall River, MA. The mezzanine loan will be subordinate to the Hunt Mortgage Capital FNMA loan. The senior loan amount is $23.5 million, and the facility is a fixed-rate loan with a 30-year amortization schedule, four years of interest‐only payments, and a 12‐year maturity. The mezzanine loan is for $1 million and has a coterminous maturity as the senior loan at 12 years. Separately, Hunt provided a conventional Fannie Mae loan in the amount of $28.4 million to finance the acquisition of Reed Farm Apartments, a 242-unit garden style apartment complex consisting of 35 two-story residential structures, including a farm house that was built pre-1930 and converted into an apartment unit in 2003 in Reading, PA. Loan terms include a 12-year term with a 30-year amortization period, and an 11.5-year yield maintenance period. The sponsor is based in Reading, Pennsylvania and purchased the subject as part of a 1031 exchange a month before Hunt Mortgage Group closed the loan.

AVENEL, NJ—Bussel Realty arranged the sale of 10 Production Way in Avenel, NJ, a 55,000-square-foot industrial building, for $6.325 million. Jordan Metz, senior vice president of BRC, represented the buyer, an undisclosed investor, and the owner, Cantor Companies. 10 Production Way is a 55,000-square-foot industrial property located off Route 1-9 and near Exit 12 of the New Jersey Turnpike, the Goethals Bridge and Newark Liberty Airport. The property features a 6,480-square-foot office, 11 loading docks, one drive-in door, 20-foot ceiling heights, wet sprinklers and 2,000 amps of power.

Notables

BOSTON, MA—Jones Lang LaSalle’s Property Management team for Rowes Wharf won a 2017 BOMA Boston “TOBY” Award in the Mixed-Use category. The Outstanding Building of the Year Awards recognize the best and brightest in property management and building operations across 17 categories. Rowes Wharf is a six-story, 665,000-square-foot mixed-use complex. The complex includes 365,000 square feet of class-A office space, the Boston Harbor Hotel, 100 luxury residential condominiums, street level retail, and marine facilities. The Rowes Wharf Property Management team includes Group Manager Kristen Faia, Senior General Manager Dorothy Klausmann, Assistant General Manager Andrea Ward, Chief Engineer Mike Curran and Assistant Chief Engineer Tulsie Jodhan.

NEW YORK, NY—Expanding its team of experienced real estate advisors, Phillips Nizer LLP has added Lisa R. Radetsky as a partner in its real estate practice. In an unrelated hire, Jennifer Chung has joined the real estate department as a senior associate. Radetsky joins Phillips Nizer from Rosenberg & Estis. Chung joins Phillips Nizer from Thompson Hine. Radetsky represents developers in acquiring, financing, constructing and converting properties to condominium or cooperative ownership and represents non-profits converting  properties to condominium ownership for tax exemptions. Radetsky holds a JD from Georgetown University Law Center, and an undergraduate degree from Brandeis University. Chung focuses her practice on complex commercial and residential real estate transactions, representing lenders, purchasers, sellers and borrowers of commercial real estate. Chung holds a JD from Columbia University School of Law and a BA from Columbia University.

MORRISTOWN, NJPaul Errigo has joined Avison Young’s brokerage department as an Associate specializing in landlord and tenant leasing representation within the office sector. Errigo will be part of Avison Young’s “Young Guns” program, a mentoring program that creates a collaborative environment for selected Avison Young worldwide professionals to share best practices and support one another in their growth and development at the firm. Errigo joins Avison Young from Brandywine Realty Trust, where he assisted in marketing and communications and departments that included leasing, property management, construction and marketing.

OLD BRIDGE, NJ—Amboy Bank promoted Robert Beni to senior vice president, commercial lending; Tammara Feldman to vice president and service operations manager; and James Meicke to vice president, commercial lending. Beni joined Amboy Bank in 2009, and is responsible for commercial real estate lending for permanent and construction project financing. Feldman, who came to Amboy in 2005, is responsible for Amboy’s deposit and loan operations department. Meicke joined Amboy Bank in 2010. with more than 20 years of banking experience. He holds an MBA in finance and a BBA in accounting from St. Bonaventure University.

 

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