24 Hour Local Real Estate News

Middle Market Digest – The Northeast

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

Deal Tracker Daily

EDISON, NJ—Zimmel Associates has brokered four separate transactions for office space in Raritan Center, Edison, NJ, totaling 45,307 square feet. In the first transaction, Amwins Group Brokerage of New Jersey leased 35,000 square feet at 105 Fieldcrest Ave., Edison, NJ (pictured). The global insurance company will occupy the second floor of the 183,000 square-foot class-A office building located in Raritan Center. Zimmel also brokered three transactions for office space at the Business Centre at Edison, 1090 King George’s Post Road, Edison, NJ, a 122,000 square-foot office complex on 5.25 acres within Raritan Center. The complex is handled exclusively by Zimmel Associates for owner Denholtz Associates. It is home to Zimmel’s own corporate offices.

BROOKLYN, NY—Ariel Property Advisors facilitated the sale of a development site package and a multifamily building in the highly sought-after and appreciating Brooklyn neighborhoods of Greenpoint and Bushwick. The assets, located at 167-169 Eagle Street and 304 Saint Nicholas Avenue, sold for a collective $5.06 million. Exclusive agents Daniel Tropp and Michael A. Tortorici procured the buyer for the Eagle Street property, while Tropp, Jonathan Berman and Alexander McGee, represented the owner and secured the buyer at 304 Saint Nicholas Avenue.

NASHUA, NH—A Hong Kong-based investor has acquired Daniel Webster College’s 53-acre campus, formerly owned by ITT Educational Services, in an $11.6 million deal brokered by A&G Realty Partners. The transaction—approved October 25, 2017 by the U.S. Bankruptcy Court in Indianapolis—followed the closing in November of A&G’s successful sale of the college’s aviation-specific facilities to Southern New Hampshire University (SNHU). Daniel Webster College’s 53-acre campus housed 13 buildings totaling 281,000 square feet. Assets at the former aviation school included a hangar, flight center, library, gym, townhouses and six other centers/halls. In October, SNHU won its $410,000 bid for the school’s tower building, flight center and hangar in a court-approved transaction.

EAST RUTHERFORD, NJ—The Meadowlands Area YMCA celebrated the opening of its new Aquatics Center, the final phase of the renovations and expansion project which transformed the 83,200-square-foot former Brooklyn Nets Training Center at  390 Murray Hill Parkway in East Rutherford into the YMCA’s first full-time, permanent facility in more than 90 years.

RAMSEY, NJAvison Young will remain the exclusive leasing agent for 500 N. Franklin Turnpike in Ramsey, NJ, a 140,000-square-foot office property by the building’s new owners, Highstone Equity Group, a real estate investment firm that owns and controls approximately one million square feet of space. Marc S. Krieger and Steven Geltzeiler, both senior vice presidents, will lead the leasing initiatives for the building. 500 N. Franklin Turnpike is a 139,000-square-foot-office building with covered parking an open air central plaza, café, on site management and a parking ratio of 5:1. The floor plates can easily accommodate both large and small tenancies from 1,500 square feet to 58,000 square feet – all on one floor.

Money Moves

EAGLEVILLE, PA—Meridian Capital Group arranged $52.5 million in CMBS and mezzanine financing for the Riverview Landing at Valley Forge, a luxury multifamily property in Eagleville, PA, on behalf of Liss Property Group. The 10-year financing package features a blended rate of 5.68 percent and full-term interest-only payments. Meridian achieved a loan-to-value of 82.5 percent by combining the senior CMBS loan with the mezzanine layer of debt. This transaction was negotiated by Meridian Managing Director, Russ Drebin, and Senior Vice President, Steven Halpert, who are both based in the company’s Iselin, NJ office. The Riverview Landing at Valley Forge, located at 1776 Patriots Lane, includes 310 units across six buildings.

UNIONDALE, NY—Arbor Realty Trust recently funded 22 loans totaling $64.6 million under the Fannie Mae DUS Loan, Freddie Mac SBL and Fannie Mae Seniors product lines. Among the 22 transactions, properties include: Lake Terrace Garden Apartments, New Orleans, LA; 288 E 149th Street, Bronx, NY; Brooklyn Portfolio, Brooklyn, NY – Five multifamily apartment buildings with a total of 41 units; Chapel Oaks Apartments, Fort Wayne, IN; Antebellum Grove, Warner Robins, GA; and Iron House Apartments, Richmond, VA – This 39-unit property with 35 units and 4 retail spaces, received $2,500,000 acquisition funding under the Fannie Mae DUS® Loan program.

EAST ORANGE, NJ—KeyBank Real Estate Capital has arranged a $21.3 million FHA, first-mortgage loan for Aura 240 in East Orange, NJ. The 96-unit, 15-story property was originally built in 2012 as a six-story office building. Tom Peloquin of Key’s Commercial Mortgage Group arranged the fixed-rate financing with a 35-year amortization schedule. The loan was used to refinance existing debt.


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