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Deals & Dealmakers

SELLING POINTS: Syracuse complex trades for $58.5M; Related unloads NJ office complex

● Cushman & Wakefield
Syracuse complex trades for $58.5 million

Cushman & Wakefield and Pyramid Brokerage Company have arranged the sale of Nob Hill Apartments, a 761-unit multifamily complex located at 100 Lafayette Road in Syracuse, N.Y. The asset, which traded for $58.5 million, was acquired by a New York State based investor in joint venture with two equity partners.

Pyramid Brokerage Company’s Robert W. Scherreik, CCIM, SIOR, MCR and John L. Clark, SIOR, CRE along with Cushman & Wakefield’s East Rutherford-based Capital Markets team of Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, and Ryan Dowd, procured the buyer and represented the seller in the transaction.

Nob Hill is one of the largest apartment complexes in Syracuse, ideally located just minutes from major commuting corridors, the Syracuse Central Business District, Syracuse University and the area’s largest employer, SUNY Upstate Medical University. New ownership plans to implement a renovation and updating initiative.

Set on 27.6 acres and offering a mix of one-, two- and three-bedroom apartments, Nob Hill is comprised of four mid-rise apartment buildings, a free-standing clubhouse and an indoor parking garage. Each building features a first-floor community room, storage space for each apartment, and laundry facilities on all the upper floors. On-site amenities include a state-of-the-art fitness center, a playground, a picnic area, fire pits and a large outdoor swimming pool with sundeck.

● P3 Properties
Related Companies unloads NJ office complex

P3 Properties has purchased Somerset Financial Center in Bedminster from Related Companies. Cushman & Wakefield brokered the trade of the 233,000-square-foot, state-of-the-art office complex, which serves as the New Jersey headquarters of Mallinckrodt, a specialty pharmaceutical company.

Cushman & Wakefield’s investment sales team members Kevin Donner of the New York Capital Markets Group, and David Bernhaut, Gary Gabriel, and Ryan Larkin, of the East Rutherford, NJ, Capital Markets Group, brought the asset to market, targeting select investor entities and procuring P3 as the buyer.

P3 will be applying its BLUE brand of management to Somerset Financial Center (SFC).

Cushman & Wakefield’s Equity, Debt & Structured Finance team, headed by John Alascio, Sridhar Vankayala and Zackary Kraft, arranged $42 million in senior financing that was competitively bid out in the market. The group ultimately secured the 10-year fixed-term, 10-year interest-only loan through Rialto Mortgage Finance.

●Zeus Cottage LLC
Dallas-based firm buys LI rental complex for $39.8M

Fred Parola, CEO of the Town of Hempstead Industrial Development Agency (IDA), announced that the agency approved the sale of the Hawthorne Court apartment complex in Valley Stream, and the assignment of its economic benefits to the new owner.

The IDA on July 26 approved the sale and the transfer of benefits from Zeus Cottage LLC to Dallas, Texas-based Hawthorne Owner LLC, described as an institutional owner, which is buying the complex for $39.8 million.

Hawthorne Court was a failed, non-performing and deteriorated condominium development consisting of 90 units at 125 Cottage Street, Valley Stream — the site of the former Inflight Newspapers. Construction got underway in 2007, but it remained unfinished, vacant and in foreclosure in 2012 when Zeus Cottage LLC purchased it.

Zeus converted the partially finished condo property into market-rate rental housing with the help of economic incentives from the IDA that are due to expire in 13 years.

● Camber Real Estate & Advance Realty
JV picks up Jersey industrial portfolio

A joint venture between Camber Real Estate Partners and Advance Realty announced today that it has acquired a seven-building, 370,000-square-foot light industrial portfolio in Allendale, New Jersey.

The properties are in a campus setting located directly off NJ Route 17. The properties are in an infill location in supply-constrained Northern Bergen County, which boasts strong demographics.

The assets are over 90-percent leased to a mix of tenants that includes credit-rated national corporations such as Stryker and Volkswagen. Camber and Advance plan to enhance property operations and make select capital improvements that will create a better tenant experience.

The seven buildings that comprise the portfolio were built to an institutional standard between the years 1977 and 1980, with all units featuring individual entrances and dedicated loading. Ceiling heights range from 20 to 24 feet. A variety of potential configurations and divisibility make the assets suitable for an array of manufacturing, distribution, office and research laboratory uses.

Since its inception, Camber Real Estate Partners has assembled a portfolio consisting of nearly 1.2 million square feet across 12 buildings, in addition to completing several acquisition advisory assignments. The project was marketed for sale by the New Jersey Investment Sales team of Cushman and Wakefield. The team was led by vice chairman Gary Gabriel, and included managing director Kyle Schmidt and assistant director Andrew MacDonald.

John Alascio, executive managing director of Cushman and Wakefield’s Equity, Debt and Structured Finance group, arranged mortgage financing with a team that included senior director Sri Vankayala and capital markets associate Noble Carpenter III.

The acquisition financing of $34.5 million was provided by Citizens Bank of Pennsylvania. Ed Terry, senior vice president and regional commercial real estate executive at Citizens, originated the loan with a team that included vice president and commercial real estate portfolio manager Paul Carlson.

● HFF
Airport near JFK airport sold

Holliday Fenoglio Fowler, L.P. (HFF) announced the sale of and acquisition financing for Hampton Inn NY-JFK, a 216-room, select-service hotel located near New York’s John F. Kennedy Airport, the busiest international air passenger gateway into North America.

The HFF team marketed the property on behalf of the seller, and, working on behalf of the new owner, placed the three-year, floating-rate acquisition loan. Hampton Inn NY-JFK is situated less than one mile from JFK Airport in Queen’s Jamaica neighborhood and is one of the closest hotels to the airport, which is the primary international airport serving New York City and handling close to 60 million passengers annually. The hotel is approximately 15 miles from Midtown Manhattan.
Completed in 2001, the 13-story hotel underwent extensive renovations in 2015 and features 1,250 square feet of meeting space, fitness center, business center, complimentary breakfast and a shuttle to and from the airport. The HFF investment advisory team representing the seller included senior director KC Patel and senior managing director and head of HFF’s hotel group, Daniel C. Peek. The HFF debt placement team representing the borrower consisted of senior managing director Jay Marshall.

● Northeast Private Client Group
Stamford luxury apartment buildings trade for $35M

Investment sales broker Northeast Private Client Group has announced the recent sale of two multifamily buildings located in Stamford, Conn. Bradley Balletto, vice president, investments, together with Rich Edwards and Jeff Wright, investment associates in the firm’s Connecticut office, represented the seller and sourced the buyer in the off-market transaction.
On July 24, Northeast Private Client Group closed the sale of The Moderne Apartments located at 163 Franklin Street and The Verano Apartments, located at 750 Summer Street. Each property comprises 58 luxury apartment units.The seller, RMS Companies of Stamford, Conn., sold the properties to Navarino Acquisitions LLC for $35,000,000 in an off-market transaction. The price paid equates to $301,724 per unit, $270 per gross square foot, and a capitalization rate of 5.4 percent on year-one net operating income.

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