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March 14, 2019 • Issue 743
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Moinian Group Receives $595M CMBS Loan to Refinance 3 Columbus Circle in Manhattan
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3 Columbus Circle (blue-green office building at top right) spans 26 stories in Manhattan. The property sits about a block south of Columbus Circle and the Merchant's Gate entrance to Central Park. (Photo courtesy of Columbia University)
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NEW YORK CITY — The Moinian Group has closed on a $595 million CMBS loan from J.P. Morgan and Deutsche Bank to refinance 3 Columbus Circle, a 26-story office tower in Manhattan that also houses the real estate investment firm’s headquarters.
Formerly known as the Newsweek Building and originally built as the headquarters of General Motors Corp., 3 Columbus Circle is situated along Broadway and occupies a full city block just south of the Merchant’s Gate entrance to Central Park. The CMBS financing includes 10 years of interest-only payments at a fixed interest rate of 3.91 percent.
The Moinian Group is using the loan to replace an existing $350 million CMBS loan. The property is fully leased, according to Moinian Group. Anchor office and retail tenants include global marketing firm VMLY&R, Moinian, Nordstrom, Chase Bank and CVS/pharmacy.
Read more here.
— John Nelson
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M&T Bank Arranges $105M Construction Loan for Condominium Conversion in Boston
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100 Shawmut Ave. in Boston
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BOSTON — M&T Bank has arranged a $105 million construction loan for the development of 138-unit residential condominium project in Boston. Located at 100 Shawmut Ave., the property is currently a class B office building.
The redevelopment will incorporate the existing six-story structure with an expansion of a new building that will rise an additional seven stories. The building’s 1930’s façade will remain as is. The development will also include 110 parking spaces.
M&T Bank secured the financing on behalf of borrower, The Davis Cos., through a syndicated senior construction loan from four local banks. The banks included Berkshire Bank, HarborOne Bank, Needham Bank, and Bank of New England. Terms of the financing were not disclosed.
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JLL Brokers $52.2M Sale of Healthcare Facility in Brooklyn
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42-50 Jay St. in Brooklyn
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NEW YORK CITY — JLL has brokered the $52.2 million sale of a 79,900-square-foot commercial property in Brooklyn’s Dumbo neighborhood. Located at 42-50 Jay St., the property is currently operated by Phoenix House as an inpatient rehabilitation facility.
The property consists of two interconnected buildings. Bob Knakal, Stephen Palmese and Michael Mazzara of JLL represented the seller, Phoenix House, in the transaction. The buyer was Alloy Development.
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CBRE Brokers $26.2M Sale of Retail Property in Boston
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1240 Soldiers Field Road in Boston
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BOSTON — CBRE has arranged the $26.2 million sale of the building that houses The Skating Club of Boston. Located at 1240 Soldiers Field Road in Boston’s Brighton neighborhood, the figure skating club, which was founded in 1912, is the third oldest in the United States.
Mark Reardon and Matt Furey of CBRE represented the seller, The Skating Club of Boston, in the transaction. The buyer was the Davis Cos.
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Capital Health Group Sells 534-Bed Seniors Housing Portfolio in Southeastern Pennsylvania
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PENNSYLVANIA — Capital Health Group LLC (CHG) has arranged the sale of a four-community, 534-bed seniors housing portfolio in southeastern Pennsylvania. Affiliates of CHG acquired the portfolio, which features a mix of independent living, assisted living and memory care units, in January 2017. CHG’s affiliated management company, Milestone Retirement Communities LLC, operated the communities during this time. Under CHG’s ownership, portfolio occupancy averaged over 93 percent and the operating margin was consistently above 38 percent.
Read more here.
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CBRE Brokers $6.9M Sale of Industrial Facility in Rhode Island
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CRANSTON, R.I. — CBRE has brokered the $6.9 million sale of a 234,600-square-foot industrial facility in Cranston. Located at 2700 Plainfield Pike, the property consists of 225,000 square feet of distribution space. The facility also includes a 9,600-square-foot truck maintenance facility with fueling area.
Gerald Lavallee of CBRE represented the seller, First Bank and Trust Company of Illinois, in the transaction. The buyer was Equity Industrial Partners, which plans to update the facility with a new roof, LED lighting and parking lot.
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Market Highlight
Greater Boston Commercial Market Remains Robust
By Bob Cleary, Colliers International and Rob Nahigian, Auburndale Realty Co.
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While other U.S. cities have demonstrated volatile economic markets, Boston has sustained a strong, healthy economy for more than 40 years. This economic health coupled with the city’s diversity of industries has had a lasting, positive impact and increased demand for commercial space in the greater Boston market.
The snapshot of the Class A and B, lab and office market is strong but shows some signs of regression. Today, overall vacancy for lab and office including sublet space is 12.8 percent, according to research from Colliers International. When you break down the numbers by region, the current downtown Boston office market has 71 million square feet, with a 9.2 percent vacancy rate. Cambridge has 23.6 million square feet of space and 3.8 percent vacancy and the suburbs total 123.5 million square feet with 16.6 percent vacancy.
<Read the full article.>
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Upcoming Conferences
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- InterFace San Diego Multifamily, March 19
- InterFace San Diego Retail Real Estate, March 19
- InterFace Student Housing, April 8
- InterFace Carolinas, May 30
- InterFace HC Real Estate Carolinas, May 30
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