SMITHTOWN, N.Y. — Benchmark Senior Living is developing Whisper Woods, an assisted living community located at Route 25A and River Heights Drive in Smithtown. Slated to open in June 2018, the $25 million property will feature 101 units. Project members include EW Howell Construction Group and Moseley Architects. The property will be Benchmark’s first assisted living facility in New York.
NEW YORK CITY — Capital One has provided an $80 million construction/mini-perm loan for 1 Hotel Brooklyn Bridge, located on Brooklyn’s waterfront. The loan was initially part of a larger financing package that included a recently completed 107-unit condominium building. Capital One previously provided a $160 million loan to the borrower, a joint venture between Starwood Capital Group and Toll Brothers, to finance initial construction of the project. The 194-key hotel, which opened..
DEPTFORD, N.J. — Eastern Union Funding has arranged $52.3 million in senior debt of behalf of AJH Management for the acquisition of Narraticon, a multifamily community in Deptford. David Singer of Eastern Union Funding arranged the senior debt, which features a floating rate, with a Freddie Mac seller/servicer. The 171-acre development features 443 rental apartments and townhomes, ranging from one- to four-bedroom layouts. Community amenities include a saltwater pool, lighted tennis courts,..
HOBOKEN, N.J. — Advance Realty has acquired The Metropolitan, a residential property located at 1300 Clinton St. in Hoboken, for an undisclosed price. Built in 2000, two-building property features 128 apartment units, an above-ground parking garage, fitness center, residents’ lounge, clubroom, package concierge system and 2,000 square feet of retail space. The property is located adjacent to Advance Realty’s Harlow, a recently developed lifestyle-oriented apartment building.
HARRIMAN, N.Y. — NAI James E. Hanson has brokered the sale of an industrial building, located at 2 Bailey Farm Road in Harriman. Contract Packaging Services acquired the 96,500-square-foot property from Why Associates for an undisclosed price. Situated on 20 acres, the property features five loading docks and 80 parking spaces, as well as the option for a 100,000-square-foot expansion. The buyer exercised its purchasing option on the property after completing a five-year lease at the..
NEW YORK CITY — Clipper Realty has entered into an agreement to acquire a residential property located at 107 Columbia Heights in Brooklyn. The Jehovah’s Witnesses is selling the apartment property for $87.5 million, or $569 per square foot. The 154,000-square-foot property features 161 apartment units. The buyer plans to create 12 additional units by converting various public spaces on the property. The acquisition is expected to close in May.
JERSEY CITY, N.J. — KeyBank Real Estate Capital has originated a $62 million first mortgage loan for Cast Iron Lofts Phase II in Jersey City. The name of the borrower was not released. The 26-story apartment community features 232 units. Tom Peloquin of KeyBank’s commercial mortgage group arranged the financing through a correspondent life company relationship.
NORTH BERGEN, N.J. — Cushman & Wakefield has brokered the sale of a shopping center located at 2819 JFK Blvd. in North Bergen. A 1031 exchange buyer acquired the asset from an undisclosed joint venture partnership for $19 million. Aldi and Crunch Fitness anchor the 41,000-square-foot property, which was redeveloped in 2015. The center also includes a freestanding Sonic restaurant. Brian Whitmer, Andrew Merin, David Bernhaut, Gary Gabriel, Seth Pollack and Nick Karali of Cushman & Wakefield..
NEW YORK CITY — Spotify, a digital music service, is relocating its U.S. headquarters to 4 World Trade Center in Lower Manhattan from its current location in Midtown South. The company will occupy 378,000 square feet at the office building, which is owned by Silverstein Properties. Spotify is expected to move in early 2018. The relocation and expansion will accommodate more than 1,000 new jobs as well as 832 existing jobs.
UNION CITY, N.J. — Marcus & Millichap has arranged the sale of a multifamily building located at 4322 Kennedy Blvd. in Union City. A developer acquired the seven-unit property for $1 million. Jonathan Zamora of Marcus & Millichap represented the seller, a private investor, and the buyer in the transaction.