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Harborside-8-Jersey-City
DevelopmentLoansMultifamilyNew JerseyNortheast

JLL Arranges $384M in Financing for Jersey City Multifamily Project

by Taylor Williams

JERSEY CITY, N.J. — JLL has arranged $384 million in financing for the land purchase and vertical construction of Harborside 8, a 678-unit multifamily project in Jersey City. The borrower is a partnership between Panepinto Properties and AJD Construction. The financing consists of a $306 million, floating-rate senior loan from Kennedy Wilson and a $78 million preferred equity investment from Affinius Capital. Harborside 8 will be a 65-story waterfront building with studio, one-, two- and three-bedroom apartments. Amenities will include a fitness center, indoor pool, golf simulator, rooftop terraces, coworking rooms and a wine bar. Thomas Didio, Thomas Didio Jr., Ryan Robertson, Gerard Quinn and John Cumming led the transaction for JLL. Construction is scheduled to begin early next year, with stabilization targeted for early 2030.

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AcquisitionsIndustrialNew JerseyNortheast

Cushman & Wakefield Brokers Sale of 123,821 SF Industrial Portfolio in Northern New Jersey

by Taylor Williams

MAHWAH AND FAIRFIELD, N.J. — Cushman & Wakefield has brokered the sale of a portfolio of two industrial buildings totaling 123,821 square feet in Northern New Jersey. The first building is a 67,170-square-foot structure in Mahwah that was fully leased at the time of sale to Beacon Roofing Supply. The second building is a 56,651-square-foot facility in Fairfield that houses the headquarters of Precision Textiles. Gary Gabriel, Kyle Schmidt, Ryan Larkin and Seth Zuidema of Cushman & Wakefield represented the seller, Alexander Properties Group, in the transaction. The buyer was Faropoint.

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AcquisitionsHospitalityNew YorkNortheast

Maine Course Hospitality Buys 113-Room Hotel in Saratoga Springs, New York

by Taylor Williams

SARATOGA SPRINGS, N.Y. — Regional owner-operator Maine Course Hospitality Group has purchased the 113-room Homewood Suites Saratoga Springs hotel, located north of Albany. The extended-stay hotel was built in 2017 and offers amenities such as a fitness center, business center, indoor pool and a sport court. Denny Meikleham and John Kluh of Berkadia represented the seller, a joint venture between DelMonte Hotel Group and XSS Hotels, in the transaction.

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Leasing ActivityNew YorkNortheastOffice

Trust Co. of the West Renews, Expands Office Lease in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Trust Co. of the West has renewed and expanded its office lease in Midtown Manhattan. The Los Angeles-based asset management firm now occupies 80,200 square feet across the 47th and 48th floors at 1251 Avenue of the Americas, a 54-story tower that recently underwent a repositioning. David Falk, Pete Shimkin, Eric Cagner and Claire Koeppel of Newmark represented the landlord, Mitsui Fudosan America Inc., in lease negotiations. CBRE represented the tenant.

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Leasing ActivityLife SciencesNew YorkNortheast

BioLabs Opens 46,000 SF Life Sciences Space in Queens

by Taylor Williams

NEW YORK CITY — BioLabs, a Boston-based biotechnology incubator and operator of shared lab facilities, has opened a 46,000-square-foot life sciences space in the Long Island City area of Queens. The leased space is located within Innolabs, a 267,000-square-foot facility anchored by NYU Langone Health, and the facility will be known as Biolabs@NYU Langone. A partnership between Boston-based King Street Properties and New York City-based GFP Real Estate owns Innolabs.

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200-Douglass-Brooklyn
DevelopmentLoansMultifamilyNew YorkNortheast

Affinius Capital Provides $200M Construction Loan for Brooklyn Multifamily Project

by Taylor Williams

NEW YORK CITY — Affinius Capital has provided a $200 million construction loan for 200 Douglass, a 276-unit multifamily project that will be located in the Gowanus area of Brooklyn. The 21-story building will house studio, one-, two- and three-bedroom units that will be furnished with in-unit washers and dryers and oversized floor-to-ceiling windows. Amenities will include an outdoor lap pool with cabanas, multiple rooftop terraces, fire pits and grilling areas, fitness and yoga studios, a dedicated coworking space, half-court basketball court, children’s playroom, dog washing station and a multi-sport simulator. Scott Aiese and Lauren Kaufman of JLL arranged the loan on behalf of the borrower, Midwood Investment & Development.

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United-Logistics-Center-West-Bridgewater-Massachusetts
DevelopmentIndustrialMassachusettsNortheast

Logistics Property Co. to Develop 312,279 SF Industrial Project in West Bridgewater, Massachusetts

by Taylor Williams

WEST BRIDGEWATER, MASS. — Chicago-based Logistics Property Co. will develop United Logistics Center, a 312,279-square-foot industrial project in West Bridgewater, located south of Boston. The site spans 43 acres at 38-40 United Drive, and the development will consist of two buildings that will span 131,045 and 181,234 square feet. Both buildings will feature 36-foot clear heights, “substantial” car and truck parking and the ability to accommodate a single or multiple users. Newmark represented the undisclosed seller in the land deal. Construction is expected to be complete in the first quarter of 2027.

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LoansNew YorkNortheastRetail

Cronheim Mortgage Arranges Financing for Retail Strip Center in Cobleskill, New York

by Taylor Williams

COBLESKILL, N.Y. — New Jersey-based financial intermediary Cronheim Mortgage has arranged an undisclosed amount of financing for a 24,506-square-foot retail strip center in Cobleskill, located west of Albany. Shadow-anchored by Walmart, the center was 90 percent leased at the time of sale to tenants such as Dollar Tree, AT&T, Rent-A-Center, Cutting Crew Hair Salon and The Shoe Dept. Brandon Szwalbenest, Dev Morris and Andrew Stewart of Cronheim arranged the 15-year loan through an undisclosed, Oregon-based life insurance company. The borrower is National Realty & Development Corp.

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AcquisitionsMultifamilyNew JerseyNortheast

Kislak Negotiates $11M Sale of Northern New Jersey Apartment Complex

by Taylor Williams

BLOOMFIELD, N.J. — Local brokerage firm The Kislak Co. Inc. has negotiated the $11 million sale of Franklin Towers, a 63-unit apartment complex located in the Northern New Jersey community of Bloomfield. The six-story historic building was originally constructed in 1928 and offers 56 one-bedroom units, five two-bedroom apartments and two three-bedroom residences. Robert Holland and Tom Scatuorchio of Kislak represented the seller and procured the buyer, both of which were limited liability companies, in the transaction.

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AcquisitionsCivicNew JerseyNortheast

Marcus & Millichap Brokers $7.3M Sale of Apple Montessori School in Washington, New Jersey

by Taylor Williams

WASHINGTON, N.J. — Marcus & Millichap has brokered the $7.3 million sale of the Apple Montessori School in Washington, about 60 miles west of New York City. The newly constructed, 10,000-square-foot school features an outdoor pool, approximately 5,000 square feet of dedicated playground space and a covered drop-off area. Alan Cafiero, David Cafiero and John Moroz of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

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