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370-Lexington-Avenue-Manhattan
LoansNew YorkNortheastOffice

ACORE Capital Provides $110M Loan for Refinancing of Midtown Manhattan Office Building

by Taylor Williams

NEW YORK CITY — ACORE Capital has provided a $110 million loan for the refinancing of 370 Lexington Avenue, a 317,000-square-foot office building located in the Grand Central submarket of Midtown Manhattan. The building was originally constructed in 1929 and recently underwent renovations to the lobby, elevators, building access systems, hallways and bathrooms. The loan was executed as part of a larger, $138 million recapitalization, additional terms of which were not disclosed. The sponsor is a partnership between two locally based owner-operators, Broad Street Development and KSR Capital. Peter Greisinger arranged the financing.

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AcquisitionsIndustrialNew JerseyNortheast

Cushman & Wakefield Brokers Sale of 256,381 SF Industrial Portfolio in Northern New Jersey

by Taylor Williams

CARLSTADT AND EAST RUTHERFORD, N.J. — Cushman & Wakefield has brokered the sale of a portfolio of four industrial buildings totaling 256,381 square feet in the Northern New Jersey communities of Carlstadt and East Rutherford. The buildings are collectively known as Kurv Meadowlands and feature clear heights of 16 to 27 feet. Gary Gabriel, Kyle Schmidt, Ryan Larkin and Seth Zuidema of Cushman & Wakefield represented the seller, JP Morgan Asset Management, in the transaction and procured the buyer, Kurv Industrial. John Alascio, Chuck Kohaut and TJ Sullivan, also with Cushman & Wakefield, arranged an undisclosed amount of acquisition financing for the deal through CIBC.

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AcquisitionsMultifamilyNew YorkNortheast

CAPREIT Acquires 114-Unit Apartment Complex in Brentwood, New York

by Taylor Williams

BRENTWOOD, N.Y. — CAPREIT has acquired Broadway West, a 114-unit apartment complex in the Long Island community of Brentwood. Built in 2003, Broadway West offers one- and two-bedroom units and amenities such as a resident clubhouse, outdoor grilling and dining stations, a fitness center and onsite laundry facilities. The seller and sales price were not disclosed.

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AcquisitionsIndustrialNew YorkNortheast

Marcus & Millichap Negotiates $14.5M Sale of Queens Industrial Building

by Taylor Williams

NEW YORK CITY — Marcus & Millichap has negotiated the $14.5 million sale of a 40,400-square-foot industrial building in Queens. Constructed in 1931, the fully leased building at 43-10 21st St. is located in the borough’s Long Island City area and features a clear height of 13.5 feet. Jakub Nowak and Matthew Rosenzweig of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

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Two-Clinton-Park-New-Rochelle
LoansMultifamilyNew YorkNortheast

Berkadia Provides $126.4M Agency Refinancing of Apartment Building in New Rochelle, New York

by Taylor Williams

NEW ROCHELLE, N.Y. — Berkadia has provided a $126.4 million Fannie Mae loan for the refinancing of Two Clinton Park, a 28-story apartment building located north of New York City in New Rochelle. Built in 2024, Two Clinton Park houses 390 units in studio, one- and two-bedroom floor plans that range in size from 461 to 1,197 square feet, as well as 7,574 square feet of retail space. Amenities include coworking lounges, a fitness center, spa and sauna, screening room, pet spa and landscaped outdoor terraces with grilling stations and fire pits. Brad Williamson, Chris Ellis, Mitch Sinberg, Scott Wadler, Matthew Robbins, Kevin Batt, Brian Huff and Matt Schildwachter of Berkadia, in conjunction with Paul Patafio of Hudson Realty Capital, originated the loan. The sponsor was a partnership between RXR and Bridge Investment Group.

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The-Piermont-Hillsdale-New-Jersey
DevelopmentMultifamilyNew JerseyNortheast

Partnership Begins Leasing 256-Unit Apartment Complex in Hillsdale, New Jersey

by Taylor Williams

HILLSDALE, N.J. — A partnership between BNE Real Estate Group, Claremont Development and March Development has begun leasing The Piermont, a 256-unit apartment complex in the Northern New Jersey community of Hillsdale. Designed by Studio Hillier Architects with interiors by Mary Cook Associates, The Piermont offers studio, one- and two-bedroom units, as well as townhomes. Amenities include a pool, fitness center, multiple lounges, outdoor grilling and dining stations, coworking space, coffee bar and indoor and outdoor gaming areas. Rents start at $2,700 per month for a studio apartment.

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The-Highrailer-New-Britain-Connecticut
AcquisitionsConnecticutMultifamilyNortheast

IPA Negotiates Sale of 114-Unit Highrailer Apartments in New Britain, Connecticut

by Taylor Williams

NEW BRITAIN, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The Highrailer, a 114-unit apartment complex in New Britain, located southwest of Hartford. Completed earlier this year, The Highrailer offers one- and two-bedroom units and amenities such as a second-story terrace, fitness center and a pet spa. Victor Nolletti, Eric Pentore, Wes Klockner and Ross Friedel of Marcus & Millichap represented the seller, Jasko Development, in the transaction and procured the undisclosed buyer. The sales price was also not disclosed.

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DevelopmentMultifamilyNortheastPennsylvania

Hankin Group Breaks Ground on 72-Unit Multifamily Project in Exton, Pennsylvania

by Taylor Williams

EXTON, PA. — Locally based developer Hankin Group has broken ground on a 72-unit multifamily project in Exton, about 35 miles west of Philadelphia. The project is an expansion of Keva Flats, a development that currently consists of 266 units on a 19-acre site. The new, five-story building will be the seventh within the development and will offer studio, one-, two- and three-bedroom units that will range in size from 795 to 1,570 square feet. Residents will have access to existing amenities at Keva Flats. The first move-ins are scheduled for spring 2027.

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LoansNew YorkNortheastRetail

Cronheim Arranges $33.2M in Financing for Shopping Center in New City, New York

by Taylor Williams

NEW CITY, N.Y. — New Jersey-based financial intermediary Cronheim Mortgage has arranged $33.2 million in financing for a 128,801-square-foot shopping center in New City, located about 40 miles north of New York City. Anchored by grocer ShopRite, New City Center is a recently renovated property that is also home to tenants such as Sakura Japan, Bank of America and Smoothie King. Dev Morris, Allison Villamagna, Brandon Szwalbenest and Andrew Stewart of Cronheim arranged the loan, which carries a three-year term with two one-year extension options, through Voya Investment Management. The borrower was a joint venture between KABR Group and BTF Capital Fund.

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500-Lynnfield-Street-Lynn-Massachussetts
Affordable HousingMassachusettsMultifamilyNortheastSeniors Housing

MassDevelopment Provides $29M in Bond Financing for Affordable Seniors Housing Project in Lynn, Massachusetts

by Taylor Williams

LYNN, MASS. — MassDevelopment has provided $29 million in tax-exempt bond financing for a 150-unit affordable seniors housing project in Lynn, located northeast of Boston. The financing will support construction of 105 units for the project at 500 Lynnfield St., which is being developed by an affiliate of 2Life Communities. The development will consist of three buildings with 138 one-bedroom units and 12 two-bedroom units that will be reserved for renters earning between 30 and 60 percent of the area median income. Eastern Bank purchased the bond.

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