Thursday, November 12, 2026
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AcquisitionsDevelopmentMassachusettsMixed-UseNortheast

Breakthrough Properties Completes Sale of South Boston Waterfront Development Site to P&G Gillette

by Taylor Williams

BOSTON — Breakthrough Properties, which is a joint venture between New York City-based Tishman Speyer and Bellco Capital, has completed the sale of a development site at 232 A St. in South Boston to P&G Gillette. The locally based shaving products company previously announced plans to establish its new Grooming Headquarters & Technical Innovation Center at the site, an initiative valued at roughly $1 billion.Breakthrough originally acquired the 2.4-acre site in 2021 for $80 million and subsequently secured approval for a 325,000-square-foot research and development campus with 1.5 acres of public space, including a waterfront park on the Fort Point Channel. Jonathan Varholak of CBRE led the brokerage team that facilitated the land sale.

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LoansMultifamilyNew YorkNortheast

JLL Arranges $104M Loan for Refinancing for Manhattan Multifamily Portfolio

by Taylor Williams

NEW YORK CITY — JLL has arranged a $104 million loan for the refinancing of a portfolio of two multifamily properties totaling 233 units in Manhattan. The portfolio comprises Renoir House, a 151-unit building located at 225 E. 63rd St. on the Upper East Side, and an 82-unit building located at 120-125 Riverside Drive on the Upper West Side. The buildings were originally constructed in 1962 and 1904, respectively. Scott Aiese, Lauren Kaufman, Hall Oster and Alex Staikos of JLL arranged the financing through Citi on behalf of the owner, AYA New York. The portfolio was roughly 97 percent occupied at the time of the loan closing.

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DevelopmentIndustrialNew YorkNortheastSelf-Storage

CubeSmart to Open 949-Unit Self-Storage Facility in Yonkers, New York

by Taylor Williams

YONKERS, N.Y. — CubeSmart will open a 949-unit self-storage facility in Yonkers, located north of New York City. New York-based Cayre Equities is developing the facility at 1060 Nepperhan Ave., and construction has now passed the midpoint and is expected to be complete in the second or third quarter of next year. Miami-based lender 3650 Capital provided a $24 million construction loan for the project that carried a 36-month term with a six-month extension option. David Eyzenberg of Eyzenberg & Co. arranged the loan on behalf of the developer.

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AcquisitionsIndustrialMassachusettsNortheastSelf-Storage

Marcus & Millichap Brokers Sale of 717-Unit Self-Storage Facility in Malden, Massachusetts

by Taylor Williams

MALDEN, MASS. — Marcus & Millichap has brokered the sale of a 717-unit self-storage facility in Malden, located north of Boston. Extra Space Storage operates the facility, which totals 74,795 net rentable square feet and was roughly 91 percent occupied at the time of sale. Nathan Coe, Gabriel Coe, Brett Hatcher and Thomas Shihadeh of Marcus & Millichap represented the seller, Calare Properties, in the transaction and procured the buyer, Hearthfire Holdings. The sale also included a 25,095-square-foot warehouse that is fully leased to Canadian logistics company UniUni and a 3,400-square-foot kiosk.

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IndustrialLoansNew JerseyNortheast

Faropoint Receives $474M Loan for Refinancing of National Industrial Portfolio

by Taylor Williams

HOBOKEN, N.J. — New Jersey-based investment firm Faropoint has received a $474 million loan for the refinancing of a national portfolio of 85 industrial buildings. The addresses of the buildings were not disclosed, but the portfolio spans 12 states, with concentrations in the Chicago, Philadelphia and New York/Northern New Jersey markets. Truist Bank and Capital One co-provided the debt, with the $474 million representing an initial advance and the lenders committing an additional $84 million that will be available through an earn-out and holdback as the portfolio’s net operating income (NOI) increases. The loan also includes an accordion feature of up to $700 million to fund new properties and/or further earn-out beyond the $557 million as NOI increases and valuations grow.

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DevelopmentLoansMultifamilyNortheastPennsylvaniaStudent Housing

Affinius Capital Provides $100.3M Construction Loan for Student Housing Project Near University of Pittsburgh

by Taylor Williams

PITTSBURGH — Affinius Capital has provided a $100.3 million construction loan for Atmosphere Pittsburgh, a 672-bed student housing project that will be located near the University of Pittsburgh campus in the city’s Oakland neighborhood. The borrower is a joint venture between Starwood Capital Group and Trinitas Ventures. Atmosphere Pittsburgh will rise 10 stories and offer 326 fully furnished units, 34 of which will be designated as affordable housing. Shared amenities will include a rooftop fitness center and hot tub, game room, TV and computer lounges and private study spaces. Dwell Design Studio is the project architect. Completion is slated for summer 2028.

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AcquisitionsConnecticutMixed-UseNortheast

NEPCG Arranges $21.5M Sale of Mixed-Use Property in Bridgeport, Connecticut

by Taylor Williams

BRIDGEPORT, CONN. — Regional brokerage firm Northeast Private Client Group (NEPCG) has arranged the $21.5 million sale of a 273,612-square-foot mixed-use property in the southern coastal Connecticut city of Bridgeport. Known as The City Trust Collection, the property spans a fully city block at 955 Main St. in the downtown area and comprises 117 market-rate apartment units, 42,238 square feet of commercial space and a 240-space (90,500-square-foot) parking garage. Brad Balletto and Rich Edwards of NEPCG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

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DevelopmentHospitalityMaineNortheast

Colwen Hotels Opens 148-Room, Dual-Branded Property in Portland, Maine

by Taylor Williams

PORTLAND, MAINE — Colwen Hotels has opened the Residence Inn by Marriott and Moxy Hotel Portland Thompson’s Point, a 148-room, dual-branded property in Portland. The five-story building is located within the Thompson’s Point mixed-use development and offers shared amenities such as an indoor pool, fitness center, 24-hour market and an onsite restaurant. The Residence Inn features 70 apartment-style suites with fully equipped kitchens, and the Moxy hotel offers 78 guestrooms. Colwen’s in-house team also handled design of the project.

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LogistiCenter-@-I-83-York-County-Pennsylvania
IndustrialMarket ReportsNortheastNortheast Market Reports

Macroeconomics Complicate Recalibration of Northeast Industrial Investment Sales Market

by Taylor Williams

By Taylor Williams (Editor’s note: This story was finalized in advance of the Federal Reserve meeting on Wednesday, Oct. 28.) When it comes to “normalization” in commercial real estate, the investment sales community is usually last in line to experience the trend.  Recovery, rightsizing, recalibration — whatever “R” word you prefer — increased tenant absorption is usually one of the first indicators of a positive inflection point in any commercial market. Although investors and their brokers can see leasing activity in real time — and for the industrial markets of the Northeast, that activity is encouraging at the moment — determining whether said absorption is a trend or a blip requires a certain amount of data. Aggregating sufficient data takes time. And when the broader economy is subject to violent, unexpected swings like it is today, by the time that information has been digested by the investment sales community, the broader landscape may have shifted considerably.  In addition, now that fundamentals and supply-demand balances across most Northeast industrial markets have settled back to more normal dynamics, investors too must get back to more standard underwriting practices. That means stipulating an exit cap rate that is legitimately achievable and putting forth …

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Affordable HousingLoansMultifamilyNew YorkNortheast

Merchants Capital Arranges $185M in Financing for Brooklyn Affordable Housing Community

by Taylor Williams

NEW YORK CITY — Merchants Capital has arranged $185 million in financing for the acquisition and rehabilitation of Nostrand Houses, a 1,148-unit affordable housing community in Brooklyn’s Sheepshead Bay neighborhood. Nostrand Houses comprises 16 buildings that were constructed between 1949 and 1951 across two contiguous sites. The rehabilitation, which began in October, will be executed in six phases and is expected to last about 60 months. Capital improvements will cover individual apartments and building-wide systems, inclusive of new kitchens and bathrooms, electrified heating and cooling systems, new elevators, improved accessibility, lead and mold remediation and upgraded security systems. Merchants Bank provided the loan for Nostrand House, with $50 million of the total loan provided by the AFL-CIO Housing Investment Trust (HIT), which acted as co-lender on the deal. Joshua Canan and Mathew Wambua led the transaction for Merchants Capital.

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