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Abbey-Lane-Apartments-Danbury
ConnecticutLoansMultifamilyNortheast

Newmark Provides $111.4M Agency Loan for Refinancing of Multifamily Property in Danbury, Connecticut

by Taylor Williams

DANBURY, CONN. — Newmark has provided a $111.4 million Fannie Mae loan for the refinancing of Abbey Lane Apartments, a 470-unit multifamily property located in the southern Connecticut city of Danbury. Abbey Lane Apartments features studio, one-, two- and three-bedroom units that are furnished with stainless steel appliances and in-unit washers and dryers. Select residences offer private patios or balconies. Amenities include a pool, coworking lounge and a children’s playroom. Rob Cantizano, Greg Primiano and Deric Obeldobel of Newmark originated the financing on behalf of the owner, Abacus Capital Group.

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ConnecticutLoansMultifamilyNortheast

Greystone Funds $49.2M Agency Refinancing for Apartment Building in Norwalk, Connecticut

by Taylor Williams

NORWALK, CONN. — Greystone has funded a $49.2 million Fannie Mae loan for the refinancing of SoNo Central, a 150-unit apartment building located in the southern coastal Connecticut city of Norwalk. Built in 2024, SoNo Central rises six stories and offers studio, one- and two-bedroom residential units in addition to 12 commercial spaces. Amenities include a pool, fitness center, community great room, bocce ball court and outdoor grilling and dining stations. Clint Darby and Andrew Remenschneider of Greystone originated the financing on behalf of the owner, Spinnaker Real Estate Partners.

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AcquisitionsDevelopmentMultifamilyNortheastPennsylvaniaSeniors Housing

Kislak Negotiates $7.9M Sale of Seniors Housing Development Site in Millersville, Pennsylvania

by Taylor Williams

MILLERSVILLE, PA. — New Jersey-based brokerage firm The Kislak Co. Inc. has negotiated the $7.9 million sale of a seniors housing development site in Millersville, a suburb of Lancaster. The 67-acre site at 306 S. Duke St. is the future home of a 420-unit, age-restricted community that will be known as The Village at Funk’s Farms. Plans for the project also include a healthcare facility with up to 75 beds. Matt Wolf of Kislak represented the seller, HHF Real Estate, in the transaction and the buyer, Burkentine Builders.

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AcquisitionsMassachusettsMultifamilyNortheast

Arrowpoint Properties Sells 51-Unit Apartment Building in Lowell, Massachusetts

by Taylor Williams

LOWELL, MASS. — Regional owner-operator Arrowhead Properties has sold a 51-unit apartment building in the northern Boston suburb of Lowell. Wood Crest Apartments consists of two studios, 20 one-bedroom units and 29 two-bedroom residences that were fully occupied at the time of sale. Arrowpoint, which acquired the asset in late 2020 and implemented capital improvements, sold the building as part of a 1031 exchange. The buyer and sales price were not disclosed.

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LoansMultifamilyNew YorkNortheast

DMT Provides $67.5M Bridge Loan for Refinancing of Upstate New York Multifamily Property

by Taylor Williams

SARATOGA SPRINGS, N.Y. — Dwight Mortgage Trust (DMT), the affiliate REIT of New York City-based Dwight Capital, has provided a $67.5 million bridge loan for the refinancing of Elements at Saratoga Lake, a 260-unit multifamily property in upstate New York. Completed in 2024, the property comprises 26 residential buildings that house 172 one-bedroom and 88 two-bedroom units, as well as a clubhouse building. Amenities include an indoor-outdoor pool, golf simulator, pickleball court and a fitness center with a yoga studio. David Scheer and Alex Izso of Dwight originated the debt on behalf of the borrower, Blue Iron Development.

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The-Eisenhower-Livingston-New-Jersey
LoansNew JerseyNortheastOffice

Eastman Cos. Recapitalizes 385,000 SF Office Complex in Livingston, New Jersey

by Taylor Williams

LIVINGSTON, N.J. — Locally based owner-operator Eastman Cos. has recapitalized The Eisenhower, a 385,000-square-foot office complex located in the Northern New Jersey community of Livingston. The recapitalization comprised $24.2 million in financing from Ladder Capital and approximately $14 million in additional equity. The Eisenhower sits on a 24-acre site and offers amenities such as a conference center with a 200-seat auditorium, a full-service cafeteria and a fitness center. David Bernhaut, John Alascio, Brad Domenico, Chuck Kohaut, Frank Stanislaski, Bill Baunach and Jack Subers of Cushman & Wakefield advised Eastman Cos. on the transaction.

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84-Marginal-Way-Portland-Maine
HealthcareLeasing ActivityMaineNortheast

InterMed Signs 102,557 SF Healthcare Lease Expansion, Extension in Portland, Maine

by Taylor Williams

PORTLAND, MAINE — Local healthcare provider InterMed has signed a 102,557-square-foot healthcare lease expansion and extension in Portland. The lease term is 16 years, and the space spans 10 stories at the building at 84 Marginal Way, at which Intermed is now the sole occupant. Katie Breggia and Tom Moulton of The Dunham Group represented InterMed in the lease negotiations. Davis, a healthcare real estate firm based in Minneapolis, owns the building.

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AcquisitionsCivicNortheastPennsylvaniaRetail

Colliers Arranges Sale of 14,000 SF Historic Building in Bethlehem, Pennsylvania

by Taylor Williams

BETHLEHEM, PA. — Colliers has arranged the sale of a 14,000-square-foot historic building located at 46-52 West Broad St. in the Lehigh Valley community of Bethlehem. The new owner, private investor Rocco Ayavoz, plans to reposition the building, which was originally constructed in 1925 for Lehigh Valley National Bank, into a retail, restaurant and entertainment destination. Derek Zerfass and Seth Lacey of Colliers brokered the sale.

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DevelopmentIndustrialMassachusettsNortheast

National Development Receives Approval for 950,000 SF Industrial Conversion Project in Hudson, Massachusetts

by Taylor Williams

HUDSON, MASS. — Local owner-operator National Development has received approval from the Town of Hudson, located west of Boston, for a 950,000-square-foot industrial conversion project. The 148-acre site at 75 Reed Road, which is located less than two miles from I-495 with direct access to the I-290 interchange, formerly housed the campus of chipmaker Intel. National Development acquired the property, which can support advanced manufacturing as well as warehouse and logistics uses, in late 2023. Construction is expected to commence upon National Development’s securing of an occupant.

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Two-Legacy-Place-East-Brunswick
DevelopmentMultifamilyNew JerseyNortheast

Garden Communities Completes Phase II of 520-Unit Apartment Community in Central New Jersey

by Taylor Williams

EAST BRUNSWICK, N.J. — Locally based owner-operator Garden Communities has completed Phase II of Legacy Place, a 520-unit apartment community in East Brunswick, located roughly midway between Newark and Trenton. The site spans 25 acres, and the property offers studio, one-, two- and three-bedroom units, as well as townhome residences. Amenities include a pool, fitness center, entertainment lounge, outdoor grilling and dining stations, coworking space, a children’s playroom, bowling alleys and catering kitchens, as well as 18,000 square feet of retail space. Monthly rents start at $2,090 for a studio apartment. Phase I of Legacy Place was completed in spring 2024.

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