NEW YORK CITY — Affinius Capital has provided a $115 million loan for the refinancing of 162 East 36th Street, a 22-story multifamily project that is under construction in Manhattan’s Murray Hill neighborhood. The 160-unit building will ultimately house 87 studios, 46 one-bedroom apartments and 27 two-bedroom residences, as well as 3,700 square feet of retail space. Amenities will include a rooftop lounge, fitness center, resident’s club, pet spa, coworking spaces and rentable storage space. Henry Bodek of Galaxy Capital arranged the loan on behalf of the borrower, a partnership between Ranco Capital and the Gilardian Family. Proceeds will be used to complete construction and stabilize occupancy.
GILFORD, N.H. — Marcus & Millichap has brokered the sale of Winnipesaukee Self Storage, a 512-unit self-storage facility in Gilford, a northern suburb of Concord. The facility currently spans 39,917 net rentable square feet of entirely climate-controlled space, and permits are in place for an expansion that is planned to more than double the net rentable square footage. Nathan Coe, Gabriel Coe and Brett Hatcher of Marcus & Millichap represented the seller, an undisclosed regional developer, in the transaction. U-Haul purchased the facility. Thomas Shihadeh of Marcus & Millichap assisted in closing the deal as the broker of record.
BURLINGTON, N.J. — Crow Holdings Development has completed a 294,000-square-foot industrial project in the Southern New Jersey community of Burlington. Known as Crow Holdings at 6A in reference to the nearest turnpike exit, the building features a clear height of 36 feet, 24 dock doors and parking for 75 cars and 19 trailers Crow Holdings at 6A was delivered roughly 50 percent preleased to GMB North America, a subsidiary of global auto parts manufacturer GMB. NAI Mertz and Cushman & Wakefield are co-marketing the remainder of the space for lease.
SAYREVILLE, N.J. — Essex Food Ingredients has signed a 100,500-square-foot industrial lease in Sayreville, located in Central New Jersey. The space is located within Building 1 at Arsenal Trade Center, a three-building, 1.1 million-square-foot development by Trammell Crow Co. and CBRE Investment Management. Mindy Lissner, Mark Zaziski and Pat Decker of Cushman & Wakefield represented the tenant in the lease negotiations. Tom Monahan, Larry Schiffinhaus and Brian Golden of CBRE represented ownership. Essex took occupancy in January.
LIMERICK, PA. — Pennsylvania-based private equity firm PPR Capital Management has purchased Botanica Cottages, a 199-unit apartment complex in Limerick, a northwestern suburb of Philadelphia. Built in 1999, Botanica Cottages offers one-, two- and three-bedroom units that are equipped with private entrances and attached garages. Amenities include a pool, spa, clubhouse and a fitness center. PPR acquired the property in partnership with Bel Canto Asset Growth Fund. The seller and sales price were not disclosed. The new ownership plans to implement a value-add program.
STAMFORD, CONN. — CBRE has negotiated the sale of a 153,416-square-foot shopping center in Stamford, located in southern coastal Connecticut. Whole Foods Market and Saks OFF Fifth anchor the center at 110 High Ridge Road, which is a redevelopment of a former Lord & Taylor department store into a multi-tenant center. Jeffrey Dunne, David Gavin and Travis Langer of CBRE represented the seller, HBS Global Properties, in the transaction. The trio also procured the buyer, an entity doing business as 110 High Ridge Road LLC.
PENNSYLVANIA — Marcus & Millchap has brokered the sale of a portfolio of 10 Dollar General stores in Pennsylvania. The addresses were not disclosed, but the stores are all new construction and are operated under 15-year, triple-net leases. Don McMinn and Andrew Koriwchak of the Taylor McMinn Retail Group of Marcus & Millichap brokered the deal. The seller was a developer, and the buyer was an institutional investment firm. Both parties requested anonymity.
PHILADELPHIA — Locally based firm Mosaic Development Partners has completed an 88,000-square-foot academic project for the School District of Philadelphia. The Alternative Middle Years at James Martin Middle School is a four-story building in the Port Richmond neighborhood that includes specialty art, science and technology labs and was designed to LEED Gold standards. Project partners included design firms KSS Architects and Moody Nolan and construction firm Daniel J. Keating Co.
NEW YORK CITY — Gencom, a Miami-based investment firm, has acquired The Ritz-Carlton New York, Central Park, a 253-room hotel located in Midtown Manhattan. Banco Inbursa provided financing for the acquisition. Although the sales price was not disclosed, media outlets reported a bidding price of $400 million for the property in March 2024. “Gencom continues to see compelling long-term opportunities in New York City, particularly for luxury assets with enduring global appeal,” says Karim Alibhai, founder and principal of Gencom. Situated within the Plaza District at the corner of Central Park South and Sixth Avenue, the Ritz-Carlton New York comprises 253 guest rooms, including 47 suites that are located on the lower 22 floors of the 33-story building. The upper floors consist of roughly a dozen private residential condominiums, which were not included in the sale. Guest rooms offer a more standard hotel room layout, with separate seating areas, marble bathrooms and walk-in showers. Meanwhile, the residential condos average more than 1,000 square feet in size and include distinct living spaces, kitchens and dining areas. The Ritz-Carlton hotel also features various amenities for its guests, including Contour, the all-day gastro lounge; the Ritz-Carlton Club Lounge; the La Prairie Spa; and a …
NEW YORK CITY — Global private equity firm KKR has provided a $160.2 million loan for the refinancing of QLIC, a 21-story, 421-unit apartment tower in the Long Island City area of Queens. The unit mix consists of 55 studios, 297 one-bedroom apartments, 53 two-bedroom residences and 16 three-bedroom units. Amenities include 24-hour concierge service, a fitness center, rooftop pool with cabanas, landscaped courtyard, media lounge and a communal workspace. The building also houses 7,987 square feet of ground-floor retail space. Christopher Peck, Lauren Kaufman and Michael Shmuely of JLL arranged the loan on behalf of the owner, a partnership between two New York-based firms, World Wide Group and Rabina.
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