REBusinessOnline

Provident Bank Provides $35M Construction Loan for Warehouse in Monroe, New Jersey

MONROE, N.J. — Provident Bank has provided a $35 million construction loan for a new warehouse in Monroe, located approximately 40 miles south of New York City. Situated on 28 acres, the property will offer 382,400 square feet of rentable space, including 34,000 square feet of office space. The building is 100 percent preleased. Axiom Capital arranged the loan on behalf of the borrowers, KRE Group and TCH Docks Corner Lane

Cronheim Mortgage Secures $10M Financing Loan for Retail Center in Newark, New Jersey

NEWARK, N.J. — Cronheim Mortgage has arranged a $10 million financing loan for Ferry Plaza, a retail center in Newark. One America provided the loan, which carried a10-year term and a 22-year amortization schedule. Seabra Supermarket anchors the 63,433-square-foot retail center, which also houses a post office, bank and several other retailers and restaurants. Cronheim arranged the loan on behalf of the borrower, an entity affiliated with Urstadt Biddle Properties

JLL Arranges $12.6M Refinancing Loan for Industrial Property in Tewksbury, Massachusetts

TEWKSBURY, MASS. — JLL has arranged a $12.6 million loan for the refinancing of 554 Clark Road, a 102,200-square-foot industrial building in Tewksbury, a northern suburb of Boston. UniBank provided the fixed-rate loan, exact terms of which were undisclosed. The single-story facility was recently leased to Mycronic, a Swedish electronics assembly, display and packaging manufacturer. Brett Paulsrud and Amy Lousararian of JLL arranged the financing on behalf of the borrower, Oliver Street …

Lee & Associates Negotiates 5,962 SF Office Lease for WiredScore in Manhattan

NEW YORK CITY — Lee & Associates has negotiated a 5,962-square-foot lease for WiredScore in Lower Manhattan. WiredScore has leased the entire second floor of 155 Wooster Street for three years, starting in September 2019. The company is more than doubling its office size from its previous location at 494 Broadway, where it occupied 2,700 square feet. Dennis Someck, Justin Myers and Conor Krup of Lee & Associates represented WiredScore in the negotiations. Someck and Myers also …

Marcus & Millichap Brokers $1.6M Sale of Multifamily Property in Brooklyn

NEW YORK CITY — Marcus & Millichap has brokered the $1.6 million sale of a multifamily property in Brooklyn. The six-unit apartment building is located at 276 19th St.. Jakub Nowak, Matthew Resenzweig and Jesse Kay represented the seller, a private individual, in the transaction. The team also secured and represented the buyer, an undisclosed limited liability

JLL Brokers $44.1M Sale of Warehouses, Land in Brooklyn

NEW YORK CITY — JLL has brokered the $44.1 million sale of an industrial development site with three adjacent warehouses in Brooklyn. The property consists of three adjacent, single-story warehouses totaling 51,155 square feet and can support an additional 97,910 square feet of new development. Brendan Maddigan, Stephen Palmese, Winfield Clifford, Michael Mazzara and Ethan Stanton, of JLL represented the seller, EcoRise Development LLC. The JLL team also represented the buyer, 473 President …

PREP Property Group to Redevelop Mall into Mixed-Use Property in Metro Boston for $250M

HANOVER, MASS. — PREP Property Group has unveiled plans to redevelop Hanover Mall in Hanover, approximately 22 miles southeast of downtown Boston. The project costs are estimated at $250 million. PREP will rebrand the mall as Hanover Crossing, an open-air, mixed-use project that will feature 297 multifamily units and will be anchored by an 80,000-square-foot Market Basket Supermarket. Market Basket will feature Market’s Kitchen and Café, a prepared foods department offering a variety …

Welltower Buys Former Newbury College Campus Near Boston for $34M

BROOKLINE, MASS. — Welltower has acquired the former Newbury College campus near Boston for $34 million. The 7.8-acre campus currently features eight structures totaling 142,000 square feet, which Welltower plans to redevelop into seniors housing properties. Christopher Sower, James Elcock, Tom Hynes and Bob Cronin of Colliers International represented the seller, Newbury College in the

Walker & Dunlop Arranges $18M Construction Loan for Multifamily Development in Lewes, Delaware

LEWES, DEL. — Walker & Dunlop has arranged an $18 million construction loan for a multifamily development in Lewes, located approximately 40 miles southeast of Dover. An undisclosed regional bank provided the loan. The property consists of seven separate buildings, two of which are condominiums with ground-floor retail, three of which are fully leased apartment buildings and two of which are single-family homes. Two additional multifamily buildings offering one- and two-bedroom units are …

Madison International Signs Multiple Tenants to New 1,500 SF Queens Place Mall Food Court

NEW YORK CITY — Madison International Realty has signed multiple new leases and lease renewals with several food and beverage tenants in preparation for the opening of a new 1,500-square-foot food court at Queens Place Mall, located in the Elmhurst neighborhood of Queens. Dunkin Donuts and Mrs. Fields have both renewed leases at the 440,000-square-foot mall. In separate negotiations with three new tenants, Chipotle has leased 2,532 square feet, Teriyaki One has leased 1,134 square feet and …

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