Northeast

Crossroads Holdings Underway on $300M Mixed-Use Project in Southern Maine, Partners With Wilder Cos.

by Taylor Williams July 26, 2024

SCARBOROUGH, MAINE — Developer Crossroads Holdings LLC is underway on construction of Scarborough’s Town Center in southern Maine. Valued at $300 million, the project is located within The Downs, a 577-acre destination that is a redevelopment of a former horseracing complex. Plans call for 320,000 square feet of retail space, 60,000 square feet of medical office space, 240 residential units and a boutique hotel, as well as various open green spaces. Construction began last fall. The development team behind The Downs has partnered with Wilder Cos., a Boston-based development, management and leasing firm, in which Wilder will provide strategic retail and leasing services for the town center development. Wilder is also engaged with a local brokerage firm, The Boulos Co., to assist in securing local retail and restaurant interest.

July 26, 2024

Lee & Associates New York Northeast Office

Blackstone Signs 250,644 SF Office Headquarters Lease Expansion, Extension in Midtown Manhattan

by Taylor Williams July 26, 2024

NEW YORK CITY — Blackstone (NYSE: BX) has signed a 250,644-square-foot office headquarters lease expansion and extension at 345 Park Avenue in Midtown Manhattan. The private equity giant will soon occupy more than 1 million square feet across 28 floors at the 44-story, 1.9 million-square-foot building and has added an additional five years to its term. The extension will keep Blackstone, which originally took 70,000 square feet at 345 Park Avenue in 1988, in the building through 2034. Peter Riguardi, Joe Messina, Jessica Berkey, William McGarry, Hale King, Cynthia Wasserberger and Carlee Palmer of JLL, along with Jonathan Mechanic and Jen Yashar of Fried Frank, represented Blackstone in the lease negotiations. Tom Keating, Rob Steinman and Kevin Daly represented the landlord, Rudin, on an internal basis.

July 26, 2024

Development Multifamily New Jersey Northeast

TFE Properties Completes 174-Unit Multifamily Project in Somerville, New Jersey

by Taylor Williams July 26, 2024

SOMERVILLE, N.J. — New Jersey-based investment firm TTFE Properties has completed Kirby Village, a 174-unit multifamily project in Somerville, about 50 miles southwest of Manhattan. Kirby Village offers one- and two-bedroom units that range in size from 800 to 1,452 square feet. The townhome-style residences feature stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a pool, fitness center, dog park and a children’s play area. Rents start at roughly $2,400 per month for a one-bedroom apartment.

July 26, 2024

Acquisitions Connecticut Multifamily Northeast

NEPCG Arranges Sale of 46-Unit Apartment Complex in Plainville, Connecticut

by Taylor Williams July 26, 2024

PLAINVILLE, CONN. — Regional brokerage firm Northeast Private Client Group (NEPCG) has arranged the sale of Castle Apartments, a three-building, 46-unit multifamily complex in Plainville, a southwestern suburb of Hartford. According to Apartments.com, the property was built in 1975 and exclusively offers two-bedroom units with an average size of 850 square feet. Taylor Perun and Brad Balletto of NEPCG brokered the deal. The buyer and seller were not disclosed.

July 26, 2024

Civic Leasing Activity New York Northeast

The École to Open 46,000 SF Elementary, Middle School in Midtown Manhattan

by Taylor Williams July 26, 2024

NEW YORK CITY — The École, an independent French-American bilingual school, will open a 46,000-square-foot elementary and middle school at 123 E. 23rd St. in Midtown Manhattan. The school will occupy a portion of the ground floor and the entire second and third floors of the 12-story building and will also have its own entrance. Michael Berger of Colliers brokered the lease negotiations. Williams Equities owns the building. The school is expected to open in advance of the fall 2025 semester.

July 26, 2024

Acquisitions Content Partner Development Features Industrial Leasing Activity Lee & Associates Loans Midwest Multifamily Northeast Office Retail Southeast Texas Western

Lee & Associates Second Quarter Report: Industrial, Office Market See Continued Challenges While Retail, Multifamily Trends Follow Region-Specific Patterns

by Sarah Daniels July 26, 2024

In the first half of 2024, high interest rates led to decreased demand, higher vacancy rates, reduced construction starts and lower property sales in industrial and office, according to Lee & Associates’ 2024 Q2 North America Market Report. Meanwhile, retail saw minimal development and continued low vacancies. Retail rent growth was particularly strong in the South and Southwest. Finally, high demand for multifamily, coupled with a sudden influx of supply in the second quarter of the year, has created a market where outcomes are highly tied to region. Midwest and Northeast multifamily markets have remained stronger than their counterparts in the South and Southwest, while Western markets saw mixed growth. Lee & Associates has made their full market report available here (with complete breakdowns of cap rates by city, market rents, vacancy rates, square footage information and more). The summaries for the industrial, office, retail and multifamily sectors below provide detailed insight into the trends and trajectories likely through the end of 2024. Industrial Overview: Activity, Growth Checked by High Interest Rates Industrial market performance across North America continued to downshift in the first half of this year. Although net absorption remains positive, demand for industrial space has fallen to the lowest levels …

July 26, 2024

Critical-Care-Tower-Westchester-Medical-Center-Valhalla-New-York

Development Healthcare New York Northeast

Westchester Medical Breaks Ground on $220M Healthcare Project in Valhalla, New York

by Taylor Williams July 25, 2024

VALHALLA, N.Y. — Westchester Medical Center Health Network has broken ground on a The Critical Care Tower, a $220 million healthcare project that will be located on the provider’s campus in Valhalla, about 30 miles north of Manhattan. Dubbed the “Tower to Heal,” the five-story, 162,000-square-foot building will be situated adjacent to Westchester Medical Center’s main tower and will house 128 private patient rooms. The project is expected to create almost 800 construction jobs and about 125 permanent jobs. Completion is slated for 2026.

July 25, 2024

Development Industrial Loans Northeast Pennsylvania Walker & Dunlop

Walker & Dunlop Arranges $53.8M Construction Loan for Philadelphia Industrial Project

by Taylor Williams July 25, 2024

PHILADELPHIA — Walker & Dunlop (NYSE: WD) has arranged a $53.8 million construction loan for PhilaPort Logistics Center, a 282,250-square-foot industrial project in Philadelphia. The 15-acre site at 3060 S. 61st St. is located approximately three miles from Philadelphia International Airport and six miles from the Packer Avenue Marine Terminal. PhilaPort Logistics Center will feature a rear-load configuration, a clear height of 40 feet, 135-foot truck court depths, 50 exterior dock doors, two drive-in doors, 5,000 square feet of office space and parking for 187 cars and 72 trailers. Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz and Michael Ianno of Walker & Dunlop arranged the financing through ACORE Capital. The borrower was New York City-based DH Property Holdings. Construction is slated for a third-quarter 2025 completion.

July 25, 2024

Affordable Housing Development Massachusetts Multifamily Northeast Seniors Housing

MassDevelopment Provides $22.2M Bond Financing for Affordable Seniors Housing Project in Foxborough, Massachusetts

by Taylor Williams July 25, 2024

FOXBOROUGH, MASS. — MassDevelopment has provided $22.2 million in tax-exempt bond financing for an 80-unit affordable seniors housing project in the southern Boston suburb of Foxborough. These units represent the first part of a multi-phase project that will add 200 affordable seniors housing units to the local supply. All of the one-bedroom units will be rented to households earning up to 60 percent of the area median income (AMI), though 20 units will also be available for households earning up to 30 percent of AMI. The developer, an entity doing business as Walnut Street Phase One 4 LLC, is a joint venture that includes Affordable Housing and Services Collaborative Inc., Peabody Properties Inc. and The Onyx Group. Citizens Bank purchased the bond.

July 25, 2024

Development Maine Multifamily Northeast

Jones Street Breaks Ground on 64-Unit Multifamily Project in Brunswick, Maine

by Taylor Williams July 25, 2024

BRUNSWICK, MAINE — Jones Street Investment Partners, a private equity real estate firm, has broken ground on a 64-unit multifamily project in Brunswick, a northern suburb of Portland. The project, which will be situated on a 3.5-acre site, represents the second phase of Atlantic Pointe, the first phase of which comprised 181 units. Phase II will feature four buildings that will house one- and two-bedroom residences. Amenities at Atlantic Pointe include a fitness center, business center, dog park and package lockers. Delivery of Phase II is scheduled for summer 2025.

July 25, 2024

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