CHERRY HILL, N.J. — New York City-based Madison Realty Capital (MRC) and Chicago-based Pearlmark have provided $140 million in financing for the The Plaza Grande, a 507-unit active adult project located outside of Philadelphia in Cherry Hill. Units are reserved for renters age 55 and above. Amenities include an 18,500-square-foot clubhouse, golf simulator, indoor and outdoor pools, tennis and pickleball courts, a theater, sauna and massage rooms and lounge areas. The borrower, New Jersey-based Procida Funding & Advisors, will use the debt to complete construction and fund lease-up costs.
WINDSOR, CONN. — JLL has brokered the $25.3 million sale of a 165,625-square-foot warehouse in Windsor, located just outside of Hartford. The building at 105 Baker Hollow Road was completed in 2022 and features 32-foot clear height, 38 loading docks, one drive-in door and parking for 117 cars and 58 trailers. Michael Restivo, David Coffman and Tommy Hovey of JLL represented the seller, a joint venture between Condyne Capital Partners and an account managed by UBS Realty Investors, in the transaction. The buyer was Missouri-based NorthPoint Development.
MEDFORD, MASS. — Newmark has negotiated the $11.7 million sale of 101 Station Landing, a 160,482-square-foot office building located north of downtown Boston in Medford. The five-story, transit-oriented building includes a café, outdoor plazas and garage parking. Robert Griffin, Edward Maher, Matthew Pullen, James Tribble, Samantha Hallowell, William Sleeper, Joseph Alvarado and Casey Valente of Newmark represented the seller, James Campbell Co., in the transaction. The team also procured the buyer, locally based investment firm RJK, which plans to implement capital improvements.
SOUTH ORANGE, N.J. — New Jersey-based developer Mark Built Homes has completed Mosaic South Orange, a 42-unit multifamily project located about 20 miles west of New York City. Units come in one-, two- and three-bedroom floor plans and range in size from 790 to 1,665 square feet. Residences are furnished with quartz countertops, custom cabinetry, full-size washers and dryers and smart technology, and select residences have private balconies and patios. Amenities include a rooftop deck and clubroom with lounge seating, a fitness center, coworking lounge and indoor and outdoor social spaces. Rents start at $2,995 per month for a one-bedroom apartment.
NEW YORK CITY — The Malin, a provider of flexible workspace solutions, has opened a 32,700-square-foot space in Manhattan’s Flatiron District. The space spans two floors within 895 Broadway and opened with all 20 private offices and 36 dedicated desks fully leased. The space also features three meeting rooms, a 14-person boardroom, 21 phone booths, two libraries and a mezzanine space for events. The Malin now operates five coworking facilities in New York City and eight across the country.
WALL TOWNSHIP, N.J. — JLL has arranged a $22.8 million loan for the refinancing of a 189,836-square-foot industrial property in Wall Township, located in coastal New Jersey. Built in phases between 2001 and 2006, the property at 1800 Route 34 consists of four buildings on an 11-acre site that feature clear heights of 16 feet, five dock-high doors, two drive-in doors and a total of 1,140 car parking spaces. Michael Klein, Max Custer, Ryan Carroll and Christian Badalamenti of JLL arranged the 10-year, fixed-rate loan through Grant Street Funding on behalf of the owner, The Donato Group. The property was fully leased at the time of the loan closing to tenants in field such as engineering, construction, healthcare and manufacturing.
PRINCETON, N.J. — New Jersey-based owner-operator Garden Communities has begun leasing Phase I of Lofts at Princeton, a 154-unit apartment complex in Central New Jersey. Phase I features one-, two- and three-bedroom units with a maximum size of 1,620 square feet. Lofts at Princeton will ultimately consist of 656 duplex and loft-style units that will be developed across three phases and amenities such as a pool, outdoor lounge with grilling stations, pocket parks, an entertainment/game room, children’s playroom and a package handling center. Rents start at $2,400 per month for a one-bedroom apartment.
SHORT HILLS, N.J. — The Silverman Group, a New Jersey-based developer, has broken ground on The Estates at Short Hills, a 62-unit multifamily project in Northern New Jersey. Designed by Michels & Waldron Associates, the property will feature 10 one-bedroom units, 49 two-bedroom apartments and three three-bedroom residences. Amenities will include a rooftop terrace, outdoor courtyard, fitness center, resident lounge and game room, package and mail rooms and garage bike storage. The building will also house 10,000 square feet of medical office space on the ground floor. The first units are expected to be available for occupancy in early 2027.
NEW YORK CITY — Biotechnology firm Cresilon has signed a 55,000-square-foot life sciences lease expansion at Industry City in Brooklyn’s Sunset Park area. Cresilon, which focuses on hemostatic technologies that improve wound care, is effectively doubling its headquarters footprint at the 6 million-square-foot mixed-use development via a 10-year deal. Josh Pernice of CBRE represented the tenant in the lease negotiations. Jeff Fein internally represented the landlord, a partnership between Belvedere Capital, Jamestown and Angelo Gordon.
NEW YORK CITY — CBRE has negotiated a 15,000-square-foot office lease expansion at 299 Park Avenue in Midtown Manhattan. The tenant, investment advisory firm One William Street Capital Management, now occupies about 45,000 square feet at the 1.2 million-square-foot building. Scott Gottlieb, Andrew Sussman, Ben Friedman and Lewis Gottlieb of CBRE represented the tenant in the lease negotiations. David Falk, Peter Shimkin, Andy Sachs and Eric Cagner of Newmark, along with internal agents Marc Packman and Clark Briffel, represented the landlord, Fisher Brothers.
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