PARAMUS, N.J. — Cushman & Wakefield has facilitated the sale of two retail buildings, located at 80 and 100 W. Century Road in Paramus. The Frisch School, a co-educational high school, purchased the 25,000-square-foot property at 100 W. Century Road, and 80 W. Century LLC acquired the 70,000-square-foot building at 80 W. Century Road. A private entity plans to relocate to 80 W. Century Road, while M&T Bank will occupy the remaining space. M&T Bank sold the properties, which it acquired in 2015 with its acquisition of Hudson City Savings Bank. The acquisition prices were not released. David Bernhaut, Andrew Merin, Gary Gabriel, Brian Whitmer, Frank DiTommaso II, David Sherman, David DeMatteis, Mark Zaziski, William Hartman and Lou D’Avanzo of Cushman & Wakefield represented the seller in the deal.
GALLOWAY, N.J. — Cushman & Wakefield has secured $6.5 million in financing for P3RE Properties for Smithville Square, a retail center located in downtown Galloway. Atlantic Stewardship Bank provided the five-year, fixed-rate financing. Smithville Square is a recently renovated 107,000-square-foot retail center. The center is home to 19 tenants, including Dunkin’ Donuts, Petvalu, JD’s Pub and Grill, Village Dry Cleaners and Lucky Nails. The center also includes 542 parking spaces and 1,061 feet of frontage on South New York Avenue. John Alascio and Sridhar Vankayala of Cushman & Wakefield represented the sponsor, P3RE Properties, in the financing.
NEWARK, N.J. — Cushman & Wakefield has arranged $66.6 million in acquisition financing secured by One Newark Center, located at 1085 Raymond Blvd. in Newark, for Beijing Ideal Group. Morgan Stanley Bank provided the 10-year, fixed-rate financing. The property in the transaction represented floors 6 through 22 of One Newark Center, a 22-story, 423,028-square-foot office building, along with the adjacent 10-story parking garage. John Alascio, Sridhar Vankayala and Noble Carpenter of Cushman & Wakefield represented the borrower in the transaction.
DELANCO, N.J. — Walters Group has broken ground on Cornerstone at Delanco, an income-restricted apartment community located at 200 Rhawn St. in Delanco. Situated on 5.37 acres, the development will consist of eight two-story buildings with eight units each. Totaling 64 units, the property will feature three-, two-, and one-bedroom layouts. Amenities include private entrances, upgraded interior finishes, a half-court basketball court, a tot-lot playground and a community clubhouse with fitness center. Apartments will be leased to residents with incomes at or below 60 percent of the area median income. Walters Group estimates it will take 12 to 15 months to complete the development.
CAPE MAY, N.J. — The Diocesan Housing Services Corp. of the Diocese of Camden Inc. (DHSC), MDG Design + Construction, and Hudson Valley Property Group (HVPG) have announced the refinancing of a renovation project at Victorian Towers, an affordable seniors housing community in Cape May, located at the southern tip of coastal New Jersey. The project will result in more than $8 million in capital improvements to the community, and will preserve the affordability of the property for at least 20 additional years. Originally constructed in 1973 to house low-income seniors, Victorian Towers is a six-story development containing 205 studio and one-bedroom apartments as well as 82 parking spaces located near shopping, medical and public transit services. Renovations will include improvements to the units, a redesigned lobby with a seating area and an overhaul of more than 2,000 square feet of community facilities. Exterior work includes the installation of windows and a new Victorian-styled facade. Efficiency upgrades include new air conditioning units and water conservation measures such as the installation of low-flow toilets, shower heads and faucet aerators. DHSC has managed Victorian Towers for decades. As development partners, MDG and HVPG will bring substantial financing and development resources to the …
NEW YORK AND NEW JERSEY — HFF has arranged 16 financings totaling $663 million secured by 15 retail properties and one industrial property totaling 4.6 million square feet in New York and New Jersey. Scott Aiese, Jon Mikula and Mike Tepedino of HFF secured the 16 separate loans with two CMBS lenders, three life company lenders and one bank for the borrower, Urban Edge Properties. The loans include 14 fixed- and two floating-rate facilities with terms ranging from seven to 13 years. Loan proceeds will be used to pay off existing CMBS debt and create additional proceeds, while staggering and lengthening the duration of the borrower’s maturity schedule. The portfolio comprises 98.1-percent-leased retail centers anchored by grocery stores, including ShopRite, Stop & Shop and Aldi; The Home Depot; Lowe’s Home Improvement Warehouse; Costco; BJ’s Wholesale Club and Walmart; and one multi-tenant warehouse property in East Hanover, N.J. The 16 properties are in dense submarkets with affluent demographics, including 15 located in New Jersey and one in New York.
MONTVILLE, N.J. — Natixis has originated a $40 million floating-rate loan to a joint venture between Camber Real Estate Partners, Advance Realty and an institutional investor for the acquisition of 19 Chapin Road, an industrial campus located in Montville. The four-building campus features 529,110 square feet of light industrial space. Current tenants include Pitney Bowes, Doosan, Trane and Samsung. The loan includes an initial funding of $35 million plus an additional $5 million that is earmarked for future leasing and capital improvement work. Greg Nalbandian of HFF arranged the financing for the borrower.
MOUNT LAUREL, N.J. — Prestige Properties has purchased Centerton Square, a shopping center located at 2 Centerton Road in Mount Laurel. Black Creek Diversified Property Fund sold the property for $130 million. A 426,436-square-foot Wegman’s grocery store anchors the more than 700,000-square-foot regional shopping center. At the time of sale, the property was fully leased to a variety of tenants, including DSW Shoes, TJ Maxx, Bed Bath & Beyond and Burlington, which is slated to open soon.
PLAINSBORO TOWNSHIP, N.J. — KeyBank Real Estate Capital has arranged a $67.3 million construction loan for a 260-unit independent living facility located on the Princeton University Healthcare Campus in Plainsboro Township. A joint venture led by SBLP Senior Living Fund I owns the property. The sponsor of the fund is a joint venture between South Bay Partners and LAMB Properties. Sage Senior Living will manage the property. Grant Saunders, Peter Trazzera and Jake Hollinger of Key’s Healthcare Group arranged the financing.
SAYREVILLE, N.J. — A joint venture between North American Properties (NAP) and PGIM Real Estate is set to break ground on Riverton, a $2.5 billion, 418-acre, mixed-use development located roughly 33 miles south of Manhattan along the Raritan River in Sayreville. Upon completion, the project is set to include residential, retail, entertainment, office and hotel space alongside a marina. The development will also incorporate passive recreation and open space along the riverfront, programmed gathering spaces and street-level commercial space. Key approvals for the site were initially obtained in 2014. NAP has updated the redevelopment plan for the property, and is in the process of securing the necessary state and local approvals required to begin development. A critical component of the project’s financing will be support from the New Jersey Economic Development Authority through the Economic Redevelopment & Growth Program, which the EDA approved in 2014 and will be asked to reaffirm for the updated development plan. Pending approvals and financing, the project is scheduled for completion in 2021. NAP recently appointed David Weinert as partner and senior vice president of leasing. Weinert will lead the leasing efforts for Riverton, alongside the other properties in NAP’s development pipeline. North American Properties …