NEW YORK CITY — ACORE Capital has provided a $127.5 million loan for the refinancing of 77 Water Street, a 26-story office building in Manhattan’s Financial District. Grant Frankel, Ethan Pond and Tanner McNeil of Eastdil Secured arranged the loan on behalf of the borrower, a partnership between Sage Realty and Principal Real Estate Investors that will use a portion of the proceeds to fund capital improvements. William Kaufman Co., the parent company of Sage Realty, originally constructed the 614,000-square-foot building in 1970.
NEW YORK CITY — Catholic Charities of Brooklyn & Queens has opened the doors on Pope Francis Apartments of Loreto, a 135-unit affordable seniors housing community in the Brownsville neighborhood of Brooklyn. Designed by RKTB Architects, the development replaces a former Catholic church that closed in 2009. The new residence meets Enterprise Green Communities Criteria, a comprehensive green building framework specifically for affordable housing. The design and development team previously completed the adjacent Monsignor Anthony J. Baretta Apartments, which is considered Phase I of a larger set of redevelopment plans.
NEW YORK CITY — Locally based investment firm DIB Development Group has acquired a roughly 100,000-square-foot industrial property in Brooklyn’s Sunset Park neighborhood for $19.9 million. The four-story complex was originally constructed in 1917 and is located across the street from the Brooklyn Army Terminal. Gary Mayzlin of Real Estate Trade Co. Inc. represented the seller, Deitsch Realty, in the transaction.
UNIONDALE, N.Y. — California-based brokerage group JRW Realty has negotiated the $24.5 million sale of a 61,916-square-foot retail property in the Long Island community of Uniondale. Grocer ShopRite occupies the property, which is also adjacent to a Walmart Supercenter. Aaron Bush of JRW Realty represented the undisclosed, institutional buyer in the transaction. Prodigy Real Estate Group represented the seller, New Jersey-based First National Realty Partners.
CROTON-ON-HUDSON, N.Y. — Northmarq has provided a $22 million Fannie Mae loan for the refinancing of Springvale Apartments, a 524-unit active adult community in Croton-on-Hudson, about 30 miles north of Manhattan. The 31-building property was built on a 35-acre site overlooking the Hudson River between 1956 and 1959 and is reserved for renters age 55 and above. Robert Ranieri of Northmarq originated the loan, which carried a 10-year term and a 30-year amortization schedule. The borrower was not disclosed.
NEW YORK CITY — Los Angeles-based lender PCCP LLC has provided a $43.5 million senior construction loan for a 58,950-square-foot industrial project in The Bronx. The facility at 1100 Leggett Ave. in the Hunts Point neighborhood will be a build-to-suit for a subsidiary of Brambles, an Australian manufacturer of pallets, crates and containers. Chris Peck and Pete Rotchford of JLL placed the loan with PCCP on behalf of the borrower, Innovo Property Group.
NEW YORK CITY — Global communications firm Edelman has signed a 173,618-square-foot office lease renewal at 250 Hudson Street in Manhattan’s Hudson Square neighborhood. The company will continue to occupy six floors, as well as a penthouse level that includes private outdoor space, at the 400,000-square-foot building for the next 15 years. Mary Ann Tighe, Ken Meyerson, Todd Lippman and Adele Huang of CBRE represented Edelman in the lease negotiations. Adam Rappaport and Brett Greenberg represented the locally based landlord, Jack Resnick & Sons, on an internal basis.
MOUNT PLEASANT, N.Y. — Benchmark Senior Living will open Benchmark at Mount Pleasant, a community that will be located 25 miles north of Manhattan in Mount Pleasant. The community, slated for completion in spring 2024, will feature 74 assisted living units and 26 memory care units. Benchmark is partnering with Shelbourne Healthcare Development Group LLC, a development and investment firm based in Wayne, Penn., on the project. Benchmark will serve as the sole operator.
BAY SHORE, N.Y. — Cushman & Wakefield has negotiated a 115,184-square-foot industrial lease at 158 Candlewood Road in the Long Island community of Bay Shore. Sean Duffy and Nicholas Gallipoli of Cushman & Wakefield represented the tenant, paper and packaging products supplier Lindenmeyr Munroe, which is expanding its Long Island presence, in the lease negotiations. Leslie Lanne, Doug Omstrom and Max Omstrom of JLL represented the landlord, Rockefeller Group.
NEW YORK CITY — A partnership that includes Sunrise Senior Living and Welltower is underway on construction of The Apsley, a 156-unit assisted living and memory care facility that will be located at 2330 Broadway on Manhattan’s Upper West Side. Designed by SLCE Architects, The Apsley will offer studio, one- and two-bedroom units. Amenities will include a spa, care center, landscaped outdoor terraces, a dining bistro, art studio, theater and a library curated by a local bookseller. Construction on the 19-story building is underway, and the opening is slated for next spring.