COHOES AND SARATOGA SPRINGS, N.Y. — New York City-based brokerage firm Adirondack Capital Partners has arranged the $142.5 million sale of a portfolio of three multifamily properties totaling 415 units in Upstate New York. The first property in the portfolio is a 222-unit community located at 100 Waters View Circle in Cohoes, located outside of Albany. The other two properties, the 48-unit Pavilion Grand Executive Apartments and the 145-unit Hamlet at Saratoga Springs, are located north of the state capital in Saratoga Springs. Locally based investment firm Prime Cos. sold the portfolio to Aker, an investment firm based in Beacon, New York.
NEW YORK CITY — Square Mile Capital Management LLC has provided a $55 million loan for the refinancing of 517 West 29th Street, a 60-unit apartment building located at the confluence of Manhattan’s Chelsea and Hudson Yards neighborhoods. Completed last October, the 10-story building was 80 percent occupied at the time of the loan closing and offers amenities such as a fitness center, outdoor grilling space and a rooftop terrace. Christopher Peck, Peter Rotchford, Phil Cadorette and Ricky Song of JLL arranged the loan on behalf of the borrower, Churchill Real Estate.
NEW YORK CITY — JLL has negotiated the $54 million sale of a multifamily development site located at 555 Broadway in the Williamsburg neighborhood of Brooklyn. Brendan Maddigan, Stephen Palmese, Ethan Stanton, Michael Mazzara and Winfield Clifford of JLL represented the seller, The Collective, a co-living operator based in the United Kingdom, in the transaction. The team also procured the buyer, a joint venture between The Loketch Group, The Joyland Group and Meral Property Group that plans to develop a 250,000-square-foot community with retail space. In addition, a portion of the units will be reserved as affordable housing. A construction timeline was not disclosed.
NEWARK, N.J. — Los Angeles-based Parkview Financial has provided a $90 million construction loan for Phase I of The Halo, a 43-story high-rise apartment building in Newark. Phase I will consist of 297 units with a mix that comprises 156 studios, 84 one-bedroom units and 57 two-bedroom units. Amenities will include a pool, sauna, fitness center, multiple lounge rooms, a game room, conference rooms with private office suites, shared workspaces and a rooftop deck. The borrower, New Jersey-based Acier Holdings, has secured approval to develop up to 949 units across three towers on the site. Two New York City-based firms, INOA Architecture and general contractor Hudson Meridian HM, are respectively designing and constructing the project. Construction of the initial phase is set to begin immediately, with completion slated for January 2024.
NEW YORK CITY — Greystone has arranged a $125 million bridge loan for the refinancing of The Smile, a 233-unit apartment building located at 158 E. 126th St. in Harlem. The property, which includes 25,000 square feet of commercial space that is leased to Beth Israel Medical Center, features a mix of market-rate residences (70 percent) and affordable housing units (30 percent). Amenities include coworking space, a fitness center, spa and an outdoor space with four pools, a lounge and a movie theater. Drew Fletcher and Matthew Klauer led a Greystone team that arranged the loan through insurance giant AIG on behalf of the borrower, a partnership between New York-based Blumenfeld Development Group and global asset manager Invesco Real Estate.
CHAPPAQUA, N.Y. — CBRE has negotiated the $79.5 million sale of Chappaqua Crossing, a 120,986-square-foot shopping center located in New York’s Westchester County that is part of the redevelopment of the 114-acre former Reader’s Digest headquarters campus. Tenants at the newly built center include anchors Whole Foods Market and Life Time Fitness, as well as Starbucks and Chase Bank. Jeffrey Dunne, David Gavin, Steve Bardsley, Jeremy Neuer and Travis Langer of CBRE represented the seller, a joint venture between global investment advisor Summit Development and The Grossman Cos., in the transaction. The team procured an undisclosed investment management firm as the buyer.
AMITYVILLE, N.Y. — Webster Bank has provided a $22.3 million loan for the refinancing of a 146-bed behavioral hospital in the Long Island community of Amityville. The facility spans 146,000 square feet and provides care for patients with acute psychiatric disorders. Anthony Sardo, Elliott Throne and C.J. Kodani of JLL arranged the five-year, fixed-rate loan on behalf of the borrower, an entity doing business as 81 Louden Real Estate Group LLC.
NEW YORK CITY — Locally based brokerage firm TerraCRG has arranged the $30 million sale of an industrial site located at 360 Kingsland Ave. in Brooklyn’s Greenpoint area. According to LoopNet Inc., the site spans 98,250 square feet and houses a 17,000-square-foot manufacturing and office facility. The site is zoned for up to 196,000 buildable square feet of commercial space. Dan Marks and Daniel Lebor of TerraCRG represented the seller, a limited liability company, in the transaction. The buyer was private equity firm Sitex Group.
NEW YORK CITY — Brookfield Properties has topped out Two Manhattan West, a 58-story office tower located within the eight-acre Manhattan West mixed-use development that opened last fall. Designed by Skidmore, Owings & Merrill, Two Manhattan West will feature more than 2 million square feet of office space upon completion, which is slated for 2023. The building is 25 percent preleased, with law firm Cravath, Swaine & Moore committed as an anchor tenant. Brookfield completed the 67-story, 2.1 million-square-foot One Manhattan West in late 2019.
NEW YORK CITY — Seton Education Partners, a nonprofit owner-operator of charter schools, has entered into a leasehold condominium agreement with Bolivar Development to open a 73,000-square-foot school at 1936 Jerome Ave. in The Bronx. The structure of the deal allows Seton to own the condo unit that will house the school for 39 years before ownership reverts to the developer. The school will be operated under the Brilla Public Charter School brand and will ultimately serve more than 800 students in grades K-8. Stephen Powers and Lindsay Ornstein of OPEN Impact Real Estate, along with Jake Cinti and Alexander Smith of Transwestern, represented Seton in the deal. Jim Lester and Peter Fine represented Bolivar Development on an internal basis. The new building is expected to open for the 2024-2025 academic year, initially serving students in grades K-4 and expanding through eighth grade by 2028.