WILMINGTON, DEL. — WSFS Bank has renewed its 74,000-square-foot office lease in Wilmington, Del. The subsidiary of WSFS Financial Corp (NASDAQ: WSFS) has been the namesake tenant at the building at 500 Delaware Ave., which is known locally as WSFS Bank Center, since 2006, accounting for about 92 percent of the leased space. Jeff Gannett of Virtus Realty Advisors represented the landlord, Buccini Pollin Group, in the lease negotiations. Ryan Connor of Tactix Real Estate Advisors represented WSFS Bank.
Enterprising multifamily players are shifting the industry’s views on community connectivity, elevating broadband from a stand-alone amenity into a performance booster for larger real estate strategies. Rather than leave their residents’ connection quality to chance, these developers, owners and managers are contracting with specialized internet service providers (ISPs) to blanket entire properties with high-speed Wi-Fi access for the best possible online experience. “On the operations side, rolling out community Wi-Fi lets us give residents the full connectivity they expect from other parts of their life, because all areas of the property function together for a seamless experience,” says David Walther, chief revenue officer at third-party property manager Asset Living. Asset Living manages more than 300,000 units at client communities including conventional multifamily, student housing, affordable and other property types across the country. At nearly all student housing and a growing share of the multifamily communities Asset Living manages, matrices of Wi-Fi access points keep residents and property teams alike online as they traverse the property, from inside residential units to pools, fitness centers, garages and other common areas. Earlier this year, Asset Living made internet service provider Pavlov Media a preferred national partner for bulk managed Wi-Fi at its communities. …
NEW YORK CITY — Dwight Mortgage Trust, the affiliate REIT of New York City-based Dwight Capital, has provided a $155 million bridge loan for the refinancing of 261 & 315 Grand Concourse, a multifamily property in The Bronx. The newly developed, adjacent multifamily buildings house a total of 405 units: 261 Grand Concourse has 283 market-rate units, and 315 Grand Concourse has 122 affordable housing units. Residences are furnished with marble bathroom countertops, ceramic tiling and stainless steel appliances, and amenities include a fitness center, coworking space, resident lounge and outdoor terraces. Pinchas Vogel of Landstone Capital Group arranged the debt on behalf of the borrower, Beitel Group.
NEW YORK CITY — Merchants Bank has funded a $60.5 million acquisition loan for Ocean Park Apartments, a 602-unit affordable housing property located in the Far Rockaway area of Queens. Ocean Park Apartments consists of two 26-story buildings that house one-, two- and three-bedroom units, as well as four commercial spaces. Roughly 70 percent (423) of the units are reserved for households earning 60 percent or less of the area median income, and the remaining (179) units are earmarked for renters earning 80 percent or less of the area median income. The borrower, local owner-operator Tredway, will use a portion of the proceeds to fund capital improvements and preserve and extend the property’s affordability status. Michael Milazzo of affiliate Merchants Capital originated the debt.
WILMINGTON, DEL. — NAI Emory Hill has brokered the sale of Lancashire Apartments, an 88-unit multifamily building located on the north side of Wilmington. The property offers a mix of studio, one- and two-bedroom units that range in size from 312 to 733 square feet. Kyle McLaughlin and Rich Dudek of NAI Emory Hill represented the undisclosed seller in the transaction. Tommy Ciccarone Jr. of Bennett Williams Commercial represented the buyer, Berger Communities, which has rebranded the property as Larkwood Place Apartments.
EAST ORANGE, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated a $6.3 million sale of Arlington Court Apartments, a 53-unit multifamily complex in East Orange, located in Northern New Jersey. The three-building property offers 10 studios, 23 one-bedroom units and 20 two-bedroom units. Joni Sweetwood of Kislak represented the seller and procured the buyer, both of which were limited liability companies, in the transaction.
NEW YORK CITY — Rabin & Partners LLP has signed a 10,881-square-foot office lease renewal in Midtown Manhattan. The family law firm will remain a tenant at 11 Times Square, a 40-story, 1.1 million-square-foot building located at the corner of Eighth Avenue and 42nd Steet. Sam Seiler of CBRE represented the tenant in the lease negotiations. SJP Properties owns 11 Times Square.
NEW YORK CITY — A partnership between The Domain Cos., LMXD, which is an affiliate of L&M Cos., and Park Tower Group will develop three apartment buildings totaling roughly 1,000 units in the Greenpoint area of Brooklyn. The project, which will include 300 affordable housing units and 20,000 square feet of retail space, will be part of Greenpoint Landing, a 22-acre waterfront development that will ultimately have 5,500 residential units. Handel Architects is designing the project, and Field Operations is handling landscape design. Bank OZK provided the partnership an $81 million senior loan for the acquisition of the land, and InterVest Capital Partners provided $33 million in mezzanine financing, as well as a structured equity solution for acquisition and pre-development costs. Christopher Peck, Nicco Lupo, Rob Hinckley, Scott Aiese and Jonathan Faxon of JLL arranged the financing. Vertical construction is expected to begin next summer.
JERSEY CITY, N.J. — The NRP Group, a Cleveland-based multifamily developer, has completed Oliver on the Hudson, a 401-unit multifamily project in Jersey City. Designed by KTGY with interiors by Bergmeyer, Oliver on the Hudson offers studio, one-, two- and three-bedroom units, some of which feature private balconies. Amenities include two interior courtyards, a pool, outdoor lounge areas, a fifth-floor sky lounge, clubhouse, fitness center, a catering kitchen with a private dining room, coworking spaces and a 24-hour package concierge system. NRP Group developed the property in partnership with G&S Investors and Rockwood Capital. Rents start at roughly $2,500 per month for studio apartment.
PLAINFIELD, N.J. — Local developer LANDMARK has begun leasing CENTURION Sleepy Hollow, a 100-unit multifamily project located in the Northern New Jersey community of Plainfield. Designed by Rotwein + Blake with interiors by Mary Cook Associates, CENTURION Sleepy Hollow offers one- and two-bedroom units, as well as retail space. The first move-ins are scheduled to commence in October. Specific amenities and starting rents are still being finalized.