CARLSTADT, N.J. — NAI James Hanson has arranged a 40,000-square-foot industrial lease at 223 Veterans Blvd. in Carlstadt. NAI Hanson’s Kenneth Lundberg and Patrick Lennon represented the tenant, NIS CP Corp., in the transaction. United Realty Advisors represented the landlord, Sitex. The property was renovated in 2017 and now features 5,000 square feet of office space as well as modern warehouse lighting. The building also features a clear height of 16 feet plus four dock doors and parking for 34 cars.
BOSTON — Developers Boylston Properties and The Wilder Cos. have secured $324 million in construction financing and joint venture equity for the development of Arsenal Yards, a six-building, mixed-use redevelopment of the former Arsenal Mall in Watertown. HFF worked on behalf of the developers to source institutional investors advised by JP Morgan Asset Management as joint venture equity partners, providing $102 million of equity. HFF also arranged a $222 million construction loan from Wells Fargo Bank. “HFF was able to work closely with the development team to secure a capitalization structure that met their objectives,” says Brett Paulsrud, senior director at HFF. “This redevelopment will dramatically transform the landscape of Watertown, adding a significant amenity base to the area. It will be very exciting to watch this best-in-class partnership create a new destination for surrounding residents and businesses alike.” Located on the site of the former Watertown Arsenal, which predates the Civil War, New England Development opened the mall as Arsenal Marketplace in 1983. In 2013, Boylston Properties and The Wilder Companies purchased the property with the intention of redeveloping it into a mixed-use project. Arsenal Yards is scheduled to open in 2019 and will feature 250,000 square feet of destination shops …
The Rhode Island retail market has seen a considerable level of activity over the last year that presents promising signs of a strengthening economy and an improving property market. Generally speaking, each submarket has seen positive absorption of retail space, with the new concepts entering the market for the first time, as well as existing operators further expanding their footprints and market share. From street retail to lifestyle and big-box centers, each class has seen significant activity that represents a much healthier retail climate than popular opinion and media reporting might suggest. Some specific transactions are worth noting. Garden City Center in Cranston continues to outperform as the dominant outdoor shopping destination in the greater Providence market. This past year, The Wilder Companies built an approximately 29,800-square-foot addition at Garden City, which allowed them to bring Boston favorites Legal C Bar and Tavern in the Square to town. These are the first Rhode Island locations for both operators, which points to the strength of the local Rhode Island economy as well as the faith tenants have in the long-term viability of the best retail projects. Wilder was also able to bring The Simple Greek, Anthony’s Coal Fired Pizza, Z Gallerie …
HANOVER, MASS. — Marcus & Millichap has brokered the $6.2 million sale of the Hanover Shopping Plaza in Hanover. The 26,307-square-foot retail center is located at 1422 Washington St. and anchored by Town Fair Tire, Papa Gino’s, D’Angelo and Pearle Vision. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was also a limited liability company. The buyer has plans to renovate the property, which was developed in 1975, and lease up the vacant space.
PASSAIC, N.J. — Progress Capital has secured $4.3 million in land acquisition and construction financing for a four-story multifamily building in Passaic. Construction is scheduled to begin immediately on the building, which will include 40 residential units. The property is expected to be completed in the second quarter of 2019. Progress Capital arranged a 36-month, interest-only loan, which floats at one-month LIBOR plus 310 basis points. The lender was Tri-State Capital, and the borrower was Future Realty LLC.
NEW YORK CITY — Pembrook Capital Management has provided a $35 million first mortgage bridge loan for a mixed-use construction project located at 257-263 West 34th St. in Manhattan. The funds provided by Pembrook will refinance the developer’s existing debt and allow it to start construction on the project. When completed, the six-story building will include 15,000 square feet of retail space and 25,000 square feet of office space. The property is located in the garment district of Manhattan, near the Empire State Building, Macy’s Herald Square and Madison Square Garden.
WOONSOCKET, R.I. — Out of the Box Ventures, a subsidiary of Lionheart Capital, has acquired Walnut Hill Plaza in Woonsocket for an undisclosed price. The seller was undisclosed. The 300,000-square-foot shopping center is located at 1500 Diamond Hill Road and anchored by Aero Trampoline, Planet Fitness, and Walnut Hill Bowl. Other tenants include Olympia Sports, Weight Watchers, Payless Shoe Source, GameStop and T-Mobile. Walnut Hill Plaza is the first acquisition in Rhode Island for Miami-based Lionheart Capital.
WILMINGTON, DEL. — Grandbridge Real Estate Capital has arranged a $14.5 million refinancing of Brandywine Apartments, a 444-unit multifamily community in Wilmington. Built in 1978, Brandywine Apartments is made up of 37, three-story, garden-style apartment buildings on 25 acres. Grandbridge arranged a 20-year, fully amortizing loan through a life insurance company for the undisclosed borrower.
NEW YORK — Atalaya Capital Management, a private credit and alternative investment advisory firm, has recently closed $315 million in construction financing for The Ritz-Carlton’s new flagship hotel in Manhattan. Situated at the corner of 28th Street and Broadway, the 266-room hotel will span more than 50 stories and include 16 branded residences, 6,000 square feet of meeting space and high-end food and beverage options. This project will be the first ground-up hotel construction in New York City completed by Flag Luxury Group, which has developed several upscale hotels and resorts, including four Ritz-Carlton properties in Florida. Atalaya Capital partnered with CapitalSource, a division of Pacific West Bank, to provide a $250 million senior construction loan to Flag. Atalaya also closed a $65 million preferred equity investment to finance the hotel, which is set for a late 2021 completion. “We are excited to be working with Atalaya, which worked diligently to structure a creative and comprehensive capital solution to facilitate the development of an iconic brand’s new flagship New York City location,” said Paul Kanavos, CEO and chairman of Flag Luxury Group. The project team includes general contractor Lend Lease, interior designer Yabu Pushelberg and architect Rafael Vinoly. Founded in …
NEW YORK CITY — New York REIT (NYSE: NYRT) has entered into a contract to sell the Viceroy Hotel in Manhattan for $41 million. The buyer is Arden Group. After the sale of the Viceroy Hotel, New York REIT, which is in the process of liquidating, will have sold all properties aside from a remaining 50.1 percent interest in Worldwide Plaza in Manhattan. Located at 120 W. 57th St., the 29-story, 240-room hotel features a rooftop lounge and bar, fitness center and restaurant. The transaction is expected to close by the end of the third quarter.