NEW YORK CITY — Rockella has signed a 15-year, 16,243-square-foot office lease at 520 Eighth Ave. in Midtown Manhattan. The provider of creative office and artistic workspaces will move into its space on the 24th floor of the 26-story, 860,000-square-foot building, which was originally constructed in 1926, later this spring. Matthew Mandell represented the landlord, GFP Real Estate, in the lease negotiations on an internal basis. Michael Joseph and Aidan Campbell of Colliers represented the tenant.
BOSTON — JLL has negotiated the $123 million sale of a Marriott-branded hotel in downtown Boston. The Courtyard Boston Downtown is a 13-story, 315-room hotel that was originally built in 1925 as the headquarters for Boston’s Lodge No. 10 of the Benevolent and Protective Order of the Elks. The hotel offers amenities such as an onsite bar and restaurant that pays homage to the building’s original function, as well as a fitness center, business center and 12,684 square feet of meeting and event space. The building also houses approximately 46,000 square feet of retail space. Alan Suzuki, Matthew Enright and Emily Zhang of JLL represented the seller, Ashford Hospitality Trust, in the transaction. The buyer was not disclosed.
HOBOKEN, N.J. — Locally based developer LCOR has broken ground on a 386-unit multifamily project in Hoboken. The 27-story building will be known as Charlie and will be located within the $900 million Hoboken Connect mixed-use development. Units will come in studio, one-, two- and three-bedroom floor plans, with 20 percent of the residences to be reserved as affordable housing, although specific income restrictions were not disclosed. Amenities will include a resident lounge with package room, concierge and pet spa, as well as a second floor and rooftop amenity space with a fitness center, entertainment kitchen, coworking spaces, dining areas and an outdoor pool. Consigli Construction Co. is the general contractor for Charlie, a tentative completion date for which was not disclosed. Jon Mikula, Jim Cadranell and Michael Lachs of JLL arranged a $155 million construction loan through insurance accounts managed by KKR for the project. The loan carried a five-year term and a floating interest rate.
PORTLAND, CONN. — Kriss Capital, a New York-based private equity firm and bridge lender, has provided a $33.5 million construction loan for a 130-unit multifamily project in Portland, a southern suburb of Hartford. The four-story building will be part of a larger development known as Brainerd Place and will include 11,000 square feet of commercial space. John Harrington of HKS Real Estate Advisors arranged the loan on behalf of the developers, Bright Ravens Development and DiMarco Group. Completion is slated for spring 2026.
SYRACUSE, N.Y. — Marcus & Millichap has brokered the sale of a portfolio of two hotels totaling 320 units in Syracuse. The portfolio consists of the 197-room former Holiday Inn Syracuse Liverpool and the 123-room Staybridge Suites Syracuse Liverpool. Hotel amenities include indoor pools, business centers, fitness centers and complimentary airport shuttles. Jerry Swon and Eric Anton of Marcus & Millichap represented the seller in the transaction, and Swon also procured the buyer. Both parties requested anonymity.
NORTH BRUNSWICK, N.J. — Ace Pickleball Club will open a 26,000-square-foot venue in North Brunswick, located roughly midway between Trenton and Newark. The space is located within the 288,000-square-foot Brunswick Shopping Center. Fred Younkin of Levin Management Corp. represented the undisclosed landlord in the lease negotiations. Marta Villa of CBRE represented the tenant. An opening date has not yet been announced.
BOSTON — CBRE has brokered the sale of a 133-unit apartment complex located in the Dorchester Lower Mills area of Boston. The site originally housed the Baker Chocolate Factory, and the building was converted to residential usage in the 1980s and subsequently renovated in 2008. Units come in studio, one- and two-bedroom floor plans and have an average size of 793 square feet. Amenities include a fitness center and a business center. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller, a partnership created and operated by Makor Capital LLC, in the transaction. The team also procured the buyer, an affiliate of Wingate Multifamily LLC.
SOMERSET, N.J. — NewPoint Real Estate Capital has provided $17.7 million in bridge-to-HUD financing for the acquisition of Brentwood Park, a 77-unit multifamily property located in the Northern New Jersey community of Somerset. Built in 2023, Brentwood Park consists of two four-story buildings that house studio, one- and two-bedroom units, as well as 3,125 square feet of commercial space. Matthew Meskill of NewPoint originated the financing, which was structured with a floating interest rate and a two-year initial term, on behalf of the undisclosed buyer. Adam Zweibel of Hudson Atlantic brokered the sale.
DERBY, VT. AND WALLINGFORD, CONN. — New Jersey-based financial intermediary Cronheim Mortgage has arranged the $9 million refinancing of two New England shopping centers. The first property is Shaw’s Plaza, an 80,193-square-foot, grocery-anchored center in Derby, Vt., that was originally built in 1968. The second property is Kohl’s Plaza, a 159,600-square-foot shopping center in Wallingford, Conn., that is also home to Aldi, Harbor Freight and Sally Beauty. Brandon Szwalbenst, Dev Morris and Andrew Stewart of Cronheim arranged the debt on behalf of the owner, National Realty & Development Corp. The direct lender was not disclosed.
WEST SPRINGFIELD, MASS. — Colliers has negotiated the $2.7 million sale of a 190,000-square-foot industrial building in West Springfield, about 90 miles west of Boston. The single-tenant building at 100 Palmer Ave. sits on 12.8 acres. According to LoopNet Inc., the property was built in 1920 and features seven dock-high loading doors and two grade-level loading doors. Christian Dietz and Bob Pagani of Colliers represented the seller, Westrock Container LLC, in the transaction. The buyer was JDZ Realty LLC.