NEW YORK CITY — Maplewood Senior Living and Omega Healthcare Investors Inc. (NYSE: OHI) will break ground today, June 14, on Inspir | Manhattan, a 215-unit seniors housing community on the Upper East Side neighborhood of Manhattan. The 23-story, 212,000-square-foot building will offer assisted living, memory care and “enhanced care” units. Westport, Conn.-based Maplewood Senior Living currently operates 13 other communities in Connecticut, Massachusetts and Ohio.
PHILADELPHIA — Cushman & Wakefield has arranged the sale of a vacant and foreclosed 58-acre land parcel located at 7777 State Road in Philadelphia. Morris Iron & Steel Co., a local recycling company, acquired the site from 7777 State PA Philadelphia Loan Associates LLC for an undisclosed price. Prior to acquisition, the site was rezoned from residential/mixed-use to industrial use. Brian Hilger and Ned Franke of Cushman & Wakefield handled the transaction.
RARITAN, N.J. — Larken Associates has broken ground on a 14,000-square-foot built-to-suit building at the former Henderson Building property in Raritan. Rebranded as Raritan Valley Professional Center, the redeveloped property will offer more than 70,000 square feet of professional and medical office space by September. The property currently features a fully leased 40,000-square-foot building and a 17,000-square-foot Carriage House, which is original to the site. The existing building underwent renovations and modernizations, and the new building is slated for completion in September. Larken Associates acquired the assets in 2015 for an undisclosed price.
PROVIDENCE, R.I. — Sweeney Real Estate & Appraisal has brokered the sale of an office property located at 1165 N. Main St. in Providence. Peach Tree Realty Inc. sold the 10,306-square-foot property to Jewish Family Services Inc. for $600,000. Kevin Casey of Sweeney Real Estate & Appraisal represented the seller, while Stephanie Markoff Cohen of William Raveis Providence represented the buyer in the deal.
SOMERVILLE, MASS. — The Somerville Board of Aldermen approved rezoning to allow the city to move forward on a proposed $1 billion, 2.3 million-square-foot Union Square redevelopment project. Somervile is situated just northeast of Boston, adjacent to Cambridge. The new mixed-use project would include 1.3 million square feet of new office and civic spaces, along with 2.5 acres of public and open spaces. City officials expect the project will create more than 5,000 new permanent jobs. The development will also provide housing, with 20 percent of the supply dedicated to low-income families. In conjunction with the redevelopment, Somerville is working on a $2.3 billion Green Line extension, which would connect Union Square with surrounding neighborhoods and Boston through the train system. The Union Square Station Associates (US2) is the City of Somerville’s master developer partner on the project. The association will make a $5.5 million public benefits contribution toward the Green Line project. “Union Square’s proximity to Kendall Square, MIT and Harvard — one the densest innovation centers in the world — makes it poised for the next wave of economic growth,” says Greg Karczewski, president of US2. “We’re bringing 2.3 million square feet of new mixed-use, transit-oriented development to …
Pittsburgh retail can be summed up in three words: location, location, location — and the original definition of great real estate has never been more pronounced than it is today in the Pittsburgh retail market. According to some publications, retail and retailers appear to be struggling almost everywhere for many different reasons, including online sales, too many stores, market conditions and oversaturation of product. However, as of year-end 2016, CoStar indicated that the overall Pittsburgh retail market occupancy rate was 96.8 percent. Pittsburgh has natural barriers to entry for retail due to its topography, which includes numerous hills and valleys, making it often times impossible to build a “newer, bigger, better” retail property across the street. As a result, many developers have successfully repurposed older centers through adaptive reuse, converting them in keeping with the latest and greatest retail trends. Other older centers have successfully withstood the test of time, replacing outdated retail concepts with today’s current concepts at significantly lower costs than building a new center. Adaptive reuse of Pittsburgh retail started decades ago when the May Company relocated Kaufmann’s Department Stores from four freestanding locations into the dominant regional malls, leaving one- and two-story 200,000-square-foot boxes vacant. Local …
NEW YORK CITY — The U.S. Department of Housing and Urban Development (HUD), New York State Homes and Community Renewal (HCR), MDG Design + Construction, Citi Community Capital, Raymond Jones, Smith & Henzy, BSR Management and Cary Fields have secured nearly $160 million in financing for the restoration of Michelangelo Apartments, a 494-unit affordable housing community located in the Melrose section of the Bronx. The 43-year-old development will be renovated and preserved as affordable housing for an additional 40 years through HUD’s Rental Assistance Demonstration Program. Built in 1974 using a HUD Section 236 loan guarantee, Michelangelo Apartment comprises four towers offering a total of 80 studios, 126 one-bedroom, 191 two-bedroom, 77 three-bedroom and 20 four-bedroom apartments, as well as 50,000 square feet of retail space and underground parking. The renovations and improvements, which will happen with tenants in place, will include full kitchen and bathroom renovations, conversions to an energy-efficient hydronic boiler system from electric heaters, elevator modernization, façade repairs, lobby modernization, public hall beautification, conversion to energy-efficient LED lighting throughout the buildings and landscaping improvements.
UNIONDALE, N.Y. — Bellwether Enterprise Real Estate Capital has closed a $55 million acquisition loan for the purchase of an office building in Uniondale. The borrower, Salus Government Properties, acquired the single-tenant office building, which is located at 60 Charles Lindbergh Blvd. Nassau County Department of Health and Human Services occupies the 217,226-square-foot building that was constructed in 1986. C. Cooper Willis of Bellwether Enterprise arranged the loan for the borrower. Morgan Stanley provided the financing.
WESTBROOK AND BRIDGEPORT, CONN. — Arbor Realty Trust has funded two loans, totaling $34.5 million, in Connecticut. The firm provided a $32.6 million for a retail property located in Westbrook. Funded under Arbor’s balance sheet bridge load program, the three-year interest-only, floating-rate loan features two one-year extension periods, allows the borrower to acquire the property and provides tenant improvement capital to execute a new 10-year lease to H&M. The name of the borrower was not released. Additionally, Arbor provided a $1.9 million acquisition loan for a 32-unit multifamily property in Bridgeport to an undisclosed borrower. Funded under the Freddie Mac small business loan product line, the 20-year loan features a fixed rate and a 30-year amortization schedule.
SAUGUS, MASS. — CBRE/New England has arranged the sale of the Hilltop Steak House site on Route 1 in Saugus. High Country Investors sold the property to AvalonBay Communities for $17.2 million. The buyer plans to develop the site into a 280-unit luxury rental apartment community with 25,000 square feet of retail space. Community amenities of the mixed-use property will include a landscaped courtyard, pool, fireplaces, grills, a dog park and a clubhouse with a fitness facility. Simon Butler, Biria St. John and Rob Robledo of CBRE/NE represented the seller and procured the buyer in the transaction.