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Northeast

Carrino-Plaza-Newark-NJ
LoansMultifamilyNew JerseyNortheast

Love Funding Arranges $7.9M Loan for Affordable Multifamily Community in Newark, New Jersey

by Amy Works

NEWARK, N.J. — Love Funding has arranged a $7.9 million loan for the construction and permanent financing of Carrino Plaza Apartments, a new affordable and special needs community in Newark. Carrino Plaza Apartments will offer 60 one-, two- and three-bedroom units in one mid-rise building located in the North Ward of Newark. In addition to three multifamily floors, the property will contain partial ground-floor commercial space. Additionally, 49 of the residential units will be restricted to those earning less than 60 percent of the area median income under the Low-Income Housing Tax Credit program, and 10 rental-assistance units will be reserved for residents who receive mental health services. The development is being led by Resetarits Construction Corp. The project team includes Jose Carballo Architectural Group, Signature Custom Homes and Interstate Realty Management Co.

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222-Union-St-New-Bedford-MA
HospitalityLoansMassachusettsNortheast

Fantini & Gorga Arranges $5M Loan for Hotel Property in New Bedford, Massachusetts

by Amy Works

NEW BEDFORD, MASS. — Fantini & Gorga has arranged a $5 million loan for the acquisition and redevelopment of a property located at 222 Union St. in New Bedford. The undisclosed borrower is converting the property from office and retail space into a 46,600-square-foot boutique hotel. The new 68-room hotel will be a brand of Ascent Hotel Collection. Keith Wentzel and Despina Hixon of Fantini & Gorga arranged the financing through a New England regional bank.

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Glasshouse-Pittsburgh-PA
MultifamilyNortheastPennsylvania

Joint Venture Breaks Ground for 319-Unit Apartment Property in Pittsburgh

by Amy Works

PITTSBURGH — High Street Residential and Northwestern Mutual have broken ground for Glasshouse, a five-story, Class A residential mixed-use building located in Pittsburgh’s historic glassmaking district. Slated for completion in summer 2019, the property will feature 319 apartments in a mix of studio, one-, one+den, and two-bedroom units ranging in size from 665 square feet to 1,200 square feet. Additionally, the property will offer ground-floor restaurant retail space and 335 indoor parking spaces. On-site amenities include a club room, a game room, an e-lounge, an entertainment kitchen, a fitness center, a yoga room, a conference center, three outdoor courtyards and an outdoor pool. The project team includes Rycon Construction, Hord Coplan Macht, Langan Engineering, Tower Engineering, Structura, RD Jones Associates and Steven Winter.

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LoansMixed-UseNew YorkNortheastOfficeRestaurantRetail

Rockwood Capital, Midtown Equities Receive $245M Loan for Mixed-Use Project in Brooklyn

by Amy Works

NEW YORK CITY — Rockwood Capital and Midtown Equities, in joint partnership, have received $245 million in financing for a portion of Empire Stores in Brooklyn’s DUMBO neighborhood. The loan is for 55 Water Street, an 1860s-era warehouse building that was recently renovated, including the addition of a sixth floor to the original five stories. Upon completion, the overall project will feature 380,000 square feet of commercial space, including office, retail, restaurant and exhibition space, as well as rooftop gardens and public facilities. Provided by M&T Bank, the loans consisted of a $217.3 million land loan, plus $27.7 million for future project costs. Diana Brummer and Elizabeth Akerman of Stroock represented the joint venture in the financing.

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Ritz-Grande-Hartford-CT
ConnecticutMultifamilyNortheast

Aria Legacy Group Acquires 58-Unit Apartment Community in Hartford, Connecticut, for $3.7M

by Amy Works

HARTFORD, CONN. — Aria Legacy Group has purchased Ritz Grande Apartments, a residential community located at 29 Annawan St. in Hartford’s South End, for $3.7 million. This acquisition marks the company’s 16th multifamily investment in the city. The 58-unit complex features a mix of one-, two-, three- and four-bedroom apartments. On-site amenities include laundry facilities, a playground, basketball courts and off-street parking. Taylor Perun and Rich Edwards of Northeast Private Client Group represented the undisclosed seller in the deal. Adelle Ross of Eastern Union Funding arranged acquisition financing with Freddie Mac through CBRE for the buyer.

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60-Midvale-Rd-Mountain-Lakes-NJ
New JerseyNortheastOffice

NAI Hanson Arranges Sale of 11,000 SF Office Building in Mountain Lakes, New Jersey

by Amy Works

MOUNTAIN LAKES, N.J. — NAI James E. Hanson has brokered the sale of The Plaza at Mountain Lakes, an office building located at 60 Midvale Road in Mountain Lakes. Giovanna Levato acquired the 11,000-square-foot property from 60 Midvale LLC for an undisclosed price. The two-story multi-tenant office building features ample parking and flexible zoning allowing for both office and retail uses. Andrew Kirshenbaum, Barry Mayer, Arthur Hixson, Josh Levering and Nicholas DePaolera of NAI Hanson represented the seller in the transaction.

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395-Pedricktown-Road-Logan-NJ
IndustrialNew JerseyNortheast

Kenco Logistics Leases 401,008 SF of Distribution Space in Logan, New Jersey, from Dermody Properties

by Amy Works

LOGAN TOWNSHIP, N.J. — Kenco Logistics has signed a lease to occupy space at 395 Pedricktown Road, a storage and distribution facility located at Dermody Properties’ LogistiCenter at Logan Industrial Park in Logan. The company, which specializes in distribution and fulfillment, transportation management, material handling, real estate management and information technology, will utilize 401,008 square feet of the facility for storage and distribution of its customers’ products. Ware Malcomb provided architectural services and Blue Rock is serving as contractor for the tenant improvements. Kenco is expected to move into the building in January. A remaining 80,750 square feet of the building is available for lease. LogistiCenter at Logan is a 1,100-acre, master-planned Class A industrial park. Marc Isdaner, Mark Chubb and Michael Zerbe of Colliers International represented Dermody Properties, while Vincent Ranalli and William Goodwin of CBRE represented Kenco in the lease transaction.

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301-Page-St-Stoughton-MA
IndustrialMassachusettsNortheast

Calare Properties Sells 119,000 SF Industrial Building in Stoughton, Massachusetts

by Amy Works

STOUGHTON, MASS. — Calare Properties has completed the disposition of an industrial property, located at 301 Page St. in Stoughton. An undisclosed buyer acquired the 119,000-square-foot property for $12 million. The property was built in 2004 as the corporate headquarters, retail and distribution space for long-term tenant Boston Interiors, a regional furniture brand. Situated on more than 17 acres, the property features 36-foot ceilings, 10,000 square feet of office space, 9,000 square feet of showroom and 100,000 square feet of high-bay warehouse space. Additionally, the fully heated and climate-controlled property features 16 dock-high doors, two trash dock doors and 113 surface-level parking spaces.

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Aura-240-East-Orange-NJ
LoansMultifamilyNew JerseyNortheast

KeyBank Arranges $21.3M in FHA Financing for New Jersey Multifamily Property

by Amy Works

EAST ORANGE, N.J. — KeyBank Real Estate Capital has arranged a $21.3 million FHA first mortgage loan for Aura 240, a multifamily property located in East Orange. Originally built in 2012 as a six-story office building, the property was expanded and converted into a 15-story, 96-unit multifamily property. Tom Peloquin of Key’s Commercial Mortgage Group arranged the fixed-rate financing with a 35-year amortization schedule. The loan was used to refinance existing debt.

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Houlihan-Parnes-Shrewsbury-NJ
LoansMultifamilyNew JerseyNortheast

Houlihan-Parnes Secures $13.5M in Financing for Multifamily Property in Shrewsbury, New Jersey

by Amy Works

SHREWSBURY, N.J. — Houlihan-Parnes Realtors has secured a $13.5 million non-recourse first mortgage for a multifamily property located in Shrewsbury. The garden-style apartment community features 160 residential units and one retail unit. Robert Tiburzi Jr. of Houlihan-Parnes arranged the financing for the undisclosed borrower. Elizabeth Smith of Goldberg Weprin Finkel Goldstein provided legal advice for the borrower.

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