BOSTON — Locally based investment firm Tremont Asset Management has received a loan for the refinancing of a multifamily property located at 1955-1963 Commonwealth Ave. in the Brighton area of Boston. The amount was not disclosed, but the financing was originated in conjunction with a loan for a condo property in Nashua, N.H. The total value of the refinancings of those properties, which total more than 80 units combined, is $11 million. Patrick Boyle and Rose Liu of Colliers originated both loans through a balance sheet lender and a regional bank.
WESTBURY, N.Y. — Empire Adventure Park, an entertainment concept that features esports, laser tag, trampolines and obstacle courses, has opened a 35,572-square-foot center in the Long Island village of Westbury. The center is situated within Samanea New York, a 750,000-square-foot shopping, dining and entertainment destination. Empire Adventure Park joins a tenant roster that includes Dave & Buster’s, The Cheesecake Factory, Bloomingdale’s Furniture Outlet, X-Golf and 99 Ranch Supermarket. Lesso Mall Development owns the property, which is now 78 percent leased.
NEW YORK CITY — A partnership between locally based investment firm The Dermot Co. and Dutch pension fund PGGM has acquired 20 Exchange Place, a 57-story apartment tower in Manhattan’s Financial District, in an off-market transaction. The deal marks the seventh property acquired by this partnership. Multiple news outlets, including Crain’s New York Business and the New York Business Journal, report that the sales price was $370 million. The seller was a partnership led by DTH Capital, a New York City-based owner-operator focused on converting office buildings into residential complexes. The new ownership plans to implement a value-add program to unit interiors and amenity spaces. The property was originally constructed in 1931 as the headquarters of Citigroup’s predecessor, City Bank Farmers Trust Co. Following a multifamily conversion, which began about 20 years ago, 20 Exchange Place now features 767 apartments in studio, one- and two-bedroom floor plans. Amenities include a fitness center, coworking lounge, children’s playroom, gaming room and an outdoor terrace. Theater operator Emursive occupies the building’s ground-floor retail space. “This rare opportunity, which came to us through an existing relationship, has enabled us to acquire an iconic property at a highly attractive basis that is significantly below replacement …
NEW YORK CITY — JLL has arranged a $173 million bridge loan for the refinancing of Lorimer House, a 270-unit apartment community located in the South Williamsburg area of Brooklyn. Designed by ODA Architecture, the eight-story, newly constructed building offers studio, one- and two-bedroom units, with private outdoor spaces available in select residences. Amenities include indoor and outdoor lounges, a fitness center, pet spa, party room, work-study lounge and a rooftop deck. Aaron Niedermayer and Ethan Stanton of JLL arranged the loan through TPG Real Estate Credit on behalf of the borrower, a joint venture between The Loketch Group, The Joyland Group and Meral Property Group.
NEW YORK CITY — A partnership between developers Alchemy-ABR Investment Partners and Cain International has begun leasing a 260,000-square-foot speculative office and retail project located at 125 W. 57th St. in Midtown Manhattan. Designed by FXCollaborative, the 30-story building houses 180,000 square feet of office space starting on the 14th floor, with an average of 10,300 square feet of rentable space per floor. Most suites will have access to private terraces. Gensler designed the office amenity deck, which includes a conference center, tenant lounge, event space with catering facilities and private meeting rooms. Office tenant build-outs are scheduled to begin this fall, and the development team expects move-ins to begin during the first quarter of 2025. JLL is the leasing agent.
PITTSBURGH — New Jersey-based Tryko Partners has completed Cedarwood Homes, an age-restricted affordable housing project located at the site of the former Fairywood School in Pittsburgh. The majority (39) of the property’s 46 one-bedroom units are reserved for renters earning 60 percent or less of the area median income. Merchants Capital provided $11 million in financing for Cedarwood Homes, and The Pennsylvania Housing Finance Agency awarded 9 percent Low-Income Housing Tax Credits to the developer to fund the project. Construction began last summer, and leasing commenced in February.
NEWARK, DEL. — AirJoule, which provides atmospheric water harvesting services, has signed a 30,000-square-foot industrial lease in Newark, Del. The space can support both manufacturing and office operations, and AirJoule is also leasing 500 square feet at The Innovation Space in Wilmington’s DuPont Experimental Station for research and development activities. The company expects to invest about $15 million in its Newark operation and hire about 60 people over the next several years.
NEW YORK CITY — Locally based brokerage firm Stav Equities has negotiated the $2.4 million sale of a three-unit apartment building located at 14 Third St. in the Carroll Gardens area of Brooklyn. The buyer intends to convert the units, which were vacant at the time of sale, into condominiums. Jacob Stavsky of Stav Equities represented the buyer and seller, both of which requested anonymity, in the off-market transaction.
NEW YORK CITY — Newmark and Greystone have jointly arranged $560 million in floating-rate debt for the refinancing of 3ELEVEN, a 60-story, 938-unit apartment tower in Manhattan. The site at the corner of 11th Avenue and West 29th Street lies at the intersection of the borough’s Hudson Yards and West Chelsea neighborhoods. Units come in studio, one-, two- and three-bedroom floor plans. Amenities include a pool with cabanas, fitness center with a yoga studio, theater, coworking spaces with conference rooms, music practice rooms and multiple outdoor gathering areas, including a 42nd-floor terrace and dedicated dog runs. Jordan Roeschlaub, Nick Scribani and Jonathan Firestone of Newmark collaborated with Drew Fletcher, Paul Fried and Bryan Grover of Greystone to originate the debt, which retires a senior construction loan provided by HSBC. The borrower, a partnership between Ares Corp. and Douglaston Development, originally announced the project in summer 2019 and completed construction in summer 2023. At the time of the loan closing, 3ELEVEN was 99 percent occupied.
NEW YORK CITY — American Lions, which is a joint venture between locally based developers Fetner Properties and Lions Group, has begun leasing The Bold, a 164-unit apartment building in Queens. Designed by SLCE Architects, the 28-story building is located at 2701 Jackson Ave. in the borough’s Long Island City area and includes 50 affordable housing residences. Units come in studio, one-, two- and three-bedroom floor plans. The amenity package consists of a coworking lounge, gym with a climbing wall, party room with a bar and kitchen, clubhouse lounge, media room and a golf simulator room. Rents start at roughly $3,600 per month for a studio apartment.