NEW YORK CITY — A partnership between multifamily investment and development firm The Dermot Co. and Dutch pension funds service PGGM has recapitalized 20 Exchange Place, a 57-story apartment building in Manhattan’s Financial District, via a $30 million equity investment from UBS. The partnership acquired the property, which totals 757 units, last year in an off-market deal. Ownership is now planning a capital improvement program to deliver a more comprehensive suite of amenities, as well as to revitalize the surrounding streetscape. Accord Capital Partners LLC served as the capital advisor to The Dermot Co. on the recapitalization.
HAUPPAUGE, N.Y. — JLL has arranged a $62.5 million loan for the refinancing of Carlow Wind Watch, a 150-unit apartment complex located in the Long Island community of Hauppauge. Completed late last year, Carlow Wind Watch consists of a five- and seven-story building that house one-, two- and three-bedroom units. Amenities include a pool, spa, fitness center, clubroom/lounge and outdoor grilling and dining stations. Aaron Niedermayer and Robert Tonnessen of JLL arranged the loan through affiliates of global private equity firm Apollo. The borrower was Nashville-based owner-operator Southern Land Co.
NEW YORK CITY — A partnership between two local development and investment firms, LargaVista Cos. and Baron Property Group (BPG), has received a $43.5 million bridge loan for the refinancing of The Park Overture, a 92-unit apartment building in Manhattan’s Washington Heights neighborhood. The Park Overture offers one- and two-bedroom units and amenities such as a fitness center and courtyard with grilling stations. MF1 Capital provided the loan to retire the original construction debt on the property, which is now leased up.
NEW YORK CITY — Marcus & Millichap has brokered the $6.7 million sale of a mixed-use property in Manhattan’s Chelsea neighborhood. The site at 223 W. 29th St. offers a redevelopment opportunity and is zoned for 20,815 buildable square feet of residential development. Colton Traynham, Matt Fotis and Michael Weinstein of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.
CAMBRIDGE, MASS. — Terrain Biosciences will open a new, 14,000-square-foot headquarters facility in Cambridge, located across the Charles River from Boston. The RNA therapeutics company will relocate from the nearby building at 400 Technology Way to Genesis 640 Memorial Drive, a 248,000-square-foot office and lab facility. CBRE represented the landlord, Phase 3 Real Estate Partners, in the lease negotiations. Colliers represented Terrain Bio. A timeline for occupancy was not announced.
NORFOLK, VA. — Harbor Group International (HGI) has entered into an agreement to acquire a portfolio of five multifamily properties totaling 2,719 units that are scattered throughout the New England area. The sales price was $740 million. The seller was Apartment Investment and Management Co., (Aimco), a REIT that sells on the New York Stock Exchange under the ticker “AIV.” All properties in the portfolio were built between 1970 and 1974. Unit interiors are furnished with stainless steel appliances. Amenities across the properties include pools, fitness centers, clubhouses, and community green spaces. HGI plans to implement a value-add program across the portfolio. The Norfolk-based investment company also paid Aimco a $20 million non-refundable deposit as part of the transaction. “The addition of these communities will deepen HGI’s presence within the Boston area, a market exhibiting robust multifamily fundamentals where we already have a strong operating footprint,” says Yisroel Berg, chief investment officer of multifamily at HGI. “With limited new supply in the surrounding areas of each property, we will be well-positioned to leverage our local market knowledge to maintain stable occupancy levels and implement targeted renovations that enhance the resident experience.” As of July 2025, the portfolio was 95.7 percent …
NEW YORK CITY — A joint venture between Broad Street Development and TPG Angelo Gordon has purchased a 56,384-square-foot self-storage facility in Manhattan’s Tribeca neighborhood for $43.5 million with plans to undertake a multifamily conversion. The 10-story building at 139 Franklin St. was originally constructed in 1915 and houses 74 units. Brendan Maddigan, Andrew Scandalios, Ethan Stanton, Hall Oster, Michael Mazzara and Vickram Jambu of JLL represented the seller, the Sofia Family, in the transaction and procured the joint venture as the buyer. A construction timeline for the conversion was not announced.
NEW BRUNSWICK, N.J. — Israel’s Bank Hapoalim has provided a $33 million construction loan for Joyce Kilmer Logistics Center, a 195,421-square-foot industrial project that will be located in the Central New Jersey community of New Brunswick. The site is proximate to Exit 9 off the New Jersey Turnpike, and the facility will have two buildings that will feature a clear height of 36 feet and 32 loading docks. Brad Domenico, Frank Stanislaski and Jack Subers of Cushman & Wakefield arranged the loan on behalf of the borrower, a partnership between two New Jersey-based firms, Faropoint and Deugen Development.
CLIFTON, N.J. — Regional healthcare provider Hackensack Meridian has opened a four-story, 90,000-square-foot facility in the Northern New Jersey community of Clifton. Designed by Gensler, Hackensack Meridian Health & Wellness Center at Clifton is located on Prism Capital Partner’s ON3 campus, which is a redevelopment of the former Hoffmann-La Roche North American headquarters campus. Specialty practices offered at the facility include primary care, urgent care, rheumatology, gastroenterology, nephrology and orthopedics.
NEW YORK CITY — Clear Street has signed an 88,000-square-foot office lease expansion at 4 World Trade Center in Lower Manhattan. The fintech company first took space at the 72-story, 2.3 million-square-foot building in 2021 via sublease before signing a direct lease for the entire 45th floor in 2023. This deal, which includes a 10-year extension, will see the company maintain that space and also expand to the entire 46th floor. Josh Berger of Norman Bobrow & Co. represented Clear Street in the lease negotiations. Keith Cody and Gordon Hough represented the landlord, Silverstein Properties, on an internal basis.