WILMINGTON, DEL. — D2 Capital Advisors, a Philadelphia-based intermediary, has arranged a $26 million permanent loan for an 80,000-square-foot life sciences building in Wilmington. The building was completed in 2023 as part of the redevelopment of the 164-acre Chestnut Run Innovation & Science Park. The building was fully leased at the time of the loan closing to Prelude Therapeutics, which develops cancer treatment drugs. Jack Cortese, David Frankel and John Lightcap of D2 arranged the loan on behalf of the borrower, Pennsylvania-based developer MRA Group. The direct lender was not disclosed.
NEW YORK CITY — Marcus & Millichap has brokered the $13.8 million sale of a 24-unit apartment complex located in Midtown Manhattan. The property at 640-644 10th Ave. spans 17,932 square feet across three contiguous buildings and includes three commercial spaces. Christopher Dintrone, Joe Koicim and Logan Markley of Marcus & Millichap represented the seller and procured the local buyer, both of which requested anonymity, in the transaction.
PATERSON, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $4.2 million sale of Redwood Apartments, a 16-unit, newly constructed apartment building located in the Northern New Jersey community of Paterson. The unit mix comprises two studios, six one-bedroom apartments and eight two-bedroom residences. Joni Sweetwood of Kislak represented the seller in the transaction, and Robert Squires, also with Kislak, procured the buyer. Both parties were limited liability companies.
NEW YORK CITY — Walker & Dunlop has arranged the recapitalization of Hub, a 55-story multifamily tower located at 333 Schermerhorn St. in downtown Brooklyn. The borrower, Steiner NYC, bought out a majority stake in the high-rise from its equity partner, J.P. Morgan Asset Management (JPMAM), giving the company full ownership. The sales price was not released, but Walker & Dunlop disclosed the transaction was done at a valuation of $420 million for the tower. Developed by locally based Steiner, the building totals 750 units, with studio, one- and two-bedroom floor plans. Upon its completion in 2018, Hub was the tallest building in Brooklyn. Walker & Dunlop advised Steiner on the recapitalization and secured $62.5 million in preferred equity from Meadow Partners to facilitate the purchase. Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Michael Ianno and Christopher de Raet of Walker & Dunlop represented Steiner NYC in the financing. “This deal stands apart from traditional financings due to its complex structure, which involved an equity buyout and the sourcing of preferred equity to help capitalize the transaction,” says Appel. Walker & Dunlop previously arranged construction financing, JPAMM’s equity investment and institutional permanent financing for Hub back in 2019 for …
SOMERSET, PA. — Marcus & Millichap has brokered the sale of Edgewood Grove Storage, a 265-unit self-storage facility in Somerset, about 65 miles southeast of Pittsburgh. The property, which also features a residential component of seven houses and five apartments, was built in phases beginning in 1997 and totals 35,100 net rentable square feet of storage space. Jared Houck, Kevin Bledsoe and Matthew Junkin of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
PARSIPPANY, N.J. — Signature Acquisitions has purchased a 100,010-square-foot office building in the Northern New Jersey community of Parsippany. Built on 8.5 acres in 2009, the building was fully leased at the time of sale to law firm Day Pitney, which is in the process of relocating. Jose Cruz, Jeremy Neuer, Ryan Robertson and Bradley Wachenfeld of JLL represented the seller, Office Properties Income Trust, in the transaction and procured Signature Acquisitions as the buyer.
FREEHOLD, N.J. — JLL has arranged a loan of an undisclosed amount for the refinancing of a 71,511-square-foot industrial building in the Central New Jersey community of Freehold. The multi-tenant building at 6 Paragon Way, which was fully leased at the time of the loan closing, features a clear height of 30 feet, seven dock-high doors and parking for 188 cars and 22 trailers. Michael Klein, Max Custer and Ryan Carroll of JLL arranged the five-year loan through TriState Capital Bank on behalf of the borrower, The Donato Group.
DOYLESTOWN, PA. — Whole Foods Market has opened a 43,617-square-foot store at 1745 S. Easton Road in Doylestown, a northern suburb of Philadelphia. The store features full-service meat and seafood counters, a bakery, prepared foods section and a wellness and beauty section, as well as a selection of more than 750 wines and 280 craft beers. A grand opening celebration was held this morning.
NEW YORK CITY — Avis Budget Group has signed a 21,400-square-foot retail lease in The Bronx. The car rental agency has committed to the property at 4075-4077 Boston Road, which includes a 16,000-square-foot lot, for the next 20 years. Steve Lorenzo and Garry Steinberg of Lee & Associates represented the tenant in the lease negotiations. Ariel Castellanos and Federico Mazzeo from Pinnacle Realty represented the landlord.
BETHLEHEM, PA. — International developer and construction firm Skanska has completed the $70 million redevelopment of a historic building on the campus of Lehigh University in Bethlehem. The Clayton University Center was originally built in 1868. The redevelopment involved upgrading the electrical and mechanical systems, installing a full fire protection system and adding multiple kitchen and food delivery areas. The redevelopment also entailed renovations of numerous interior common areas, as well as the preservation of the building’s façade, and the project team also undertook various sustainability measures. Shepley Bulfinch designed the redevelopment, which began in late 2022.