NEW YORK CITY — Locally based financial intermediary ERG Commercial Real Estate has arranged a $3 million loan for the refinancing of a mixed-use building in Lower Manhattan. The 5,443-square-foot building is located at 79 Avenue A in the Alphabet City neighborhood and houses six apartments and two commercial spaces, both of which were occupied at the time of the loan closing. The names of the borrower and direct lender were not disclosed.
ELMWOOD PARK, N.J. — JLL has arranged a $131.1 million bridge loan for a 390-unit multifamily property in the Northern New Jersey community of Elmwood Park. The financing covers Phases III and IV of a larger development known as Riverwalk. Units feature a mix of one-, two- and three-bedroom floor plans and range in size from 772 to 2,321 square feet. Riverwalk offers amenities such as a pool, fitness center, outdoor grilling and dining areas, a dog park, riverside nature path, multiple resident lounges and coworking space. Thomas Didio, Thomas Didio Jr., Gerard Quinn, Michael Mataras and Tyler Caricato of JLL arranged the five-year, floating-rate loan through MF1 Capital. A private real estate company headed by Bernard Langan owns Riverwalk.
BOSTON — Newmark has brokered the $28 million sale of One Bowdoin Square, a 141,831-square-foot office building in downtown Boston. The 11-story building is home to a mix of medical and government tenants, including affiliates of Mass General Brigham and the Commonwealth of Massachusetts. Robert Griffin, Edward Maher, Matthew Pullen, James Tribble, Samantha Hallowell and William Sleeper of Newmark represented the undisclosed seller in the transaction. The team also procured the buyer, a partnership between Live Oak Real Estate Investments and Tritower Financial Group. David Douvadjian Sr., Timothy O’Donnell, David Douvadjian Jr., Bobby Alvarado and Conor Reenstierna, also with Newmark, arranged acquisition financing for the deal through Bank of New England.
ALLENWOOD, PA. — ModCorr LLC has signed a 252,282-square-foot industrial lease in Allenwood, about 70 miles north of Harrisburg. The manufacturer of modular construction products will occupy the entirety of Building 4 at PNK Park Allenwood at Great Stream Commons, which was completed last year and features a clear height of 40 feet. Lee & Associates represented the landlord, New York-based investment and development firm PNK Group, in the lease negotiations.
PAULSBORO, N.J. — New York-based investment firm PRC has acquired Paulsboro Gardens Apartments, a 150-unit affordable housing complex located outside of Philadelphia in Southern New Jersey. The property comprises 21 low-rise buildings. PRC plans to undertake accessibility upgrades, interior unit renovations and exterior improvements, as well as improve mechanical and utility systems, to extend the property’s affordability status. The seller and sales price were not disclosed.
MANSFIELD, MASS. — Chicago-based investment firm Logistics Property Co. has purchased an industrial building located at 572 West St. in Mansfield, a southern suburb of Boston, that according to LoopNet Inc. totals 35,000 square feet. The building, which was built in 2004, per LoopNet, is located within Cabot Business Park and was fully leased at the time of sale. Tony Coskren of Newmark brokered the deal. The seller and sales price were not disclosed.
Durst Organization Receives $1.3B in CMBS Financing for One Five One Office Building in Times Square
NEW YORK CITY — The Durst Organization, a family-owned real estate owner and development firm based in New York City, has received $1.3 billion in CMBS financing for One Five One, a 48-story building located at 151 W. 42nd St. in the Times Square area of Midtown Manhattan. A consortium of Wells Fargo Bank, JPMorgan Chase and Bank of America provided the loan. The debt, which was structured with a five-year term and an interest rate of 5.86 percent, reflects a loan-to-value ratio based on an estimated property valuation of approximately $2.3 billion. The Durst Organization will use the proceeds to fund tenant improvements, closing costs and other capital expenditures, as well as to return equity to Durst. At the time of the loan closing, One Five One was 92 percent leased to tenants such as TikTok, NASDAQ Inc., BMO Capital Markets and law firm Venable LLP. According to Wikipedia, The Durst Organization developed the building in the late 1990s. Formerly known as 4 Times Square, the 1.8 million-square-foot building includes 72,000 square feet of retail space and underwent a $150 million repositioning in the 2010s, following the departures of publishing firm Condé Nast and law firm Skadden Arps. Law …
NEW YORK CITY — Affiliates of Goldman Sachs & Co. have funded a $145 million loan for the refinancing of the Hôtel Barrière Fouquet in Manhattan. The 97-room hotel, which is located at 456 Greenwich St. in the borough’s Tribeca neighborhood, opened in 2022 and features a Parisian brasserie, a spa, art deco interiors and a private screening room. The loan retires the original construction and mezzanine financing that was provided by South Korea-based Hana Financial Investment. Law firm Rosenberg & Estis PC represented the borrower, an entity doing business as CBCS Washington Street LP, in the transaction, while attorneys from Haynes & Boone LLP represented the lender.
TUXEDO, N.Y. — White Oak Real Estate Capital has provided a $46.2 million construction loan for a build-to-rent residential project in Tuxedo, located along the New York-New Jersey border. The project, which represents Phase I of The Village at Tuxedo Reserve, will add 93 rental units within the 1,200-acre Tuxedo Reserve master-planned development. Phase I is slated for a fall 2026 completion. Max Ralby led the Newmark team that arranged the debt through White Oak. Related Cos. is developing The Village at Tuxedo Reserve, and Lennar Corp. is the master developer of the larger Tuxedo Reserve community, which is planned to ultimately feature about 1,300 residences.
RANDOLPH, N.J. — Woodmont Properties and Canoe Brook Development have begun leasing WoodBrook at Randolph, a 199-unit apartment complex located about 40 miles west of Manhattan in Northern New Jersey. WoodBrook at Randolph consists of a four-story, mid-rise building that houses 97 traditional flats and seven townhome-style buildings that house the remaining 102 residences. Units come in one-, two- and three-bedroom floor plans. Amenities include a pool, fitness center, coworking spaces and a game den with a sports simulator. Construction began in spring 2024. Information on starting rents was not announced.