SCHENECTADY, N.Y. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $12.9 million loan for the refinancing of Crosstown Plaza, a 210,515-square-foot grocery-anchored shopping center in Schenectady, located just north of Albany. According to LoopNet Inc., Crosstown Plaza was built in 1978 and renovated in 2018). Tenants include grocer Price Rite, Harbor Freight Tools and Ocean State Job Lot. Steven Rock of MMCC arranged the loan, which carried a three-year term and a 25-year amortization schedule, through an undisclosed bank. The sponsor was also not disclosed.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $6.6 million sale of a 77-unit multifamily building located at 270 Saint Nicholas Ave. in East Harlem. According to StreetEasy, the six-story building was originally constructed in 1935. Victor Sozio, Remi Mandell and Jake Brody of Ariel represented the seller in the transaction. Amit Doshi and Shallini Mehra of Meridian Capital Group represented the buyer. Both parties requested anonymity.
STAMFORD, CONN. — McCarter & English LLP has signed a 10,993-square-foot office lease in the southern coastal Connecticut city of Stamford. The law firm is relocating from 201 Broad Street to a portion of the 11th floor at 2 Stamford Plaza, a 259,000-square-foot building that is part of a larger, four-building campus. Benjamin Goldstein and Harrison Russell of Newmark represented McCarter & English in the lease negotiations. CBRE represented the undisclosed landlord.
CLARK, N.J. — French cosmetics company L’Oréal Groupe has announced the completion of its new North America Research & Innovation (R&I) Center located in Clark, roughly 13 miles outside Newark, N.J. The $160 million, 250,000-square-foot scientific research center is L’Oréal’s largest outside of France and will complement existing L’Oréal R&I hubs in Brazil, South Africa, India, China and Japan. “New Jersey has served as our scientific hub here in the United States for over six decades, and we are excited to expand our footprint in the state and bring all our scientific teams together in a beautiful and modern new research facility,” says David Greenberg, president and CEO of L’Oréal USA. The North America R&I Center broke ground in 2022 and comprises a 26,000-square-foot modular laboratory, a consumer center for product testing and co-creation (which accommodates up to 400 patrons) and an onsite mini factory to scale final formulations before full-scale productions. Sustainability attributes of the center include 10,000 solar panels, which meet 70 percent of the facility’s energy needs, an eco-retention pond for stormwater management and employee-led gardening and composting initiatives that create a green workspace. According to company representatives, the North America R&I Center will play a “pivotal …
NEW YORK CITY — Merchants Capital has funded $316 million in financing for the second phase of Alafia, a project in the East New York area of Brooklyn that will add 634 affordable and supportive housing units to the local supply. The borrower is a partnership between RiseBoro Community Partnership Inc., L+M Development Partners and Apex Building Group. The financing package, which includes both construction and permanent debt as well as equity, comprises: Phase II of Alafia will consist of two 14-story residential buildings that will house studio, one-, two- and three-bedroom apartments that will be restricted for households earning between 40 and 70 percent of the area median income. A portion of those residences will be specifically reserved for individuals who were either formerly incarcerated or homeless. Amenities will include a fitness center, children’s playroom, community rooms and outdoor courtyards. Phase II will also feature 22,000 square feet of community and retail space. Construction began in December and is expected to be complete in summer 2027.
BROCKTON, MASS. — MassHousing has provided $29.7 million in financing for the construction of a 94-unit affordable housing project in Brockton, a southern suburb of Boston. The borrower, nonprofit owner-operator NeighborWorks Housing Solutions, is redeveloping a former industrial site at 1200 Monticello St. into a five-story building with 31 one-bedroom and 63 two-bedroom units. Of the 94 units, 14 will be restricted to households earning up to 30 percent of the area median income (AMI); 65 apartments will be earmarked for renters earning 60 percent or less of AMI; and 15 residences will be restricted to households earning 80 percent or less of AMI. Amenities will include a fitness center and a community room, and the building will also house 1,473 square feet of commercial space. Utile Inc. and NEI General Contracting are handling design and construction of the project, respectively. Completion is slated for fall 2026.
FAIR LAWN, N.J. — Locally based development and investment firm Atkins Cos. has purchased a 150,000-square-foot office building in the Northern New Jersey community of Fair Lawn for $22 million. Summit Health anchors the three-story building via a 78,000-square-foot footprint. Jeff Dunne, Doug Rodio, Travis Langer, Dan Blumenkrantz, Brannan Knott and Chris Bodnar of CBRE represented the seller, metro Philadelphia-based Keystone Development + Investment, in the transaction. The team also procured Atkins Cos. as the buyer. Upon closing, the new ownership also secured leases with law firm Gottlieb & Greenspan (6,000 square feet) and SportsCare Physical Therapy (4,600 square feet), bringing the property to full occupancy.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $11.8 million sale of a 29,975-square-foot mixed-use building in East Harlem. The building is located at 1875 Lexington Ave. and comprises 30 multifamily units and six commercial spaces. Shimon Shkury, Victor Sozio and Alexander Taic of Ariel represented the undisclosed seller in the transaction. The buyer was locally based private equity firm Tahari Capital.
NEW YORK CITY — Marcus & Millichap has brokered the $4.6 million sale of a 10-unit apartment building in Queens. The elevator-served building at 18-10 Astoria Blvd. offers studio and one-bedroom units, as well as a landscaped rooftop terrace. Sean Fopeano, Shaun Riney, Louis Zarif and David Cornejo of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties requested anonymity.
NEW YORK CITY AND ATLANTA — Global Net Lease Inc. (NYSE: GNL) has entered into a binding agreement to sell its multi-tenant retail portfolio of 100 non-core properties to a subsidiary of RCG Ventures Holdings LLC for approximately $1.8 billion. The transaction represents an 8.4 percent cash cap rate. GNL says the transaction would accelerate its deleveraging initiative and position the company as a pure-play, single-tenant net lease (STNL) company. GNL launched its disposition initiative in 2024, with the objectives of significantly reducing debt, enhancing financial flexibility and lowering its cost of capital. Following the completion of the multi-tenant portfolio sale, which would represent the most significant step in this initiative to date, GNL expects to have completed nearly $3 billion in dispositions between the start of 2024 and the end of 2025, inclusive of properties in its disposition pipeline. The company expects to use the net proceeds from the multi-tenant portfolio sale to significantly reduce the outstanding balance on its revolving credit facility. The board of directors has concurrently approved a share repurchase program authorizing the company to opportunistically repurchase up to $300 million of its outstanding common stock in accordance with typical practice for such programs. “We believe …