SAYREVILLE, N.J. — JLL has arranged a $36 million construction loan for Camelot on Main Street, a 142-unit multifamily project that will be located in the Central New Jersey community of Sayreville. The complex will comprise six buildings that will house 134 market-rate units and eight affordable housing units with an average size of 1,068 square feet. Floor plans were not disclosed, but residences will be furnished with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities will include a fitness center, pool, lounge area with a coffee bar, parcel room, fire pit, barbecue area, playground and a dog park. Michael Klein, Jim Cadranell and John Cumming of JLL arranged the floating-rate loan through Provident Bank on behalf of the developer, Kaplan Cos.
BERKELEY HEIGHTS, N.J. — Locally based developer The Connell Co. has topped out RT500, an 11-story multifamily project located within The Park, a 185-acre mixed-use development in the Northern New Jersey community of Berkeley Heights. Minno & Wasko Architects and Planners, in collaboration with David M. Sullivan Inc., designed RT500, which will be one of two buildings at The Park under Connell’s Round Table (RT) Residences brand. Upon completion, which is slated for next summer, the building will offer 179 units and amenities such as an outdoor pool, entertainment lounge, game room, fitness center and coworking space.
CAMBRIDGE, MASS. — Marcus & Millichap has brokered the $5 million sale of a nine-unit apartment building in Cambridge, located across the Charles River from Boston. The three-story building at 323-327 Columbia St. was constructed in 1920 and offers two- and three-bedroom units. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the off-market transaction.
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Lee & Associates’ Report: Q2 Net Absorption Declines Across All Property Sectors Except Multifamily
Lee & Associates’ 2025 Q2 North America Market Report looks back at shrinking (or negative) net absorption for industrial, office and retail sectors in the last quarter. Meanwhile, multifamily tenant demand beat previous expectations in the same three months, as a feared recession failed to materialize. The mix of factors for absorption varied by property type: industrial and office markets saw increases in vacancy, while competition for retail space remained high, even in the face of high-profile closures. Lee & Associates’ full market report is available to read here (plus detailed vacancy rates, cap rates by city, market rents, square footage information, information on Canadian markets and more). The recaps for industrial, office, retail and multifamily sectors below detail trends and outlooks for each property sector in the remainder of 2025. Industrial Overview: Vacancies Rise, Rent Growth Slows Concern over the impact of tariffs has added to slowing tenant growth in logistics and manufacturing across North America. But the continued easing demand has resulted in more choices and benefits for users that have been subjected to a prolonged stretch of steep rent growth. Vacancies in the United States have risen to 7.4 percent, a decade-long high, while deliveries continued to outpace tenant expansion. Net absorption fell …
PHILADELPHIA — A joint venture between the logistics arm of Philadelphia-based investment firm Arden Group and global investment management firm Arcapita Holdings Group has received a $700 million loan for the refinancing of a national portfolio of 167 industrial properties. The portfolio totals approximately 7.2 million square feet and is primarily comprised of small- and mid-bay multi-tenant facilities. The names and addresses of the properties were not disclosed, but market-specific locations include Dallas, Atlanta, Indianapolis and Boston. Tom Rugg, Tom Traynor, Mark Finan, Arman Samouk and Kayla Kaloostian of CBRE arranged the five-year, floating rate loan. Deutsche Bank and Barclays provided the debt.
NEW YORK CITY — A partnership between Gilbane Development, Blue Sea Development and Artspace Projects Inc. will develop the Brownsville Arts Center & Apartments, a $254 million affordable housing project that will be located on a city-owned tract at 366 Rockaway Ave. near downtown Brooklyn. The property will offer 283 units in studio, one-, two- and three-bedroom units that will be reserved for renters earning between 30 and 70 percent of the area median income. The Brownsville Arts Center & Apartments will also feature a 28,000-square-foot cultural arts center with a 3,440-square-foot, multi-purpose performance, rehearsal and studio space for community arts groups. Various city housing agencies and authorities have committed nearly $100 million in subsidized financing for the project, construction of which is set to begin before the end of the summer and to be complete in 2027.
NEW BRITAIN, CONN. — Regional developer WinnCos. has completed The Ellis Block, an $85 million affordable housing redevelopment in New Britain, located just outside of Hartford. The project converted four buildings within the vacant, 115-year-old former manufacturing facility of household appliances company Landers, Frary & Clark into a 154-unit apartment complex. The property now features 79 one-bedroom units, 59 two-bedroom residences and 16 three-bedroom apartments that are reserved for renters earning between 30 and 80 percent of the area median income. Amenities include a fitness room, community room, game room, flexible workspaces and outdoor seating areas. Hartford-based JCJ Architecture designed the project, and Massachusetts-based Keith Construction served as the general contractor. The Connecticut Housing Finance Authority provided tax credits and tax-exempt bonds as part of the project’s financing, which also included a construction loan from Bank of America. Bank of America also served as the tax credit investor.
NUTLEY, N.J. — JLL has arranged a $29.5 million construction loan for Soho Park Residences, an 85-unit, age-restricted multifamily project in the Northern New Jersey community of Nutley. Units will come in one- and two-bedroom floor plans with an average size of 1,110 square feet. Amenities will include a fitness and wellness center, library, sun deck with a pool, outdoor grilling stations and a resident clubroom. Thomas Didio Jr., Gerard Quinn, Michael Mataras and Michael Donohoe of JLL arranged the 2.5-year, floating-rate loan through Kearny Bank on behalf of the borrower, Rock Solid Builders Inc. Construction is expected to be complete in early to mid-2027.
ROCKAWAY, N.J. — CBRE has negotiated the $12.7 million sale of Pine Street Commons, an industrial flex property in Rockaway, located just west of New York City. The property consists of six buildings on a 17-acre site. Charles Berger and Jeffrey Babikian of CBRE represented the seller, an entity doing business as Pine Street Commons LLC, in the transaction. The team also procured an undisclosed private investor as the buyer. Pine Street Commons was roughly 95 percent leased at the time of sale.
CLIFTON AND NUTLEY, N.J. — Locally based development and investment firm Prism Capital Partners has received three redevelopment plan approvals from the City of Clifton and the Township of Nutley, both located in Northern New Jersey, for a mixed-use project. The project is part of Prism’s 116-acre ON3 campus, which is a redevelopment of the former North American headquarters campus of pharmaceutical company Hoffmann-La Roche. The approvals pave the way for the construction of up to 1,074 multifamily units, 90,000 square feet of retail and restaurant space and a 150,000-square-foot life sciences facility, as well as a potential data center. In Clifton, Prism’s newly approved Phase IV redevelopment plan includes the multifamily and retail elements, sited on acreage along Route 3 East. The July approval covers Prism’s plan to introduce new housing, restaurants and retail space. In Nutley, ON3’s Innovation Center tract fronting Kingsland Street is earmarked for the development of a research-and-development facility. Prism has secured an undisclosed, international consumer products company to lease the property and anticipates an imminent site plan approval filing. Construction could begin in the coming weeks. Additionally, Nutley has approved Prism’s plan to redevelop 11 acres at 275 Kingsland St., a site that can accommodate …