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Northeast

58-Vanderbilt-Ave.-Brooklyn
Affordable HousingLoansMultifamilyNew YorkNortheast

Greystone Provides $32M CMBS Loan for Refinancing of Brooklyn Affordable Housing Complex

by Taylor Williams

NEW YORK CITY — Greystone has provided a $32 million CMBS loan for the refinancing of a 90-unit affordable housing complex in the Clinton Hill neighborhood of Brooklyn. The building at 58 Vanderbilt Ave. was completed in 2023 and features studio-, one- and two-bedroom units. Amenities include a rooftop terrace, business center and a recreation room, and the building houses two commercial spaces on the ground floor. Rose Schwartz and Gabby Gutwein of Everest Equity arranged the loan, which was structured with a 51 percent loan-to-value ratio, a five-year term and a 30-year amortization period. The borrower was not disclosed.

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AcquisitionsNew YorkNortheastRetail

Houlihan-Lawrence Negotiates $4.7M Sale of Yonkers Retail Property

by Taylor Williams

YONKERS, N.Y. — Locally based brokerage firm Houlihan-Lawrence Commercial has negotiated the $4.7 million sale of an 18,000-square-foot retail property in Yonkers, located north of New York City. Apparel and footwear retailer Snipes anchors the property, which features nine storefronts and is also home to Yonkers Paint & Hardware. Garry Klein of Houlihan-Lawrence represented the seller in the transaction, and the firm’s Jared Stone represented the buyer. Both parties requested anonymity.

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ConnecticutLeasing ActivityNortheastRetail

Whole Foods to Open 44,648 SF Store in Stamford, Connecticut on Dec. 12

by Taylor Williams

STAMFORD, CONN. — Whole Foods Market will open a 44,648-square-foot store in Stamford, located in southern coastal Connecticut, on Thursday, Dec. 12. The space at 110 High Ridge Road previously housed a Lord & Taylor store, and the renovated space is inspired by the former store’s layout. The store will feature 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 200 craft beers.

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Leasing ActivityNew JerseyNortheastOffice

Interstate Waste Services Signs 30,000 SF Office Lease Expansion in Teaneck, New Jersey

by Taylor Williams

TEANECK, N.J. — Interstate Waste Services has signed a 30,000-square-foot office lease expansion at Glenpointe, a 670,000-square-foot, four-building mixed-use development in the Northern New Jersey community of Teaneck. The deal brings the company’s total footprint at Glenpointe to 47,545 square feet. Jeff Schotz, Dan Reider, Peter Kasparian and David Simson of Newmark represented the landlord, Alfred Sanzari Enterprises, in the lease negotiations. Andrew Zezas of Real Estate Strategies Corp. represented the tenant.

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Vista-65-Queens
LoansMixed-UseNew YorkNortheast

Pearlmark Provides $27M Mezzanine Loan for Queens Mixed-Use Building

by Taylor Williams

NEW YORK CITY — Chicago-based Pearlmark has provided a $27 million mezzanine loan for Vista 65, a 22-story mixed-use building located in the Rego Park area of Queens. Vista 65 comprises 186 multifamily units, 86,500 square feet of commercial space and a parking garage. Residences are furnished with stainless steel appliances, quartz countertops and hardwood floors, and amenities include a fitness center, lounge, children’s play area and a rooftop terrace. Varde Partners is the senior lender on the property. Henry Bodek of Galaxy Capital arranged the loan on behalf of the sponsor, RB Realty Capital.

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DevelopmentNew JerseyNortheastRestaurantRetail

Connell Co. Breaks Ground on 55,000 SF Entertainment Building in Berkeley Heights, New Jersey

by Taylor Williams

BERKELEY HEIGHTS, N.J. — Local developer The Connell Co. has broken ground on a 55,000-square-foot entertainment building at The Park, a 185-acre mixed-use development in the northern New Jersey community of Berkeley Heights. The building will be located within The District, a 60-acre section of the larger campus. Tenants that have committed to the new building include craft beer provider Emberside Brewery, Mexican restaurant Rosa Azul and speakeasy-style steakhouse and entertainment concept BASH. Completion is slated for 2026.

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LoansMultifamilyNew YorkNortheast

Largo Capital Places $9M Loan for Refinancing of Buffalo Multifamily Property

by Taylor Williams

BUFFALO, N.Y. — Locally based financial intermediary Largo Capital has placed a $9 million loan for the refinancing of a 44-unit multifamily property in Buffalo. The name and address of the property, which exclusively offers two-bedroom units, were not disclosed. Kevin Coscia of Largo originated the loan, which was structured with a fixed interest rate and 10 years of interest-only payments. The names of the direct lender and borrower were also not disclosed.

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Leasing ActivityLife SciencesMassachusettsNortheastOffice

Nanoramic Laboratories Signs 40,000 SF Office, Life Sciences Lease in Woburn, Massachusetts

by Taylor Williams

WOBURN, MASS. — Nanoramic Laboratories has signed a 40,000-square-foot office and life sciences lease in Woburn, a northern suburb of Boston. The developer of lithium ion batteries for the automotive and aerospace industries will relocate from nearby Wakefield to 10 Commerce Way, which is owned by Cummings Properties. David Thomann of Cushman & Wakefield represented the tenant in the lease negotiations. Rob Yacobian and John Halsey represented the landlord on an internal basis.

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Leasing ActivityNortheastPennsylvaniaRestaurantRetail

honeygrow to Open Four New Restaurants in Northeast

by Taylor Williams

PHILADELPHIA — honeygrow, a Philadelphia-based fast casual eatery known for made-to-order stir-fry, salads and honeybars, has signed leases to open four new restaurants in the Northeast. The restaurants will be located within the Lakeway Commons shopping center in Shrewsbury, Mass.; at the 150-acre Waldorf Station development in Waldorf, Md.; in the newly constructed Freehold Marketplace in Freehold, N.J.; and within Beltway Towne Center in Mechanicsburg, Pa. All openings are slated for 2025.

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Valley-Bank-Branch
AcquisitionsCompany NewsLoansNew JerseyNew YorkNortheastTop Stories

Valley National Bank Sells $925M of Commercial Real Estate Loans to Brookfield Asset Management

by Katie Sloan

MORRISTOWN, N.J. AND NEW YORK CITY — Valley National Bancorp (NASDAQ: VLY), the holding company for Valley National Bank, has sold $925 million worth of commercial real estate mortgage loans to Brookfield Asset Management (NYSE: BAM). Of the $925 million loan pool, $823 million had been previously identified and transferred to held for sale as of Sept. 30, 2024, as the firm sought to reduce its exposure to the commercial real estate sector. The loans were sold at a discount of 1 percent to value, which the bank expects will result in an immaterial net loss during the fourth quarter. Valley will retain customer-facing servicing responsibilities for the financings following the transaction.  “The sale of this performing commercial real estate loan pool has helped to accelerate progress toward our strategic balance sheet goals,” says Ira Robbins, chairman and CEO of Valley.  Valley is a regional bank with over $62 billion in assets under management. The company operates retail branch locations and commercial banking offices across New Jersey, New York, Florida, Alabama, California and Illinois.  The Morristown, N.J.-based bank’s stock price closed on Wednesday, Dec. 4 at $10.48 per share, up slightly from $9.29 a year ago. Morgan Stanley & Co. …

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