Northeast

NuVerse Advisors Receives $99M Construction Loan for Office-to-Residential Conversion Project in New York City

by Channing Hamilton January 24, 2025

NEW YORK CITY — NuVerse Advisors LLC has received a $99 million construction loan to convert The Emmet Building, a 17-story office building at 95 Madison Ave. in New York City, for residential use. The vacant property was originally constructed between 1911 and 1912 as a loft office building with grade-level retail space. The building will be converted into 65 residential condominiums across 108,000 square feet, along with 17,000 square feet of retail space and 3,400 square feet of office space. Internal demolition is currently in progress. However, an expected delivery date was not disclosed. The conversion is sponsored by NuVerse Advisors’ S3 Multi Strategy Global Fund, with Sunlight Development as a strategic partner and general contractor. BHI — the U.S. branch of Tel Aviv, Israel-based Bank Hapoalim BM — is the senior lender in the financing. Under the terms of the loan, BHI will provide $40 million of debt. The company has worked with several financial partners to arrange the remainder of the financing. “BHI was a trusted partner in financing the acquisition of this property this past summer and we’re thrilled to work together again now as we redevelop this property for residential use,” said Dov Schlein, managing …

January 24, 2025

Development Massachusetts Multifamily Northeast Student Housing

Shawmut Design and Construction Tops Out 276-Unit Student Housing Project in Boston

by Taylor Williams January 23, 2025

BOSTON — Shawmut Design and Construction has topped out 100 South Campus Drive, a 276-unit student housing project that is located in the Allston area of Boston but will serve graduate students, faculty and staff at Harvard University, which is located across the Charles River in Cambridge. Designed by Marvel Architects, the project is part of a larger transformation of 175 N. Harvard St., the thoroughfare that connects Allston and Cambridge, and which includes the new home for the American Repertory Theater. The number of beds was not disclosed. Completion is slated for 2026.

January 23, 2025

Acquisitions Massachusetts Multifamily Northeast

CP Capital Sells 190-Unit Apartment Complex in Medway, Massachusetts

by Taylor Williams January 23, 2025

MEDWAY, MASS. — New York City-based CP Capital has sold Hathon Medway, a 190-unit apartment complex located about 45 miles southwest of Boston. Built on 12.3 acres in 2023, Hathon Medway features 142 market-rate and 48 affordable units within four- and five-story buildings. Amenities include a pool, fitness center, coworking space, a clubroom, game room and bar area, demonstration kitchen, playground and a dog run. The buyer and sales price were not disclosed.

January 23, 2025

Development Multifamily New Jersey Northeast

AMS Acquisitions Completes 100-Unit, Age-Restricted Multifamily Project in Howell, New Jersey

by Taylor Williams January 23, 2025

HOWELL, N.J. — New Jersey-based investment firm AMS Acquisitions has completed Sylvan Woods at Howell, a 100-unit, age-restricted multifamily project located near the Jersey Shore. The property comprises four buildings on a 14-acre site that house one- and two-bedroom units. Amenities include a pool, great room with community kitchen and bar seating, fitness center, tenant lounge and outdoor dining and lounging space. Rents start at $2,300 for a one-bedroom unit.

January 23, 2025

Acquisitions Healthcare New Jersey Northeast Retail

Marcus & Millichap Brokers $5.4M Sale of Southern New Jersey Healthcare, Retail Property

by Taylor Williams January 23, 2025

DEPTFORD, N.J. — Marcus & Millichap has brokered the $5.4 million sale of Medical at Riverwinds, a 23,525-square-foot healthcare and retail property in Deptford, located outside of Philadelphia in Southern New Jersey. The two-building property sits on 2.2 acres and was fully occupied at the time of sale. Brent Hyldahl, Alan Cafiero and Seth Goldberg of Marcus & Millichap represented the seller, Strategic Funding Alternatives LLC, in the transaction and procured the buyer, a New York-based private investor.

January 23, 2025

Acquisitions Industrial Massachusetts Northeast

RAM Cos. Buys 46,000 SF Industrial Building in Newburyport, Massachusetts

by Taylor Williams January 23, 2025

NEWBURYPORT, MASS. — The RAM Cos. has purchased a 46,000-square-foot industrial building in Newburyport, located near the Massachusetts-New Hampshire border. The building sits on 4.4 acres and was fully leased at the time of sale to Alpha Laval, a Swedish machinery provider. David Coffman and Michael Restivo of JLL brokered the deal. The seller was not disclosed, but RAM Cos. purchased the building in conjunction with a 32,000-square-foot complex in Seabrook, N.H., for $14.5 million.

January 23, 2025

Fairfells-Logistics-Portfolio-New-Jersey

Industrial New Jersey Northeast

Newmark Arranges Equity Recapitalization of $300M Northern New Jersey Industrial Portfolio

by Taylor Williams January 22, 2025

NEW JERSEY — Newmark has arranged the equity recapitalization of a portfolio of 30 industrial buildings totaling approximately 1.4 million square feet in Northern New Jersey. The portfolio is valued at roughly $300 million. The properties are collectively known as the Fairfells Logistics Portfolio and are located in the communities of Fairfield, Little Falls, Elmwood Park and Carteret. Kevin Welsh, Brian Schulz and Jack Fraker of Newmark represented the owner, The Hampshire Cos., in arranging joint venture equity with an undisclosed partner. The portfolio was 92 percent leased at the time of sale.

January 22, 2025

Development Northeast

Hartz Mountain Begins Leasing 250-Unit Apartment Complex in Cranford, New Jersey

by Taylor Williams January 22, 2025

CRANFORD, N.J. — Hartz Mountain Industries has begun leasing Fairways at Cranford, a 250-unit apartment complex in Northern New Jersey. Situated on a 13.5-acre site that is adjacent to a golf course, the property offers studio, one- and two-bedroom units that are furnished with stainless steel appliances, quartz countertops and custom closets. Amenities include a fitness center, resident lounge, playroom, conference room, gaming area, theater room, landscaped courtyards and grilling stations. Minno & Wasko Architects & Planners designed the property, and March Construction served as the general contractor. Rents start at $2,490 per month for a studio apartment.

January 22, 2025

Leasing Activity Massachusetts Northeast Office

Commonwealth Financial Network Signs 151,765 SF Office Lease in Waltham, Massachusetts

by Taylor Williams January 22, 2025

WALTHAM, MASS. — Commonwealth Financial Network has signed a 151,765-square-foot office lease in Waltham, a western suburb of Boston. The provider of comprehensive services to the financial advisory community is taking space at 275 Wyman Street, a five-story, 300,000-square-foot building that is part of a larger 2.2 million-square-foot campus. CBRE represented the landlord, Hobbs Brook Real Estate, in the lease negotiations. Newmark represented the tenant, which plans to take occupancy of its new space in the first quarter of 2026.

January 22, 2025

Acquisitions Multifamily New Jersey Northeast

Kislak Negotiates $12M Sale of Southern New Jersey Apartment Complex

by Taylor Williams January 22, 2025

VINELAND, N.J. — New Jersey-based brokerage firm The Kislak Co. Inc. has negotiated the $12 million sale of Park Towne Apartments, a 108-unit multifamily complex located outside of Philadelphia in Vineland. Built in 1952, Park Towne Apartments comprises 63 one-bedroom units, 36 two-bedroom units, two two-bedroom units with terraces and a rental office. Joni Sweetwood of Kislak represented the seller and procured the buyer, both of which were limited liability companies, in the transaction. Park Towne Apartments was fully occupied at the time of sale.

January 22, 2025

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