TOM’S RIVER, N.J. — New Jersey-based brokerage firm The Kislak Co. Inc. has negotiated the $33.7 million sale of Hope’s Crossing, a 125-unit apartment complex in Tom’s River, located near the Jersey Shore. Built on 12.6 acres in 1994, Hope’s Crossing consists of 14 buildings that primarily house two- and three-bedroom units. Barry Waisbrod of Kislak represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
PASSAIC, N.J. — New York City-based Dwight Capital has provided a $23.5 million HUD-insured loan for the refinancing of Station at Passaic Phase II, a 104-unit apartment complex in Northern New Jersey. The property consists of two five-story buildings that house eight one-bedroom and 96 two-bedroom units. Jonathan Pomper and Noah Greenwald of Dwight originated the financing through HUD’s 223(f) program on behalf of the borrower, an entity doing business as South Street Properties Urban Renewal LLC.
GARDEN CITY, N.Y. — Stark Office Suites has expanded its coworking space in the Long Island community of Garden City. The provider of flexible workspace solutions now occupies 14,553 square feet within the building at 1225 Franklin Ave. The space features furnished private offices, professional receptionist services and conference room access. Stark now operates 11 coworking facilities in New York and two in Connecticut.
SALEM TOWNSHIP, PA. — The Salem Township Board of Supervisors has approved a 4,466-acre data center overlay district in northeastern Pennsylvania. The vote represents another cleared hurdle to bringing an energy and digital infrastructure campus with a total power capacity of 4 gigawatts to Luzerne County. The approval follows the Salem Township Planning Commission’s unanimous recommendation that 194 local families continue to pursue a potential $1.4 billion land sale involving nearly 4,500 acres of working and retired farms, family homesteads and other properties. That acreage would become the future home of the data center campus known as Salem 3. Under the currently proposed terms, the campus would also feature other uses, including a $12 million micro hospital and a community park, in addition to other natural green spaces that would be preserved. Construction could support as many as 2,000 new jobs. According to 4-3 Glennbrook Group, a landowner advocacy group that is representing the 194 families, the plan for Salem 3 builds on the township’s longstanding role as an energy-producing community, pairing existing energy infrastructure with a new generation of data center and digital infrastructure investment. The 4-3 Glennbrook Group team also handled the land assemblage for the existing Salem …
YONKERS, N.Y. — JLL has arranged $135 million in construction financing for The Ibex at Ridge Hill, a 282-unit multifamily project that will be located north of New York City in Yonkers. The financing consists of a $93 million construction loan from Bank OZK and $42 million in equity from Eagle Realty Group. Evan Pariser, Aaron Niedermayer and John Lowe of JLL arranged the financing on behalf of the sponsor, a partnership between Saber-Hightower and Rafferty Real Estate. The Ibex at Ridge Hill will be a 17-story building with 254 market-rate units and 28 affordable housing units, as well as 423 parking spaces and 5,000 square feet of ground-floor retail space. Information on floor plans was not disclosed. Amenities will include a pool, fitness center with a yoga studio, residential and coworking lounges, rooftop deck and a 17th-floor sky lounge. Beyer Blinder Belle and ESG | Architecture & Design are the project architects, and Callahan Construction Managers in the general contractor.
PITTSBURGH — Wayfair will open a 95,000-square-foot store in Pittsburgh. The store, which will be located just outside the downtown area within the North Hills Village shopping center, will be the first in Pennsylvania for the Boston-based furniture provider. The store will feature an onsite design studio and consulting services for individual room furnishings or larger renovation projects. The opening is set for some time next year.
ROCKAWAY, N.J. — Resource Realty of Northern New Jersey (RRNJ) has negotiated the sale of a 53,252-square-foot industrial building in Rockaway. The building at 36 Pine St. includes two tailboard exterior dock doors and one drive-in bay. Greg Sabato and Scott Peck of RRNJ represented the buyer, Commerce Park Investors, in the transaction. The seller and sales price were not disclosed.
STRATFORD, CONN. — Construction Resources Co. has signed a 32,000-square-foot industrial lease in the southern coastal Connecticut city of Stratford. According to LoopNet Inc., the building at 500 Lordship Blvd. was built in 1985. David Richard of Colliers represented the landlord, an entity doing business as BHD CT Realty LLC, in the lease negotiations.
NEWARK, N.J. — Los Angeles-based PCCP LLC has provided a $130 million senior construction loan for a 501-unit multifamily project in Newark. The project represents Phase II of a larger development known as Ballantine and will consist of 400 market-rate units and 101 affordable housing units, as well as a 57,500-square-foot Food Bazaar grocery store, within a seven-story building. Residences will come in studio, one-, and two-bedroom floor plans, and amenities will include a fitness center with a yoga studio, two courtyards, a pool, basketball court and coworking space. The borrower, a joint venture between Bogopa Enterprises and Shorewood Real Estate Group, expects to complete the project in late 2028.
NEW YORK CITY — JLL has negotiated the $58 million sale of a 13,707-square-foot multifamily development site in downtown Brooklyn. The site at 55 Smith St./160 Livingston St. can support between 137,000 and 164,000 buildable square feet of product and is eligible for the state’s 485-x affordable housing tax incentive. Mike Mazzara, Ethan Stanton, Brendan Maddigan and Drew Isaacson of JLL represented the seller, Edison Properties, in the transaction. The buyer, CW Realty Group, did not disclose specific development plans for the site.