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LoansMultifamilyNew YorkNortheast

JLL Arranges $80M Loan for Refinancing of Manhattan Apartment Building

by Taylor Williams

NEW YORK CITY — JLL has arranged an $80 million loan for the refinancing of a 152-unit apartment building in Manhattan’s West Village neighborhood. The 10-story, freshly renovated building at 110 Horatio St. houses 87 studios, 42 one-bedroom residences,18 two-bedroom units and five penthouses. Amenities include a landscaped roof terrace, resident lounge, onsite laundry facility and a fitness center. Geoff Goldstein, Steven Klein and Chris Pratt of JLL arranged the 10-year, fixed-rate loan through investment manager AXA IM Alts on behalf of the borrower, an affiliate of Rockrose Development. The building was approximately 99 percent occupied at the time of the loan closing.

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DevelopmentIndustrialMassachusettsNortheast

Marcus Partners Completes 430,000 SF Build-to-Suit Industrial Project in Amesbury, Massachusetts

by Taylor Williams

AMESBURY, MASS. — Regional developer Marcus Partners has completed a 430,000-square-foot industrial project in Amesbury, located north of Boston, that is a build-to-suit for air conditioning contractor Munters. The eco-friendly facility houses Munters’ desiccant dehumidification products and services and other climate control solutions for the North American market. About 350 people can work at the facility, which includes spaces for manufacturing, research and development, sales, service and administration.

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AcquisitionsNet LeaseNew HampshireNortheastRestaurantRetail

Colliers Brokers $3.7M Sale of Net-Leased Restaurant Building in Manchester, New Hampshire

by Taylor Williams

MANCHESTER, N.H. — Colliers has brokered the $3.7 million sale of a 3,366-square-foot restaurant building in Manchester, located near the Massachusetts-New Hampshire border. The newly constructed building is net leased to quick-service franchise Raising Cane’s and features a double drive-thru. Bob Rohrer of Colliers represented the seller, Tatro Road Realty, in the transaction. The buyer was a limited liability company.

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ConnecticutIndustrialLeasing ActivityNortheastOffice

L’Amy America Signs 27,461 SF Industrial Lease Renewal in Shelton, Connecticut

by Taylor Williams

SHELTON, CONN. — L’Amy America has signed a 27,461-square-foot industrial lease renewal in Shelton, located in southern Connecticut’s Fairfield County. The provider of eyewear products also signed a 5,016-square-foot lease for its new office headquarters in Shelton at a site that is about a mile away from the warehouse. John Hannigan of locally based brokerage firm Choyce Peterson represented the tenant in both deals.

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Leasing ActivityNew YorkNortheastRetail

Gap Factory to Open 12,800 SF Store in Commack, New York

by Taylor Williams

COMMACK, N.Y. — Gap Factory will open a 12,800-square-foot store in the Long Island community of Commack. The space is located within the 222,000-square-foot Mayfair Shopping Center. E.J. Moawad of Levin Management Corp. represented the undisclosed landlord in the lease negotiations. Michael Friedman of Inline Realty represented the tenant. A prospective opening date has not yet been determined.

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Affordable HousingDevelopmentLoansMultifamilyNew YorkNortheast

Merchants Capital Arranges $231M in Financing for Bronx Affordable Housing Community

by Taylor Williams

NEW YORK CITY — Merchants Capital has arranged $231 million in financing for Eastchester Gardens, an 877-unit affordable housing community in The Bronx. The 10-building development was originally constructed in 1950 and is home to nearly 2,000 people. The bulk of the financing consists of a $221.7 million, 30-year Freddie Mac CME permanent loan, proceeds of which will be used to fund capital improvements and preserve affordability of all units for renters earning 60 percent or less of the are median income. Capital improvements will include upgrades to heating, cooling, plumbing, lighting and electrical systems, as well as new flooring, kitchens and bathrooms and upgrades to common areas and outdoor spaces. In addition, Eastchester Gardens will be listed on the National Register of Historic Places, enabling the use of federal historic tax credits to support the property’s revitalization. The project team includes MDG Design + Construction, Infinite Horizons, Wavecrest Management and the New York City Housing Authority. Construction is underway and expected to be complete in 2028.

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131-Danbury-Road-Wilton
ConnecticutDevelopmentMultifamilyNortheast

AMS Acquisitions, Avenue Realty Break Ground on $95M Multifamily Project in Wilton, Connecticut

by Taylor Williams

WILTON, CONN. — A partnership between AMS Acquisitions and Avenue Realty Capital has broken ground on a $95 million multifamily project in Wilton, located in southern Connecticut’s Fairfield County. The development will offer 208 units in one-, two- and three-bedroom floor plans. Amenities will include a pool, fitness center, coworking space, music room and outdoor kitchens and grilling stations. Morris Betesh, Alex Bailkin and Matt O’Hanlon of Arrow Real Estate Advisors arranged a $71 million construction loan for the project through Madison Realty Capital. Scott Gance of Partners Commercial Real Estate represented the joint venture in its acquisition of the land. A tentative completion date was not announced.

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The-Benjamin-Worcester
DevelopmentNortheast

Safehold, Michaels to Develop 364-Unit Apartment Community in Worcester, Massachusetts

by Taylor Williams

NEW YORK CITY — A partnership between Safehold (NYSE: SAFE), a New York City-based REIT that specializes in ground-lease deals, and The Michaels Organization will develop The Benjamin, a 364-unit apartment community in the Central Massachusetts city of Worcester. Residences will come in studio, one- and two-bedroom floor plans and will feature private balconies or courtyards. Amenities will include coworking areas, a game room, roof deck, fitness center, pet spa and work-from-home spaces. A construction timeline was not announced.

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DevelopmentMultifamilyNew JerseyNortheast

Denholtz Completes 143-Unit Multifamily Project in Bound Brook, New Jersey

by Taylor Williams

BOUND BROOK, N.J. — Locally based developer Denholtz has completed The Rail at Bound Brook, a 143-unit multifamily project located about 50 miles southwest of Manhattan. The six-story building offers studio, one- and two-bedroom units and amenities such as a fitness center, game room, courtyard and outdoor grilling and dining areas. Citizens Bank financed the project, construction of which began in May 2023. Rents start at approximately $1,800 per month for a studio apartment.

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LoansNew JerseyNortheastRetail

G.S. Wilcox Places $18.2M Loan for Refinancing of Retail Building in Willow Grove, Pennsylvania

by Taylor Williams

WILLOW GROVE, PA. — New Jersey-based financial intermediary G.S. Wilcox & Co. has placed an $18.2 million loan for the refinancing of a 123,397-square-foot retail building in Willow Grove, a northern suburb of Philadelphia. The property address was not disclosed, but the building is a freestanding grocery store that sits on a 12.4-acre site. Wesley Wilcox and Al Raymond of G.S. Wilcox originated the debt through an undisclosed life insurance company. The borrower was also not disclosed.

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