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1000-Jefferson-Hoboken
AcquisitionsMultifamilyNew JerseyNortheast

JLL Brokers Sale of 217-Unit Apartment Building in Hoboken

by Taylor Williams

HOBOKEN, N.J. — JLL has brokered the sale of 1000 Jefferson, a 217-unit apartment building in Hoboken. Built in 2007, the six-story building houses 93 one-bedroom units, 114 two-bedroom residences and 10 three-bedroom apartments with an average size of 960 square feet. Amenities include a pool, fitness center and a rooftop deck. Jose Cruz, Steve Simonelli, Mike Oliver, Elizabeth DeVesty, Austin Pierce and Luke Chakonis of JLL represented the seller, Clarion Partners, in the transaction. Atlanta-based Invesco Real Estate purchased the building for an undisclosed price.

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Lee & AssociatesLoansNortheastRetailRhode Island

Lee & Associates Arranges $5M Acquisition Loan for Retail Strip Center in Rumford, Rhode Island

by Taylor Williams

RUMFORD, R.I. — Lee & Associates has arranged a $5 million acquisition loan for a 13,000-square-foot retail strip center in Rumford, located northeast of Providence. First Tech Federal Credit Union provided the nonrecourse loan, which was structured with a sub-6 percent interest rate and a 30-year amortization schedule. Dave Carswell and Ryan Fitzpatrick of Lee & Associates arranged the debt on behalf of the borrower, Kempner Properties, which acquired the center via a 1031 exchange.

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Shapiro-Pull-Quote
DevelopmentIndustrialLife SciencesNortheastPennsylvaniaTop Stories

GSK to Invest $800M in Metro Philadelphia Life Sciences, Manufacturing Facilities, Create 300 New Jobs

by Taylor Williams

UPPER MERION, PA. — Global pharmaceutical company GSK plc (NYSE: GSK) will invest $800 million in its life sciences and manufacturing facilities in metro Philadelphia, an initiative that is expected to create about 300 new jobs within the local economy. The announcement is a follow-up to the company’s pledge in late September to invest $30 billion in research-and-development (R&D) and manufacturing initiatives over the next five years, with $1.2 billion earmarked for expanding its existing technologies and advanced manufacturing sites, including its metro Philadelphia facilities. The existing facilities are located in Upper Merion Township, about 20 miles northwest of Philadelphia. The expansion will involve some demolition of existing facilities to establish a biopharmaceutical innovation and manufacturing hub, integrating commercial production, R&D and advanced digital capabilities in a single site. Construction is scheduled to begin next year. The new jobs are expected to be created over a five-year period, bringing GSK’s total employment in the region to about 4,500 positions. GSK announced a similar $800 million investment in its pharmaceutical and biotechnology facilities in Lancaster, about 70 miles west of Philadelphia, about two years ago. The company will be eligible for tax benefits through Pennsylvania’s Qualified Manufacturing Innovation and Reinvestment Deduction …

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568-Broadway-Manhattan
LoansNew YorkNortheastOfficeRetail

Walker & Dunlop Arranges $216M Loan for Refinancing of Manhattan Office, Retail Building

by Taylor Williams

NEW YORK CITY — Walker & Dunlop has arranged a $216 million bridge loan for the refinancing of 568 Broadway, a 390,745-square-foot office and retail building in Manhattan’s SoHo neighborhood. The 12-story building’s retail component totals 70,870 square feet retail and was fully leased at the time of the loan closing to tenants such as Hugo Boss, Athletic Propulsion Labs, GU and Equinox. Office users include Zocdoc, The Farmer’s Dog and Milk Makeup. Aaron Appel, Dustin Stolly, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Sean Reimer, Jordan Casella and Stanley Cayre of Walker & Dunlop arranged the loan through ACORE Capital. The borrower is a joint venture between Aurora Capital, Allied Partners and A&H Acquisitions.

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Affordable HousingLoansMultifamilyNew YorkNortheast

Merchants Bank Provides $27.5M in Financing for Brooklyn Affordable Housing Complex

by Taylor Williams

NEW YORK CITY — Merchants Bank has provided $27.5 million in bridge financing for the acquisition and rehabilitation of Restore Housing Apartments, a 138-unit affordable housing complex in Brooklyn. The borrower is local owner-operator Tredway. The property offers one-, two-, three- and four-bedroom apartments that are reserved for households earning 50 percent or less of the area median income. The capital improvements, which are valued at $10 million and will preserve the property’s affordability status for another 99 years, will include new lobbies, kitchens, bathrooms, energy-efficient appliances and a rooftop solar installation. Merchants Capital arranged the financing.

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AcquisitionsMultifamilyNew JerseyNortheast

ICON Real Estate Negotiates $4.1M Sale of Apartment Building in Bayonne, New Jersey

by Taylor Williams

BAYONNE, N.J. — Local brokerage firm ICON Real Estate Advisors has negotiated the $4.1 million sale of a 25-unit apartment building in the Northern New Jersey community of Bayonne. According to Apartments.com, the building at 5-7 Kelly Parkway exclusively offers one-bedroom units. David Betesh of ICON Real Estate Advisors represented the seller, a local family, in the transaction and procured the undisclosed buyer.

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Leasing ActivityNew YorkNortheastOffice

HarbourVest Partners Signs 19,752 SF Office Lease in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — HarbourVest Partners has signed a 19,752-square-foot office lease in Midtown Manhattan. The Boston-based private equity firm is taking space on the 49th floor of 9 West 57th Street via a 10-year lease. Alexander Chudnoff and Ava Loughlin of JLL represented HarbourVest in the lease negotiations. Howard Fiddle, John Maher, Gregg Rothkin and Alex Leopold of CBRE represented the undisclosed landlord. 

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LoansNew YorkNortheastOffice

Sapir Organization Receives $105M Loan for Refinancing of Midtown Manhattan Office Building

by Taylor Williams

NEW YORK CITY — Local owner-operator The Sapir Organization has received a $105 million loan for the refinancing of 261 Madison Avenue, a 398,000-square-foot office building in Midtown Manhattan. The 28-story building was constructed in 1954 and is home to tenants such as printing company RR Donnelley, coworking concept Industrious, labor union SAG-AFTRA and Japanese restaurant Zuma. The Sapir Organization also houses its headquarters within the building. Anthony Orso, Ari Schwartzbard and Clifford Welden of Newmark arranged the loan through Genesis Credit, a New York-based private real estate credit and investment firm, on behalf of ownership.

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Trailside-Village-Forks-Township-Pennsylvania
DevelopmentMultifamilyNortheastPennsylvania

Larkin Associates Begins Leasing Phase II of 420-Unit Multifamily Development in Forks Township, Pennsylvania

by Taylor Williams

FORKS TOWNSHIP, PA. — New Jersey-based owner-operator Larkin Associates has begun leasing Phase II of Trailside Village, a 420-unit multifamily development located in the Lehigh Valley community of Forks Township. Trailside Village is a 22-building apartment community with one- and two-bedroom units that also features 27,000 square feet of commercial space that can support retail, office and healthcare uses. Residential amenities include a fitness center, resident lounge, game room, tot lot, pet salon and walking and biking trails. Leasing of Phase II commenced in August, and 26 of those 75 units are now occupied. Information on starting rents was not disclosed.

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128-Iron-Mountain-Road-Mine-Hill-New-Jersey
IndustrialLeasing ActivityLee & AssociatesNew JerseyNortheast

Amazing Savings Signs 173,475 SF Industrial Lease in Mine Hill, New Jersey

by Taylor Williams

MINE HILL, N.J. — Amazing Savings has signed a 173,475-square-foot industrial lease in the Northern New Jersey community of Mine Hill. The discount retailer is taking space at Spring Brook Commerce Center, a newly constructed, 393,335-square-foot building located at 128 Iron Mountain Road. Tom Consiglio and Scott Peck of Resource Realty of Northern New Jersey represented the tenant in the lease negotiations. Drew Maffey, Rick Marchisio, Will Ziegler, Joseph Komitor and Matt Esposito of Lee & Associates represented the landlord, Brookfield Properties.

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