LAWRENCE, MASS. — Northmarq has provided a $22.8 million Fannie Mae acquisition loan for Elora Flats & Townhomes, a 104-unit affordable housing complex in Lawrence, a northern suburb of Boston. Built in 2009, Elora Flats & Townhomes comprises six four-story buildings with 48 one-bedroom units, 23 two-bedroom residences and 33 three-bedroom apartments. All units are reserved for households earning 80 percent or less of the area median income. Kevin Sykes, Ed Riekstins and Jeffrey Munoz of Northmarq originated the loan through Fannie Mae’s Delegated Underwriting Service (DUS) program on behalf of the borrower, Arrowpoint Properties.
NEW YORK CITY — Ariel Property Advisors has arranged the $11 million sale of a mixed-use development site in the Gowanus area of Brooklyn. The transit-served site at 604 Union St. formerly housed the Dinosaur Bar-B-Que restaurant and can support 41,406 square feet of buildable product. Sean Kelly, Stephen Vorvolakos and Nicole Daniggelis of Ariel brokered the deal. The buyer, Zelig Weiss, and seller, Simon Vays, are both local developers and investors.
NEW YORK CITY — National general contractor JT Magen has completed construction of a 15,000-square-foot cinema project in Manhattan’s Chelsea district. Designed by Weiss Architecture, the two-story venue at 131 Eighth Ave. is known as Metro Private Cinema and is a retrofit of a former Duane Read drugstore. The venue features 20 individual private movie suites that can each accommodate between four to 20 viewers, as well as a full kitchen and bar.
NEW YORK CITY — Walker & Dunlop has arranged a $170.5 million permanent loan for the refinancing of Lenox Terrace, a 1,696-unit apartment community in Harlem. Opened in 1958, Lenox Terrace primarily offers rent-restricted residences that are housed across six 16-story buildings. Amenities include landscaped green spaces, a dog park and a playground. Jonathan Schwartz, Aaron Appel, Keith Kurland, Adam Schwartz, Dustin Stolly, Sean Reimer, Michael Ianno and Cody Ela of Walker & Dunlop arranged the loan through Chase Commercial Bank on behalf of the owner, The Olnick Organization.
LIMERICK, PA. — Provident Industrial, a division of Dallas-based development and investment firm Provident, is underway on construction of a 257,040-square-foot industrial project in Limerick, about 35 miles northwest of Philadelphia. Specific building features for the project at 300 Keystone Drive were not disclosed, but the facility will be able to support logistics, advanced manufacturing and/or e-commerce users. Completion is slated for next summer. CBRE is marketing the project for lease.
REHOBOTH BEACH, DEL. — A joint venture between Michigan-based development and investment firm REDICO and operator Ciel Senior Living has broken ground on a 144-unit project in the coastal Delaware community of Rehoboth Beach. Ciel of Rehoboth will offer independent living, assisted living and memory care services in addition to resort-style amenities, social programming and personalized wellness and care services. Completion is slated for 2028.
CONCORD, N.H. — JLL has negotiated the sale of the 32-room Centennial Hotel in Concord. Located in the state capital’s downtown area, the historic building was constructed in 1898 and converted to a boutique hotel in 1996. Amenities include a fitness center, business center, continental breakfast service, an onsite restaurant and bar and 1,785 square feet of meeting and event space. Alan Suzuki of JLL represented the seller, Sparta Properties, in the transaction. The buyer was Lord Hotels.
BOSTON — Miami-based Driftwood Capital and New York City-based Madison Realty Capital (MRC) have funded the refinancing of a 147-unit residential hotel in Boston’s Back Bay neighborhood. The amount(s) was not disclosed. The Raffles Boston Hotel & Residences opened in fall 2023 and offers a mix of residential-style guestrooms and suites. Guests have access to a wellness center with a pool, spa and fitness center, as well as three onsite restaurants and bars and butler service. The borrower is London-based investment firm Cain.
NEW YORK CITY — West Palm Beach-based developer Sterling Organization is nearing completion of a 100,000-square-foot industrial project in the Hunts Point neighborhood od The Bronx. The facility at 307 Bruckner Blvd. comprises 46,000 square feet of covered fleet parking and storage space beneath a 46,000-square-foot warehouse that has a clear height of 36 feet, as well as an 8,200-square-foot mezzanine space. Additional features include four loading docks, two drive-in doors and future expansion capabilities. JLL is marketing the facility for lease.
ROCKAWAY, N.J. — JLL has brokered the sale of an 81,000-square-foot industrial building in the Northern New Jersey community of Rockaway. The shallow-bay building at 385 Franklin Ave. features a clear height of 22 feet, 13 dock doors and an average suite size of 7,400 square feet. Nicholas Stefans, Jason Lundy and Luke Ceccoli of JLL represented the seller, LM Real Estate Partners, in the transaction. NorthBridge Partners acquired the facility for an undisclosed price.