NEW YORK CITY — Greystone has provided a $114.5 million bridge loan for the acquisition of a portfolio of nine affordable housing buildings totaling 753 units in Queens. Known as The State Preservation Portfolio, the elevator-served properties feature a mix of studio, one- and two-bedroom units, as well as covered parking. Information on specific income restrictions was not disclosed. The borrower is a partnership between national affordable housing owner-operator Iris Holdings Group and the New York City Department of Housing Preservation and Development. The partnership will use a portion of the proceeds to fund capital improvements and preserve the buildings’ affordability status.
PORTSMOUTH, N.H. — JLL has arranged a $96.8 million construction loan for Prescott Post, a 360-unit multifamily project that will be located in the southern New Hampshire city of Portsmouth. The site spans 26 acres, about 10 percent of which will be preserved as green communal space. Prescott Post will feature three- and four-story residential buildings that will house a mix of unit types. Amenities will include multiple clubrooms, coworking spaces, an indoor/outdoor fitness suite with a yoga studio, outdoor kitchens, fire pits and a dog run with a pet washing station. Brett Paulsrud, Andrew Gray and Hugh Doherty of JLL arranged the loan through Truist Bank on behalf of the developers, a partnership between Boston-based Eastern Real Estate and The Kane Co. Completion is slated for late 2027.
NEW JERSEY — EQT Real Estate has purchased a portfolio of 11 industrial buildings totaling 893,625 square feet in Northern New Jersey. Known as the New Jersey Value-Add Industrial Portfolio, the collection of buildings is located between Exits 2 and 14 off the New Jersey Turnpike. The portfolio was fully leased at the time of sale and has a weighted average remaining lease term of about four years. John Plower, Ryan Cottone, Nicholas Stefans and Jason Lundy of JLL represented the undisclosed, institutional seller in the transaction. The sales price was also not disclosed.
MEDFORD, MASS. — Locally based developer The Davis Cos. is underway on construction of The Clayborn, a 289-unit multifamily project located north of Boston in Medford. The 7.9-acre site formerly housed a self-storage facility. Designed by CUBE 3 Architects, The Clayborn will offer studio, one-, two- and three-bedroom units as well as six townhomes. The Clayborn will also have an affordability component, although specific income restrictions were not disclosed. Amenities will include a pool, fitness center, playground, golf simulator and putting green, coworking space, dog park and a rooftop deck. Plumb House is the general contractor for the project, which is expected to be complete in 2027.
DOWNINGTOWN, PA. — Locally based developer Hankin Group has broken ground on a 160-unit multifamily project in Downingtown, a western suburb of Philadelphia. The project is an expansion of the 70-acre River Station development and will consist of two buildings that will have 67 and 93 units. Residences will come in one- and two-bedroom formats and will range in size from 765 to 1,217 square feet. Residents will have access to amenities such as a pool, coffee bar, fitness center, sports court, golf simulator, demonstration kitchen, business center and a county-wide trail system. Completion of the first building is slated for summer 2026.
NEW YORK CITY — A joint venture between Boston-based owner-operator The Davis Cos., Tribeca Investment Group (TIG) and ATCO will undertake a $50 million renovation of 630 Third Avenue, a 23-story, 261-445-square-foot office building in Midtown Manhattan. Renovations will include a full lobby remodeling, construction of a tenant amenity center and conferencing space and delivery of move-in ready office suites. Construction is set to begin in the first quarter and to last six to eight months. CBRE has been named as the leasing agent for 630 Third Avenue.
PARSIPPANY, N.J. — Marcus & Millichap has brokered the $18.5 million sale of a 45,315-square-foot shopping center located in the Northern New Jersey community of Parsippany. Built in 1970 and renovated in 2012, Baldwin Shopping Center was fully leased at the time of sale to tenants such as Walgreens, Concentra, Enterprise Rent-A-Car and State Farm Insurance. Alan Cafiero, David Cafiero and John Moroz of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
NEW YORK CITY — Locally based financial intermediary ERG Commercial Real Estate has arranged an $8.5 million bridge loan for the refinancing of a 40,000-square-foot industrial building on Staten Island. According to LoopNet Inc., the building at 501 Industry Road was completed in 1976 and features a clear height of 30 feet. The direct lender was a national bank, and the borrower was a local private investment group. Both parties requested anonymity. The building was fully leased at the time of the loan closing
NEW YORK CITY — Five Iron Golf will open a 15,856-square-foot entertainment venue in Brooklyn. The space spans the ground floor and lower level of 25 Kent, a 500,000-square-foot office building, and will include 13 simulators, a 7,000-square-foot gym and a bar and kitchen. Anthony Dattoma of CBRE represented Five Iron Golf, which plans to open in the second quarter of 2026, in the lease negotiations. Ben Birnbaum, Neal Ohm, Andrew Taub and Caleb Petersen of Newmark represented the landlord, Global Holdings.
NEW YORK CITY — Citymeals on Wheels has signed a 15,214-square-foot office lease in Midtown Manhattan. The nonprofit organization will occupy the entire ninth floor of 360 Lexington Avenue, a 24-story building. Steven Soutendijk of Cushman & Wakefield represented the tenant in the lease negotiations. Mitchell Konsker, Barbara Winter and Thomas Swartz of JLL, along with internal agent Samuel Salberg, represented the landlord, AMTrustRE.