HAMILTON AND ROBBINSVILLE, N.J. — Brooklyn-based development and investment firm MORVAY is nearing completion of two industrial projects totaling 113,000 square feet in Central New Jersey. Purveyor Kuser and Purveyor North Gold are both shallow-bay projects and are located in Hamilton and Robbinsville, respectively, that MORVAY acquired in June 2025 from an institutional owner that had secured approvals before shifting its focus toward larger-scale opportunities. Both projects are expected to be complete before the end of the year.
PORTSMOUTH, N.H. — Lee & Associates has arranged $5.5 million in financing for an 11,000-square-foot retail strip center in Portsmouth, located near the Maine-New Hampshire border. The building at 1303 Woodbury Ave. previously housed a Rite-Aid, and the undisclosed borrower plans to redevelop the building into a medical office facility. Dave Carswell and Ryan Fitzpatrick of Lee & Associates arranged the debt through First Tech Federal Credit Union. The duo originated the financing in conjunction with a $5 million acquisition loan for a retail strip center in Rumford, Rhode Island.
MIDDLETOWN, CONN. — Colliers has brokered the sale of a 32,000-square-foot industrial building in Middletown, a southern suburb of Hartford. The building sits on a 3.5-acre site at 2303 S. Main St. and features a clear height of 20 feet. Philip Gagnon of Colliers represented the undisclosed buyer in the transaction. Yalesville Properties sold the building for an undisclosed price.
NEW YORK CITY — A partnership between The New York City Housing Authority, Fairstead, BRP Cos., Urbane and the Local Development Corp. of East New York has completed the $636 million rehabilitation of Reid Apartments and Park Rock, two affordable housing communities in Brooklyn. Located on the east side of the borough, Reid Apartments & Park Rock comprise 1,696 affordable housing units across 87 buildings that are home to roughly 3,000 people. Upgrades covered unit interiors and building exteriors, as well as mechanical and utility systems, security measures and resident services. The project also preserves the communities’ affordability status. Specific renovations included upgraded kitchens and bathrooms, new floors, appliances, fixtures and finishes, as well as modernized heating and ventilation systems, restored building facades, enhanced security infrastructure and elevator upgrades. The project also introduced upgraded lobbies and common areas, new storefronts, new community spaces, free community-wide Wi-Fi, fresh landscaping and improvements to outdoor amenity spaces. Lastly, residents now have access to expanded support services such as case management, healthy food programs, workforce development opportunities, youth programming and senior services.
PHILADELPHIA —Denver-based investment firm Speed Bay Warehouse Solutions has purchased a portfolio of eight industrial buildings totaling 488,936 square feet in the greater Philadelphia area. Collectively known as the Philadelphia Interstate Portfolio, the buildings are located throughout New Jersey’s Burlington County and Pennsylvania’s East Montgomery and Delaware counties. Building vintages span 1972 to 2004. The average unit size is 20, 372 square feet, and the buildings’ clear heights range from 17 to 33 feet. The portfolio was approximately 90 percent leased at the time of sale. The seller and sales price were not disclosed.
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.
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.
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 …
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.
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.