PITTSBURGH — Hawkeye Hotels, an Iowa-based hospitality investment and management firm, will renovate the 135-roomHotel Indigo Pittsburgh East Liberty, which is part of the IHG Hotels & Resorts family of brands. The hotel opened in 2015 via adaptive reuse of multiple 1940s-era buildings, including the former Governor Hotel, and Hawkeye purchased the property in 2022. The renovation will encompass guestrooms and common spaces, and the design, led by Dallas-based Pickard Design Studio, will pay homage to the area’s automotive history, as well as honor the area’s first Native American inhabitants. A construction timeline has not yet been finalized.
WAKEFIELD, MASS. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $13.6 million loan for the refinancing of Lofts at 27 Water Street, a 46-unit apartment complex located north of Boston in Wakefield. The complex spans two buildings and includes 13,000 square feet of commercial space. Robert Bhat of MMCC arranged the five-year, nonrecourse loan, which carried an interest rate of 5.86 percent and a 65 percent loan-to-value ratio, through an undisclosed agency lender. The borrower is Pasciuto Properties.
WEST HAVEN, CONN. — Regional brokerage firm Northeast Private Client Group (NEPCG) has negotiated the $8.2 million sale of Crestview, a 63-unit apartment complex in West Haven, located in southern coastal Connecticut. According to Zillow.com, the property exclusively offers one-bedroom units, and residents also have access to a pool. Brad Balletto and Jeff Wright of NEPCG represented the Massachusetts-based seller and procured the Connecticut-based buyer, both of which requested anonymity, in the transaction.
NEW YORK CITY — Pickle1, a locally based pickleball operator, will open a 5,060-square-foot facility in Manhattan’s Financial District. The lease term is 10 years, and the three-court space will be located within the 964,175-square-foot building at 100 Pearl St. Allen Gurevich of GFP Real Estate and Andrew Taub of Newmark represented the owner, Commerz Real Americas, in the lease negotiations. Steven Evans and Emre Bozkurt of Platinum Properties represented Pickle1. The opening is set for this summer.
NEW YORK CITY — An investment group led by asset manager BlackRock has announced a deal to acquire two ports on either end of the Panama Canal for a total of $23 billion, including $5 billion of debt. Hong Kong-based CK Hutchison Holding, a global conglomerate of ports, infrastructure and telecommunications, is the seller. The investment consortium, which is doing business as BlackRock-TiL Consortium and also includes BlackRock subsidiary Global Infrastructure Partners and Terminal Investment Limited, will purchase all of CK Hutchison Holding’s shares in Hutchison Port Holdings and Hutchison Port Group Holdings. The ports involved in the transaction include those of Balboa and Cristobal. Hutchison Ports was recently awarded a 25-year, no-bid extension to operate the ports, according to AP News. However, an audit of the extension was already underway at the time of the deal. Upon completion of the acquisition, which must be approved by Panama’s government, BlackRock will have consortium control of 43 ports across 23 countries. This news follows expressions of concern from U.S. government officials that Chinese influence could affect dealings in the canal. The United States controlled the Panama Canal, as well as surrounding land called the “canal zone,” between 1903 and 1999. The canal took …
JERSEY CITY, N.J. — The New Jersey Economic Development Authority (NJEDA) has approved a $64 million tax credit for Bayfront Promenade, a 210-unit mixed-income multifamily project in Jersey City. The development will be located on the city’s west side and will include 74 affordable housing units and 10,600 square feet of commercial space. Amenities will include a rooftop terrace, fitness center with a yoga room, coworking lounge, community room with a kitchen area and a children’s playroom. Residents at Bayfront Promenade will also have access to onsite parking, as well as a daycare center and credit union that will both be operated by Greater Bergen Community Action Inc., which was also a co-applicant for the subsidy. The developer is an entity doing business as Bayfront Partners 32 Urban Renewal. The NJEDA delivered the tax credit through its Aspire program, which supports mixed-use, transit-oriented developments that have financing gaps. The capital stack also includes Low-Income Housing Tax Credits issued by the New Jersey Housing Mortgage & Finance Agency. A construction timeline was not disclosed.
BAYONNE AND EAST BRUNSWICK, N.J. — Dwight Mortgage Trust, the affiliate REIT of New York City-based Dwight Capital, has funded two bridge loans totaling $45 million for the refinancing of a pair of apartment complexes in New Jersey. In the first transaction, Dwight Mortgage Trust provided $21 million in financing for Silk Lofts, an 85-unit apartment complex in the Northern New Jersey community of Bayonne that is a redevelopment of the former factory of women’s apparel retailer Maidenform. The property comprises nine studios, 49 one-bedroom units and 27 two-bedroom units. Amenities include a fitness center, package room and indoor and outdoor lounges. In the second deal, Dwight provided $24 million for Summerhill Gardens, a 96-unit property in the Central New Jersey community of East Brunswick. Summerhill Gardens offers amenities such as a fitness center, playground, pool table, indoor and outdoor lounges and outdoor grilling stations. About a quarter (24) of the residences are designated as affordable housing. The borrower on both deals was AMS Acquisitions.
LATHAM, N.Y. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of $26.9 million sale of a 120,049-square-foot, grocery-anchored shopping center in Latham, located north of Albany. The center was built in 2010 and is home to tenants such as Petco and Crumbl Cookies in addition to grocery anchor The Fresh Market. Jim Koury of IPA represented the seller, Shaker Loudon Associates, which is an affiliate of Benderson Development, in the transaction. Koury also procured the buyer, an entity doing business as PCP Binghamton Associates LLC.
ALLENTOWN, PA. — Greystone has provided a $20.8 million Fannie Mae loan for the refinancing of Wynnewood Greens, a 206-unit multifamily property located in the Lehigh Valley city of Allentown. Built in 1975, Wynnewood Greens comprises 18 three-story buildings that house one-, two- and three-bedroom units. Amenities include outdoor picnic areas and onsite laundry facilities. Avi Lifshitz and Aviel Hematian of Greystone originated the seven-year, nonrecourse loan, which was structured with a fixed interest rate and full-term interest-only payments. The borrower, S&S Properties, purchased the asset in 2008.
YARMOUTH, MASS. — Regional brokerage firm Atlantic Capital Partners has negotiated the sale of Yarmouth Shopping Center, a 59,687-square-foot retail property located near the base of Cape Cod. Grocer Stop & Shop anchors the center. Justin Smith, Chris Peterson, Sam Koonce, Danielle Donovan and Matt Austin of Atlantic Capital Partners represented the seller and procured the buyer, both of which requested anonymity, in the transaction. The property traded in conjunction with a 124,405-square-foot center in Stow, Mass., for a combined price of $26 million.