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38-Jackson-St.-Hoboken
DevelopmentIndustrialLoansMultifamilyNew JerseyNortheast

Madison Realty Capital Provides $97M in Financing for Industrial-to-Multifamily Conversion Project in Hoboken

by Taylor Williams

HOBOKEN, N.J. — Madison Realty Capital has provided $97 million in financing for a project in the Northern New Jersey community of Hoboken that will convert a five-story industrial building into a 110-unit multifamily complex. The new multifamily building will rise nine stories, feature for-sale units and include 50,000 square feet of retail space and a 300-space parking garage. Units will come in one- through five-bedroom floor plans, and amenities will include a pool, fitness center, clubroom, lounge and grilling areas. Construction is underway and slated for a third-quarter 2025 completion. The borrower is Taurasi Group.

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AcquisitionsHospitalityNortheastVermont

CBRE Brokers $19M Sale of Two Hotels in White River Junction, Vermont

by Taylor Williams

WHITE RIVER JUNCTION, VT. — CBRE has brokered the $19 million sale of two adjacent hotels in White River Junction, located along the Vermont-New Hampshire border. The 77-room Holiday Inn Express & Suites and the 110-room White River Inn & Suites are both located at the intersection of Interstates 89 and 91. The Larkin Family Partnership sold the properties to Giri Hotel Management LLC. Dave McElroy, Scott Hutchinson and Tyler Black of CBRE brokered the deal on behalf of both parties.

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IndustrialLeasing ActivityNew JerseyNortheast

Resource Realty Arranges 71,870 SF Industrial Lease in Norwood, New Jersey

by Taylor Williams

NORWOOD, N.J. — Locally based brokerage firm Resource Realty has arranged a 71,870-square-foot industrial lease in the Northern New Jersey community of Norwood. Locally based firm Alfred Sanzari Enterprises owns the building at 335 Chestnut St., which totals 111,424 square feet and was built in 1969, according to LoopNet Inc. Dan Whitehead of Resource Realty negotiated the deal on behalf of the tenant, footwear products manufacturer OrthoFeet Inc.

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Leasing ActivityNew YorkNortheastRestaurantRetail

Olshan Properties Welcomes Three New Tenants to Northway Mall in Colonie, New York

by Taylor Williams

COLONIE, N.Y. — New York City-based Olshan Properties has welcomed three new tenants to Northway Mall, a 480,000-square-foot shopping and dining destination located just outside of Albany in Colonie. The new tenants are Mattress Firm (4,745 square feet), Mission BBQ (4,329 square feet) and Club Pilates (1,846 square feet). Each company’s space is located within a standalone building that previously housed a Petco and which Olshan repositioned to support multiple tenants.

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ConnecticutLeasing ActivityNortheastOffice

Centerbrook Partners Signs 3,825 SF Office Lease in Greenwich, Connecticut

by Taylor Williams

GREENWICH, CONN. — Global alternative investment firm Centerbrook Partners has signed a 3,825-square-foot office lease at 55 Railroad Ave., a 139,000-square-foot building in the southern coastal Connecticut city of Greenwich. According to LoopNet Inc., the property was built in 1975 and renovated in 2006. Jay Hruska of Cushman & Wakefield represented the landlord, an affiliate of Houston-based Hines, in the lease negotiations. Steve Banker of Newmark represented the tenant.

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ConnecticutHospitalityLoansNew YorkNortheastTop Stories

MCR, Building and Land Technology Secure $632M Refinancing of 53-Hotel Portfolio

by John Nelson

NEW YORK CITY AND STAMFORD, CONN. — MCR and Building and Land Technology (BLT) have secured a $632 million loan for the refinancing of a portfolio of 53 hotels across the United States. The financing features a three-year, fixed-rate term, and was securitized in a single-asset, single-borrower CMBS transaction. This type of financing structure is reserved for large properties or portfolios. MCR and BLT acquired the 53 hotels between 2013 and 2015. The portfolio totals 5,958 guest rooms across 14 states. According to MCR, the portfolio is valued at approximately $960 million. MCR also stated that the properties are concentrated in high-growth markets such as Texas, Arizona, Virginia and North Carolina. The portfolio is comprised of eight Marriott and Hilton extended stay and select-service brands, including Residence Inn by Marriott, Courtyard by Marriott, TownePlace Suites by Marriott, Hilton Garden Inn and Hampton Inn by Hilton. The hotels are managed by MCR’s in-house operations team. MCR and BLT have collectively made more than $118 million in capital improvements since acquiring the properties, including upgrades to the guest rooms and public spaces, as well as property maintenance. MCR is a hotel manager headquartered in New York City. The company’s $5 billion portfolio …

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Westminster-Village-Arms-Lowell-Massachusetts
Affordable HousingLoansMassachusettsMultifamilyNortheast

MassHousing Provides $94M in Financing for Metro Boston Affordable Housing Complex

by Taylor Williams

LOWELL, MASS. — MassHousing has provided $94 million in financing for Westminster Village Arms, a 432-unit affordable housing complex located north of Boston in Lowell. The property comprises 36 three-story buildings and a maintenance building that were constructed in 1970 and last renovated in 2012. Units come in studio, one-, two- and three-bedroom floor plans and are reserved for households earning 60 percent or less of the area median income. Amenities include a pool, basketball court, playground, business center, community room with a kitchen and onsite laundry facilities. The borrower, Related Affordable, will use the proceeds to retire existing debt, preserve the property’s affordability status and fund approximately $20 million in renovations.

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Turnpike-1-Trade-Center-Pilesgrove-New-Jersey
DevelopmentIndustrialNew JerseyNortheast

NorthPoint Development Breaks Ground on 954,701 SF Industrial Project in Pilesgrove, New Jersey

by Taylor Williams

PILESGROVE, N.J. — Missouri-based NorthPoint Development has broken ground on a 954,701-square-foot industrial project in the Southern New Jersey community of Pilesgrove. Designed by studioNorth Architecture and built by Peak Construction Corp., the project represents the fourth building in the Turnpike 1 Trade Center development. Building features will include a clear height of 40 feet, 96 docks, four drive-in doors, 2,000 square feet of office space and parking for 536 cars and 244 trailers. Completion is scheduled for the fourth quarter.

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AcquisitionsMultifamilyNew YorkNortheast

Marcus & Millichap Brokers $12.6M Sale of Four Harlem Apartment Buildings

by Taylor Williams

NEW YORK CITY — Marcus & Millichap has brokered the $12.6 million sale of four apartment buildings totaling 113 units in Harlem. The buildings house units in two-, three-, four- and five-bedroom floor plans and collectively include eight retail spaces. Seth Glasser, Michael Fusco and Benny Katz of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.

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IndustrialLeasing ActivityNew JerseyNortheast

Resource Realty Arranges 52,108 SF Industrial Lease in Norwood, New Jersey

by Taylor Williams

NORWOOD, N.J. — Locally based brokerage firm Resource Realty has arranged a 52,108-square-foot, full-building industrial lease in the Northern New Jersey community of Norwood. Alfred Sanzari Enterprises owns the building at 10 Maple St., which was built in 1975, according to LoopNet Inc. Dan Whitehead of Resource Realty negotiated the deal on behalf of the tenant, footwear products manufacturer OrthoFeet Inc.

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