NEW YORK CITY — Newmark has arranged a $275 million loan for the refinancing of 63-67 Wall Street, an apartment complex in Lower Manhattan that comprises 816 units across two buildings. The buildings were originally constructed for office use: 67 Wall Street was built in 1921 as the headquarters for the Munson Shipping Co., and 63 Wall Street was built in 1928 as the headquarters for Brown Brothers Harriman & Co. The buildings were converted into apartments in 2006 and 2004, respectively. Units come in studio, one- and two-bedroom floor plans, and amenities include a fitness center, rooftop terrace with a lounge and grilling stations, game room, golf simulator, library, children’s playroom and a business center. Jordan Roeschlaub, Nick Scribani and Chris Kramer of Newmark arranged the financing on behalf of the owner, a partnership between Boston-based real estate private equity firm Rockpoint and investment and management firm Brooksville Co. Apollo Global Management provided the loan. The partnership acquired the buildings in 2016 and has since invested in capital improvements.
Northeast
PITTSBURGH — KeyBank has provided $41.4 million in financing for First & Market, an adaptive reuse project that will convert a former office building in downtown Pittsburgh into a 93-unit affordable seniors housing complex. The financing consists of a $27 million construction loan and a $14.4 million permanent loan. Units will be reserved for renters age 62 and above, with the majority (83) of residences reserved for individuals earning 50 percent or less of the area median income (AMI). The other 10 units will be earmarked for households earning 20 percent or less of AMI. Residents will have access to support services in technology education, healthcare education and coordination, financial literacy and mental and behavioral health. Seaver Rickert and Leslie Meyers of KeyBank originated the financing on behalf of the developer, Beacon Communities. Completion is slated for the third quarter of 2026.
NORWICH, CONN. — Regional brokerage firm Northeast Private Client Group (NEPCG) has negotiated the $7 million sale of Cedar Glen, a 63-unit apartment complex in Norwich, located in southern coastal Connecticut. According to Apartments.com, the property was built in 1971 and offers one- and two-bedroom units as well as a pool. Brad Balletto of NEPCG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
WEYMOUTH, MASS. — Boston-based Sticks Investment Group has purchased a 27,000-square-foot warehouse in Weymouth, located south of the state capital. The building at 242 Libbey Industrial Parkway was constructed in 2004, features a clear height of 24 feet and was fully leased to three tenants at the time of sale. Michael Restivo, David Coffman and Tommy Hovey of JLL represented the buyer in the transaction. Fulcrum Real Estate Partners sold the building for an undisclosed price.
PHILADELPHIA — Local REIT Brandywine Realty Trust will open a 13,000-square-foot food hall at its Schuylkill Yards mixed-use development in the University City area of Philadelphia. Gather Food Hall & Bar will feature six eateries and a bar and will be housed on the ground floor of the historic Bulletin Building at 3025 Market St., which was converted to a life sciences facility in 2021. Hospitality HQ, a platform operated by New York chef and restaurateur Akhtar Nawab, will operate the venue, which is scheduled to open in the fall.
NEW HAVEN, CONN. — A partnership between two investment firms, Philadelphia-based Scully Co. and Connecticut-based True North Management Group, has purchased The Whit, a 230-unit apartment complex located in New Haven’s Wooster Square neighborhood. Built in 2022, The Whit offers studio, one-, two- and three-bedroom units with an average size of 892 square feet. Residences are furnished with stainless steel appliances, quartz countertops, tile backsplashes and individual washer and dryers, and all non-studio apartments have walk-in closets. Amenities include a fitness center with a yoga studio; a landscaped courtyard with a pool and fire pits; a rooftop terrace with bar and lounge seating; a clubroom with a coffee bar; a social dining room with a catering kitchen; and a coworking space with access to individual offices. The Whit also houses three retail spaces, two of which are leased to food-and-beverage operators. Jeffrey Dunne, Simon Butler, Biria St. John, Eric Apfel and Travis Langer of CBRE represented the undisclosed seller in the transaction and procured the partnership as the buyer. Tom Traynor, Adam Spengler, Nick Harris and Jake Helmig, also with CBRE, arranged acquisition financing for the deal through an undisclosed lender.
NEW YORK CITY — Northmarq has provided a $12.9 million Fannie Mae loan for the refinancing of a 35-unit apartment building located at 49 Ludlow St. in Manhattan’s Lower East Side that was originally constructed in 2000. According to Apartments.com, the elevator-served building offers two- and three-bedroom units, with private terraces available in select residences, as well as onsite laundry facilities. Tom Peloquin led the Northmarq team that originated the 10-year loan on behalf of the borrower, an entity doing business as The Downtown Apartments LLC.
ORANGE, N.J. — Local owner-operator PEEK Properties has begun leasing PINNACLE Orange Crossing, a 90-unit multifamily project in the Northern New Jersey community of Orange. The transit-served site is located within an opportunity zone, and the complex represents the third and final phase of a larger development that now totals 239 units. Residences at PINNACLE Orange Crossing come in studio, one- and two-bedroom floor plans, and amenities include a fitness center, resident lounge and a rooftop terrace. Rents start at approximately $2,200 per month.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $7.8 million sale of a multifamily development site in the Gowanus area of Brooklyn. The site at 284 4th Ave. can support 33,261 buildable square feet of product, although information on the proposed number of units was not disclosed. Sean Kelly, Stephen Vorvolakos and Nicole Daniggelis of Ariel represented the seller, a private investor, in the transaction. The buyer was also a private investor.
TERRYVILLE, CONN. — Regional brokerage firm Northeast Private Client Group (NEPCG) has negotiated the $5 million sale of Plymouth Village, a 46-unit apartment complex in Terryville, about 20 miles west of Hartford. According to Apartments.com, the property offers one- and two-bedroom units. Taylor Perun of NEPCG represented the seller and procured the buyer, both of which were Connecticut-based entities that requested anonymity, in the transaction.