PARKESBURG, PA. — Marcus & Millichap has brokered the $7 million sale of Parkesburg Shopping Center, a 53,319-square-foot retail center located about 50 miles west of Philadelphia. Grocery Outlet and Planet Fitness anchor the 7.7-acre property, which recently underwent a capital improvement program. Other tenants include the U.S. Post Office and Dollar General. Joseph French Jr. and Kodi Traver of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction. The deal traded at a cap rate of 7.5 percent.
WINSTED, CONN. — Locally based brokerage firm Chozick Realty has arranged the $4 million sale of The Mill at Still River, a 39-unit apartment building in Winsted, about 25 miles northwest of Hartford. The building was originally constructed as an industrial facility in 1887 and converted to residential use in 1986. Steve Pappas of Chozick Realty represented the buyer and seller, both of which requested anonymity, in the transaction.
YONKERS, N.Y. — SightMD has signed a 9,409-square-foot healthcare lease in Yonkers, a northern suburb of New York City. The provider of ophthalmology services will take space at One Executive Center, a four-story, 133,768-square-foot building. Scott Berfas and Glenn Walsh of Newmark represented the tenant in the lease negotiations. The locally based landlord, Simone Development, was self-represented.
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Agency Initiatives Entice Traditional Multifamily Owners, Investors to Workforce Housing
A trio of social-impact lending programs is enticing enough to convince market-rate multifamily owners and investors to dip their toes into the affordable housing sector. These recently launched initiatives all promote the creation and preservation of workforce housing. Unlike low-income housing tax credits, Section 8 rent vouchers and other longstanding programs centered on helping families with low and very-low incomes to afford housing, the newest offerings primarily aim to assist missing middle renters — or those with modest-to-low incomes. That’s according to Ian Monk, deputy chief production officer for conventional multifamily at Lument — which is educating its borrowers about the competitive pricing, generous proceeds and potential for lengthy amortization periods available from Fannie Mae and Freddie Mac. “By charter, the government-sponsored enterprises (GSEs) have a duty to help provide housing that is affordable to all people, including families with only moderately low incomes,” Monk says. “In the multifamily arena, they may serve those families in fully dedicated affordable communities, but they can also serve them in conventional, market-rate properties that adopt some affordability initiatives using one of these social-impact loan structures.” The GSEs are making a strong push in 2024 to expand participation in the three social-impact loan products, …
BOSTON —MassDevelopment has provided $39.9 million in tax-exempt bond financing for a 115-unit affordable seniors housing project in the Brookline area of Boston. The property will feature one-bedroom units that will be reserved for renters earning 60 percent or less of the area median income and will replace 60 outdated existing public housing units. Bond proceeds will also be used to build 32 parking spaces. Construction began in January and is scheduled for completion in December 2025. The borrower, 32 Marion Apartments LLC, is a for-profit affiliate of the Brookline Housing Authority. Eastern Bank and Rockland Trust purchased the bond.
PHILLIPSBURG, N.J. — Marcus & Millichap has brokered the sale of Access Self Storage, a 322-unit facility in Phillipsburg, located along the New Jersey-Pennsylvania border. The facility was built on a little less than a full acre in 2018 and comprises 18,074 net rentable square feet of climate-controlled space. Luke Dawley, Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the undisclosed seller in the transaction. The buyer was also not disclosed. John Horowitz of Marcus & Millichap assisted in closing the deal as the broker of record.
BLOOMFIELD, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Manor House, a 125-unit apartment complex in Bloomfield, located just outside of Hartford. The two-story building, which was originally constructed on 15 acres in 1963, offers one- and two-bedroom units, according to Apartments.com. Victor Noletti, Eric Pentore, Wes Klockner and Ross Friedel of IPA represented the seller and procured the buyer in the transaction.
HACKENSACK, N.J. — Locally based financial intermediary Cronheim Mortgage has arranged a $6 million permanent loan for Grand Apartments, a 74-unit building in the Northern New Jersey community of Hackensack. Grand Apartments was built in 1970 and houses three studios, 48 one-bedroom apartments, 22 two-bedroom units and one three-bedroom unit. Andrew Stewart, Dev Morris and Allison Villamagna of Cronheim placed the loan through Farm Bureau Life Insurance on behalf of the undisclosed borrower.
MONROE, CONN. — Broadband Technical Resources has signed a 9,159-square-foot industrial lease in Monroe, about 20 miles west of New Haven. According to LoopNet Inc., the 23,702-square-foot building at 580 Pepper St. was originally built in 1987 and renovated in 1997. Bruce Wettenstein of locally based brokerage firm Vidal/Wettenstein represented the tenant in the lease negotiations. Robert Malin Realty owns the building.
WOODBRIDGE, N.J. — Regional provider Hackensack Meridian Health has broken ground on a $200 million facility in the Northern New Jersey community of Woodbridge. The project will be part of the larger development of the area surrounding Metropark Station, a major regional transit hub. The 60,000-square-foot facility will be home to an array of primary and specialty care providers, as well as a sports and spine care center. Other services and offerings will include advanced imaging, phlebotomy, rehabilitation services, a retail pharmacy, occupational health services and an urgent care clinic. Hackensack Meridian claims the project will create 1,000 jobs. Completion is slated for late 2025. Russo Development is leading the team behind the larger development, which will ultimately feature residential, office, retail and restaurant uses in addition to the new healthcare facility. Within the residential component, at least 20 percent of the units will be reserved for low-income renters, although specific income restrictions were not announced. The administration of New Jersey Gov. Phil Murphy awarded the development consortium $110 million in tax credit incentives as part of a larger initiative to “push to modernize transportation hubs throughout the state.” Information about additional financing sources was not disclosed. “New Jersey is pioneering …