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Equity Residential to Acquire 11-Property Multifamily Portfolio from Blackstone for $964M

by Katie Sloan

CHICAGO AND NEW YORK CITY — Equity Residential (NYSE: EQR) has agreed to acquire an 11-property apartment portfolio from Blackstone (NYSE: BX) for $964 million. The acquisition is the largest U.S. multifamily purchase by any public real estate investment trust in the past seven years, according to reports by The Wall Street Journal.  The portfolio includes four properties totaling 1,357 units in Atlanta; four properties totaling 1,237 units in the Dallas/Fort Worth metropolitan area; and three properties totaling 978 units in Denver. Further details on the communities were not disclosed.  The properties were attractive to Equity Residential — one of the largest owners of multifamily assets in the U.S. with 79,738 units across 299 properties — due to their locations in markets where the Chicago-based firm is targeting growth, as well as the properties’ appeal to high-end renters. The acquisition is expected to close in the third quarter and will include separate transactions with Blackstone Real Estate Income Trust, Blackstone Real Estate Partners and Blackstone Property Partners. Eastdil Secured, RBC Capital Markets, Santander and Sumitomo Mitsui Banking Corporation (SMBC) acted as Blackstone’s financial advisors in the transaction. Simpson Thacher & Bartlett served as Blackstone’s legal counsel. Neal Gerber & Eisenberg, Hogan …

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CanalSide-Cambridge
Market ReportsMassachusettsNortheastNortheast Market ReportsRetail

Despite Exceptional Demand, Boston Retail Market Faces Stagnating Forces

by Taylor Williams

By Taylor Williams Heath Ledger, squaring off against Batman as The Joker, observed, “so this is what happens when an unstoppable force meets an immoveable object.”  The late great actor’s metaphor for the stalemate that ensues when entities of equal and opposing power collide could almost be used to describe the current state of the Boston retail market. For while the sector continues to see high levels of tenant demand and the locale retains an array of proven demand drivers, the lack of new supply means that a ceiling of sorts on the growth of the market as a whole is taking shape. And the factors that form the foundation of this ceiling are very unlikely to bend, much less break. Minimal gains in new inventory have long plagued the Boston retail market, and the current scenario is no exception. According to data from CoStar Group, the market added 518,000 square feet of new space in the 12-month period that ended June 30 but absorbed approximately 1 million square feet of space during that time. Vacancy thus remains extremely tight at 2.3 percent. In formulating its latest report on the Boston retail market, CoStar noted that Beantown retailers would “largely …

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Northbridge
ConnecticutIndustrialLoansMassachusettsNortheast

JLL Arranges $27.3M in Acquisition Financing for New England Industrial Portfolio

by Taylor Williams

BOSTON — JLL has arranged $27.3 million in acquisition financing for a portfolio of two industrial buildings totaling approximately 315,000 square feet in New England. The addresses were not disclosed, but the buildings are located in Central Massachusetts and the greater Hartford area. Andrew Gray and Ryan Parker of JLL originated the nonrecourse financing through an undisclosed life insurance company. The borrower was locally based investment firm Northbridge Partners. Both buildings are leased to tenants on long-term deals.

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IndustrialLoansNortheastPennsylvania

Tremont Realty Capital Provides $27M Loan for Refinancing of Industrial Property in Wayne, Pennsylvania

by Taylor Williams

WAYNE, PA. — Tremont Realty Capital, a division of metro Boston-based investment firm RMR Group, has provided a $27 million loan for the refinancing of a 138,065-square-foot industrial property in Wayne, a northwestern suburb of Philadelphia. The building at 400 Devon Park Drive was originally constructed in 1969 and features clear heights of 20 to 24 feet. JLL arranged the loan, which was structured with a three-year initial term with two one-year extension options. The borrower was a joint venture between Mainstreet Capital Partners and Contrarian Capital Management.

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DevelopmentIndustrialNortheastPennsylvania

Hankin Group Breaks Ground on 70,000 SF Industrial Flex Project in Exton, Pennsylvania

by Taylor Williams

EXTON, PA. — Locally based developer Hankin Group has broken ground on Phase II of Haywood Business Park, a 70,000-square-foot industrial flex project in Exton, about 35 miles west of Philadelphia. Phase II of Haywood Business Park is being developed on a speculative basis and will consist of two 35,000-square-foot buildings that can support light manufacturing, warehousing and research-and-development uses. Leasing is underway on the first building, which features a clear height of 20 feet, four dock doors and 54 parking spaces. Construction of that building is slated for an early 2025 completion. Phase I of Haywood Business Park delivered 105,000 square feet of product.

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AcquisitionsIndustrialNortheast

Colliers Brokers $8M Sale of Central New Jersey Warehouse

by Taylor Williams

EDISON, N.J. — Colliers has brokered the $8 million sale of a 29,000-square-foot warehouse in the Central New Jersey community of Edison. The building at 6 Olsen Ave. includes 3,000 square feet of office space and 100 parking spaces. Jacklene Chesler and Patrick Norris represented the seller in the transaction. Christopher Galiano of NAI DiLeo-Bram represented the buyer, which also plans to occupy the building. Both parties requested anonymity.

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Leasing ActivityNew YorkNortheastOffice

Stark Office Suites Signs 11,816 SF Office Lease in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Stark Office Suites has signed an 11,816-square-foot office lease in Midtown Manhattan. The provider of executive suites and virtual workspace solutions is taking a full floor at 825 Third Avenue, a 530,000-square-foot building that recently underwent a $150 million capital improvement program. Tom Bow, Ashlea Aaron, Sayo Kamara and Bailey Caliban internally represented the landlord, The Durst Organization, in the lease negotiations. Craig Lemle and Roi Shleifer of Savills represented the tenant.

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2868-Webster-Avenue-Bronx
DevelopmentMultifamilyNew YorkNortheast

Douglaston Development Receives Financing for $190M Bronx Affordable Housing Project

by Taylor Williams

NEW YORK CITY — Douglaston Development has received financing for a $190 million affordable housing project that will be located in the Bedford Park neighborhood of the Bronx. The building at 2868 Webster Ave. will rise 12 stories and house 277 units. The financing includes $83.4 million in tax-exempt bond proceeds and $17.4 million in subsidies allocated by The New York City Housing Development Corp. The New York City Department of Housing Preservation & Development also provided a $52.6 million subsidy under its Extremely Low- and Low-Income Affordability Program. Wells Fargo provided Low-Income Housing Tax Credits as well as a letter of credit for the project. Units will come in studio, one-, two- and three-bedroom floor plans and will be reserved for households earning up to 70 percent of the area median income. Sixty units will be set aside as supportive units. The project represents the second phase of a two-phase development that also includes a 188-unit seniors housing complex that opened in fall 2023. Levine Builders, the general contracting affiliate of Douglaston Development, will build the community. Construction is expected to be complete in 2027.

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HospitalityLoansMassachusettsNortheast

Tremont Realty Capital Provides $40M Loan for Refinancing of Metro Boston Hotel

by Taylor Williams

REVERE, MASS. — Tremont Realty Capital, a division of locally based investment firm RMR Group, has provided a $40 million loan for the refinancing of SpringHill Suites by Marriott Boston Logan Airport Revere Beach hotel. The 168-room hotel is located on the eastern outskirts of the city near the Wonderland MBTA public transit station. HREC Investment Advisors arranged the loan, which carried a two-year initial term with three one-year extensions. The borrower was not disclosed.

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IndustrialLoansNew YorkNortheast

JLL Arranges $10M Permanent Loan for Warehouse, Distribution Building in Montgomery, New York

by Taylor Williams

MONTGOMERY, N.Y. — JLL has arranged a $10 million permanent loan for an 80,260-square-foot warehouse and distribution building in Montgomery, about 75 miles north of Manhattan. The facility at 18 Leonards Drive, which was completed earlier this year and was fully leased at the time of the loan closing, features a clear height of 36 feet, 16 loading docks, two drive-in doors and parking for 50 cars and 14 trailers. Michael Klein and Max Custer of JLL originated the fixed-rate debt on behalf of the borrower, Frassetto Cos. An undisclosed life insurance company provided the loan.

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