FAIRFIELD, N.J. — ConnectiveRX, a provider of various support services for the healthcare industry, has signed a 19,371-square-foot office lease renewal in the Northern New Jersey community of Fairfield. ConnectiveRX is re-committing to its space at Greenbrook Executive Center, a 203,028-square-foot building owned by locally based investment firm Accordia Realty Ventures, on a short-term basis. Fred Hyatt and Derek DeMartino of JLL brokered the lease on behalf of ownership. Law firm Dwyer, Connell & Lisbona LLP also recently committed to a five-year renewal for its 7,731-square-foot suite at Greenbrook Executive Center.
NEW YORK CITY — JLL has negotiated a 15,202-square-foot office lease at 71 Fifth Ave. in the Union Square/Flatiron area of Manhattan. The tenant, AI-backed video game company Captions, will occupy the entire sixth floor of the 11-story building, which was originally constructed in 1907. Kyle Riker of JLL represented Captions in the lease negotiations. Mitchell Konsker, Ben Bass, Dan Turkewitz and Kyle Young, also with JLL, represented the landlord, a partnership between Madison Capital and Lubert Adler Partners, in conjunction with internal agents Jonathan Ratner and Cindy Chang.
NEW YORK CITY — Affinius Capital has provided a $150 million loan for the refinancing of a portfolio of six industrial properties totaling 1.8 million square feet. Though names and addresses were not disclosed, the properties are located in Atlanta, Dallas, Philadelphia, Charlotte, Louisville and South Florida and feature clear heights ranging from 24 to 36 feet. The borrower was Ares Management. The portfolio was roughly 40 percent occupied at the time of sale, although Affinius notes that “letters of intent are out on the majority of the remaining vacant space.”
CANTON, MASS. — A partnership between locally based developer Jumbo Capital and affiliates of Apollo Global Management has completed the renovation of a 136,000-square-foot industrial building in the southern Boston suburb of Canton. The building sits on a 10-acre site at 30 Dan Road, features a clear height of 34 feet and is subdividable to 50,000-square-foot suites. Surus Construction & Development served as the general contractor for the project, which began in summer 2022. Integrated Project Services handled architectural design, and Highpoint Engineering served as the civil engineer. Colliers is now marketing the property for lease.
NEW YORK CITY — Advent International has signed a 10-year, 34,000-square-foot office lease at The Seagram Building in Midtown Manhattan. The private equity firm will occupy the entire 14th and 15th floors of the 38-story building, which is located at 375 Park Ave. and was originally constructed in 1958. Lindsay Ornstein, Patrick Robinson, Casey Noel and Kate Whitman of OPEN Impact Real Estate represented the tenant in the lease negotiations. A.J. Camhi and Paul Milunec represented the landlord, locally based investment firm RFR, on an internal basis.
WAYNE, PA. — Locally based design firm Meyer has completed the renovation of the 21,500-square-foot office headquarters of Bala Consulting Engineers in Wayne, a northwestern suburb of Philadelphia. The space house a café with gaming options and other amenities that converts to a training and conference room for flexible gathering. Digital signage highlights messaging from all of Bala’s office locations. Other features include video conferencing cameras, room reservation systems, mobile AV capabilities and conference room occupancy sensors.
PARSIPPANY, N.J. — Cushman & Wakefield has negotiated a 10,583-square-foot office lease renewal in the Northern New Jersey community of Parsippany. The tenant, Business Credentialing Services, is taking space at 199 Cherry Hill Road, which according to LoopNet Inc. was built in 1970, renovated in 2017 and totals 57,445 square feet. William O’Keefe and Courtney Rosenkrantz of Cushman & Wakefield represented the landlord, locally based investment firm The Birch Group, in the lease negotiations.
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LIHTC Program Offers Lifeline to Struggling Multifamily Developers
It’s a tough time for much of multifamily development, but the Low-Income Housing Tax Credit (LIHTC) program offers incentives that make much-needed affordable housing comparatively easier to achieve under the current economic conditions. Building is expensive and financing is tight in the current multifamily market. However, as it has for the last 30 years, the LIHTC program provides solutions that increase the ease of creating and sustaining affordable housing, even when the overall multifamily market faces challenges. The program not only promotes the construction and acquisition of housing but also enforces conditions that help maintain the stability and preservation of affordable properties. The program is also needed to address the demand for affordable housing. The National Low Income Housing Coalition estimates that extremely low-income households represent 25 percent of the nation’s 44.1 million renters and reports a shortage of 7.3 million affordable and available rental homes. Historical Financial Resilience “The LIHTC asset class is resilient, if not countercyclical, under challenging economic times,” says Katie Balderrama, executive vice president of affordable equity at Walker & Dunlop. The firm typically sees a foreclosure rate of under 1 percent on properties supported by LIHTC. “Overall, our affordable housing assets tend to perform fairly …
NEW YORK CITY — Douglaston Development has topped out a $320 million multifamily project located at 1057 Atlantic Ave. in the Bedford-Stuyvesant neighborhood of Brooklyn. The 17-story building will ultimately house 456 apartments, 137 of which will be reserved as affordable housing. Units will come in one-, two- and three-bedroom floor plans. Amenities will include a fitness center, lounge, golf simulator, game room, screening room, children’s playroom and a landscaped rooftop deck, as well as 31,000 square feet of ground-floor retail space. Greystone Capital Advisors arranged financing for the project, which included $185 million in construction financing from Wells Fargo Bank, M&T Bank and BankUnited. Funds managed by Ares Real Estate also have a preferred equity investment project in the development, which is slated for completion in late 2025.
MECHANICSBURG, PA. — JLL has arranged the $78.5 million sale of an 812,425-square-foot distribution center in Mechanicsburg, located just outside of Harrisburg in the central part of the Keystone State. The facility was built on 44.3 acres in 2002 and offers 182 dock-high doors, two drive-in doors, 329 parking spaces, 109 trailer stalls and 195-foot truck court depths. John Plower and Ryan Cottone of JLL represented the undisclosed seller and procured the buyer, a joint venture between Lightstone and an affiliate of Cerberus Capital Management, in the transaction. Peter Rotchford, Andrew Scandalios, Michael Pagniucci and Tyler Peck of JLL arranged a $65 million acquisition loan through Argentic Investment Management on behalf of the new ownership.