Northeast

Simon Underway on Expansion at Woodbury Common Premium Outlets in New York

by Taylor Williams April 30, 2024

WOODBURY, N.Y. — Simon Property Group is underway on an expansion project at Woodbury Common Premium Outlets, located about 55 miles north of New York City. The project will add 155,000 square feet of new retail and restaurant space, as well as a 200-room hotel, second parking facility and upgraded amenities. A VIP suite with private dressing rooms, a lounge and a private kitchen is also scheduled to open later this year. Simon will also add a new children’s play area, improved crosswalks and wayfinding, and enhanced landscaping to the property, which is home to some 250 tenants.

April 30, 2024

Affordable Housing Development Massachusetts Multifamily Northeast

Michaels Completes Renovation of 201-Unit Affordable Housing Complex in Springfield, Massachusetts

by Taylor Williams April 30, 2024

SPRINGFIELD, MASS. — The Michaels Organization, an affordable housing owner-operator, has completed the renovation of Bergen Circle Housing Community, a 201-unit complex in the western Massachusetts city of Springfield. The unit mix consists of 89 one-bedroom units, 72 two-bedroom apartments, 20 three-bedroom residences and 20 four-bedroom units. The majority (170) of the units are reserved for households earning between 50 and 80 percent of the area median income. Michaels bought the eight-building property in 2021 and invested $17 million in capital improvements. MassHousing financed the renovations.

April 30, 2024

Acquisitions Data Centers Massachusetts Northeast Office

JLL Arranges Sale of 56,324 SF Office, Data Center in Hopkinton, Massachusetts

by Taylor Williams April 30, 2024

HOPKINTON, MASS. — JLL has arranged the sale of a 56,324-square-foot office and data center located in Hopkinton, about 30 miles west of Boston. According to LoopNet Inc., the two-story building at 117 South St. was built in 1981 and renovated in 1985. Mike Restivo and Scott Carpenter of JLL represented the undisclosed seller in the transaction. Brett Paulsrud and Tom Sullivan, also with JLL, arranged acquisition financing on behalf of the buyer, locally based investment firm Rhino Capital. The new ownership plans to implement a value-add program.

April 30, 2024

Development Life Sciences Massachusetts Northeast Office

Hobbs Brook Breaks Ground on 320,000 SF Office, Life Sciences Project in Norwood, Massachusetts

by Taylor Williams April 29, 2024

NORWOOD, MASS. — Hobbs Brook Real Estate has broken ground on a 320,000-square-foot office and life sciences project in Norwood, a southern suburb of Boston, that is a build-to-suit for commercial property insurance company FM Global. The project will replace a 1950s-era building with a four-story office, lab and research and development building, as well as add a new 930-space parking garage and outdoor amenity spaces. Payette is the project architect, and Shawmut Design & Construction is the general contractor. Completion is slated for 2026.

April 29, 2024

Civic Development Loans Massachusetts Multifamily Northeast Student Housing

MassDevelopment Provides $11M Bond Financing for Student Housing Project in Fitchburg, Massachusetts

by Taylor Williams April 29, 2024

FITCHBURG, MASS. — MassDevelopment has provided $11 million in tax-exempt bond financing for a student housing project in Fitchburg, about 55 miles west of Boston. The project will add a two-story building to the campus of Applewild School, a private day and boarding school, that will house 20 bedrooms for 40 students and six faculty apartments. Construction is underway and expected to be complete before the start of the fall 2024 semester. Proceeds will also be used to fund renovations to the preschool and toddler facilities in the Marshall Building. Enterprise Bank purchased the bond.

April 29, 2024

Loans Multifamily New York Northeast Office

Largo Capital Arranges $6M Bridge Loan for Multifamily Conversion Project in Buffalo

by Taylor Williams April 29, 2024

BUFFALO, N.Y. — Locally based financial intermediary Largo Capital has arranged a $6 million bridge loan for a multifamily conversion project in Buffalo. The project will convert a 272,000-square-foot office complex in the downtown area that was formerly known as the Atrium Building into a residential building with an undetermined number of units. Kevin Coscia and Ned Perlman of Largo arranged the debt. The direct lender and borrower were not disclosed.

April 29, 2024

Acquisitions Lee & Associates New York Northeast Retail

Lee & Associates Brokers $3.2M Sale of Retail Building in Mamaroneck, New York

by Taylor Williams April 29, 2024

MAMARONECK, N.Y. — Lee & Associates has brokered the $3.2 million sale of a 2,800-square-foot retail building in Mamaroneck, located north of New York City in Westchester County. The building sits on a half-acre site at 1444 E. Boston Post Road and was previously occupied by People’s United Bank. Peter Braus, Ben Tapper and Cory Gahr of Lee & Associates represented the seller, BFT Holdings LLC, in the transaction, and procured the buyer, an entity doing business as Integrity 1444 BPR LLC.

April 29, 2024

Acquisitions New Jersey Northeast Retail

Kislak Negotiates Sale of 6,400 SF Retail Property in Rahway, New Jersey

by Taylor Williams April 29, 2024

RAHWAY, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the sale of a 6,400-square-foot retail property in the Northern New Jersey community of Rahway. The single-story building was constructed in 1950 and was fully leased to three tenants at the time of sale. Daniel Lanni of Kislak represented the seller, LMN Financial Group, in the transaction and procured an undisclosed private investment group as the buyer.

April 29, 2024

Company News Northeast Pennsylvania Top Stories

Fulton Financial Acquires Republic First Bank Following FDIC Auction

by Taylor Williams April 29, 2024

PHILADELPHIA AND LANCASTER, PA. — Fulton Financial Corp. (NASDAQ: FULT), a regional lender based in Lancaster, has acquired Philadelphia-based Republic First Bank via an auction overseen by the Federal Deposit Insurance Corp. (FDIC). On Friday, April 26, the Pennsylvania Department of Banking & Securities seized control of Republic First, closing the bank and appointing the FDIC as receivers. The transfer of ownership of “substantially all” of Republic First’s assets and deposits to Fulton Financial represents a move to protect customer funds, according to the FDIC. Some of the driving forces behind the collapse of Republic First appear to mirror those of Silicon Valley Bank and Signature Bank, two regional lenders that went under in March 2023. Those factors include losses on bond holdings that had diminished in value amid rising interest rates, as well as exposure to high-risk loans that are collateralized by commercial and office properties, many of which have struggled to recoup occupancy and cash flows post-pandemic. Relatively speaking, however, Republic First is a much smaller player than Silicon Valley and Signature. At the time of its collapse in late March 2023, Silicon Valley Bank had approximately $110 billion in assets, $56 billion in consumer and business deposits …

April 29, 2024

Acquisitions Multifamily New York Northeast Student Housing

KKR Agrees to Acquire Student Housing Portfolio for $1.6B

by Taylor Williams April 26, 2024

NEW YORK CITY — New York City-based private equity firm KKR has entered into an agreement to acquire a national portfolio of 19 student housing properties totaling more than 10,000 beds. The names and the locations were not disclosed, but the properties collectively serve 14 four-year public universities across 10 states. Blackstone Real Estate Income Trust (BREIT) sold the portfolio to KKR after acquiring it in 2018 in a joint venture with South Carolina-based Greystar. University Partners, an affiliate of KKR, will manage the portfolio. TSB Capital Advisors and J.P. Morgan Securities LLC served as financial advisors to BREIT on the transaction, which is expected to close during the third quarter.

April 26, 2024

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