Northeast

Wells Fargo Provides $780.3M in Financing for Affordable Housing Projects in New York City Metro Area

by John Nelson August 8, 2023

NEW YORK CITY AND YONKERS, N.Y. — Wells Fargo (NYSE: WFC) has provided $780.3 million in construction financing to fund the development of five affordable housing projects in the New York City metro area. The San Francisco-based bank provided the financing through its Community Lending and Investment (CLI) group, and all five loans closed in the month of June. The developments, which total more than 1,100 apartments, are underway and include: Peninsula Phase II, Wakefield Yards and Blondell Commons in The Bronx; Edgemere Commons Building B1 in Queens; and St. Clair in Yonkers, about 20 miles north of New York City. The Peninsula community is the second phase of the redevelopment of the former Spofford Juvenile Detention Facility located in the Hunts Point neighborhood of The Bronx. Wells Fargo CLI provided a total of $250.6 million in debt and equity financing to the borrowers: Gilbane Development Co., The Hudson Cos. and MHANY Management. The project will total 359 affordable units, all reserved for tenants earning 70 percent or less of the area median income (AMI), and 54 of the apartments will be set aside for formerly homeless tenants. The project will include a Head Start daycare facility, as well as community …

August 8, 2023

Acquisitions Content Partner Development Features Industrial Midwest NAI Northeast Southeast Texas Western

Logistics, Location, the 1.5-Year Rule Drive Industrial Tactics

by Sarah Daniels August 8, 2023

Location’s importance to commercial real estate has become a cliché. But in logistics and industrial considerations, the idea is new again — it’s not about where you are but where customers need to go and the primacy of transportation. If you’re not at the place and time that clients need, it doesn’t matter how theoretically fine the setting or how impressive the facilities are. “Transportation is roughly 12 times the cost of industrial real estate,” says Adam Roth, executive vice president at NAI Hiffman. Finished products, goods and materials are sent into and out of facilities over and over again. Shipping and trucking are a stiffly recurring expense and a much higher spend than real estate. “If I can impact your transportation spend, the real estate is a much smaller factor in the supply chain. If you can address the current concern of transportation, real estate rates almost doesn’t matter, due to a location’s supply chain advantages. Real estate can be one of the best ways to combat transportation costs.” The Rule of 1.5 In practical terms, customers’ plans for transportation are a series of changes, starting at factories, going to ports or warehouses for inventory, on to major and …

August 8, 2023

Development Industrial New York Northeast

Turnbridge, Dune Real Estate Near Completion of 1.3 MSF Industrial Project in The Bronx

by Taylor Williams August 7, 2023

NEW YORK CITY — A joint venture between Turnbridge Equities and Dune Real Estate Partners is nearing completion of Bronx Logistics Center, a 1.3 million-square-foot industrial project on the borough’s south side. The site at 980 E. 149th St. is an assemblage of five parcels and spans 14.2 acres. The facility will offer a clear height of 32 feet and more than 1,500 parking spaces. The development team expects to complete the project by the end of the year.

August 7, 2023

Loans Multifamily New York Northeast

Greystone Provides $18.3M Agency Loan for Refinancing of Brooklyn Multifamily Property

by Taylor Williams August 7, 2023

NEW YORK CITY — Greystone has provided an $18.3 million Fannie Mae loan for the refinancing of a 154-unit multifamily property located at 400 Herkimer St. in the Bedford-Stuyvesant neighborhood of Brooklyn. The property was built on 18 acres in 1965 and offers studio, one-, two- and three-bedroom units. Anthony Cristi of Greystone originated the 10-year loan, which carries a fixed interest rate and a 30-year amortization schedule. The borrower was not disclosed.

August 7, 2023

Loans New York Northeast Retail

Axiom Capital Arranges $8.6M Loan for Refinancing of Retail Property in Colonie, New York

by Taylor Williams August 7, 2023

COLONIE, N.Y. — Axiom Capital Corp., a New York-based commercial finance and advisory firm, has arranged an $8.6 million loan for the refinancing of a 107,245-square-foot retail property in Colonie, located just outside of Albany. The property consists of nine buildings, some of which contain office space, on a 15.8-acre site. The nonrecourse loan was structured with a fixed interest rate and a five-year term. The borrower and direct lender were not disclosed.

August 7, 2023

Acquisitions Healthcare Northeast Rhode Island

JLL Brokers Sale of 30,000 SF Medical Office Building in Providence, Rhode Island

by Taylor Williams August 7, 2023

PROVIDENCE, R.I. — JLL has brokered the sale of a 30,000-square-foot medical office building in Providence. Built in 2006, the building was 96 percent leased at the time of sale to tenants offering urgent care, primary care, imaging, pediatric care, physical therapy and pathology services. A partnership between Sendero Capital and Angelo Gordon acquired the asset from an undisclosed seller. Brannan Knott, Mindy Berman and Anthony Sardo of JLL brokered the deal.

August 7, 2023

Acquisitions Affordable Housing Multifamily New York Northeast

Ariel Property Advisors Negotiates $5.8M Sale of Affordable Housing Complex in Harlem

by Taylor Williams August 7, 2023

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $5.8 million sale of a 25-unit affordable housing complex located at 201 W. 148th St. in Harlem. Information on specific income restrictions was not disclosed. Victor Sozio, Shimon Shkury and Michael Tortorici of Ariel Property Advisors represented the seller in the transaction. Additional terms of sale were not disclosed.

August 7, 2023

Acquisitions Multifamily New Jersey Northeast

Colony Hills Capital Acquires Central New Jersey Apartment Community for $115M

by Taylor Williams August 4, 2023

PLAINSBORO, N.J. — Massachusetts-based investment firm Colony Hills Capital has acquired Addison at Princeton Meadows, a 440-unit apartment community located in the Central New Jersey community of Plainsboro. The sales price was $115 million. The garden-style property offers studio, one- and two-bedroom units and amenities such as a pool, fitness center, tennis court, basketball court, dog park and outdoor grilling and dining stations. Allan Szlafrok, Eli Maryl, Ohad Babo, and Michael Weiser of GFI Realty Services represented Colony Hills Capital, which plans to implement a value-add program, in the transaction. JLL represented the seller, New Jersey-based Kushner Real Estate Group (KRE).

August 4, 2023

Acquisitions Northeast Pennsylvania Retail

JLL Negotiates $23.1M Sale of Shopping Center in East Norriton, Pennsylvania

by Taylor Williams August 4, 2023

EAST NORRITON, PA. — JLL has negotiated the $23.1 million sale of Dekalb Plaza, a 178,356-square-foot shopping center in East Norriton, a northwestern suburb of Philadelphia. Urban Air and Big Lots anchor the open-air center, which was 98 percent leased at the time of sale. Other tenants include Goodwill, Chick-fil-A, Applebee’s, Sally Beauty and Celebree School, and the roster carries a remaining weighted average lease term of 5.7 years. Christopher Munley, Jim Galbally, Colin Behr and James Graf of JLL represented the seller, Broad Street Realty, in the transaction. The buyer was Abrams Realty & Development.

August 4, 2023

Rowen-at-the-Pinehills-Plymouth-Massachusetts

Development Massachusetts Multifamily Northeast

Bozzuto Begins Leasing 178-Unit Apartment Complex in Plymouth, Massachusetts

by Taylor Williams August 4, 2023

PLYMOUTH, MASS. — Maryland-based developer Bozzuto has begun leasing Rowen at The Pinehills, a 178-unit apartment complex in Plymouth, located in the southern coastal part of The Bay State. The four-story building houses one-, two- and three-bedroom units that feature stainless steel appliances, quartz countertops and tile backsplashes. Select residences also offer private balconies/patios. The amenity package consists of a pool, landscaped courtyards, fitness center with yoga and Pilates studios, a library with coworking spaces, entertainment and demonstration kitchen, billiards room, pet spa and storage lockers. Rents start at $2,550 per month for a one-bedroom apartment.

August 4, 2023

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