Northeast

Partnership Receives $121M in Financing for Brooklyn Mixed-Income Housing Project

by Taylor Williams March 15, 2024

NEW YORK CITY — A partnership between BEB Capital, Totem, Ofer Cohen and SK Development has received $121 million in financing for a 187-unit mixed-income housing project that will be located at 737 Fourth Ave. in Brooklyn’s Sunset Park neighborhood. The financing consists of a $96 million construction loan that was co-originated by Canyon Partners and J.P. Morgan and a $25 million equity investment from Tribeca Investment Group. The 14-story building will house one-, two- and three-bedroom units, with 46 residences to be reserved for households earning roughly 50 percent or less of the area median income. The building will also feature a fitness center, game and media lounge, coworking lounge, private dining and entertainment areas, tenant storage space and a rooftop garden, as well as 6,200 square feet of ground-floor retail space. Construction is slated for a fall 2025 completion. Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland and Michael Ianno of Walker & Dunlop arranged the financing on behalf of the partnership.

March 15, 2024

Development Multifamily Northeast Pennsylvania Seniors Housing

Marquis Health Begins Renovation of Seniors Housing Campus in Harrisburg

by Taylor Williams March 15, 2024

HARRISBURG, PA. — Marquis Health Consulting Services has begun a multimillion-dollar renovation of The Terraces at Capitol Village and Capitol Rehabilitation & Healthcare Center, a senior living and skilled nursing campus in Harrisburg. Work is set to begin this month at the 64-unit Terraces at Capitol Village and will include a complete refresh of the lobby, hallways, main dining room, activity room, theater and private dining room. At Capitol Rehabilitation & Healthcare Center, upgrades to the lobby, dining room, resident rooms and activity areas are underway, with an anticipated fall completion. The 138-bed skilled nursing facility provides post-hospital care, short-term rehab and long-term residential care.

March 15, 2024

Leasing Activity New York Northeast Retail

Hobby Lobby Opens 42,000 SF Store in Staten Island

by Taylor Williams March 15, 2024

NEW YORK CITY — Hobby Lobby has opened a 42,000-square-foot store in Staten Island. The store at 280 Marsh Ave. is the Oklahoma-based arts and crafts retailer’s first in New York City and 25th in New York state. Brian Katz and Daniel DePasquale of Katz & Associates, along with Graeme Keith of The Keith Group, represented Hobby Lobby in the lease negotiations. Brookfield Properties owns the building.

March 15, 2024

Leasing Activity New York Northeast Office

UpSlide Signs 9,536 SF Office Lease at 10 Grand Central in Midtown Manhattan

by Taylor Williams March 15, 2024

NEW YORK CITY — UpSlide, a provider of automated document solutions, has signed a 10-year, 9,536-square-foot office lease at 10 Grand Central in Midtown Manhattan. UpSlide will lease space on the sixth floor of the building, which was originally constructed in the 1930s and recently underwent a $45 million capital improvement program. Lexie Perticone of Cushman & Wakefield represented UpSlide in the lease negotiations. Mitchell Konsker, Kyle Young, Carlee Palmer, Simon Landmann and Thomas Schwartz of JLL represented the landlord, Marx Realty.

March 15, 2024

Leasing Activity New Jersey Northeast Retail

Two New Tenants Join Roster at Livingston Town Center in Northern New Jersey

by Taylor Williams March 15, 2024

LIVINGSTON, N.J. — Two new tenants have joined the roster at Livingston Town Center, a 65,523-square-foot shopping center in Northern New Jersey. Bergen Debate Club and Monmouth Cards have leased 1,194 and 2,034 square feet, respectively. Kevin Pelio of Azarian Realty internally negotiated both leases on behalf of ownership and also represented Bergen Debate Club. Ryan Starkman of Pierson Commercial represented Monmouth Cards.

March 15, 2024

Affordable Housing Development Massachusetts Multifamily Northeast

Beacon Communities Completes 210-Unit Affordable Housing Redevelopment Project in Boston

by Taylor Williams March 14, 2024

BOSTON — Nonprofit owner-operator Beacon Communities has completed a 210-unit affordable housing redevelopment project in Boston’s Back Bay neighborhood. The project converted a historic YWCA building that was originally constructed in 1929 into a residential complex for low-income renters and formerly homeless individuals. The property at 140 Clarendon St. now features studio and one-bedroom units and amenities such as a fitness center, community room, library, computer learning center and a wellness office. The redevelopment preserved the spaces of Lyric Stage Co., the Snowden School and other nonprofits currently residing in the building.

March 14, 2024

Development Massachusetts Multifamily Northeast

Bozzuto Begins Leasing 165-Unit Apartment Complex in Boston

by Taylor Williams March 14, 2024

BOSTON — Maryland-based owner-operator Bozzuto has begun leasing Alder, a 165-unit apartment complex located within the Allston Yards mixed-use development in Boston. Alder offers studio, one-, two- and three-bedroom floor plans, with 21 units reserved as affordable housing. Amenities include a fitness center, game room, pet spa, concierge service, outdoor deck, library and a package room. A 52,000-square-foot Stop & Shop grocery store will also open in Alder’s ground floor this summer. Rents start at $2,900 per month for a studio apartment.

March 14, 2024

Acquisitions Maine Northeast Retail

Wilder Cos. Acquires 122,121 SF Shopping Center in Freeport, Maine

by Taylor Williams March 14, 2024

FREEPORT, MAINE — Boston-based retail owner-operator Wilder Cos. has acquired Freeport Village Station, a 122,121-square-foot shopping center located near Portland, Maine. The center is situated across from L.L. Bean’s flagship campus, and the outdoor equipment and apparel retailer’s outlet store anchors the 3.6-acre property. Other tenants include Brooks Brothers, Old Navy, Coach, Famous Footwear, Lindt, Oakley, OshKosh B’gosh and Carter’s, Sunglasses Hut, Talbots, Sketchers and Francesca’s. The seller and sales price were not disclosed.

March 14, 2024

Loans Multifamily New York Northeast Student Housing

KeyBank Provides $11.1M Agency Loan for Refinancing of Student Housing Complex in Albany

by Taylor Williams March 14, 2024

ALBANY, N.Y. — KeyBank has provided an $11.1 million Freddie Mac loan for the refinancing of Astro Apartments, a student housing complex located across the street from the primary campus of State University of New York in Albany. Built in 1998, Astro Apartments consists of two three-story buildings on a 2.4-acre site. According to Apartments.com, the property totals 100 units and offers amenities such as a fitness center, business center, package handling service and onsite laundry facilities. Residences come in studio, one- and two-bedroom floor plans. Dirk Falardeau and Mark Flanders of KeyBank structured the financing on behalf of the borrower, Redburn Development Partners.

March 14, 2024

Acquisitions New York Northeast Retail

Boulder Group Arranges $4.3M Sale of Net-Leased Retail Property in Baldwinsville, New York

by Taylor Williams March 14, 2024

BALDWINSVILLE, N.Y. — The Boulder Group has arranged the $4.3 million sale of a 13,625-square-foot retail property in Baldwinsville, located just outside Syracuse, that is net leased to Caliber Collision. The building sits on a 3.8-acre site, and the tenant operates under a 15-year, corporate-guaranteed lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, a Midwest-based investor that acquired the asset via a 1031 exchange, in the transaction. The seller was a Southeast-based developer. Both parties requested anonymity.

March 14, 2024

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