Northeast

Matt Williamson Pavlov Media FutureProofing Quote from article

In the rapidly evolving landscape of multifamily technology, owners and operators face a critical challenge to staying competitive. As demand for high-speed internet and robust connectivity grows, it is essential to adapt quickly. However, constantly upgrading infrastructure can be prohibitively expensive and time-consuming. The solution lies in future-proofing properties — building an adaptable infrastructure that can support unknown future technological needs. “Future-proofing is a matter of having infrastructure capable of supporting what we don’t know we will want later,” says Matt Williamson, lead sales engineer at Pavlov Media, which provides Wi-Fi, fiber-optic internet service and managed digital services to multifamily properties. Future-proofing involves implementing scalable and flexible communication systems that accommodate both current and emerging digital demands. By focusing on future-proofing, multifamily properties can meet residents’ increasing expectations for high-speed internet and comprehensive Wi-Fi coverage while also reducing operational costs and enhancing overall efficiency. Balance Current Needs with Future Trends “Multifamily residents now expect extremely high-speed internet connections in their units and throughout the entire property, including common areas like gyms, conference rooms, pools and walking paths,” Williamson says. Residents want robust internet connections for activities such as streaming, video calls and remote home monitoring. The importance of upload speeds …

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The-Monarch-Queens

NEW YORK CITY — Locally based developer BRP Cos. has completed The Monarch, a 605-unit multifamily project in the Jamaica area of Queens. The building rises 25 stories and spans 542,000 square feet. In addition to 14,000 square feet of retail space, The Monarch houses 498 one-bedroom apartments and 107-two bedroom residences, with 182 units reserved for households earning between 80 and 130 percent of the area median income. Residences are furnished with individual washers and dryers, stainless steel appliances and floor-to-ceiling windows. Amenities include indoor basketball and pickleball courts, a golf simulator, fitness center with a yoga studio, resident lounge, conference room, children’s playroom, dog run, sky lounge and multiple outdoor terraces including an amphitheater. Construction began in January 2021. Rents start at $2,330 per month for a one-bedroom apartment.

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Terminal-Logsitics-Center-Queens

NEW YORK CITY — LoanCore Capital, a Connecticut-based asset management firm, has provided an $85 million loan for the refinancing of an industrial condo in the Jamaica area of Queens. The space in question comprises the first two floors of Terminal Logistics Center, a newly built, five-story facility located at 130-02 S. Conduit Ave. Max Herzog, Marko Kazanjian, Max Hulsh and Andrew Cohen of Institutional Property Advisors, a division of Marcus & Millichap, originated the loan. The borrower is a partnership between New York-based investment and development firm Triangle Equities and Goldman Sachs Urban Investment Group. Triangle Equities acquired the site in 2018, broke ground in 2020 and recapitalized the property with $61 million in equity from Goldman Sachs in spring 2023.

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WORCESTER, MASS. — Eastern Union has arranged a $13.3 million construction loan for a 931-unit self-storage facility that will be located in the central Massachusetts city of Worcester. The four-story facility will consist of 93,186 net rentable square feet of climate- and non-climate-controlled space across units with an average size of 100 square feet. Marc Tropp of Eastern Union arranged the loan, which was structured with a 36-month term, 65 percent loan-to-value ratio and an interest rate that is equivalent to 300 basis points over SOFR over the construction and lease-up period. CubeSmart will operate the facility. The lender was an undisclosed local bank, and the borrower was also not disclosed.

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BOSTON — Locally based investment firm Tremont Asset Management has received a loan for the refinancing of a multifamily property located at 1955-1963 Commonwealth Ave. in the Brighton area of Boston. The amount was not disclosed, but the financing was originated in conjunction with a loan for a condo property in Nashua, N.H. The total value of the refinancings of those properties, which total more than 80 units combined, is $11 million. Patrick Boyle and Rose Liu of Colliers originated both loans through a balance sheet lender and a regional bank.

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WESTBURY, N.Y. — Empire Adventure Park, an entertainment concept that features esports, laser tag, trampolines and obstacle courses, has opened a 35,572-square-foot center in the Long Island village of Westbury. The center is situated within Samanea New York, a 750,000-square-foot shopping, dining and entertainment destination. Empire Adventure Park joins a tenant roster that includes Dave & Buster’s, The Cheesecake Factory, Bloomingdale’s Furniture Outlet, X-Golf and 99 Ranch Supermarket. Lesso Mall Development owns the property, which is now 78 percent leased.

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20-Exchange-Place-Manhattan

NEW YORK CITY — A partnership between locally based investment firm The Dermot Co. and Dutch pension fund PGGM has acquired 20 Exchange Place, a 57-story apartment tower in Manhattan’s Financial District, in an off-market transaction. The deal marks the seventh property acquired by this partnership. Multiple news outlets, including Crain’s New York Business and the New York Business Journal, report that the sales price was $370 million. The seller was a partnership led by DTH Capital, a New York City-based owner-operator focused on converting office buildings into residential complexes. The new ownership plans to implement a value-add program to unit interiors and amenity spaces. The property was originally constructed in 1931 as the headquarters of Citigroup’s predecessor, City Bank Farmers Trust Co. Following a multifamily conversion, which began about 20 years ago, 20 Exchange Place now features 767 apartments in studio, one- and two-bedroom floor plans. Amenities include a fitness center, coworking lounge, children’s playroom, gaming room and an outdoor terrace. Theater operator Emursive occupies the building’s ground-floor retail space. “This rare opportunity, which came to us through an existing relationship, has enabled us to acquire an iconic property at a highly attractive basis that is significantly below replacement …

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Lorimer-House-Brooklyn

NEW YORK CITY — JLL has arranged a $173 million bridge loan for the refinancing of Lorimer House, a 270-unit apartment community located in the South Williamsburg area of Brooklyn. Designed by ODA Architecture, the eight-story, newly constructed building offers studio, one- and two-bedroom units, with private outdoor spaces available in select residences. Amenities include indoor and outdoor lounges, a fitness center, pet spa, party room, work-study lounge and a rooftop deck. Aaron Niedermayer and Ethan Stanton of JLL arranged the loan through TPG Real Estate Credit on behalf of the borrower, a joint venture between The Loketch Group, The Joyland Group and Meral Property Group.

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125-W.-57th-St.

NEW YORK CITY — A partnership between developers Alchemy-ABR Investment Partners and Cain International has begun leasing a 260,000-square-foot speculative office and retail project located at 125 W. 57th St. in Midtown Manhattan. Designed by FXCollaborative, the 30-story building houses 180,000 square feet of office space starting on the 14th floor, with an average of 10,300 square feet of rentable space per floor. Most suites will have access to private terraces. Gensler designed the office amenity deck, which includes a conference center, tenant lounge, event space with catering facilities and private meeting rooms. Office tenant build-outs are scheduled to begin this fall, and the development team expects move-ins to begin during the first quarter of 2025. JLL is the leasing agent.

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PITTSBURGH — New Jersey-based Tryko Partners has completed Cedarwood Homes, an age-restricted affordable housing project located at the site of the former Fairywood School in Pittsburgh. The majority (39) of the property’s 46 one-bedroom units are reserved for renters earning 60 percent or less of the area median income. Merchants Capital provided $11 million in financing for Cedarwood Homes, and The Pennsylvania Housing Finance Agency awarded 9 percent Low-Income Housing Tax Credits to the developer to fund the project. Construction began last summer, and leasing commenced in February.

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