HARTFORD, CONN. — Locally based brokerage firm Chozick Realty has negotiated the $12.9 million sale of a portfolio of eight apartment buildings totaling 176 units in Hartford. About half of the units in the buildings, which are located near the campus of Aetna Insurance in the downtown area, were recently renovated. Steve Pappas and Jordan Pinto of Chozick Realty represented the seller and procured the buyer, both of which were regional investment firms that requested anonymity, in the transaction.
WILLINGBORO, N.J. — Regional brokerage firm Legacy Realty Group Advisors has arranged the $4 million sale of Kennedy Plaza, a 58,900-square-foot shopping center in Willingboro, roughly 20 miles outside Philadelphia. An unspecified grocery store anchors the property. Jacob Baruch, Jonah Warshaw and Ari Warshaw of Legacy Realty represented the buyer in the transaction. Blaine Foreman of Metro Commercial Real Estate represented the seller. Both parties requested anonymity.
GREENWICH, CONN. — Summit Health has signed a 19,853-square-foot lease renewal and expansion in Greenwich. The healthcare provider will retain its existing 14,243 square feet of space at the building at 644 W. Putnam Ave. and take another 5,610 square feet on the second floor. Kevin McCarthy of Cushman & Wakefield represented the tenant in the lease negotiations. Tim Rorick of Newmark represented the landlord, a partnership between Simone Development Cos. and Fareri Associates.
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Cracking the Code: Winning Strategies for Affordable Housing in Any Market
Frustrated by high costs and a lending crunch for market-rate multifamily projects, savvy mainstream developers are seeking opportunities to build affordable housing. But what constitutes opportunity in a sector reliant on agency lending, community stakeholders and controlled rents? Definitions of “opportunity” in affordable housing vary widely, and favorable elements often involve additional and unique challenges. Not only must developers identify opportune site conditions, but they must also evaluate prospects to compete for funding, secure municipal approvals and win community support. And they need to complete the project within required timeframes in order for the asset to qualify as a good opportunity. REBusiness asked experts from two firms at the forefront of affordable housing development about what affordable housing “opportunity” looks like — and about the strategies they use to transform promising sites into viable projects. Beacon Communities is an established developer of affordable, market-rate and mixed-income housing, while Bohler’s land development consulting and site design services have helped clients identify and act on commercial real estate opportunities for more than 35 years. “We look at any development opportunity through three lenses,” says LeAnn Hanfield Curtin, vice president of development at Beacon. “Those are the availability of sites, ability to get …
NEW YORK CITY — CBRE has extended its 180,000-square-foot office lease at 200 Park Avenue in Midtown Manhattan through 2036. The Dallas-based real estate giant has been a tenant at the 58-story, 3.1 million-square-foot building, which recently underwent a $200 million capital improvement program, since the late 1980s. The owner, Irvine Co. Office Properties, has also appointed CBRE as the building’s new leasing agent and property manager. CBRE will also establish a branded space on the lobby level that will be exclusively used by the company’s employees, clients and colleagues visiting from other offices.
TAUNTON, MASS. — Boston-based investment firm Rhino Capital Advisors has broken ground on a 180,000-square-foot manufacturing facility in Taunton, located south of Boston near the Massachusetts-Rhode Island border. The site spans 11.2 acres within Myles Standish Industrial Park, and the building will feature a clear height of 36 feet, five loading docks and 270 parking spaces. Rhino Capital is developing the property in partnership with MassDevelopment and the Taunton Development Corp. Construction is expected to be complete next spring.
BOSTON — JLL has arranged a $27.8 million acquisition loan for a portfolio of four industrial buildings totaling roughly 400,000 square feet in the greater Boston area. The names and addresses were not disclosed. The properties comprise a mix of single-tenant warehouse, distribution and manufacturing buildings that were 100 percent leased at the time of the loan closing. Andrew Gray and Ryan Parker arranged the nonrecourse, fixed-rate loan through Bristol County Savings Bank on behalf of the borrower, NorthBridge Partners.
WAYNE, N.J. — Truist Bank has provided a $25 million loan for the refinancing of a 353,000-square-foot industrial property in the Northern New Jersey community of Wayne. The property at 415 Hamburg Turnpike was built on 17 acres in 1968 and features clear heights of 18 to 26 feet, 20 dock-high loading doors, six drive-in doors and 63,720 square feet of office space. The borrower was locally based investment firm The STRO Cos. The property was fully leased at the time of the loan closing.
NORTH HAVEN, CONN. — F+F Mechanical Enterprises has signed a 27,573-square-foot industrial lease in North Haven, a suburb of New Haven. The fabricator and installer of mechanical systems is expanding and relocating from 2 Dwight St. to the 132,264-square-foot building at 60 Dodge Ave. Stephen Press of Press/Cuozzo Realtors represented the tenant in the lease negotiations. Bradley Soules and Art Ross of Newmark represented the landlord.
PHILADELPHIA — Walker & Dunlop Inc. has provided a $285.5 million loan for the refinancing of Vantage and The View at Montgomery, two student housing properties located on Temple University’s campus in Philadelphia. The Class A communities total 1,816 beds. Completed in 2019, Vantage rises 19 stories with 368 units. The property features more than 30,000 square feet of amenity space, retail offerings and floor plans ranging from studios to four bedrooms. Opened in 2014, The View at Montgomery includes 238 units and is located in the center of Temple University’s main campus. The 14-story building features studios through four-bedroom layouts. The Goldenberg Group acquired the site for Vantage and The View at Montgomery in 2008 as part of a multi-phase student housing project to bring much-needed rental product to Temple University. Walker & Dunlop’s multifamily finance and capital markets teams originated the seven-year, fixed-rate loans through Freddie Mac on behalf of The Goldenberg Group. Additionally, Walker & Dunlop Investment Partners (WDIP) provided a preferred equity investment as part of the refinancings. “In the face of macro headwinds stemming from the financial crisis, the COVID pandemic and nationwide enrollment pressure, the student housing sector has proven its resiliency time and …