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Northeast

Halstead-Malden-Square
AcquisitionsMassachusettsMultifamilyNortheast

DSF Group Sells 195-Unit Apartment Complex in Malden, Massachusetts

by Taylor Williams

MALDEN, MASS. — The DSF Group, an investment firm with offices in Boston and Washington D.C., has sold Halstead Malden Square, a 195-unit apartment complex located on the northern outskirts of Boston. Built in 2015, the six-story, market-rate building houses studio, one- and two-bedroom units and amenities such as a pool, fitness center, golf simulator, game room, bocce ball court and outdoor grilling and dining stations. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented DSF Group in the transaction. The team also procured the buyer, an entity advised by Nuveen Real Estate.

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LoansMultifamilyNew JerseyNortheast

BridgeInvest Provides $34.5M Acquisition Loan for Northern New Jersey Apartments

by Taylor Williams

PASSAIC, N.J. — BridgeInvest has provided a $34.5 million acquisition loan for The Pennington, a 147-unit apartment complex located in the Northern New Jersey community of Passaic. The Pennington is an adaptive reuse of the former St. Mary’s Hospital complex, a site that spans about 3.5 acres. Units come in one-, two- and three-bedroom floor plans. Amenities at the pet-friendly property include a fitness center, children’s play area and a community room. The borrower was locally based investment and development firm The Birch Group.

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Affordable HousingConnecticutDevelopmentMultifamilyNortheast

Beacon Communities Breaks Ground on 76-Unit Affordable Housing Project in New Haven, Connecticut

by Taylor Williams

NEW HAVEN, CONN. — Nonprofit owner-operator Beacon Communities has broken ground on a 76-unit affordable housing project in New Haven. The project will convert a parking lot on State Street and vacant upper-floor spaces on Chapel Street into a complex with studio, one- and two-bedroom apartments and ground-floor commercial spaces. The majority (60) of the units will be affordable to households earning between 30 and 60 percent of the area median income. The other 16 units will serve households that are currently or at risk of experiencing homelessness. Beacon Communities is financing construction of the project through a mix of federal and state tax credits, as well as local incentives and subsidies.

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AcquisitionsMultifamilyNew YorkNortheast

Ariel Property Advisors Arranges $7.7M Sale of Multifamily Development Site in Queens

by Taylor Williams

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $7.7 million sale of a multifamily development site in the Far Rockaway area of Queens. The site at 60-14 Beach Channel Drive can support 74,000 square feet of buildable space and is subject to a 421a tax incentive for adding affordable housing. Jason Gold and Gabriel Elyaszadeh of Ariel represented the undisclosed seller in the transaction. The buyer was also not disclosed.

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IndustrialLeasing ActivityNew YorkNortheast

CAMCO Commercial Negotiates 21,450 SF Industrial Lease on Long Island

by Taylor Williams

HOLBROOK, N.Y. — Locally based brokerage firm CAMCO Commercial Real Estate has negotiated a 21,450-square-foot industrial lease on Long Island. The tenant, janitorial supplies provider I. Janvey & Sons Inc., is taking space at the 300,000-square-foot Sherwood Corporate Center in Holbrook. CAMCO represented the undisclosed landlord in the lease negotiations. Premier Commercial Real Estate represented the tenant.

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880-Atlantic-Ave.-Brooklyn
LoansMultifamilyNew YorkNortheastWalker & Dunlop

Walker & Dunlop Arranges $110M Construction Loan for Brooklyn Multifamily Project

by Taylor Williams

NEW YORK CITY — Walker & Dunlop has arranged a $110 million construction loan for a 246-unit multifamily project that will be located at 880 Atlantic Ave. in the Prospect Heights area of Brooklyn. The building will house studio, one- and two-bedroom units as well as 13,000 square feet of commercial space. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Jordan Casella and William Herring of Walker & Dunlop arranged the loan on behalf of the developer, EMP Capital Group. QuadReal Property Group provided the financing.

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DevelopmentMassachusettsMultifamilyNortheast

Davis Cos. Begins Leasing 150-Unit Apartment Building in Boston

by Taylor Williams

BOSTON — Locally based development and investment firm The Davis Cos. has begun leasing Hew at 1515, a 150-unit apartment building in Boston’s Brighton neighborhood. Designed by RODE Architects, the seven-story building is part of a larger complex at 1515 Commonwealth Ave. that includes a 102-unit condo building. Units come in studio, one-, two- and three-bedroom floor plans. Amenities include a clubroom with a catering kitchen, fitness center, rooftop terrace and bar, coworking spaces, a multi-sport simulator and a pet spa. The first move-ins will begin this summer. Rents start at $2,770 per month for a studio apartment.

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AcquisitionsMultifamilyNew JerseyNortheast

Berkadia Brokers Sale of 35-Unit Apartment Building in Clinton, New Jersey

by Taylor Williams

CLINTON, N.J. — Berkadia has brokered the sale of Halstead Place Apartments, a 35-unit apartment building in Clinton, about 55 miles west of New York City. Built in 2018, the property offers one-, two- and three-bedroom units with an average size of about 1,100 square feet, with 20 percent of the residences reserved as affordable housing. Amenities include a fitness center, storage lockers and outdoor grilling stations. The buyer was Acquivest Financial Group, and the seller was undisclosed. Nat Gambuzza, Zachary Pierce, Matthew Stefanski, Trevor Fiebel and Maura Spellman of Berkadia represented both parties in the transaction.

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Leasing ActivityMassachusettsNortheastRetail

Simon Welcomes Five New Tenants to Outlet Mall in Wrentham, Massachusetts

by Taylor Williams

WRENTHAM, MASS. — Simon Property Group has welcomed five new tenants to Wrentham Village Premium Outlets on the southwestern outskirts of Boston. Pottery Barn opened earlier this month at the property, which is also home to sister brand West Elm Outlet. Apparel retailers OFFLINE by Aerie, Hollister Co. and Gilly Hicks have also signed leases at the development. OFFLINE by Aerie will open this summer, and Hollister Co. and Gilly Hicks are scheduled to open this fall. Additionally, Shake Shack will debut a new restaurant before the end of the year.

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IndustrialLeasing ActivityNew YorkNortheast

CAMCO Commercial Negotiates 17,022 SF Industrial Lease on Long Island

by Taylor Williams

HOLBROOK, N.Y. — Locally based brokerage firm CAMCO Commercial Real Estate has negotiated a 17,022-square-foot industrial lease on Long Island. The tenant, food wholesaler 496 Express Foods Inc., is taking space at the 300,000-square-foot Sherwood Corporate Center in Holbrook. The space can support cold storage uses. CAMCO represented both the tenant and undisclosed landlord in the lease negotiations.

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