WATERTOWN, MASS. — A pair of confectionaries, Blackbird Doughnuts and cookie maker Chip City, have opened stores at Arsenal Yards, a mixed-use development located in the western Boston suburb of Watertown. Grand opening celebrations for both stores took place last weekend. A partnership between Wilder Cos. and Boylston Properties owns Arsenal Yards.
The spike in interest rates and the consequent disruption throughout real estate capital markets over the last 18 months is generating newfound interest in commercial property assessed clean energy (C-PACE) financing. The program, which emerged more than a decade ago, pays for building upgrades to improve energy and water efficiency as well as seismic resilience in new construction and rehabs. In cases where cost overruns, stabilization delays and declining values threaten the ability to refinance construction loans, developers are tapping C-PACE retroactively for a much-needed slug of so-called “rescue capital,” says Rafi Golberstein, CEO of the PACE Loan Group, a direct lender of C-PACE based in Minneapolis, Minn. Typically, developers are using the proceeds to pay down debt and fund reserves to secure loan extensions or modifications. “We are seeing a ton of opportunities right now in deals that were built over the past three years, and C-PACE can provide a liquidity infusion to get many folks through a maturity logjam,” he declares. “When confronted with other options, they’re going to prefer C-PACE all day long.” Cost-Effective Debt Indeed, the cost of those other options, such as mezzanine financing or preferred equity, can be upwards of 500 basis points higher …
NEW YORK CITY — Dwight Mortgage Trust, the affiliate REIT of locally based lender Dwight Capital, has provided $100 million in bridge financing for a 168-unit apartment building located at 224 W. 124th St. in West Harlem. The 19-story building was completed earlier this year and offers one-, two- and three-bedroom units, as well as townhomes and penthouse suites. Roughly 30 percent (51) of the residences are reserved as affordable housing. Amenities include a fitness center, children’s playroom, business lounge and a rooftop deck. The borrower and developer, Carthage Real Estate Advisors, will use the proceeds to refinance existing construction debt and fund lease-up of the property and other capital expenditures.
HOLBROOK, N.Y. — Regency Centers has begun the redevelopment of the 280,000-square-foot former SunVet Mall in the Long Island community of Holbrook. Regency has rebranded the 50-year-old property as The Shops at SunVet and plans to reposition it as a 168,000-square-foot, open-air shopping center with six outparcels. Whole Foods Market will anchor the center. Demolition of the existing structure is underway, and new construction is scheduled to begin in spring 2024. SBLM Architects is the lead architect on the project.
JERSEY CITY, N.J. — JLL has arranged an $18.6 million loan for the refinancing of an 83-unit apartment complex in the Journal Square area of Jersey City. The six-story building at 39 High St. was delivered earlier this year and houses a mix of studio, one-, two- and three-bedroom units. Amenities include a fitness center, tenant lounge, children’s playroom and a rooftop terrace. Matthew Pizzolato, Max Custer and John Cumming of JLL arranged the fixed-rate loan through an undisclosed life insurance company. The borrower was a partnership between Spitzer Enterprises and Titanium Realty Group.
PROVIDENCE, R.I. — Regional brokerage firm Northeast Private Client Group (NEPCG) has negotiated the sale of a 33,700-square-foot office and retail building in Providence. Known as The Lauderdale Building, the downtown-area property consists of nine office suites and three retail spaces. Tim McGeary and Rick Welch of NEPCG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
PLYMOUTH MEETING, PA. — Norman’s Hallmark has opened a 7,280-square-foot store at The Metroplex in Plymouth Meeting, a northern suburb of Philadelphia. The store offers a complete line of Hallmark products, cards and Keepsake Ornaments, as well as apparel, accessories, books, stationery, games, home décor, candy and gourmet foods. Norman’s Hallmark currently operates 75 stores.
MOUNT SINAI, N.Y. — CBRE has negotiated the sale of Sutton Landing at Mount Sinai, a 225-unit active adult property located in the Long Island community of Mount Sinai. Built in 2021 by Long Island-based B2K Development, Sutton Landing at Mount Sinai features apartments and single-family rentals for residents age 55 and over. Amenities include a pool, pickleball courts, putting greens, fitness center with yoga and Pilates studios, massage room, game room, a lounge area with a sports bar, catering kitchen and outdoor grilling and dining stations. Aron Will, John Sweeny and Scott Bray of CBRE represented B2K Development and its partner, Chicago-based Harrison Street, in the transaction and procured the buyer, New York-based Fairfield Properties. A CBRE team of Shawn Rosenthal, Jason Gaccione, Jake Salkovitz, Aron Will, Matthew Kuronen and Michael Cregan arranged Freddie Mac acquisition financing for the deal.
NEW YORK CITY — Marcus & Millichap has brokered the $48 million sale of Fannwood Estates, a 312-unit apartment complex in Queens. The six-story, rent-stabilized building occupies a full city block within the borough’s Rego Park neighborhood. Shaun Riney, Seth Glasser, Joe Koicim, Louis Zarif and Sean Fopeano of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors that requested anonymity.
NEW YORK CITY — Dallas-based JSC Realty & Investment Services has purchased a multifamily development site in Brooklyn’s Boerum Hill neighborhood with plans to construct a 154-unit project. The 113,000-square-foot site at 540 Atlantic Ave. currently houses a five-story office building that was originally constructed in 1924 and will be demolished. Stephen Palmese, Brendan Maddigan, Michael Mazzara, Ethan Stanton and Winfield Clifford of JLL represented the seller, locally based firm DMA Associates, in the land sale. A construction timeline for the project was not disclosed.