NEW YORK CITY — Quadrum Global, the parent company of boutique hospitality brand Arlo Hotels, has acquired a 147-room property in Brooklyn’s Williamsburg area that was formerly operated as The Williamsburg Hotel. Upon rebranding, the hotel will be the fourth in New York City to operate under the Arlo brand. The eight-story hotel includes eight suites, a 10,000-square-foot rooftop pool and lounge and additional onsite food-and-beverage options. The opening of the rebranded hotel is slated for September.
WOOLWICH TOWNSHIP, N.J. — Colliers has brokered the sale of a 106,528-square-foot industrial property in Woolwich Township, located in the southern part of the Garden State. Regional investment firm Faropoint sold the asset to an affiliate of DH Property Holdings for an undisclosed price. Marc Isdaner and Ian Richman of Colliers brokered the deal. At the time of sale, the property was fully leased to Diversified Industries, a provider of foam and adhesive products.
DANBURY, CONN. — New York-based brokerage firm Jacobson Properties has negotiated the $15.2 million sale of Western Connecticut Medical Center South, a 39,566-square-foot healthcare property located in Fairfield County. An affiliate of Connecticut Eye Consultants leases the entire medical office building. An entity doing business as Western Connecticut Medical Center South LLP sold the asset to an undisclosed institutional investment firm. Lisa Menin of Jacobson Properties brokered the deal.
NEW YORK CITY — JLL has arranged $520 million in financing for Sackett Place & Society Brooklyn, a waterfront multifamily development located in Brooklyn’s Gowanus neighborhood. The financing includes a $335 million construction loan and $165 million in limited partnership equity. The borrower and developer is a joint venture between two New York City-based investment firms, Property Markets Group (PMG) and Carlyle. Sackett Place & Society Brooklyn will ultimately consist of two 21-story residential towers totaling 517 units and 10,000 square feet of retail space. The two towers are situated on the corner of Bond and Union streets overlooking the Gowanus Canal. An undisclosed number of units will be reserved as affordable housing as part of a rezoning initiative for permanent affordable housing in the Gowanus area. Construction is slated for a 2025 completion. Christopher Peck, Andrew Scandalios, Peter Rotchford, Nicco Lupo, Rob Hinckley, Jeff Julien and Jonathan Faxon of JLL arranged the debt and structured the equity partnership between PMG and Carlyle. The direct lender on the construction loan was not disclosed. “Developments with an affordable component continue to make sense to lenders seeking to deploy equity in a highly fractured market,” says Peck. “With its best-in-class sponsors and …
NEW YORK CITY — Locally based developer Dynamic Star has received approval from the New York City Council for Opus Point, a redevelopment that will convert the former Eagle Electric manufacturing facility in Queens into a 400,000-square-foot office property. Designed by SLCE Architects and redeveloped on a speculative basis, the 26-story complex will offer a variety of flexible workspace suites and spaces. Amenities will include a basketball court, fitness center, landscaped rooftop deck and conference facilities. Completion is slated for the second quarter of 2025. CBRE will market Opus Point for lease.
Berkadia Provides $26.3M Agency Loan for Refinancing of Multifamily Asset in Allentown, Pennsylvania
ALLENTOWN, PA. — Berkadia has provided a $26.3 million Freddie Mac loan for the refinancing of Terrain on the Parkway, a 160-unit multifamily property located north of Philadelphia in Allentown. The property was built in 2022 and offers studio, one- and two-bedroom units. Robert Falese of Berkadia originated the loan, which carried an 11-year term, on behalf of the borrower, Scully CO. & Serfass Construction.
LONG BRANCH, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $9.7 million sale of Virginia Court Apartments, a 52-unit multifamily property located in the Northern New Jersey community of Long Branch. Built in 1963, the five-building property houses 20 one-bedroom units and 32 two-bedroom units. Barry Waisbrod of Kislak represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
NEW YORK CITY — JLL has brokered the $6.1 million sale of a 10-unit multifamily property located at 323 W. 89th St. in Manhattan’s West End Historic District. The unit mix consists of one studio, six one-bedroom apartments and three duplex apartments, as well as a basement office. A family office sold the property to a private investor, with both parties involved in the deal requesting anonymity. Hall Oster and Teddy Galligan of JLL brokered the deal.
NEW YORK CITY — Architecture firm Hart Howerton has signed a 27,111-square-foot office lease renewal and expansion at 10 E. 40th St. in Midtown Manhattan’s Bryant Park neighborhood. The 48-story, 442,000-square-foot building is currently being renovated and has been rebranded as Tower 40. Ethan Silverstein, Theodora Livadiotis and Caroline Collins of Cushman & Wakefield represented the landlord, a partnership between Madison International Realty and Joseph P. Day Realty, in the lease negotiations. Alexander Ryan and Time Freydberg of CBRE represented the tenant.
NEWARK, N.J. — JLL has arranged a $64.3 million construction loan for Bridge Point 15E, a 211,388-square-foot speculative industrial project in Newark. The site is located less than three miles from the city’s airport and seaport facilities. Michael Klein, Jon Mikula and Michael Lachs of JLL arranged the three-year loan through global investment management firm Heitman LLC on behalf of the borrower, Bridge Industrial. A tentative completion date was not disclosed.