NEW YORK CITY — Canela Media, a provider of Spanish language content, has signed an 8,066-square-foot office lease renewal and expansion at 370 Lexington Avenue in Midtown Manhattan. Canela Media has occupied 4,924 square feet at the 26-story building since 2021 and is now taking additional space on the 15th floor. Brett Maslin and Jack Tobin of Adams & Co. represented the tenant in the lease negotiations. Gayle Kennedy and Olivia Schrantz of Broad Street Development represented the undisclosed landlord.
NEW YORK CITY — Merchants Capital has provided $225 million in Freddie Mac financing for seven affordable housing properties in The Bronx. The properties comprise 18 buildings and 983 units that carry a range of income restrictions. The borrower is a joint venture between The Arker Cos., SBV RE Investments LLC and Dabar Development Partners. Proceeds will be used to refinance existing debt, rehabilitate units with building-wide improvement plans and preserve affordability. The scope of work includes kitchen upgrades, plumbing improvements and common area maintenance. Completion is slated for September 2025.
TEANECK, N.J. — Eastern Union has secured a $74.2 million construction loan for a 256-unit, six-story multifamily project that is currently under development at 329 Alfred Ave. in the Northern New Jersey community of Teaneck. The loan carries a 36-month term, 75-percent loan-to-cost ratio and a fixed interest rate of 7.8 percent with interest-only payments for the full term. Gabriel Sasson of Eastern Union originated the financing, a portion of which will be used to retire existing debt. The borrower and direct lender were not disclosed.
DELRAN AND SWEDESBORO, N.J. — Endurance Real Estate Group, a developer based in metro Philadelphia, has sold a portfolio of five industrial buildings totaling 342,098 square feet in the Southern New Jersey communities of Delran and Swedesboro. The specific addresses of the shallow-bay buildings, all of which were constructed in the 1970s and 1980s, were not disclosed. The buyer was Taurus Investment Holdings. Michael Hines, Brad Ruppel, Joe Hill, Lauren Dawicki, Dan McGovern and Charlotte Sands of CBRE brokered the deal. The portfolio was fully leased to 22 tenants at the time of sale.
BOSTON — Blueprint Healthcare Real Estate Advisors has brokered the sale of a 53-bed skilled nursing facility located just south of downtown Boston. The building was originally constructed in 1960, spans over 18,000 square feet and features a variety of unit configurations. The buyer was an undisclosed family office that intends to convert the property into traditional multifamily housing. Details on the seller and sales price were not disclosed. Kyle Hallion and Michael Segal led the Blueprint team on the transaction.
NEW YORK CITY — Energy Capital Partners (ECP) has signed a 26,292-square-foot office lease expansion at One World Trade Center, a 3.1 million-square-foot tower in Lower Manhattan. David Falk, Peter Shimkin, Hal Stein, Jason Greenstein and Nathan Kropp of Newmark represented ECP, which is taking an additional 15,400 square feet, in the lease negotiations. Newmark’s Eric Zemachson and Corey Borg, along with internal agents Eric Engelhardt and Karen Rose, represented the landlord, a partnership between The Durst Organization and The Port Authority of New York & New Jersey.
NEW YORK CITY — JLL has arranged a $260 million loan for the refinancing of the 1,780-room Sheraton New York Times Square hotel, which is located at 811 Seventh Ave. in Midtown Manhattan. The 50-story hotel features a fitness center, business center, 61,800 square feet of meeting and event space and multiple onsite food and beverage options. Kevin Davis, Mark Fisher and Russell Freed of JLL arranged the four-year, floating-rate loan through funds managed by affiliates of Fortress Investment Group. The borrower, a partnership between hospitality owner-operator MCR Hotels and global investment firm Island Capital Group, acquired the hotel in April 2022.
MARLBOROUGH, MASS. — Atlanta-based developer Wood Partners has broken ground on Alta French Hill, a 276-unit apartment complex that will be located in the western Boston suburb of Marlborough. Units will come in one, two- and three-bedroom floor plans and will be furnished with stainless steel appliances, quartz countertops, wood-style flooring and individual washers and dryers. Amenities will include a pool, fitness center, dog park, resident lounge and outdoor grilling and dining areas. Alta French Hill will also house 10,000 square feet of retail space. Preleasing will begin in 2024, with the first move-ins scheduled to begin in February 2025.
BELLEVILLE, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $11.8 million sale of Brighton Estates, a 95-unit multifamily property located in the Northern New Jersey community of Belleville. Built in 1962 and recently renovated, Brighton Estates consists of three two-story buildings that house 13 studios, 66 one-bedroom units and 16 two-bedroom apartments. Tom Scatuorchio of Kislak represented the seller in the transaction. Andrew Scheinerman of Kislak procured the buyer. Both parties requested anonymity.
BURLINGTON, N.J. — IronLink Logistics, a third-party freight company formerly known as MD 3PL, has signed a 71,056-square-foot industrial lease in the Southern New Jersey community of Burlington. IronLink will occupy the entirety of a newly constructed building at 2609 Rancocas Road, which features a clear height of 32 feet. Nate Demetsky, Dean Torosian and Matt Kemery of JLL represented the landlord, metro Philadelphia-based developer Endurance Real Estate Group, in the lease negotiations. Casey Mungo of Daum Commercial represented the tenant.