NEW YORK CITY — Derby Copeland Capital, a locally based lending and investment firm, has provided two acquisition loans totaling $20.8 million for a pair of Manhattan apartment buildings with a combined 51 units. In the first transaction, Derby Capital provided $17 million for a 31-unit building in the East Village that includes ground-floor retail space that is leased to Lucy’s Bar and Top Beauty Salon. In the second deal, the firm funded a $3.8 million loan for a 20-unit building in Rose Hill neighborhood. The undisclosed borrower(s) plans to use portions of the proceeds to fund capital improvements.
NEW YORK CITY — Locally based firm Monadnock Development has completed 300 Huntington, a 136,000-square-foot mixed-use building in Brooklyn. Designed by Dattner Architects and Bernheimer Architecture, the building consists of 49,000 square feet of office space and 17,000 square feet of retail and restaurant space, with the remainder dedicated for various industrial uses. The development also features an 8,700-square-foot esplanade that serves as a gateway to the Gowanus public waterfront park.
RIVER EDGE, N.J. — Cushman & Wakefield has brokered the $3.1 million sale of River Edge Town Mall, a 21,537-square-foot retail property located about 15 miles northwest of Manhattan. The property sits on 1.5 acres and was fully leased to five tenants at the time of sale. Andy Schwartz, Jordan Sobel, Andre Balthazard and Dan Bottiglieri of Cushman & Wakefield represented the seller, Kamack Associates LLC, and procured the undisclosed buyer in the transaction.
PHILADELPHIA — Spiezle Architectural Group has opened a 6,200-square-foot office at 615 Chestnut St. in downtown Philadelphia. The space features 30 seats and 26 open workstations for collaboration, as well as views of the Liberty Bell and Independence Hall. Bob Reid will lead the new office as principal. Spiezle now operates six offices across the country.
NEW YORK CITY AND TORONTO — Affiliates of Blackstone (NYSE: BX) have entered into an agreement to acquire Tricon Residential (NYSE: TCN) for $3.5 billion in a deal that will take the Canadian owner-operator private. The transaction is expected to close in the second quarter. One of the acquiring entities, Blackstone Real Estate Income Trust (BREIT), already has an 11 percent ownership stake in Tricon Residential following a $240 million equity purchase in 2020. Under the terms of the deal, the New York City-based global asset manager will acquire all outstanding shares of Tricon’s common stock for $11.25 per share in cash. The per-share price represents a 30 percent premium over Tricon’s closing stock price on Thursday, Jan. 18 and a 42 percent premium over the weighted average share prices of the last 90 days. Blackstone intends to maintain and leverage the Tricon platform as it undertakes $1 billion of single-family residential development in the United States and $2.5 billion of traditional multifamily development in Canada. Tricon’s U.S. platform encompasses roughly 2,500 single-family residences in various stages of development, as well as numerous land holdings that can support an additional 21,000 homes. Tricon’s apartment development pipeline in Canada consists of …
WEST NEW YORK, N.J. — JLL has arranged a $150 million construction loan for RB3, a 426-unit multifamily project that will be located across the Hudson River from Manhattan in West New York, N.J. The 11-story waterfront property, which will be located within the 200-acre Port Imperial master-planned development, will offer studio, one- and two-bedroom units. Residences will be furnished with stainless steel appliances, quartz countertops, individual washers and dryers and private balconies/patios. Amenities will include a pool, fitness center, clubhouse, private offices and coworking spaces, a virtual reality room, golf simulator, children’s playroom, sky lounge, grilling stations and a pickleball court. Jon Mikula, Jim Cadranell, Steven Klein and Ryan Carroll of JLL arranged the five-year, fixed-rate loan through Northwestern Mutual on behalf of the locally based borrower, Canoe Brook Development.
ANDOVER, MASS. — A partnership between Boston-based developer Celera Properties and Connecticut-based investment firm True North Management Group has completed Phase I of Andover Technology Park, a life sciences redevelopment project in metro Boston suburb. The first phase of the redevelopment of the 250,000-square-foot campus entailed the core and shell repositioning of the building at 600 Federal St. Ownership subsequently inked 42,000 square feet of new leases at the property. CBRE is the leasing agent for Andover Technology Park. VIVO Arch served as the project architect, and Timberline Construction was the general contractor.
NEW YORK CITY — The Feil Organization has negotiated a 30-year, 142,308-square-foot office lease with the Archdiocese of New York at 488 Madison Avenue in Midtown Manhattan. The space spans the entire third through seventh floors of the 447,000-square-foot building, which was originally constructed in 1949 and overlooks St. Patrick’s Cathedral. Andrew Weiner internally represented The Feil Organization in the lease negotiations. Mary Ann Tighe and Lauren Crowley Corrinet of CBRE represented the archdiocese. The building is now 90 percent leased.
BERKELEY HEIGHTS, N.J. — The Connell Co. will open a 25,000-square-foot fitness facility at The Park, the locally based developer’s 185-acre mixed-use redevelopment in the Northern New Jersey community of Berkeley Heights. The facility will be known as FIELDHOUSE and will offer fitness regimens such as Pilates, yoga and boxing. Members will also have access to a game room, a meditation room, nap and recovery rooms, a health bar and personal trainers and in-house nutritionists. The opening is slated for March.
NEW YORK CITY — French skincare company Caudalie Inc. has signed a 14,000-square-foot office lease at 381 Park Avenue South in Midtown Manhattan. Caudalie relocated from 70 W. 36th St. to a full floor at the 17-story, 228,000-square-foot building earlier this month. Jonathan Moss of M&M Retail Luxury Consulting Inc. represented the tenant in the lease negotiations. Robert Tunis, Kyle Berlinsky and Joseph Mangiacotti of Colliers represented the landlord, ATCO Properties & Management.