BERWYN, PA. — Maryland-based developer Bozzuto has completed Ember at Berwyn, a 250-unit apartment complex located about 25 miles northwest of Philadelphia. Ember at Berwyn features studio, one-, two- and three-bedroom floor plans that range in size from 438 to 1,476 square feet. Amenities include a fitness center with a yoga studio, business center with coworking space and conference rooms, courtyards with grilling and dining stations, a dog park, pool and a social lounge. Bozzuto developed the project via a joint venture with developer ECHO Realty. Rents start at $1,910 per month for a studio apartment.
Northeast
WILMINGTON, MASS. — Boston-based mortgage banking firm EagleBridge Capital has arranged a $30 million loan for the refinancing of a 211,400-square-foot flex property in Wilmington, about 15 miles north of the state capital. The two-story buildings at 181 and 187 Ballardvale St. sit on a combined 15.4 acres and house a mix of office and research and development space. Ted Sidel of EagleBridge arranged the debt. The borrower and direct lender were not disclosed. The complex was 95 percent leased to 17 tenants at the time of the loan closing.
NEW YORK CITY — LifeSpire Inc., an educational organization that supports individuals with developmental disabilities, has signed a 20,026-square-foot office lease in Midtown Manhattan. The tenant is relocating from the Financial District to the fourth and fifth floors of the 462 Seventh Avenue, a 23-story building that was originally constructed in 1925. Darell Handler of Handler Real Estate Organization represented Lifespire in the lease negotiations. Michael Heaner and Sam Stein represented the landlord, The Kaufman Organization, on an internal basis.
CHESHIRE, CONN. — Locally based brokerage firm O,R&L Commercial has negotiated the $1.6 million sale of a 25,320-square-foot industrial building in Cheshire, located roughly midway between Hartford and New Haven. The building is situated on a 2.3-acre site at 1187 Highland Ave. and was 88 percent leased at the time of sale. Richard Lee and Will Braun of O,R&L Commercial represented both the seller, Marshall Enterprises, in the transaction and procured the buyer, Dattco Inc.
LONG BRANCH, N.J. — A developer doing business as Ocean Cooper Revitalization LLC has opened Ocean Gate, a 170-unit apartment complex in the Northern New Jersey community of Long Branch. Designed by Monteforte Architectural Studio, the property offers one-, two- and three-bedroom units that are furnished with stainless steel appliances, quartz countertops and tile backsplashes. Outdoor amenities include a heated pool and sundeck, fire pits, private grilling and dining areas and a movie wall. Residents also have access to a clubhouse with a lounge, catering kitchen, coworking spaces, game room and a children’s play area, as well as a fitness center, pickleball and volleyball courts, a package room and a dog run. Rents start in the low $3000s per month for a one-bedroom apartment.
MIDDLEBOROUGH, MASS. — JLL has brokered the sale of the 100-room Fairfield Inn & Suites Raynham Middleborough/Plymouth hotel in southern Massachusetts. The hotel sits on 2.4 acres at 4 Chalet Road and offers amenities such as a fitness center, business center and a lobby market. The property also underwent a $3.3 million capital improvement program in 2018. Alan Suzuki, Matthew Enright and Emily Zhang of JLL represented the seller, JNR, in the transaction. Additional terms of sale were not disclosed.
NEW YORK CITY — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged a $9 million loan for the refinancing of an industrial property in The Bronx. According to LoopNet Inc., the property at 656 E. 133rd St. was built in 1930 and totals 124,000 square feet. Matt Polci, Justin Natalizio and Eric Anton of IPA arranged the financing through Citibank on behalf of the borrower, New York-based private investor Guy Roberts.
WEST NEW YORK, N.J. — Locally based brokerage firm Gebroe-Hammer Associates has negotiated the $4 million sale of 5414 Park Avenue Apartments, a 22-unit apartment building in West New York, located just outside Manhattan. The five-story, transit-served building consists of 13 one-bedroom units and nine two-bedroom units. David Betesh of Gebroe-Hammer represented the buyer and seller, both of which requested anonymity, in the transaction.
JERSEY CITY, N.J. — Franklin Credit Management Corp. has signed a 15,000-square-foot office lease renewal at 101 Hudson St. in Jersey City. The 42-story, 1.2 million-square-foot tower is located in the city’s Exchange Place neighborhood and is known as The Merrill Lynch Building. Conor Dolan, David Opper and Mike Nieliwodski of CBRE represented the landlord, The Birch Group, in the lease negotiations. The tenant representative was not disclosed.
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Multifamily Operators Adopt Property-Wide Internet Access as New Standard Amenity
Multifamily residents want to take their internet connections with them beyond their unit’s four walls and throughout the complex. The National Multifamily Housing Council has found for years that 90 percent of renters say good internet access is a necessity. But the meaning of good connectivity has changed. “Ten, fifteen or twenty years ago, the most popular trend was cocooning — where people would go to work, come home and run into their apartment. They’d close the door, and you wouldn’t hear or see from them again until the next day,” says Bryan Rader, president of MDU at internet service provider Pavlov Media. “Today, multifamily renters spend more time around the community,” he continues. “Developers are playing to that lifestyle change by building amenities and encouraging residents to spend time together. Having a really strong managed Wi-Fi network that is safe, secure and authenticates the user is very valuable.” Put more simply, Wi-Fi within amenities is important to renters. Take fitness centers, for example. When was the last time you saw anyone on a treadmill without headphones relaying music from the internet through a phone or tablet? The move toward property-wide internet demand started in universities as students needed internet …