Northeast

WinnCos. Receives $69.1M in Financing for Metro Boston Affordable Housing Project

by Taylor Williams January 18, 2024

SWAMPSCOTT, MASS. — Regional developer and operator WinnCos. has received $69.1 million in financing for The Westcott, a 114-unit affordable housing project in Swampscott, a northeastern suburb of Boston. Units at The Westcott will come in studio, one-, two- and three-bedroom formats and will be reserved for renters earning between 30 and 110 percent of the area median income. The Massachusetts Executive Office of Housing & Livable Communities provided Low-Income Housing Tax Credit equity for the project. MassHousing provided bridge and permanent financing, and both the Swampscott Affordable Housing Trust and North Shore HOME Consortium contributed funds to the development. Construction is underway, with the first units expected to be available for occupancy next year.

January 18, 2024

Affordable Housing Development Multifamily New York Northeast

CAMBA Housing Ventures Breaks Ground on 328-Unit Affordable Housing Project in Brooklyn

by Taylor Williams January 18, 2024

NEW YORK CITY — CAMBA Housing Ventures has broken ground on Clarkson Avenue Estates, a 328-unit affordable housing project in Brooklyn. GZA GeoEnvironmental Inc. led the remediation efforts for the site at 329 Clarkson Ave., which most recently housed a parking facility operated by SUNY Downstate Medical Center. The nine-story building will offer one-, two- and three-bedroom units for renters earning up to 30, 40, 50 and 70 percent of the area median income. Half of the units will be reserved as supportive housing for formerly homeless or incarcerated individuals. Amenities will include community rooms, a computer room, basketball gym and onsite laundry facilities. The development will also feature 30,000 square feet for supportive facilities for initiatives such as workforce training, financial literacy, youth education and development and childcare. Delivery is slated for 2026.

January 18, 2024

Acquisitions Multifamily New Jersey Northeast

Kislak Negotiates $13.8M Sale of Northern New Jersey Apartment Complex

by Taylor Williams January 18, 2024

ORANGE, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $13.8 million sale of Wedgewood House, an 80-unit apartment complex located in the Northern New Jersey community of Orange. The garden-style, recently renovated complex was built on 1.8 acres in 1968 and houses studio, one- and two-bedroom units. Joni Sweetwood of Kislak represented the seller in the transaction. Daniel Lanni of Kislak represented the undisclosed buyer. Both parties requested anonymity.

January 18, 2024

Leasing Activity New Jersey Northeast Retail

Launch Entertainment to Open 31,842 SF Indoor Trampoline Park in Little Ferry, New Jersey

by Taylor Williams January 18, 2024

LITTLE FERRY, N.J. — Launch Entertainment will open a 31,842-square-foot indoor trampoline park in the Northern New Jersey community of Little Ferry. The entertainment operator will backfill a space formerly occupied by grocer HMart within a 155,444-square-foot shopping center at 260 Bergen Turnpike. Marta Villa of CBRE represented the landlord, Bergen Ferry Associates LP, in the lease negotiations. Brian Wherty of Equity Retail Brokers represented Launch Entertainment.

January 18, 2024

Leasing Activity New Jersey Northeast Office

Meisel Tuteur & Lewis Signs 22,000 SF Office Lease in Roseland, New Jersey

by Taylor Williams January 18, 2024

ROSELAND, N.J. — Meisel Tuteur & Lewis has signed a 22,000-square-foot office lease in Roseland, about 25 miles west of Manhattan. The accounting and consulting firm is relocating from a nearby building to a built-out space on the second floor of a 220,000-square-foot building within Eisenhower Corporate Park. David Stifelman and Tim Greiner of JLL represented the tenant in the lease negotiations. Jeff Kolodkin of Newmark represented the undisclosed landlord.

January 18, 2024

Affordable Housing Development Multifamily New York Northeast

Conifer Realty, CPP to Renovate 526-Unit Affordable Seniors Housing Property in Rochester, New York

by Taylor Williams January 17, 2024

ROCHESTER, N.Y. — A partnership between locally based owner-operator Conifer Realty and Community Preservation Partners (CPP) will renovate Andrews Terrace, a 526-unit affordable seniors housing complex in the upstate New York city of Rochester. Built in 1975, the waterfront property consists of two buildings that rise 19 and 22 stories and house one- and two-bedroom units for seniors age 62 and above and disabled residents. A partnership between KeyBank Community Development Lending & Investment and Goldman Sachs Asset Management provided $135.6 million in Low-Income Housing Tax Credit equity and $200 million in construction financing to fund renovations and preserve the property’s affordability status. All apartments will receive upgraded countertops, painting, appliances, fixtures and cabinets. Common areas, including the lobby, community room, management office, maintenance shop and parking garage, will be renovated with drywall repairs, painting, new flooring and HVAC upgrades as needed. There will also be several new outdoor additions to the community, including a community garden on the property’s terrace, grandparents’ playground, a seating and grilling area and bocce ball courts. Indoor amenities will include a fitness room, game room, reading nook and two community rooms with serve-in kitchens. New mailboxes with parcel boxes will also be installed. Lastly, …

January 17, 2024

Development Leasing Activity New York Northeast Office

Signature Acquisitions Launches Renovation, Secures Two Renewals at Office Building in Tarrytown, New York

by Taylor Williams January 17, 2024

TARRYTOWN, N.Y. — Signature Acquisitions has launched a renovation of the lobby, cafeteria and other common areas at Tarrytown Corporate Center, a 180,000-square-foot office building located on the northern outskirts of New York City.The regional owner-operator has also secured two lease renewals at the building: a 20,538-square-foot deal with coworking firm Regus and a 7,581-square-foot deal with office technology and IT firm Atlantic Tomorrow. Jeff Smith internally represented Signature Acquisitions in both sets of lease negotiations. Peter Dana, Jason Lee and Craig Ruof of Colliers represented Regus, and Harland Hollander of Savills represented Atlantic Tomorrow. Ownership has tapped JLL to lease the building following the completion of the capital improvement program.

January 17, 2024

Acquisitions Massachusetts Multifamily Northeast Seniors Housing

JLL Arranges Recapitalization of 80-Unit Seniors Housing Property in Ashland, Massachusetts

by Taylor Williams January 17, 2024

ASHLAND, MASS. —JLL has arranged the recapitalization of the Residence at Valley Farm, an 80-unit seniors housing property located about 25 miles west of Boston in Ashland. LCB Senior Living developed the three-story facility on a 2.9-acre site in 2015. Under the terms of the recapitalization, LCB Senior Living will stay on as co-owner, while Blue Moon Capital Partners will replace Bridge Investment Group as the other owner. Jay Wagner, Rick Swartzand Jim Dooley led the JLL investment sales and advisory team on the deal.

January 17, 2024

Leasing Activity Northeast Office Pennsylvania

Excelitas Technologies Signs 45,000 SF Office Headquarters Lease in Pittsburgh

by Taylor Williams January 17, 2024

PITTSBURGH — Excelitas Technologies Corp., a provider of photonics products for the medical, defense and automotive industries, has signed a 45,000-square-foot office lease in Pittsburgh’s Strip District for its new headquarters. The company, which is relocating from metro Boston, plans to invest $2.3 million in the build-out and take occupancy this summer. Dan Adamski and Dennis Davin of JLL represented Excelitas Technologies in the lease negotiations. The name and representative of the landlord were not disclosed.

January 17, 2024

Leasing Activity Northeast Pennsylvania Retail

Fresh Market to Open 32,131 SF Grocery Store in Pittsburgh

by Taylor Williams January 17, 2024

PITTSBURGH — North Carolina-based grocer The Fresh Market will open a 32,131-square-foot store in Pittsburgh’s East Liberty neighborhood. The building at 5880 Centre Ave. was originally constructed in 2002 for Whole Foods Market, which vacated the space in 2022 for a larger store on nearby Penn Avenue. Herky Pollock of CBRE represented the undisclosed landlord in the lease negotiations. Brian Kerr of Hanna Langholz Wilson Ellis represented the tenant. The store will be Fresh Market’s first in Pittsburgh.

January 17, 2024

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