NEEDHAM, MASS. — Regional owner-operator Wingate Living will develop a 69-unit seniors housing project in Needham, a western suburb of Boston. One Wingate Way East will offer one- and two-bedroom units with more than a dozen different floor plans. Amenities will include a pickleball court, rooftop lounge and grille, a golf simulator, art workshop, yoga and spin studios, library and a bistro bar with personal wine lockers. Construction is expected to begin before the end of the year.
NEW YORK CITY — CL Credit, a division of New York-based investment firm Castle Lanterra Properties, has provided a $24 million loan for the refinancing of an 81-unit affordable housing property located at 53 E. 177th St. in The Bronx. Completed in 2023, the property comprises three studios, 38 one-bedroom units, 30 two-bedroom apartments and one ground-floor retail space. The undisclosed borrower will use a portion of the proceeds to retire senior construction debt and fund remaining lease-up costs.
NEW YORK CITY — Marcus & Millichap has arranged the $8.1 million sale of a 10-unit apartment building in Manhattan’s Chelsea neighborhood. Built in 1905, the five-story building at 321 W. 16th St. houses a mix of one-, two- and three-bedroom units. Joe Koicim, Zan Colin and Logan Markley of Marcus & Millichap represented the seller, locally based investment firm Centennial Properties, in the transaction. The trio also procured the buyer, TARGO Capital Partners.
Columbia Construction, Margulies Perruzzi Complete 20,000 SF Office, Life Sciences Project in Boston
BOSTON — General contractor Columbia Construction and locally based design firm Margulies Perruzzi Architects have completed a 20,000-square-foot office and life sciences project in Boston. The space serves as an innovation and workplace training center for biotechnology firm Boston Scientific Corp. and includes procedure rooms for simulated surgeries, conference rooms with movable walls, an auditorium and amenity spaces. R.W. Sullivan handled engineering services for the project.
NEW YORK CITY — L&L Holding Co. has received a $911 million loan for the refinancing of 425 Park Avenue, a 47-story office tower located in the Plaza District of Midtown Manhattan. Sumitomo Mitsui Trust Bank was the lead lender and administrative agent on the five-year, floating-rate loan. The proceeds will be used to pay off a 2021 loan of the same size, which was used to fund final construction and leasing efforts at the tower, which opened in 2022. L&L Holding, along with co-developer Tokyu Land US Corp. and co-managing partner BGO, broke ground on the project in 2016. Foster + Partners designed the asset, which was built to LEED and WELL Core Gold sustainability standards, thanks to energy-efficient mechanical and ventilation systems. 425 Park Avenue totals 670,000 square feet and is currently 90 percent leased, primarily to finance and investment firms. The building’s anchor tenant is Citadel, a multinational hedge fund and financial services company. The company occupies 440,000 square feet across 22 floors. A space near the top of the tower is reserved for an amenity center dubbed The Diagrid Club. The center features outdoor spaces, an art installation by contemporary artist Yayoi Kusama and private rooms for …
NEW BRUNSWICK, N.J. — TSB Capital Advisors has arranged a loan of an undisclosed amount for the refinancing for VERVE, a 696-unit student housing community located near Rutgers University’s main campus in New Brunswick. Constructed in 2020, the community offers single- and double-occupancy units in studio through five-bedroom configurations. Shared amenities include a fitness center, private and group study lounges, gaming spaces, a private parking garage and indoor bike storage. The community also houses ground-floor retail space. An affiliate of QuadReal Property Group provided the fixed-rate loan, which features a future funding component, to the borrower, a joint venture between The Scion Group and PGIM Real Estate.
NEW BRUNSWICK, N.J. — The Community Builders, a nonprofit multifamily developer, has broken ground on Stirlingside Residences, a 53-unit affordable housing project in the Central New Jersey community of New Brunswick. Stirlingside Residences will feature 13 three-bedroom units, 30 two-bedroom residences and 10 one-bedroom apartments, with six units set aside for families and individuals who previously experienced homelessness. The majority (47) of the units are reserved for households earning 60 percent or less of the area median income. Amenities will include a community room, fitness room and onsite laundry facilities. Delivery is scheduled for mid-2025.
BOSTON — Marcus & Millichap has brokered the $5.3 million sale of a 20-unit workforce housing building in the Dorchester area of Boston. The four-story building at 820-828 Blue Hill Ave. offers one-, two- and three-bedroom units across 21,410 square feet of space. Information on specific income restrictions was not disclosed. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
WESTFORD, MASS. — Locally based investment firm Empire Management has purchased a 28,000-square-foot industrial flex building in Acton, a northwestern suburb of Boston, for $5.1 million. The building at 364 Littleton Road, which according to LoopNet Inc. was constructed in 1998, was fully leased at the time of sale to tenants such as Alpha Graphics, National Roofing Co. and ADVG Digital. The seller was Ryan Development. Bernard Gibbons of ABG Commercial Realty brokered the deal.
WESTPORT, CONN. — Locally based brokerage firm Choyce Peterson has negotiated the sale of a 32,000-square-foot industrial building in the southern coastal Connecticut city of Westport. According to LoopNet Inc., the building at 315 Post Road W rises three stories and was constructed in 1978. Scott Peterson and Charlene O’Connell represented the seller, a local family partnership, in the transaction. The buyer was an affiliate of Stamford-based investment firm American Bailey Corp.