POUGHKEEPSIE, N.Y. — Basis Investment Group has provided a $27.5 million bridge loan for the refinancing of Plaza 44, a 168,000-square-foot, grocery-anchored shopping center in Poughkeepsie, located north of New York City. Regional grocer Stop & Shop anchors the center, and Ross Dress for Less plans to open a 23,000-square-foot store at Plaza 44 before the end of the year. The borrower, Capstone Realty Group, plans to reposition the center and market the property for sale over the course of the ensuing 24-month period.
LEVITTOWN, PA. — Largo Capital, a financial intermediary based in upstate New York, has arranged a $17.6 million loan for the refinancing of Country Manor Apartments, a 200-unit multifamily property in Levittown, located along the Pennsylvania-New Jersey border. The property offers one- and two-bedroom units. Amenities include a pool, playground, courtyard, fitness center and onsite laundry facilities. Neal Colligan of Largo Capital arranged the loan. The names of the direct lender and borrower were not disclosed.
JERSEY CITY, N.J. — Developer Nasser Freres is nearing completion of The Greyson, a 29-story apartment tower in the Journal Square neighborhood of Jersey City. Designed by Handel Architects, The Greyson will have 622 apartments, approximately 45,000 square feet of office space and ground-floor retail space. Apartments will come in studio, one-, two- and three-bedroom floor plans. Amenities will include a relaxation zone and spa, an art gallery and studio, children’s playroom, karaoke room, pet spa, bowling alley, screening room, game lounge, speakeasy, VR sports room with arcade games and a catering kitchen. Residents will also have access to a coworking space with a lounge, private work pods and conference rooms, as well as a fitness center, coffee bar, podcast/TikTok room and a party lounge. Construction began in summer 2024, and leasing will commence in February.
NEW YORK CITY — Goldman Sachs has provided a $145 million loan for the refinancing of Fouquet’s New York, a 97-room hotel in Manhattan’s Tribeca neighborhood that is operated/managed as part of the family of brands of Paris-based Barrière’s Signature Luxury Hotels. The hotel features multiple onsite food-and-beverage establishments, as well as a spa and meeting/event space. The sponsor and majority owner of the hotel is APW Avenue Group, a group led by Los Angeles-based investor James Parks. Specific loan terms were not disclosed.
MORRISTOWN, N.J. — Locally based financial intermediary G.S. Wilcox & Co. has arranged a $110.5 million loan for the refinancing of a portfolio of five industrial buildings totaling approximately 800,000 square feet in Northern New Jersey. The names and addresses of the buildings were not disclosed. Gretchen Wilcox and Al Raymond of G.S. Wilcox arranged the seven-year, fixed-rate loan through an undisclosed life insurance company. The borrower was also not named. The portfolio was 97 percent leased at the time of the loan closing.
POUGHKEEPSIE, N.Y. — Ross Dress for Less will open a 23,000-square-foot store in Poughkeepsie, located north of New York City. The space is located within Plaza 44, a 165,000-square-foot, grocery-anchored shopping center. Deborah Stone and Jason Pennington of RIPCO Real Estate represented the undisclosed landlord in the lease negotiations. Brian Katz and Amy Staats of Katz & Associates represented Ross, which is aiming to open this store by the end of the year.
PHILADELPHIA — California-based canned beverage manufacturer DrinkPAK has signed a 1.4 million-square-foot industrial lease at The Bellwether District, a 1,300-acre logistics campus in South Philadelphia. The Bellwether District is a redevelopment of the former Philadelphia Energy Solutions refinery campus that can support traditional industrial uses, as well as life sciences and other innovative and manufacturing uses. Hilco Redevelopment Partners (HRP) is the master developer of The Bellwether District. Jim Belcher, Nick Pickard, Stephen Cook and Mike Spaeder of Newmark represented DrinkPAK in the lease negotiations. According to the Newmark’s analysis of CoStar Group’s data, the deal represents one of the largest industrial transactions in the history of the Philadelphia market and the largest lease since 2020. “DrinkPAK’s commitment at The Bellwether District represents a defining moment for both the project and the region,” says Pickard. “This type of investment brings significant upside to greater Philadelphia, fueling job creation, supply chain expansion and regional economic growth.” Newmark also recently represented DrinkPAK in its negotiations for a pair of industrial lease expansions totaling 2.9 million square feet in Fort Worth. — Taylor Williams
NEW YORK CITY — Starr has signed a 20-year, 275,000-square-foot office headquarters lease in Midtown Manhattan. The global investment and insurance organization will occupy the entirety of floors 16 through 27 at 343 Madison Avenue, a 46-story, 930,000-square-foot building that is currently under construction. John Picco, Peter Van Duyne and Alex Lachmund of Cushman & Wakefield represented Starr in the lease negotiations. Peter Turchin, John Maher, Evan Haskell and Caroline Merck of CBRE represented the landlord, BXP, formerly known as Boston Properties, which expects to complete 343 Madison Avenue in 2029.
NEW YORK CITY — Walker & Dunlop has arranged $19.1 million in financing for Melrose Concourse, a proposed 72-unit affordable housing project in The Bronx. The financing comprises a $6.3 million permanent loan commitment from Freddie Mac and a $12.8 million equity investment. Melrose Concourse will consist of a four-story building with eight units, a nine-story building with 34 apartments and a 10-story building with 30 residences. All units will be reserved for renters earning between 30 and 70 percent of the area median income, and 23 units will be set aside for seniors. John Gilmore and Ethan Waite of Walker & Dunlop led the debt financing process, and the firm’s Diego Benites and Ricky Figueroa led the equity placement efforts. The developer is a joint venture between Settlement Housing Fund and the Beechwood Organization.
NETCONG, N.J. — Regional brokerage firm Hudson Atlantic Realty has negotiated the $10.8 million sale of Kings View Apartments, a 38-unit apartment complex located in the Northern New Jersey community of Netcong. Units at the property, which was built in 2002, come in one- and two-bedroom floor plans and are reserved for renters age 55 and above. Amenities include a fitness center and a resident lounge. Adam Zweibel and Dante Fusaro of Hudson Atlantic brokered the deal. The buyer and seller were not disclosed.