NEW YORK CITY — A partnership between two locally based firms, EJS Group and New Hope Capital, has received $108.1 million in construction financing for a 240-unit multifamily project in Brooklyn’s Bedford-Stuyvesant neighborhood. The development at 12 Halsey St. will consist of three buildings, with 30 percent of the units to be reserved as affordable housing. Amenities will include a pool, fitness center, tenant lounge and rooftop garden, as well as ground-floor retail space. Completion is slated for fall 2025. The financing package consists of an $83.1 million senior mortgage loan from Bank OZK and $25 million in mezzanine financing from CanAm Enterprises. Aaron Appel of Walker & Dunlop arranged the debt on behalf of the developers.
WESTFIELD, N.J. — A joint venture between two New Jersey-based developers, Premier Development and Garden Communities, is underway on construction of a 162-unit multifamily project in the Northern New Jersey community of Westfield. Designed by BlackBird Group Architects, Parkside at Westfield will be a three-story building that offers one-, two- and three-bedroom units. Residences will range in size from 985 to 1,944 square feet. Amenities will include a fitness center, clubhouse, library, golf simulator, playground and outdoor grilling and dining stations. Delivery is scheduled for late spring 2024.
INDEPENDENCE, N.J. — New Jersey-based developer Woodmont Properties has reached 75 percent occupancy at the first phase of Woodmont Liberty at Independence, a 120-unit multifamily project that is located on an 11-acre site about 60 miles west of Manhattan. The property offers one- and two-bedroom units that are furnished with custom-designed kitchens, walk-in closets, keyless entry mechanisms, individual washers and dryers and private balconies/patios. Amenities include a pool, outdoor grilling and dining areas, a fitness center, game room, conference center, walking trails and a dog park. Leasing began in April, at which point rents started at $2,440 per month for a one-bedroom apartment.
NEW YORK CITY — Five tenants have signed leases for office and showroom space at 1 East 33rd Street, a 160,000-square-foot building in Midtown Manhattan. The tenants are apparel company Q4 Designs (26,504 square feet); pet products provider European Home Designs (13,027 square feet), home furnishings firm Franco Manufacturing (6,894 square feet); Regal Jewelry (13,027 square feet); and Jem International (18,624 square feet). Koeppel Rosen LLC owns the building, which was originally constructed in 1913 and is now fully leased.
HARRISBURG, PA. — St. John Properties Inc. has unveiled plans for the redevelopment of Harrisburg Mall, a 1 million-square-foot regional mall located in the Swatara Township section of Dauphin County. The company plans to build Swatara Exchange, a mixed-use development consisting of multi-use commercial space and supporting inline retail and retail pad sites. The mall will undergo an extended demolition program that is expected to conclude in 2025. The existing Bass Pro Shops and Applebee’s Grill + Bar restaurant will remain operational, and the former Toys ‘R’ Us building will be marketed for a new use. At full build-out, Swatara Exchange is expected to support up to 1,000 new jobs in its nearly 550,000 square feet of space and contribute approximately $1 million in additional tax revenue annually. Twelve new buildings, including two retail pad sites, will be constructed in total. “When formulating our long-term strategy for Harrisburg Mall, we factored in trends occurring throughout the retail industry, changing consumer shopping patterns, the local real estate landscape and the greater Harrisburg economic climate,” says Lawrence Maykrantz, president and CEO of St. John Properties. The developer plans to build 13,600 square feet of single-story office space and nearly 200,000 square feet …
WEST WINDSOR, N.J. — JLL has arranged an undisclosed amount of permanent financing for Woodmont Way at West Windsor, a 443-unit apartment community located about 12 miles northeast of Trenton. Completed in 2022, the garden-style property features 13 buildings that house one-, two- and three-bedroom units. Amenities include a clubhouse, pool with a sundeck, resident lounge, golf simulator, fitness center, game den, dog park, pet spa and outdoor courtyards with pickleball courts. Thomas Didio, Thomas Didio Jr., Salvatore Buzzerio and Benjamin Morgenthal of JLL arranged the five-year, fixed-rate loan through Northwestern Mutual. The borrower was New Jersey-based Woodmont Properties.
WEST ORANGE, N.J. — The Alpert Group LLC has broken ground on a 65-unit affordable seniors housing community in West Orange, approximately 20 miles west of Manhattan. Located at 46 Mount Pleasant Ave., the five-story building will include one- and two-bedroom units, onsite parking, modern amenities and age-friendly features. Five units will be reserved for formerly homeless residents. Completion is slated for late summer 2024. Project partners include the New Jersey Housing & Mortgage Finance Agency, Enterprise Community Partners, TD Bank, Essex County and the Township of West Orange.
UNION, N.J. — Coldwell Banker Realty New Homes has begun leasing a 43-unit apartment complex in the Northern New Jersey community of Union. The complex is an adaptive reuse of the historic former Union Center Bank facility. Units come in studio and one-bedroom floor plans. Rents start at $1,900 per month for a studio apartment. Nicholas Wong, head of Titan Engineers PC, developed the project.
NEW YORK CITY — Two healthcare users have signed leases totaling 10,300 square feet at Hutchinson Metro Center in The Bronx. North Bronx Orthopedic & Spine Group has committed to 5,121 square feet, and MJHS Health System has inked a deal for 5,179 square feet. The former was represented internally in the lease negotiations, and Bill Jordan of CBRE represented the latter. Simone Development Co. owns Hutchinson Metro Center.
MARLTON, N.J. — Norman’s Hallmark has opened a 6,200-square-foot store at Marlton Crossing in Southern New Jersey. The store offers a complete line of Hallmark products, cards and Keepsake Ornaments, as well as apparel, accessories, books, stationery, games, home décor, candy and gourmet foods. Norman’s Hallmark, which operates 75 stores nationwide, also recently opened a 7,280-square-foot store in nearby Plymouth Meeting.