BOSTON — A partnership between two local developers, RISE and City Realty Group, has received approval from the Boston Planning & Development Agency to construct a 72-room boutique hotel at 330 C St. in South Boston. Designed by Group One Partners, the 46,600-square-foot hotel will offer a fitness center, onsite restaurant and bar and a rooftop terrace. Construction is scheduled to begin in the third quarter of next year. The project is expected to create about 50 permanent jobs and 150 temporary construction jobs.
TETERBORO, N.J. — Bergen Fitness has signed a 42,985-square-foot industrial lease renewal in the Northern New Jersey community of Teterboro. The multi-tenant complex at 100 Hollister Road totals 177,092 square feet. Darren Lizzack and Randy Horning of NAI James E. Hanson, along with Matthew Meade of MWM Group, represented the tenant in the lease negotiations. Marc Petrella of KBC Advisors represented the landlord, Dawson Logistics Assets.
NORTH BRUNSWICK, N.J. — Azarian Realty Co. has negotiated a 9,746-square-foot retail lease at The Shoppes at North Brunswick in Northern New Jersey. Kevin Pelio of Azarian represented the undisclosed landlord in the lease negotiations. David Dunkelman of Soloff Realty & Development represented the tenant, Big Blue Swim School. The Shoppes at North Brunswick is now 94 percent leased following the execution of this deal.
MassDevelopment Provides $129M in Bond Financing for Opus Newton Seniors Housing Project Near Boston
NEWTON, MASS. — MassDevelopment has provided $129 million in tax-exempt bond financing for the construction of Opus Newton, a 174-unit seniors housing project that will be located on the western outskirts of Boston. The borrower and developer is locally based nonprofit organization 2Life Communities. Construction began in March and is scheduled for completion in mid-2025. Opus Newton, an age-restricted complex with units reserved for renters age 62 and above, is being constructed on four acres at 777 Winchester St. The property will house 62 two-bedroom units and 112 one-bedroom apartments. Amenities will include a library, café, business center, game room, volunteer hub, convenience store, art room, fitness studio and classrooms. In addition, onsite staff will be available to coordinate home and health services based on resident needs. According to the development team, Opus Newton will meet the needs of seniors who earn too much to qualify for affordable housing units but cannot comfortably afford other high-end housing options in the area. Of the property’s 174 units, nine will be reserved for households earning 80 percent or less of the area median income. The market-rate units will partially maintain low rents by using volunteers from the community in place of some …
HARRISON, N.J. — Locally based developer Advance Realty Investors has begun preleasing The Wyldes, a 399-unit multifamily project in the Northern New Jersey community of Harrison. The five-story building houses studio, one- and two-bedroom units that are furnished with stainless steel appliances, quartz countertops, custom cabinetry and individual washers and dryers. Amenities include a rooftop lounge with a bar and TVs; landscaped courtyard with fire pits and gaming areas; resort-style pool with grilling and dining stations; commercial-grade demonstration kitchen; coworking lounge with private offices and conference facilities; a billiards room with a media lounge and kitchenette; and a two-level fitness center with a yoga studio. Rents start at $2,050 per month for a studio apartment.
NORRISTOWN, PA. — Largo Capital, a commercial intermediary based in upstate New York, has arranged a $15 million loan for the refinancing of a multifamily property in Norristown, a northwestern suburb of Philadelphia. The unnamed property consists of 17 buildings totaling 328 units that were 99 percent occupied at the time of the loan closing. Neal Colligan of Largo Capital originated the financing. The direct lender and borrower were not disclosed.
RED BANK, N.J. — Marcus & Millichap has brokered the $12.8 million sale of a 28,110-square-foot office and retail building in the Northern New Jersey community of Red Bank. The three-story building was constructed in 2000 and consists of two levels of office space and ground-floor retail space that is anchored by Urban Outfitters. Alan Cafiero, Brent Hyldahl and Seth Goldberg of Marcus & Millichap represented the seller and procured the buyer, both of which were limited liability companies that requested anonymity, in the transaction. Joseph Belgiovine of Marcus & Millichap Capital Corp. arranged acquisition financing for the deal.
TEANECK, N.J. — Newmark has negotiated an office lease expansion at Glenpointe Centre East in the Northern New Jersey community of Teaneck. Jeff Schotz, Peter Rossi, Dan Reider, Peter Kasparian and David Simson of Newmark represented the landlord, locally based investment firm Alfred Sanzari Enterprises, in the lease negotiations. Andrew Zezas of Real Estate Strategies Corp. represented the tenant, Interstate Waste Services, which has leased space at Glenpointe Center East since 2013 and now occupies about 18,000 square feet.
UNION, N.J. — Nonprofit organization Rise Against Hunger has signed an 11,500-square-foot industrial lease in the Northern New Jersey community of Union. The facility features a clear height of 16 feet and two overhead loading docks. Tim Farley of Cushman & Wakefield represented the tenant in the lease negotiations. Joel Tomlinson of Silbert Realty & Management represented the landlord, locally based investment firm The STRO Cos.
NEW YORK CITY — A partnership between locally based developer Innovo Property Group and Affinius Capital, which is a partnership between USAA Real Estate and Square Mile Capital Management, has received $334 million in financing for an industrial facility in The Bronx. The financing consists of $250 million in debt from the existing construction lender, Bank OZK, and an $84 million mezzanine loan from PIMCO. The two-story, 1 million-square-foot property at 2505 Bruckner Ave. was delivered in 2022 and features clear heights of 28 to 32 feet, 106 loading doors and 664 interior parking spaces. At the time of the loan closings, the facility was 53 percent leased to an undisclosed, global e-commerce firm.