ORANGE, N.J. — Locally based development and management firm PEEK Properties has begun leasing The Highland, a 138-unit apartment complex in the Northern New Jersey community of Orange. The five-story building houses a mix of studio, one- and two-bedroom apartments that range in size from 533 to 1,163 square feet. Amenities include a resident lounge, fitness center, dog park and outdoor grilling and dining stations. Information on starting rents was not disclosed.
HOBOKEN, N.J. — CBRE has brokered the $8.5 million sale of a multifamily development site located at 921-931 Madison St. in Hoboken, located just outside New York City. Locally based firm AIRN Management sold the site, which formerly housed the operations of Water Music Studios, to an undisclosed private developer that plans to construct a 36-unit building with roughly 10,000 square feet of retail space. Fahri Ozturk, Richard Gatto, Zach McHale and Jeff Babikian of CBRE brokered the deal.
SANDWICH, MASS. — MassHousing has provided $6.2 million in financing for Shawme Heights Apartments, a 44-unit affordable seniors housing complex located in the Cape Cod town of Sandwich. The borrower, nonprofit owner-operator Sandwich Senior Housing Corp., will use the proceeds to refinance existing debt and fund capital improvements. Specific upgrades will target unit interiors, building exteriors, elevators, common areas and building systems like security, backup electricity and medical alert.
NEW YORK CITY — Canela Media, a provider of Spanish language content, has signed an 8,066-square-foot office lease renewal and expansion at 370 Lexington Avenue in Midtown Manhattan. Canela Media has occupied 4,924 square feet at the 26-story building since 2021 and is now taking additional space on the 15th floor. Brett Maslin and Jack Tobin of Adams & Co. represented the tenant in the lease negotiations. Gayle Kennedy and Olivia Schrantz of Broad Street Development represented the undisclosed landlord.
NEW YORK CITY — Merchants Capital has provided $225 million in Freddie Mac financing for seven affordable housing properties in The Bronx. The properties comprise 18 buildings and 983 units that carry a range of income restrictions. The borrower is a joint venture between The Arker Cos., SBV RE Investments LLC and Dabar Development Partners. Proceeds will be used to refinance existing debt, rehabilitate units with building-wide improvement plans and preserve affordability. The scope of work includes kitchen upgrades, plumbing improvements and common area maintenance. Completion is slated for September 2025.
TEANECK, N.J. — Eastern Union has secured a $74.2 million construction loan for a 256-unit, six-story multifamily project that is currently under development at 329 Alfred Ave. in the Northern New Jersey community of Teaneck. The loan carries a 36-month term, 75-percent loan-to-cost ratio and a fixed interest rate of 7.8 percent with interest-only payments for the full term. Gabriel Sasson of Eastern Union originated the financing, a portion of which will be used to retire existing debt. The borrower and direct lender were not disclosed.
DELRAN AND SWEDESBORO, N.J. — Endurance Real Estate Group, a developer based in metro Philadelphia, has sold a portfolio of five industrial buildings totaling 342,098 square feet in the Southern New Jersey communities of Delran and Swedesboro. The specific addresses of the shallow-bay buildings, all of which were constructed in the 1970s and 1980s, were not disclosed. The buyer was Taurus Investment Holdings. Michael Hines, Brad Ruppel, Joe Hill, Lauren Dawicki, Dan McGovern and Charlotte Sands of CBRE brokered the deal. The portfolio was fully leased to 22 tenants at the time of sale.
BOSTON — Blueprint Healthcare Real Estate Advisors has brokered the sale of a 53-bed skilled nursing facility located just south of downtown Boston. The building was originally constructed in 1960, spans over 18,000 square feet and features a variety of unit configurations. The buyer was an undisclosed family office that intends to convert the property into traditional multifamily housing. Details on the seller and sales price were not disclosed. Kyle Hallion and Michael Segal led the Blueprint team on the transaction.
NEW YORK CITY — Energy Capital Partners (ECP) has signed a 26,292-square-foot office lease expansion at One World Trade Center, a 3.1 million-square-foot tower in Lower Manhattan. David Falk, Peter Shimkin, Hal Stein, Jason Greenstein and Nathan Kropp of Newmark represented ECP, which is taking an additional 15,400 square feet, in the lease negotiations. Newmark’s Eric Zemachson and Corey Borg, along with internal agents Eric Engelhardt and Karen Rose, represented the landlord, a partnership between The Durst Organization and The Port Authority of New York & New Jersey.
NEW YORK CITY — JLL has arranged a $260 million loan for the refinancing of the 1,780-room Sheraton New York Times Square hotel, which is located at 811 Seventh Ave. in Midtown Manhattan. The 50-story hotel features a fitness center, business center, 61,800 square feet of meeting and event space and multiple onsite food and beverage options. Kevin Davis, Mark Fisher and Russell Freed of JLL arranged the four-year, floating-rate loan through funds managed by affiliates of Fortress Investment Group. The borrower, a partnership between hospitality owner-operator MCR Hotels and global investment firm Island Capital Group, acquired the hotel in April 2022.