Northeast

The-Beck-Apartments-Haverhill-Massachusetts

Procopio Cos. Underway on 290-Unit Multifamily Project in Haverhill, Massachusetts

by Taylor Williams June 30, 2023

HAVERHILL, MASS. — Locally based owner-operator The Procopio Cos. is underway on construction of The Beck, a 290-unit, transit-served multifamily project that will be located in the northern Boston suburb of Haverhill. The Beck will consist of two five-story residential buildings and more than 6,000 square feet of retail space. The development also includes the construction of a 1.4-acre public waterfront park with an amphitheater. Dellbrook | JKS is the construction manager of the project, and CUBE3 is the architect. Needham Bank provided construction financing. Completion is slated for spring 2025.

June 30, 2023

100-Hood-Park-Drive-Charlestown-Massachusetts

Development Life Sciences Massachusetts Northeast

Developer Tops Out 186,000 SF Life Sciences Redevelopment in Charlestown, Massachusetts

by Taylor Williams June 30, 2023

CHARLESTOWN, MASS. — Developer Hood Park LLC has topped out a 186,000-square-foot life sciences facility in the northern Boston suburb of Charlestown. The five-story building at 100 Hood Park Drive will complement an existing structure that features 61,139 square feet of lab space, 40,000 square feet of retail space and a 900-space parking garage. Both buildings will serve as anchors for Hood Park, a 20-acre project that is a redevelopment of the former facility of dairy producer H.P. Hood & Sons. At full build-out, Hood Park will comprise 1.8 million square feet of office and life sciences space, 100,000 square feet of retail and restaurant space and 335 residential units.

June 30, 2023

Development Life Sciences Northeast Pennsylvania

TN Ward Completes Renovation of 180,000 SF Life Sciences Facility in Philadelphia

by Taylor Williams June 30, 2023

PHILADELPHIA — General contractor TN Ward has completed the renovation of Race Street Labs, a 180,000-square-foot life sciences facility in Philadelphia. In addition to base building renovations, two floors of lab facilities were constructed on a speculative basis. The facility now features lab-ready building infrastructure, customizable lab and office spaces and onsite lab management support services. Iron Stone Real Estate Partners owns the property. Cushman & Wakefield is marketing the renovated space for lease.

June 30, 2023

Affordable Housing Development Multifamily Northeast Pennsylvania Seniors Housing

Tryko Partners Breaks Ground on 46-Unit Affordable Housing Project in Pittsburgh

by Taylor Williams June 30, 2023

PITTSBURGH — New Jersey-based Tryko Partners has broken ground on Cedarwood Homes, an age-restricted affordable housing project that will be located at the site of the former Fairywood School in Pittsburgh. The majority (39) of the units will be reserved for renters earning 60 percent or less of the area median income. Merchants Capital secured an $11 million construction and equity bridge loan financing for the project. The Pennsylvania Housing Finance Agency also awarded a 9 percent Low-Income Housing Tax Credit to fund the project. Completion is slated for some time next year.

June 30, 2023

Affordable Housing Massachusetts Multifamily Northeast

MassDevelopment Provides $32.5M in Bond Financing for Affordable Housing Complex in Ipswich, Massachusetts

by Taylor Williams June 29, 2023

IPSWICH, MASS. — MassDevelopment, the state development finance agency and land bank, has provided a $32.5 million tax-exempt bond for Agawam Village, a 94-unit affordable housing complex in Ipswich, located northeast of Boston in Essex County. Agawam Village was built in 1970 and offers one-, two-, three- and four-bedroom units across seven buildings. Specific information on income restrictions was not disclosed. The borrower, a joint venture between an affiliate of The Ipswich Housing Authority and Harborlight Homes of Beverly, will use the financing to acquire and renovate the property. The Massachusetts Department of Housing & Community Development also provided $20.1 million in Low-Income Housing Tax Credit equity for the purchase and rehabilitation.

June 29, 2023

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $14.5M Sale of Multifamily Property in Queens

by Taylor Williams June 29, 2023

NEW YORK CITY — Marcus & Millichap has brokered the $14.5 million sale of a 103-unit multifamily property located in the Jackson Heights area of Queens. Shaun Riney, Seth Glasser, Sean Fopeano and Louis Zarif of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were individuals/personal trusts who requested anonymity.

June 29, 2023

Industrial Leasing Activity New Jersey Northeast

CBRE Negotiates 80,000 SF Industrial Lease in Jersey City

by Taylor Williams June 29, 2023

JERSEY CITY, N.J. — CBRE has negotiated an 80,000-square-foot industrial lease within HRP Hudson Logistics Park in Jersey City. The 86-acre park is a redevelopment of a former coal-fired power plant. Kevin Dudley and Nicholas Klacik of CBRE represented the tenant, global logistics firm D.B. Schenker, in the lease negotiations. David Knee, Chris Hile and Ryan Milanik of JLL represented the landlord, Hilco Redevelopment Partners.

June 29, 2023

Leasing Activity Massachusetts Northeast Retail

Urban Air Adventure Park Signs 52,900 SF Retail Lease in Metro Boston

by Taylor Williams June 29, 2023

BROCKTON, MASS. — Urban Air Adventure Park, an entertainment concept centered on trampolines, has signed a 52,900-square-foot retail lease in the southern Boston suburb of Brockton. The freestanding building sits on four acres across the street from Westgate Mall. Rob Robledo and John Ferris of CBRE represented the landlord, locally based investment firm The Bulfinch Cos., in the lease negotiations. The opening is slated for spring 2024.

June 29, 2023

Acquisitions Multifamily New York Northeast

Global Holdings Management Acquires 57-Unit Apartment Building in Manhattan

by Taylor Williams June 29, 2023

NEW YORK CITY — Global Holdings Management Group has acquired a 57-unit apartment building located at 51 Irving Place in Manhattan. The location offers immediate proximity to the Gramercy Park and Union Square neighborhoods. Built in 1969, the six-story building features studio, one- and two-bedroom units as well as 8,000 square feet of retail space. The seller and sales price were not disclosed.

June 29, 2023

Development Massachusetts Mixed-Use Northeast

Stonegate Group Breaks Ground on 89,500 SF Mixed-Use Redevelopment in Natick, Massachusetts

by Taylor Williams June 28, 2023

NATICK, MASS. — Locally based developer Stonegate Group has broken ground on Stonegate St. Patrick, an 89,500-square-foot, mixed-use redevelopment in Natick, a western suburb of Boston. Designed by Finegold Alexander Architects, the project will convert the site of a former school into a property with 46 apartments, four townhomes and 14,000 square feet of retail space. Apartments will come in one-, two- and three-bedroom formats, and 14 apartments will be reserved as affordable housing. Townhomes will feature three- and four-bedroom layouts. Nauset Construction is the general contractor for the project, a tentative completion date for which was not disclosed.

June 28, 2023

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