Northeast

Cooper-University-Health-Care-Camden-New-Jersey

Cooper University Health Care Breaks Ground on 335,000 SF Facility in Camden, New Jersey

by Taylor Williams February 19, 2025

CAMDEN, N.J. — Cooper University Health Care has broken ground on a 335,000-square-foot facility in Camden, located outside of Philadelphia in Southern New Jersey. The 10-story patient tower will feature 125 private rooms, additional operating rooms and research/education areas. In addition, the building will connect to several of the healthcare provider’s existing facilities, including the MD Anderson Cancer Center, via a new pedestrian bridge. HKS Architects and Array Architects designed the facility, and the engineering team includes O’Donnell & Naccarato, Langan, BR+A Consulting Engineers and Highland Associates. Completion of the project, which is part of a larger $3 billion expansion to the provider’s Camden footprint, is slated for 2028.

February 19, 2025

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Brokers $8.3M Sale of Shopping Center in Hamilton, New Jersey

by Taylor Williams February 19, 2025

HAMILTON, N.J. — Marcus & Millichap has brokered the $8.3 million sale of Quakerbridge Shoppes, a 42,912-square-foot shopping center located in the Central New Jersey community of Hamilton. The center sits on 5.1 acres and is home to 18 tenants, including Northfield Bank and Villa Maria’s Restaurant. Alan Cafiero and Brent Hyldahl of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

February 19, 2025

Loans Massachusetts Multifamily Northeast

MMCC Arranges $3.4M Loan for Refinancing of Cambridge Apartment Building

by Taylor Williams February 19, 2025

CAMBRIDGE, MASS. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $3.4 million loan for the refinancing of a 16-unit apartment building in Cambridge, located across the Charles River from Boston. According to Zillow.com, the building at 891 Massachusetts Ave. offers one- and two-bedroom units. Robert Damigella of MMCC arranged the nonrecourse loan, which carries a fixed interest rate of 7.12 percent and a 65 percent loan-to-value ratio, through a local credit union. The sponsor was not disclosed.

February 19, 2025

Leasing Activity New York Northeast Office

NYCBS Signs 35,469 SF Office Lease at Radio Tower in Upper Manhattan

by Taylor Williams February 19, 2025

NEW YORK CITY — New York Cancer & Blood Specialists (NYCBS) has signed a 35,469-square-foot office lease in Upper Manhattan. The oncology practice will occupy three full floors at Radio Tower, a mixed-use building in the Washington Heights neighborhood. Marty Cottingham, Michael Gottlieb, Patrick Steffens, Joel Wechsler and Alexis Odgers of Avison Young represented the landlord, Youngwoo & Associates, in the lease negotiations. Arthur Mirante II of Savills and Ari Malul of Schuckman Realty represented NYCBS.

February 19, 2025

Leasing Activity New York Northeast Office

SharkNinja to Open 14,296 SF Office in Midtown Manhattan

by Taylor Williams February 19, 2025

NEW YORK CITY — SharkNinja will open a 14,296-square-foot office in Midtown Manhattan. The Massachusetts-based product design and technology company plans to occupy an entire floor at 41 Madison Avenue, a 42-story, 560,000-square-foot building. Steven Jacobson of Hopkinson Associates represented SharkNinja in the negotiations for the 10-year lease. Robert Steinman represented the landlord, Rudin, on an internal basis.

February 19, 2025

Affordable Housing Development Multifamily Northeast

WinnCos. Breaks Ground on $47M Affordable Housing Project in Braintree, Massachusetts

by Taylor Williams February 18, 2025

BRAINTREE, MASS. — Developer WinnCos. has broken ground on The Eastwalk, an affordable housing project in the southern Boston suburb of Braintree that is valued at $47 million. Of the development’s 56 total units, 30 will be reserved for households earning 60 percent or less of the area median income (AMI). Another 20 residences will be earmarked for renters earning 120 percent or less of AMI, and the remaining six units will be rented at market rates. Residences will come in one-, two- and three-bedroom floor plans, and amenities will include a community room with a kitchen, onsite resident workspace, fitness room and a patio lounge with grills. The Eastwalk is expected to be available for occupancy in summer 2026. WinnCos. is developing the project in partnership with Arch Communities, with Webster Bank financing construction. The capital stack also includes both state- and federal-issued Low-Income Housing Tax Credits, and the investors of those securities are U.S. Bank and Boston Financial, respectively.

February 18, 2025

Hospitality Loans New York Northeast

Cronheim Mortgage Arranges $40M Loan for Refinancing of Manhattan Hotel

by Taylor Williams February 18, 2025

NEW YORK CITY — New Jersey-based intermediary Cronheim Mortgage has arranged a $40 million loan for the refinancing of the 158-room Chelsean New York Hotel. The hotel is located at 160 W. 25th St. in Lower Manhattan and includes an onsite bar and restaurant known as The Rose. Beau Williams and Drew Gilligan of Cronheim arranged the debt through an undisclosed lender. The borrower, The Lam Group, will use a portion of the proceeds to fund capital improvements.

February 18, 2025

Development Industrial Massachusetts Northeast

Partnership Completes 82,790 SF Warehouse in Peabody, Massachusetts

by Taylor Williams February 18, 2025

PEABODY, MASS. — A partnership between two local development and investment firms, Oliver Street Capital and Bain Capital Real Estate, has completed an 82,790-square-foot warehouse in Peabody, a northern suburb of Boston. The project is a build-to-suit for Christianbook, and the site is contiguous to the literary retailer’s existing headquarters. Locally based design-build firm Dacon Corp. handled the architectural and general contracting aspects of the partnership in conjunction with Fraser Project Management.

February 18, 2025

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Brokers $5.8M Sale of Retail Strip Center in Middletown, New Jersey

by Taylor Williams February 18, 2025

MIDDLETOWN, N.J. — Marcus & Millichap has brokered the $5.8 million sale of a 29,411-square-foot retail strip center in Middletown, located along the Jersey Shore. Painting retailer Benjamin Moore anchors the center, which sits on 1.9 acres and is home to a total of 10 tenants. Alan Cafiero, Brent Hyldahl and Seth Goldberg of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

February 18, 2025

Leasing Activity New York Northeast Retail

Nordstrom Rack to Open 25,000 SF Store in Lake Grove, New York

by Taylor Williams February 18, 2025

LAKE GROVE, N.Y. — Fashion retailer Nordstrom Inc. will open a new 25,000-square-foot in Lake Grove, a hamlet located on Long Island, under its Nordstrom Rack brand. Scheduled to open in fall 2025, the store will be situated within the 150,000-square-foot Smith Haven Plaza. Other tenants at the shopping center include Trader Joe’s, Old Navy, Athleta and Ulta Beauty. A partnership between Breslin Realty Development Corp. and Colin Development LLC owns Smith Haven Plaza.

February 18, 2025

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