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224-W.-124th-St.-Harlem
LoansMultifamilyNew YorkNortheast

Dwight Mortgage Trust Provides $100M in Bridge Financing for West Harlem Apartment Building

by Taylor Williams

NEW YORK CITY — Dwight Mortgage Trust, the affiliate REIT of locally based lender Dwight Capital, has provided $100 million in bridge financing for a 168-unit apartment building located at 224 W. 124th St. in West Harlem. The 19-story building was completed earlier this year and offers one-, two- and three-bedroom units, as well as townhomes and penthouse suites. Roughly 30 percent (51) of the residences are reserved as affordable housing. Amenities include a fitness center, children’s playroom, business lounge and a rooftop deck. The borrower and developer, Carthage Real Estate Advisors, will use the proceeds to refinance existing construction debt and fund lease-up of the property and other capital expenditures.

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SunVet-Mall-Holbrook-New-York
DevelopmentNew YorkNortheastRetail

Regency Centers Begins Redevelopment of 280,000 SF Mall on Long Island

by Taylor Williams

HOLBROOK, N.Y. — Regency Centers has begun the redevelopment of the 280,000-square-foot former SunVet Mall in the Long Island community of Holbrook. Regency has rebranded the 50-year-old property as The Shops at SunVet and plans to reposition it as a 168,000-square-foot, open-air shopping center with six outparcels. Whole Foods Market will anchor the center. Demolition of the existing structure is underway, and new construction is scheduled to begin in spring 2024. SBLM Architects is the lead architect on the project.

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39-High-St.-Jersey-City
AcquisitionsMultifamilyNew JerseyNortheast

JLL Arranges $18.6M Loan for Refinancing of Jersey City Apartment Complex

by Taylor Williams

JERSEY CITY, N.J. — JLL has arranged an $18.6 million loan for the refinancing of an 83-unit apartment complex in the Journal Square area of Jersey City. The six-story building at 39 High St. was delivered earlier this year and houses a mix of studio, one-, two- and three-bedroom units. Amenities include a fitness center, tenant lounge, children’s playroom and a rooftop terrace. Matthew Pizzolato, Max Custer and John Cumming of JLL arranged the fixed-rate loan through an undisclosed life insurance company. The borrower was a partnership between Spitzer Enterprises and Titanium Realty Group.

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AcquisitionsNortheastOfficeRetailRhode Island

NEPCG Negotiates Sale of 33,700 SF Office, Retail Building in Providence

by Taylor Williams

PROVIDENCE, R.I. — Regional brokerage firm Northeast Private Client Group (NEPCG) has negotiated the sale of a 33,700-square-foot office and retail building in Providence. Known as The Lauderdale Building, the downtown-area property consists of nine office suites and three retail spaces. Tim McGeary and Rick Welch of NEPCG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

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Leasing ActivityNortheastPennsylvaniaRetail

Norman’s Hallmark Opens 7,280 SF Store in Plymouth Meeting, Pennsylvania

by Taylor Williams

PLYMOUTH MEETING, PA. — Norman’s Hallmark has opened a 7,280-square-foot store at The Metroplex in Plymouth Meeting, a northern suburb of Philadelphia. 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 currently operates 75 stores.

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Sutton-Landing-at-Mount Sinai-Long-Island
AcquisitionsMultifamilyNew YorkNortheastSeniors Housing

CBRE Negotiates Sale of 225-Unit Active Adult Property in Mount Sinai, New York

by Taylor Williams

MOUNT SINAI, N.Y. — CBRE has negotiated the sale of Sutton Landing at Mount Sinai, a 225-unit active adult property located in the Long Island community of Mount Sinai. Built in 2021 by Long Island-based B2K Development, Sutton Landing at Mount Sinai features apartments and single-family rentals for residents age 55 and over. Amenities include a pool, pickleball courts, putting greens, fitness center with yoga and Pilates studios, massage room, game room, a lounge area with a sports bar, catering kitchen and outdoor grilling and dining stations. Aron Will, John Sweeny and Scott Bray of CBRE represented B2K Development and its partner, Chicago-based Harrison Street, in the transaction and procured the buyer, New York-based Fairfield Properties. A CBRE team of Shawn Rosenthal, Jason Gaccione, Jake Salkovitz, Aron Will, Matthew Kuronen and Michael Cregan arranged Freddie Mac acquisition financing for the deal.

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AcquisitionsMultifamilyNew YorkNortheast

Marcus & Millichap Brokers $48M Sale of Fannwood Estates Apartments in Queens

by Taylor Williams

NEW YORK CITY — Marcus & Millichap has brokered the $48 million sale of Fannwood Estates, a 312-unit apartment complex in Queens. The six-story, rent-stabilized building occupies a full city block within the borough’s Rego Park neighborhood. Shaun Riney, Seth Glasser, Joe Koicim, Louis Zarif and Sean Fopeano of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors that requested anonymity.

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AcquisitionsDevelopmentMultifamilyNew YorkNortheast

JSC Realty Buys Brooklyn Multifamily Development Site for $38.5M, Plans 154-Unit Project

by Taylor Williams

NEW YORK CITY — Dallas-based JSC Realty & Investment Services has purchased a multifamily development site in Brooklyn’s Boerum Hill neighborhood with plans to construct a 154-unit project. The 113,000-square-foot site at 540 Atlantic Ave. currently houses a five-story office building that was originally constructed in 1924 and will be demolished. Stephen Palmese, Brendan Maddigan, Michael Mazzara, Ethan Stanton and Winfield Clifford of JLL represented the seller, locally based firm DMA Associates, in the land sale. A construction timeline for the project was not disclosed.

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The-Delford-at-Village-Center-Rochelle-Park-New-Jersey
DevelopmentMultifamilyNew JerseyNortheast

Tulfra Real Estate Begins Leasing 160-Unit Apartment Complex in Rochelle Park, New Jersey

by Taylor Williams

ROCHELLE PARK, N.J. — Locally based developer Tulfra Real Estate has begun leasing The Delford at Village Center, a 160-unit apartment complex in the Northern New Jersey community of Rochelle Park. The site is adjacent to Westfield Garden State Plaza Mall. The six-story building houses one- and two-bedroom units and amenities such as a pool, fitness center, coworking lounge and outdoor grilling and dining areas. Full completion is slated for March. Rents start at $2,400 per month for a one-bedroom apartment.

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LoansMultifamilyNew YorkNortheast

Largo Capital Arranges $10.5M Loan for Refinancing of Multifamily Property Near Buffalo

by Taylor Williams

DEPEW, N.Y. — Locally based financial intermediary Largo Capital has arranged a $10.5 million loan for the refinancing of a 70-unit multifamily property in Depew, an eastern suburb of Buffalo. Units at the newly developed property, the name of which was not disclosed, feature stainless steel appliances, quartz countertops and modern finishes. Kevin Coscia led the Largo Capital team in the debt placement. The direct lender and borrower were also not disclosed.

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