NEW YORK CITY — Merchants Capital has provided $320 million in financing for the renovation of Edenwald Houses, an affordable housing complex in The Bronx that was originally developed in the 1950s and is home to more than 5,000 residents. The property is the second-largest New York City Housing Authority property in the state and the largest in The Bronx. Merchants Capital secured a New York Housing Development Corp. Freddie Mac Risk Share Loan on behalf of the property developer, Camber Property Group. The funds will support an intensive, four-year construction period to fully rehabilitate the property.
BAYONNE, N.J. — Walker & Dunlop has arranged a $36 million loan for the refinancing of City Line Bayonne, a 162-unit apartment complex in Northern New Jersey. The property features 16 studios, 124 one-bedroom units and 22 two-bedroom residences, as well as amenities such as a rooftop deck, fitness center and a pet spa. John Banas, Kris Wood, John Wilson, Rhett Saltiel and Erik DiGirolamo of Walker & Dunlop originated the 10-year loan on behalf of the borrower, locally based developer The PRC Group. The direct lender was not disclosed.
MATTAPOISETT, MASS. — Marcus & Millichap has brokered the $9.9 million sale of a 147,444-square-foot vacant industrial building in Mattapoisett, located in Plymouth County in the southern part of The Bay State. The building was constructed on 10.6 acres, a portion of which was sold separately at the time of closing, in 1985. Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
TINTON FALLS, N.J. — Hotels Unlimited, an affiliate of New Jersey-based developer TFE Properties, has completed the $7 million renovation of the 178-room DoubleTree by Hilton hotel in Tinton Falls, located in Monmouth County. Renovations included a facelift of the lobby and overhaul of all guestrooms and suites. Other common areas, including ballrooms, meeting rooms, the outdoor pool, fitness center and onsite restaurant, were also upgraded, as were various elements of the building’s exterior.
NEW YORK CITY — Short Term Capital, a locally based family office, has funded a $4.5 million acquisition loan for a 13,000-square-foot, five-story office building located at 150 W. 36th St. in Midtown Manhattan. The borrower, an undisclosed private investor, is under contract to purchase the building, which includes ground-floor retail space, from Falcon Properties for $6.5 million.
WILMINGTON, DEL. — Pennsylvania-based developer MRA Group has received $63 million for the redevelopment of Chestnut Run Innovation & Science Park, a 164-acre, 14-building development in Wilmington. MRA Group will use the funds to continue renovations of the campus’ 14 buildings to support lab, R&D and advanced manufacturing uses. Additional plans for the campus include a hotel, fitness center, conference facilities, an outdoor amphitheater and accommodations for food services. Fulton Bank, in conjunction with Nuveen Green Capital through C-PACE, financed $50 million of the funds, while WSFS Bank provided the remaining $13 million.
NORTH BERGEN, N.J. — Locally based investment and development firm Denholtz Properties has acquired Solo at North Bergen, a 214-unit apartment complex in Northern New Jersey, for $89 million. Completed in 2023, Solo at North Bergen consists of three three-story buildings with 138 units and one five-story building with 76 units. Amenities include an outdoor pool with grilling and dining stations, a 5,000-square-foot clubhouse with billiards and gaming tables, fitness center, dog run and a package room. The property was 98 percent occupied at the time of sale. Nat Gambuzza and Spencer Beriont of Berkadia represented the seller, New York-based SYM Investments, in the transaction. Jonathan Brody, formerly of Rosewood Realty Group, represented Denholtz. Alan Isenstadt, Bruce Kaskey and Joe Tinti of KeyBank Real Estate Capital arranged acquisition financing for the deal.
BROCKTON, MASS. — MassHousing has provided $12.9 million in financing for Bixby Brockton Apartments, a 106-unit affordable seniors housing complex located on the southern outskirts of Boston. The complex houses 88 one-bedroom apartments and 18 two-bedroom apartments, with two units occupied by maintenance and security staff. The borrower, Affordable Housing & Services Collaborative Inc., will use the proceeds to fund capital improvements and extend the property’s affordability status. Among the improvements slated for the property are unit repairs, two new heating systems, a new fence, security camera upgrades and the extension of a laundry room.
MANCHESTER, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Charles Drive, a 67-unit multifamily property in Manchester, located in Hartford County. Built on 10 acres in 1969, Charles Drive comprises 11 two-story buildings that house two-bedroom, townhouse-style apartments. Residences feature individual washers and dryers, fireplaces, and private patios/decks. Victor Nolletti, Eric Pentore and Wes Klockner of IPA represented the seller, FPA Multifamily, in the transaction and procured the buyer, Cue Residential LLC.
NEWTON, MASS. — Spindrift, a provider of sparkling water, has renewed and expanded its headquarters space at Chapel Bridge Park, an office and life sciences development located in the western suburb of Boston of Newton. The tenant now occupies more than 20,000 square feet at the eight-building, 250,000-square-foot campus, which is owned by The Bulfinch Cos. Jared Pimm of CBRE represented Spindrift in the lease negotiations.