PARSIPPANY, N.J. — NAI James E. Hanson has negotiated the $2.8 million sale of a 22,798-square-foot office building in the Northern New Jersey community of Parsippany. The building is one of two twin structures within the Parsippany Boulevard Commons complex, which recently underwent a capital improvement program. Josh Levering of NAI Hanson represented the seller in the transaction. Chris Hovanec of Colliers represented the buyer, The Mental Health Association of Essex & Morris County.
NEW YORK CITY — Affinius Capital, which is a partnership between USAA Real Estate and Square Mile Capital Management, has provided a $110 million construction loan for a 193-unit multifamily project in Brooklyn. The transit-served site spans a full city block along Fourth Avenue between Union and Sackett streets where the borough’s Park Slope and Gowanus neighborhoods converge. The borrower and developer, a partnership between New York City-based firms Gindi Capital and Avery Hall Investments, acquired the site in 2019. The building will rise 13 stories and house 14,000 square feet of retail and restaurant space. An undisclosed number of units will be reserved as affordable housing. Information on floor plans was also not disclosed. Amenities will include a rooftop lounge and pool, coworking space, children’s playroom, fitness center, pet washing station, tenant storage and a bike room. Christopher Peck and Peter Rotchford of JLL arranged the financing. Specific loan terms were not disclosed. Sitework on the project began in 2022, and full completion is scheduled for some time in 2024. “By creating high-quality housing at a range of income levels with a full suite of amenities in one of the most exciting parts of Brooklyn, our project will transform …
NEW YORK CITY — JLL has arranged a total of $350 million in construction debt and joint venture equity for The Italic, a 363-unit multifamily project that will be located in the Long Island City area of Queens. The Italic will house 254 market-rate units and 109 affordable housing units, as well as 10,000 square feet of retail and restaurant space. Residences will come in studio, one- and two-bedroom floor plans and have an average size of 770 square feet. Amenities will include a fitness center, basketball court, resident lounge, coworking space, rooftop terrace and a golf simulator. Christopher Peck, Alex Staikos, Rob Hinckley, Steven Rutman and Nicco Lupo of JLL placed the debt through an undisclosed lender and structured the joint venture between the locally based developer, Fetner Properties, and its partner, The Lions Group. A tentative completion date was not disclosed.
BRIDGEPORT, CONN. — Northeast Private Client Group (NEPCG) has brokered the $39.6 million sale of The Rhodium Portfolio, a collection of 13 multifamily buildings totaling 437 units in the southern coastal Connecticut community of Bridgeport. The buildings, which are located in a variety of neighborhoods across the city, house a mix of studio, one-, two- and three-bedroom apartments. Brad Balletto of NEPCG represented the buyer and seller, both of which requested anonymity, in the transaction.
ATTLEBORO, MASS. — MassHousing and HarborOne Bank have jointly provided $11.3 million in financing for a project that will convert a former mill in Attleboro, about 40 miles south of Boston, into a 43-unit residential complex. The building was originally constructed in 1908 and formerly housed the manufacturing operations of Pcraft Jewelry. The financing included construction debt, a bridge loan and state and federal tax credit equity. All units will be rented at market rates. A construction timeline was not disclosed.
CLIFTON, N.J. — New Jersey-based Prism Capital Partners has broken ground on Hackensack Meridian Health Ambulatory Care Center, an 80,000-square-foot healthcare project in Clifton, about 20 miles west of New York City. Gensler designed the four-story building, which will be located at the corner of Metro Boulevard and Route 3 on Prism’s ON3 healthcare and life sciences campus. The facility will include a surgical center, multiple specialty practice areas and a 400-space parking garage. Completion is slated for the third quarter of 2024.
DUNCANNON, PA. — New Jersey-based brokerage firm The Kislak Co. Inc. has negotiated the $3 million sale of a property in Duncannon, a northern suburb of Harrisburg, that consists of 31 residential units and 47 self-storage units. Arbor Manor Apartments & Storage was originally built on 5.5 acres in 1980. Matt Wolf of Kislak represented the buyer and seller, both of which requested anonymity, in the transaction.
NEW YORK CITY — Walker & Dunlop has arranged $81.7 million in financing for the development of three affordable housing projects totaling 179 units in The Bronx. The financing consists of $50.8 million in construction debt that was provided by CIT and $30.9 million in limited partnership equity with CBRE Investment Management. Aaron Appel, Mo Beler, Jonathan Schwartz, Adam Schwartz, Keith Kurland and Michael Ianno of Walker & Dunlop arranged the financing on behalf of the borrower, a partnership between Spaxel LLC and Atalaya Capital Management. Information on specific income restrictions and a construction schedule were not disclosed.
CHESHIRE, CONN. — Regional investment firm Treetop Cos. has acquired CentConn Logistics, a 527,000-square-foot warehouse in Cheshire, located roughly midway between Hartford and New Haven. The sales price was $39 million. The site is fully entitled and approved for 238,668 square feet of new development. Brian Schulz, Kevin Welsh, Cory Gubner, Art Ross and Brad Soules of Newmark represented Treetop and the seller, DRA Advisors, in the transaction. Ari Schwartzbard and Thomas Lubeck, also with Newmark, arranged an undisclosed amount of acquisition financing through an undisclosed life company on behalf of Treetop.
SADDLE BROOK, N.J. — Atlanta-based hospitality brokerage firm Hodges Ward Elliott has negotiated the sale of Marriott Saddle Brook, a 241-room hotel in Northern New Jersey. The hotel opened in 1967 and offers an indoor pool, fitness center, 8,000 square feet of meeting and event space and an onsite restaurant and bar. B.J. Patel, Jay Morrow and Coby Campbell of Hodges Ward Elliott represented the undisclosed seller in the transaction. The buyer, which was also undisclosed, plans to implement a value-add program.