Northeast

CBRE Brokers Sale of 350-Unit Apartment Community in Concord, Massachusetts

by Taylor Williams April 26, 2023

CONCORD, MASS. — CBRE has arranged the sale of The Prescott at Concord, a 350-unit apartment community located on the northwestern outskirts of Boston. Built in 2012 by Mill Creek Residential, the property consists of 302 apartments and 48 townhomes that feature one-, two- and three-bedroom floor plans. Amenities include a pool, fitness center, dog park, playground, outdoor grilling stations and a resident lounge with an entertainment kitchen. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller, an undisclosed institutional investment firm, in the transaction. The team also procured the buyer, BlackRock. The sales price was not disclosed.

April 26, 2023

Acquisitions Industrial New Jersey Northeast

Bridge Industrial Acquires 152,175 SF Facility in Somerset, New Jersey

by Taylor Williams April 26, 2023

SOMERSET, N.J. — Bridge Industrial has acquired a 152,175-square-foot facility in the Northern New Jersey community of Somerset. The newly built facility sits on a 22-acre site at 230 Belmont Drive and features a clear height of 36 feet, 28 loading docks, 108 car parking spaces and 2,500 square feet of office space. Upon acquisition, Bridge Industrial simultaneously executed a full-building lease with an undisclosed packaging company that will take occupancy immediately. Chuck Fern of Cushman & Wakefield represented the tenant in that deal. The seller was not disclosed.

April 26, 2023

Affordable Housing Development Massachusetts Multifamily Northeast

Partnership Completes 135-Unit Affordable Housing Project in Boston

by Taylor Williams April 26, 2023

BOSTON — A partnership between nonprofit organization the Preservation for Affordable Housing and Boston-based developer Nuestra Comunidad Development Corp. has completed The Loop at Mattapan Station, a 135-unit community located on the south side of Boston. The complex houses 10,000 square feet of ground-floor retail space, and nonprofit grocery store Daily Table recently opened as the inaugural tenant. The unit mix includes six studio apartments, 38 one-bedroom apartments, 81 two-bedroom apartments and 10 three-bedroom apartments. Approximately 30 percent of the units are designated as workforce housing. MassHousing provided a $36 million construction loan the project.

April 26, 2023

Loans Mixed-Use New York Northeast

Ariel Property Advisors Arranges $13.5M Acquisition Loan for Manhattan Mixed-Use Buildings

by Taylor Williams April 26, 2023

NEW YORK CITY — Locally based brokerage and financial advisory firm Ariel Property Partners has arranged a $13.5 million acquisition loan for three mixed-use buildings in Manhattan’s Hell’s Kitchen neighborhood. The addresses and specific uses of the buildings were not disclosed. Matthew Dzbanek, Matt Swerdlow and Drew Chartash of Ariel Property Advisors arranged the five-year loan, which carried a fixed interest rate of 6.5 percent, a 30-year amortization schedule and two years of interest-only payments. The borrower was also not disclosed.

April 26, 2023

Leasing Activity New York Northeast Office

PEI Group Signs 14,341 SF Office Lease at 530 Fifth Avenue in Manhattan

by Taylor Williams April 26, 2023

NEW YORK CITY — PEI Group, a research and consulting firm for various investment vehicles, has signed a 10-year, 14,341-square-foot office lease at 530 Fifth Avenue in Manhattan. The tenant is relocating from 142 West 42nd Street to the 14th floor of the 535,000-square-foot building, which was originally constructed in 1957. John Ryan, Brooks Hauf and Patrick Steffens of Avison Young, along with internal agents William Elder, Andrew Ackerman and Walter Rooney, represented the landlord, RXR, in the lease negotiations. Joseph Gervino of Avison Young represented PEI Group.

April 26, 2023

Loans New Jersey Northeast Retail Top Stories

JLL Arranges $290M Refinancing for 1 MSF Bergen Town Center Retail Property in Paramus, New Jersey

by Kristin Harlow April 26, 2023

PARAMUS, N.J. — JLL Capital Markets has arranged a $290 million loan for the refinancing of Bergen Town Center, a 1 million-square-foot shopping center in the Northern New Jersey city of Paramus. Whole Foods Market and Target anchor the property, which was originally built in 1957. Currently, Bergen Town Center is 97 percent leased by more than 70 retail tenants. Notable retailers include Ulta Beauty, Chase Bank, Kohl’s, Marshalls, HomeGoods, Burlington, Nike, H&M, CVS and Ruth’s Chris Steak House. The weighted average remaining lease term is 6.8 years, and the weighted average lease tenure is 9.6 years. Bergen Town Center includes 4,500 parking spaces and welcomes more than 11 million annual customers. The shopping center is situated in a submarket that features annual retail sales that are higher than any other zip code in the U.S., according to JLL. The average Bergen County household income is $167,050. Scott Aiese, Claudia Steeb, Jon Mikula and Alex Staikos of JLL arranged the loan on behalf of the borrower, Urban Edge Properties (NYSE: UE). New York Life Insurance Co. and MetLife Investment Management provided the loan, terms of which were undisclosed. Urban Edge is a REIT focused on managing, acquiring, developing and redeveloping …

April 26, 2023

Connecticut Development Multifamily Northeast

CA Ventures Underway on 166-Unit Multifamily Project in New Haven, Connecticut

by Taylor Williams April 25, 2023

NEW HAVEN, CONN. — Chicago-based development and investment firm CA Ventures is underway on The Archive, a 166-unit multifamily project in New Haven. The transit-oriented property will offer studio, one-, two- and three-bedroom units and amenities such as a fitness center and various outdoor recreational and green spaces. According to The New Haven Register, the two-building development was approved before the city’s inclusionary zoning ordinance was passed, so the project will consist entirely of market-rate units. The first units are expected to be available for occupancy in the fourth quarter.

April 25, 2023

Civic Development Loans New Jersey Northeast

Springfield Board of Education Issues $32.9M Bond for School Upgrades

by Taylor Williams April 25, 2023

SPRINGFIELD, N.J. — The Springfield Board of Education has issued a $32.9 million tax- exempt bond that will finance upgrades at various schools in the Northern New Jersey community. Upgrades will include HVAC system modernizations; plumbing and sewer system enhancements; improvements to video-monitoring systems; installation of new exterior doors with protective glazings; energy-efficient window replacements; and interior renovations to select education spaces. New Jersey-based DIGroup Architecture is designing the projects, all of which are expected to be complete by 2026.

April 25, 2023

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $12.2M Sale of Manhattan Apartment Building

by Taylor Williams April 25, 2023

NEW YORK CITY — Marcus & Millichap has brokered the $12.2 million sale of a 93-unit apartment building in Manhattan’s Marble Hill neighborhood. The name and address of the property were not disclosed. Seth Glasser, Michael Fusco, Binyamin Katz and Joe Koicim of Marcus & Millichap brokered the deal. The buyer and seller were both family-run companies that requested anonymity.

April 25, 2023

Development Multifamily New York Northeast

Blue Communities Breaks Ground on 54-Unit Multifamily Project in Mineola, New York

by Taylor Williams April 25, 2023

MINEOLA, N.Y. — Locally based developer Blue Communities has broken ground on Royal Blue, a 54-unit multifamily project in the Long Island community of Mineola. The building will rise six stories and span 101,000 square feet. Units will come in one- and two-bedroom floor plans, with rents starting at $3,500 per month for a one-bedroom apartment. Completion is slated for 2024.

April 25, 2023

Newer Posts

Older Posts