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.
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.
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 …
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.
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.
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.
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.
SPRINGFIELD, N.J. — Crunch Fitness will open a 32,000-square-foot gym at General Green Shopping Center in the Northern New Jersey community of Springfield. Crunch Fitness will backfill a space previously occupied by NY Sports Club. Marc Palestina and Chuck Lanyard of The Goldstein Group represented the undisclosed landlord in the lease negotiations. Stephen Picurro of Pierson Commercial Real Estate represented the tenant. Other users at the center include Gold Valley Supermarket, GNC and Springfield Bagels.
Pavlov Media is accelerating the expansion of its fiber network and fiber-to-the-home initiatives with a key investment from the world’s largest infrastructure investor, Macquarie Asset Management. The funding will help Pavlov Media augment its coverage of student and multifamily housing, developing and broadening resident access to high-speed Internet across a variety of property types. “We are ramping up our growth plans with a combination of building municipal fiber networks in college towns and extending service to underserved areas adjacent to our core markets,” says Glenn Meyer, board member and president of Pavlov Media. “It’s basically more of what we have already been doing but on a larger scale.” Pavlov Media is already the nation’s largest private provider of fiber-based Internet and video services to off-campus student housing, connecting properties in more than 150 U.S. markets and Canada to its national backbone via its own last-mile, municipal fiber networks and third-party circuits. The Champaign, Illinois-based company serves approximately 1,000 multifamily and student buildings encompassing more than 285,000 beds, and in recent years has begun extending fiber to customers in areas adjacent to its core student-housing markets. Now the broadband service provider is poised to quicken the pace of its growth with …
NEW YORK CITY — Developer Lendlease has broken ground on 1 Java Street, an 834-unit waterfront multifamily project in Brooklyn’s Greenpoint neighborhood. Designed by architecture firm Marvel, the development will comprise five interconnected buildings across a full city block. In addition, 1 Java Street will house 13,000 square feet of retail and restaurant space, and 30 percent of the units will be reserved as affordable housing. A syndicate of lenders led by Bank of America provided $360 million in construction financing for the project, which Lendlease is developing in partnership with Australian pension fund Aware Super. Completion is slated for late 2025.