NEW YORK CITY — KeyBank has provided a $17.7 million Fannie Mae acquisition loan for Broadway Terrace, a 131-unit apartment complex located in Manhattan’s Washington Heights neighborhood. The garden-style property was originally built in 1927 and consists of eight four-story buildings. Alan Isenstadt and John Ward of KeyBank originated the financing, specific terms of which were not disclosed, on behalf of the borrower, Meridian Capital.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the sale of a partial interest in three affordable housing buildings totaling 163 units in Brooklyn’s Williamsburg and Brownsville neighborhoods. The percentage was not disclosed, but the interest fetched a price of $9.3 million. Victor Sozio and Shimon Shkury of Ariel Property Advisors represented the seller, Dunn Development Corp, in the deal. The buyer was a partnership between The Community Preservation Corp., The Community Development Trust, Monadnock Development, Red Stone Equity Partners and the Black Developers Network Triboro.
BRISTOL, CONN. — Northeast Private Client Group (NEPCG) has arranged the $8.1 million sale of a portfolio of two multifamily properties totaling 75 units in Bristol, located in Connecticut’s Hartford County. Both buildings, which together are known as The Brook & Middle Portfolio, are located near ESPN headquarters and total 55,399 square feet. Brad Balletto and Bob Paterno of NEPCG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
PITTSBURGH — The Pittsburgh Foundation, a nonprofit that addresses community needs and promotes philanthropy, has signed a 31,308-square-foot office headquarters lease in the downtown area. The foundation has committed to space on the ninth and 10th floors of 912 Fort Duquesne Blvd. for a term of 15 years. Geoff Greco and Andrew Millberg of JLL represented The Pittsburgh Foundation in the lease negotiations. Jeff Adams and Jesse Ainsman, also with JLL, represented the landlord, The Elmhurst Group.
NEW YORK CITY — KPG Funds has received a $50 million construction loan for 40 Crosby, a boutique office redevelopment project in the high-end SoHo district of Lower Manhattan. The five-story cast iron building totals 70,000 square feet, including prime retail space on the ground floor with Broadway frontage. KPG plans to rebrand the property as The Crosby upon completion. KPG bought the asset in early 2022 and immediately began planning the redevelopment. Sabal Investment Holdings and GDS Brightstar provided the construction loan. Nick Scribani, Dustin Stolly and Jordy Roeschlaub at Newmark arranged the financing. According to Rod Kritsberg, KPG’s co-founder and chief investment officer, the three-year construction loan will be used to give 40 Crosby a full-building renovation, keeping in line with KPG Funds’ standard to transform it into one of the “most desirable office and retail assets in the neighborhood.” Improvements will consist of a separate entrance on Crosby Street with high-end, pre-built office space and significant capital allocated to the lease-up of the specialty retail space fronting Broadway. The asset offers flexible floorplates to cater to multiple tenants or contiguous floors for a flagship headquarters location. The office space features up to 18-foot ceiling heights, 20 oversized windows bringing …
NEW YORK CITY — Locally based investment and development firm Innovo Property Group has received $354 million in financing for a 720,000-square-foot industrial project located at 28-90 Review Ave. in the Long Island City area of Queens. Innovo received construction financing from Axos Bank and Cerberus Capital Management and equity from Goldman Sachs Asset Management. The breakdown of each component within the capital stack was not disclosed. Completion of the project is slated for 2025. Christopher Peck, Peter Rotchford, Tyler Peck and Nicco Lupo of JLL arranged the financing.
NEW YORK CITY — A joint venture between locally based developer Lonicera Partners and New York-based investment firm Rabina will develop a 295-unit apartment tower at 55 Willoughby St. in downtown Brooklyn. The building will house 206 market-rate apartments and 89 affordable housing units, as well as 3,500 square feet of retail space. Amenities will include a fitness center, rooftop terrace, lounge, media room and coworking space. Jeffrey Julien, Chris Peck, Nicco Lupo, Rob Hinckley, Geoff Goldstein, Marko Kazanjian and Alex Staikos of JLL arranged floating-rate construction debt through Santander Bank and City National Bank for the project. The team also structured joint venture equity with Boston-based investment firm The Davis Cos. Demolition work is underway, and the project is slated for a third-quarter 2025 delivery.
YORK, PA. — Lexora Home, a wholesale distributor of luxury bathroom fixtures and accessories, has signed a 70,000-square-foot industrial lease in York, about 100 miles west of Philadelphia. The building at 145 Morgan Lane was constructed in 2017 and features a clear height of 30 feet, two drive-in doors and an ESFR sprinkler system. Nicholas Klacik, Kevin Dudley, Chad Hillyer, Kate Granahan, John La Prise and Sean Bleiler of CBRE represented Lexora Home in the lease negotiations. Jason Turnbull of Rock Commercial Real Estate represented the undisclosed landlord.
RUTHERFORD, N.J. — Vango Development has begun leasing The Parker 118, a 60-unit apartment complex located in the Northern New Jersey community of Rutherford. Designed by Minno & Wasko Architects & Planners, the building houses studio, one- and two-bedroom units that feature stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a fitness center, coworking lounge, resident lounge and outdoor grilling and dining stations. Rents start at $2,370 per month for a studio apartment.
HACKENSACK, N.J. — NAI James E. Hanson has brokered the sale of a 7,987-square-foot industrial building located at 101 S. State St. in Hackensack. The building offers a clear height of 22 feet, one drive-in door and 11 parking spaces. David Ukleja of NAI Hanson represented the seller, BCB Janitorial Supply Co. Inc., in the transaction and procured the buyer, an entity doing business as APEX 101 Holdings LLC. The sales price was not disclosed.