PITTSBURGH — New Jersey-based Tryko Partners will develop a 48-unit affordable housing project in Pittsburgh’s West End neighborhood. Hill Top Villas will be an age-restricted complex in which the majority (40) of the one-bedroom units will be reserved for households earning 60 percent or less of the area median income. Amenities will include a fitness center and a community room. Tryko Partners has received 9 percent Low-Income Housing Tax Credits to finance the project, and construction could begin as early as 2027.
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Morgan Stanley, GSA Acquire Eight-Property Student Housing Portfolio Valued at $1B
NEW YORK CITY — Morgan Stanley Real Estate Investing (MSREI) and Global Student Accommodation (GSA) have acquired a portfolio of eight student housing assets in Tier 1 U.S. university markets from a joint venture between a wholly owned subsidiary of Abu Dhabi Investment Authority (ADIA) and Landmark Properties. The transaction is valued at more than $1 billion. The properties are located across seven states and offer a mix of cottage-style, high-rise and mid-rise formats. The 6,200-bed portfolio is nearly fully leased. Global student housing operator Yugo will manage and rebrand the newly acquired assets. The assets in the sold portfolio include: The acquisition marks the partnership’s entrance into new markets in Virginia, Georgia and Pennsylvania, while expanding its presence in Texas, Florida, Oregon and North Carolina. Through its partnership, MSREI and GSA now own nearly 24,000 student housing beds across 50 properties in 23 states. “This acquisition is testament to the depth of our global teams, our access to unique opportunities and the strength of our institutional relationships in the United States and globally. An off-market portfolio of this size and quality is rare, and demonstrates our experience and expertise in the student housing market,” says Nicholas Porter, CEO at …
By Taylor Williams What do the phrases “owner-occupier,” “small-bay” and “mid-range WALT” have in common? They could potentially be obscure references to real-life inspirations behind songs on the new Taylor Swift album. But just in case that’s not the case, these terms also represent types of industrial investment plays that have become increasingly favorable among owners and prospective buyers in Northeast markets. The rising popularity of these deals attests to shifts in the broader landscape, i.e. — large-scale e-commerce and logistics facilities have been either overbuilt or priced to perfection in many areas. But the past 12 months have seen industrial deal volume in major Northeast markets regain traction. Although some — if not most — of that activity is tied to interest rates and geopolitics, the emergence of different deal types is nonetheless a positive indicator because it speaks to the creative approach that the investment community has taken in its return to the market. Unlike a few years ago, industrial real estate today is not a mindless beneficiary of both institutional and private debt and equity — a bottomless pit of capital flows. Tenants are no longer forced to write quasi-blank checks to owners just to secure crucial …
JERSEY CITY, N.J. — New York City-based developer BLDG Management has unveiled plans for a 1,300-unit proposed multifamily project at 100 Bay Street in Jersey City. Designed by Pelli Clarke & Partners, the project concept centers on a single residential building that will feature two towers — rising 90 and 40 stories — on a podium base and connected by a 40th floor sky bridge. In addition, the plan for 100 Bay Street includes a 20 percent affordable housing component as well as approximately 29,000 square feet of indoor and outdoor retail space at the ground level. Lastly, the design implements previously approved elements required by Jersey City for this site, pursuant to a development agreement with the property owner, which was approved in a federal court consent order.
TEWKSBURY AND HAVERHILL, MASS. — JLL has arranged $10.1 million in acquisition financing across two loans for two industrial assets totaling 64,460 square feet in metro Boston. The buildings include a 34,100-square-foot cold storage facility in Tewksbury and a 30,360-square-foot facility in Haverhill, both of which are located north of the state capital. The buildings were completed in 2000 and 1982, respectively. Max Custer, Amy Lousararian, Thomas Didio Jr., Chris Barry and Christian Badalamenti of JLL arranged the financing. Both loans carried fixed interest rates and were provided by local banks. The borrower was B&D Holdings.
HAMILTON, N.J. — FRP Holdings (NASDAQ: FRPH), an investment firm with offices in Baltimore and Jacksonville, has purchased a 170,800-square-foot warehouse in the Northern New Jersey community of Hamilton. FRP Holdings acquired the asset, which is formerly known as Logistics Center at Hamilton, as part of a larger portfolio deal encompassing the entire development pipeline of South Florida-based developer Altman Logistics Properties. The sales price was not disclosed.
SPRINGFIELD, N.J. — Locally based developer Garden Communities is underway on construction of Springfield Greens at 40 Church Mall, a 100-unit multifamily project in the Northern New Jersey community of Springfield. The first buildings, which will house a mix of one- and two-bedroom units and various amenities, are now topped off. Completion is slated for late 2026.
NEW YORK CITY — Fox Horan & Camerini LLP has signed a 19,200-square-foot office lease in Midtown Manhattan. The lease term is 11.5 years. The law firm will occupy the entire 17th floor of 885 Third Avenue, a 34-story, 600,000-square-foot building that recently underwent a capital improvement program. Chris Mongeluzo and Corey Borg of Newmark represented the tenant in the lease negotiations. SL Green owns 885 Third Avenue.
NEW YORK CITY — Rudin has extended an existing $425 million CMBS loan backed by 32 Avenue of the Americas, a 27-story office tower in Manhattan’s Tribeca neighborhood. The New York City-based owner-operator has also announced plans for a $100 million capital improvement program at the 1.2 million-square-foot Art Deco property, which also features a prominent data center/carrier hotel component. Rudin will introduce a prebuilt program of new work environments at 32 Avenue of the Americas that will range in size from 5,000 to 10,000 square feet. The company will also upgrade the building’s lobby and renovate its street-level retail space. Lastly, Rudin will create a new leasing/marketing center spanning the entire 25th floor, which also features two outdoor terraces that offer views of the Manhattan skyline. The tower’s mortgage will now mature in November 2029 should Rudin exercise both of its one-year renewal options in 2027 and 2028. Iron Hound Management Co. advised Rudin, which acquired the property in 1999 from AT&T, on the loan modification. The direct lender was not named. Rudin requested that its loan be transferred to an unnamed special servicer two months ahead of its November maturity in order to begin discussions on the loan modification. …
NEW YORK CITY — A partnership between The Domain Cos., LMXD and Bridge Investment Group Holdings LLC has received a $290 million loan for the refinancing of Jasper, a 499-unit multifamily property located in the Long Island City neighborhood of Queens. Wells Fargo provided the loan. Residences at Jasper come in studio, one-, two- and three bedroom floor plans, and the development includes 150 affordable units that are reserved for households earning 130 percent of the area median income. Amenities include multiple outdoor terraces, a rooftop pool, fitness center with a yoga studio, a dog run, multiple landscaped courtyards, a game room, package lockers, outdoor grilling and dining areas, a resident lounge, demonstration kitchen and coworking space. Jasper also features 33,000 square feet of retail space. The property’s multifamily component was 65 percent occupied at the time of the loan closing.