Thursday, June 19, 2025
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505-Summit-Jersey-City
DevelopmentMultifamilyNew JerseyNortheast

Panepinto Properties Tops Out 54-Story Apartment Tower in Jersey City

by Taylor Williams

JERSEY CITY, N.J. — Locally based developer Panepinto Properties has topped out 505 Summit, a 54-story apartment tower in the Journal Square area of Jersey City. Formerly known as Pathside, the property encompasses 605 units in studio, one-, two- and three-bedroom floor plans. The property will also feature 4,000 square feet of street-level retail space, a landscaped public plaza, parking garage and 304 bicycle storage spaces. Residential amenities will include an outdoor terrace with a pool, grilling stations, a resident lounge, coworking spaces, sports simulator and a fitness center. Pacific Life financed construction of the project. Leasing is scheduled to begin next spring.

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The-Park-at-Southside-Works-Pittsburgh
LoansMultifamilyNortheastPennsylvania

Barings Provides $71.8M Loan for Refinancing of Pittsburgh Apartment Building

by Taylor Williams

PITTSBURGH — Barings has provided a $71.8 million loan for the refinancing of The Park at SouthSide Works, a 247-unit apartment building located along the Monongahela River in Pittsburgh. Built in 2024, the seven-story building houses one- and two-bedroom units that, according to Apartments.com, range in size from 551 to 1,473 square feet. Amenities include a pool, courtyard with grilling stations, fitness center with a yoga room and a lounge with games. Jordan Roeschlaub, Nick Scribani, Chris Lozinak and Sam Speciale of Newmark arranged the loan on behalf of the owner, SomeraRoad, a development and investment firm with offices in Nashville and New York City.

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AcquisitionsMixed-UseNew YorkNortheast

Marcus & Millichap Negotiates $34.3M Sale of Mixed-Use Portfolio in Montauk, New York

by Taylor Williams

MONTAUK, N.Y. — Marcus & Millichap has negotiated the $34.3 million sale of a portfolio of nine buildings totaling 48,145 square feet in Montauk, located on Long Island’s South Fork. Known as Gosman’s Dock, the portfolio spans 11.6 acres and consists of four restaurants, a fish market, six retail stores, four staff residences, a parking area, marina, fish charter facilities and a boat rental site. The sale also included vacant land that can support the development of a 46-room hotel. Henri Kessler, Michael Tuccillo and Eric Anton of Marcus & Millichap represented the seller, a group that includes the Gosman Family, and procured the buyer, private equity firm Black Diamond Capital Management.

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AcquisitionsNew JerseyNortheastRetail

SRS Brokers $6M Ground-Lease Sale of Retail Building in Washington Township, New Jersey

by Taylor Williams

WASHINGTON TOWNSHIP, N.J. — SRS Real Estate Partners has brokered the $6 million ground-lease sale of a 5,585-square-foot retail building in Washington Township, located outside of Philadelphia in Southern New Jersey. The building, which was completed in 2024, is net leased to convenience store operator Wawa on a 20-year, corporate-guaranteed deal. Patrick Nutt and William Wamble of SRS represented the seller, an East Coast-based developer, in the transaction. The buyer was a New Jersey-based 1031 exchange investor. Both parties requested anonymity.

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IndustrialLeasing ActivityNew JerseyNortheast

Newmark Secures 22,000 SF Industrial Lease in Wallington, New Jersey

by Taylor Williams

WALLINGTON, N.J. — Newmark has secured a 22,000-square-foot industrial lease in the Northern New Jersey community of Wallington. According to LoopNet Inc., the 101,481-square-foot building at 480 Main Ave. was built in 1940 and renovated in 2004. Kyle Eaton, Robert Loderstedt, Michael Schipper and Haylee McCabe of Newmark represented the tenant, Excellent Packaging & Supply, in the lease negotiations. The name and representative of the landlord were not disclosed.

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Independence-Plaza-Manhattan
LoansMultifamilyNew YorkNortheastTop Stories

Newmark Arranges $675M Loan for Refinancing of Manhattan Apartment Complex

by Taylor Williams

NEW YORK CITY — Newmark has arranged a $675 million loan for the refinancing of Independence Plaza, a 1,328-unit apartment complex located at 40 Harrison St. in the Tribeca area of Manhattan. A consortium of lenders consisting of Deutsche Bank, Wells Fargo, Bank of America and Morgan Stanley provided the debt to the borrower, a partnership between Vornado Realty Trust (NYSE: VNO) and Stellar Management. Jordan Roeschlaub, Nick Scribani, Jonathan Firestone and John Caraviello led the transaction for Newmark. Independence Plaza consists of three 39-story residential towers, a series of townhomes, an onsite parking garage and four contiguous blocks of retail frontage for a total footprint of 1.4 million square feet. Units come in studio, one-, two- and three-bedroom floor plans, as well as and duplexes, and many apartments are newly renovated and feature walk-in closets, large balconies and washers and dryers. Amenities include a pool, fitness center and a children’s play area. According to the property website, there are currently five units available for rent. — Taylor Williams

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Shoregate-Bay-Shore
LoansMultifamilyNew YorkNortheast

JLL Arranges $140M Loan for Refinancing of Long Island Apartment Community

by Taylor Williams

BAY SHORE, N.Y. — JLL has arranged a $140 million loan for the refinancing of Shoregate, a 418-unit, newly constructed apartment community located in the Long Island community of Bay Shore. The four-story, transit-oriented property houses 334 market-rate units and 84 affordable apartments, as well as 1,650 square feet of retail space. Amenities include a pool and patio area, fitness center, outdoor barbecue stations, dog washing area, a rooftop deck, indoor golf simulator and courts for bocce ball and pickleball. Kellogg Gaines, Geoff Goldstein and Michael Gigliotti of JLL arranged the loan through Truist Financial Corp. on behalf of the borrower, a partnership led by Tritec Real Estate Co.

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The-Declan-Weehawken
DevelopmentMultifamilyNew JerseyNortheast

Rockpoint Begins Leasing 298-Unit Declan Apartments in Weehawken, New Jersey

by Taylor Williams

WEEHAWKEN, N.J. — Boston-based private equity and real estate investment firm Rockpoint has begun leasing The Declan, a 298-unit apartment community located in the Northern New Jersey community of Weehawken. The 10-story building offers studio, one-, two- and three-bedroom units that are furnished with quartz countertops, stainless steel appliances and private balconies, patios or terraces. Amenities include a landscaped courtyard with grilling stations, an outdoor dining room, gaming area, pool, fitness center, golf simulator, coffee bar, library and coworking spaces. According to Apartments.com, monthly rental rates start at $3,380.

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AcquisitionsHealthcareNew JerseyNortheast

Marcus & Millichap Brokers $8M Sale of Medical Office Building in Eatontown, New Jersey

by Taylor Williams

EATONTOWN, N.J. — Marcus & Millichap has brokered the $8 million sale of Aspen Court, a 27,965-square-foot medical office building in the coastal New Jersey community of Eatontown. Anchored by Advanced Endoscopy & Surgical Center, which recently signed a 10-year lease extension, the building was fully leased at the time of sale. Other tenants include Carbon Health Urgent Care, Atlantic Medical Imaging and Eatontown Dental. Brent Hyldahl, Alan Cafiero and Seth Goldberg of Marcus & Millichap represented the seller, PB7 Associates, in the transaction and procured the buyer, an entity doing business as Aspen Court Partners LLC.

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AcquisitionsIndustrialNew JerseyNortheast

Resource Realty Negotiates $4.5M Sale of Northern New Jersey Industrial Building

by Taylor Williams

RANDOLPH, N.J. — Locally based brokerage firm Resource Realty has negotiated the $4.5 million sale of a 28,000-square-foot industrial building located in the Northern New Jersey community of Randolph. According to LoopNet Inc., the single-tenant building at 273 Franklin Road was completed in 1991 and features a clear height of 12 feet and two dock-high loading doors. Tom Consiglio of Resource Realty represented the buyer, Commerce Park Investors, in the transaction.

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