PHILADELPHIA — Local REIT Brandywine Realty Trust will open a 13,000-square-foot food hall at its Schuylkill Yards mixed-use development in the University City area of Philadelphia. Gather Food Hall & Bar will feature six eateries and a bar and will be housed on the ground floor of the historic Bulletin Building at 3025 Market St., which was converted to a life sciences facility in 2021. Hospitality HQ, a platform operated by New York chef and restaurateur Akhtar Nawab, will operate the venue, which is scheduled to open in the fall.
NEW HAVEN, CONN. — A partnership between two investment firms, Philadelphia-based Scully Co. and Connecticut-based True North Management Group, has purchased The Whit, a 230-unit apartment complex located in New Haven’s Wooster Square neighborhood. Built in 2022, The Whit offers studio, one-, two- and three-bedroom units with an average size of 892 square feet. Residences are furnished with stainless steel appliances, quartz countertops, tile backsplashes and individual washer and dryers, and all non-studio apartments have walk-in closets. Amenities include a fitness center with a yoga studio; a landscaped courtyard with a pool and fire pits; a rooftop terrace with bar and lounge seating; a clubroom with a coffee bar; a social dining room with a catering kitchen; and a coworking space with access to individual offices. The Whit also houses three retail spaces, two of which are leased to food-and-beverage operators. Jeffrey Dunne, Simon Butler, Biria St. John, Eric Apfel and Travis Langer of CBRE represented the undisclosed seller in the transaction and procured the partnership as the buyer. Tom Traynor, Adam Spengler, Nick Harris and Jake Helmig, also with CBRE, arranged acquisition financing for the deal through an undisclosed lender.
NEW YORK CITY — Northmarq has provided a $12.9 million Fannie Mae loan for the refinancing of a 35-unit apartment building located at 49 Ludlow St. in Manhattan’s Lower East Side that was originally constructed in 2000. According to Apartments.com, the elevator-served building offers two- and three-bedroom units, with private terraces available in select residences, as well as onsite laundry facilities. Tom Peloquin led the Northmarq team that originated the 10-year loan on behalf of the borrower, an entity doing business as The Downtown Apartments LLC.
ORANGE, N.J. — Local owner-operator PEEK Properties has begun leasing PINNACLE Orange Crossing, a 90-unit multifamily project in the Northern New Jersey community of Orange. The transit-served site is located within an opportunity zone, and the complex represents the third and final phase of a larger development that now totals 239 units. Residences at PINNACLE Orange Crossing come in studio, one- and two-bedroom floor plans, and amenities include a fitness center, resident lounge and a rooftop terrace. Rents start at approximately $2,200 per month.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $7.8 million sale of a multifamily development site in the Gowanus area of Brooklyn. The site at 284 4th Ave. can support 33,261 buildable square feet of product, although information on the proposed number of units was not disclosed. Sean Kelly, Stephen Vorvolakos and Nicole Daniggelis of Ariel represented the seller, a private investor, in the transaction. The buyer was also a private investor.
TERRYVILLE, CONN. — Regional brokerage firm Northeast Private Client Group (NEPCG) has negotiated the $5 million sale of Plymouth Village, a 46-unit apartment complex in Terryville, about 20 miles west of Hartford. According to Apartments.com, the property offers one- and two-bedroom units. Taylor Perun of NEPCG represented the seller and procured the buyer, both of which were Connecticut-based entities that requested anonymity, in the transaction.
NEW YORK CITY — California-based investment firm Carmel Partners has begun leasing Loden, a 569-unit apartment community located in the Crown Heights area of Brooklyn. Designed by Hill West Architects, Loden offers studio, one- and two-bedroom units that are furnished with stainless steel appliances, quartz countertops and backsplashes and individual washers and dryers. Amenities include a fitness center, game room, lounge, children’s playroom, private dining room and outdoor grilling and dining stations. Rents start at $2,900 per month for a studio. Carmel Partners has hired MNS Real Estate to lease and market the property.
VALLEY COTTAGE, N.Y. — A partnership between Lincoln Equities Group and PCCP LLC has sold a portfolio of three light industrial properties totaling 261,950 square feet in Valley Cottage, about 30 miles north of New York City. The sales price was $62.7 million. The three properties range in size from 64,000 to 112,160 square feet, and the buildings within them range in size from 2,720 to 42,075 square feet and feature clear heights of 20 to 30 feet. The portfolio was 97 percent leased to 17 tenants at the time of sale. JLL represented the partnership in the transaction. The buyer was Invesco Real Estate.
NEW YORK CITY — Northmarq has provided a $50 million Fannie Mae loan for the refinancing of Tompkins Square Plaza, a 124-unit apartment building located at 190 E. 7th St. in Manhattan’s East Village area. The transit-served, doorman-equipped building was originally constructed in 1998 and offers two- and three-bedroom units, as well as a fitness center and rooftop terrace. Tom Peloquin led the Northmarq team that originated the 10-year loan on behalf of the borrower, The Downtown Apartments LLC.
CLIFTON PARK, N.Y. — Marcus & Millichap has brokered the $10.6 million sale of a 104-room La Quinta Inn & Suites, which is part of the Wyndham Hotels & Resorts family of brands, in Clifton Park, located just north of Albany. The four-story hotel was built on a 3.1-acre site in 2017 and offers amenities such as an indoor pool and fitness center. Kevin Laureno and Alexandre Duong of Marcus & Millichap represented the undisclosed seller in the transaction. The buyer was also not disclosed.