NEW ROCHELLE, N.Y. — A joint venture between Maya Capital Partners and Artemis Real Estate Partners has purchased a 1,120-unit self-storage facility in New Rochelle, a northern suburb of New York City. The newly constructed, four-story building totals 96,693 net rentable square feet of climate-controlled space. Dustin Stolly and Jordan Roeschlaub of Newmark arranged the $300 million joint venture between the two East Coast-based firms, which will exclusively target self-storage properties in the Northeast.
ROCHELLE PARK, N.J. — Locally based developer Tulfra Real Estate has broken ground on The Delford, a 160-unit multifamily project in the Northern New Jersey community of Rochelle Park. The six-story building will offer one- and two-bedroom units and amenities such as a pool, fitness center, resident lounge, outdoor grilling stations, coworking space and a rooftop terrace. Michael Klein and Jon Mikula of JLL arranged $34.8 million in construction financing through Provident Bank on behalf of Tulfra Real Estate. Completion is slated for 2024.
NEW YORK CITY — Bellwether Enterprise Real Estate Capital has provided an $11.7 million Freddie Mac permanent loan for Bronxview at Serviam, a newly constructed mixed-income complex located at 2885 Marion Ave. The eight-story building houses 26 one-bedroom units, 66 two-bedroom apartments and 22 three-bedroom residences. Jim Gillespie of Bellwether Enterprise originated the financing on behalf of the borrower, Fordham Bedford Housing Corp. The loan carried a 30-year term and a fixed interest rate.
WORCESTER, MASS. — Marcus & Millichap Capital Corp. (MMCC) has arranged an $11.2 million acquisition loan for Biotech Park Apartments, a 92-unit multifamily property located in the central Massachusetts city of Worcester. Robert Bhat of MMCC arranged the seven-year, nonrecourse loan, which carried a 65 percent loan-to-value ratio and 5.89 percent fixed interest rate, on behalf of the undisclosed borrower. The direct lender was also not disclosed. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap brokered the sale of the property.
PITTSBURGH — Law firm Metz Lewis Brodman Must O’Keefe has signed a 19,228-square-foot office lease at Four Gateway Center, a 22-story building in Pittsburgh. The locally based law firm will relocate from the Henry W. Oliver Building in summer 2023. Nick Francic and Reid Mauro of JLL represented the tenant in the lease negotiations. Jeremy Kronman, Adam Viccaro and Dominika Demantova of CBRE represented the landlord, Hertz Investment Group.
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Retail Development Program Lessons Apply Across Property Types
Retail development programs have allowed retailers to streamline their goals by creating prototype models based on site particulars. This process saves developers and retailers money as they can be flexible in choosing models that work for each site without needing to alter layouts and features too much between builds. But what makes for successful prototypes and program standards? Can this approach work outside of the retail world? “The lessons of retail programs can apply across property types in this sense: land development consultants and site designers can learn how specific clients need their set of standards and guidelines implemented. It’s essential to thoroughly understand a program client’s procedures, and we’re expected to know these parameters inside and out,” says Steven T. Fortunato, a senior project manager at Bohler’s Rehoboth Beach office in Delaware. Bohler is a land development design and consulting firm that specializes in helping developers move their projects forward faster. “The retail program methodology translates well to other sectors. Starting off with either a new developer or a new client is an opportunity to learn their standards — or help the client create them. The end result must offer the same level of confidence whether the product is retail or …
FLANDERS, N.J. — List Logistics, a third-party freight distribution firm, has signed an 844,373-square-foot industrial lease in the Northern New Jersey community of Flanders. The property at 703 Bartley Chester Road spans 1.4 million square feet and features 49-foot clear heights and 500 trailer parking spaces. Charles Fern, Jason Barton, Thomas Tucci, Stephen Shoemaker, Jonathan Winge, Torsten Thaler, Elizabeth Rouse and Natalie Gorga of Cushman & Wakefield represented the tenant in the lease negotiations. The name and representative of the landlord were not disclosed.
EVERETT, MASS. — South Carolina-based developer Greystar has broken ground on a 325-unit multifamily project in the northeastern Boston suburb of Everett. The site at 1690 Revere Beach Parkway previously housed a Stop N Shop grocery store. The project, which represents Phase I of a larger, 741-unit development, will ultimately house 875 parking spaces, 9,500 square feet of retail space and 22,800 square feet of indoor and outdoor amenities. CUBE3 Architects designed the project. Phase I is slated for an early 2025 completion.
CHARLESTOWN, MASS. — MassHousing has provided $31 million in financing for City Square Elderly Housing, a 120-unit affordable seniors housing complex in Charlestown, a northern suburb of Boston. The complex was originally constructed in 1900 and renovated in 1985. Units come in studio and one-bedroom floor plans. The borrower, CSI Support & Development Services, will use the proceeds to refinance existing debt, fund capital improvements and preserve the property’s affordability status. The loan carried a 35-year term and a fixed interest rate.
WOODBURY, CONN. — Marcus & Millichap has arranged the sale of a self-storage development site in Woodbury, located in the western part of the state, that is approved for 217 units across 23,690 net rentable square feet of climate-controlled space. Luke Dawley, Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were limited liability companies that requested anonymity. John Krueger of Marcus & Millichap assisted in closing the deal as the broker of record.