KINGS PARK, N.Y. — General contractor EW Howell Construction Group has completed St. Johnland Assisted Living, an 80-unit seniors housing project in Kings Park, located on Long Island’s North Shore. Designed by KDA Architects, the two-story, 68,000-square-foot facility totals 100 beds and is situated adjacent to the existing 100-acre St. Johnland Nursing Center complex. St. Johnland is a locally based provider with specialties in dementia, head injury rehabilitation, subacute care and adult day care.
CLIFTON, N.J. — NAI Hanson has negotiated the sale of a 62,535-square-foot medical office building in the Northern New Jersey community of Clifton. Darren Lizzack and Randy Horning of NAI Hanson represented the buyer, Rendina Healthcare Real Estate, in the transaction. First Equity Development Co. sold the property, which recently underwent a capital improvement program, for an undisclosed price.
LEBANON, N.H. — Colliers has arranged $79.9 million in construction debt and joint venture equity for The Marek at Lebanon, a 250-unit multifamily project that will be located near the Vermont-New Hampshire border. The property will comprise two residential buildings housing one- and two-bedroom units that will be connected by a 10,000-square-foot amenity building, all on a 17.7-acre site. The general contractor is DEW Construction Corp., with design by Market Square Architects and engineering by VHB Inc. A syndicate led by Brookline Bank provided the fixed-rate senior construction loan to the borrower, Massachusetts-based Saxon Partners. Jeff Black, Kevin Phelan, Sean Burke and Bryan Koop of Colliers placed the debt and arranged the joint venture equity partnership with Tritower Financial Group.
NEWARK, N.J. — Greystone has provided $39.1 million in Freddie Mac Small Balance Loans for the refinancing of a portfolio of 10 multifamily properties totaling 287 units in Northern New Jersey. Nine of the properties are located in Newark, and the 10th is located in nearby Irvington. Eight of the properties were refinanced with five-year, fixed-rate loans, and the existing debt on the other two properties was restructured with 10-year, fixed-rate loans that carried three years of interest-only payments. Hope Curtis of Greystone originated the financing. The borrower was not disclosed.
CRANFORD, N.J. — Locally based brokerage firm Hudson Atlantic Realty has negotiated the $14.6 million sale of Riverside Gardens, a 46-unit apartment complex located in the Northern New Jersey community of Cranford. The sales price equates to roughly $318,000 per unit. The property was originally constructed in the 1940s and offers one- and two-bedroom apartments, as well as onsite parking and laundry facilities. The buyer and seller were not disclosed.
AVON, MASS. — DH Property Holdings has purchased a 70,337-square-foot industrial property located at 54 Bodwell St. in Avon, a southern suburb of Boston. Brockton Furnace & Duct Distributors Inc. formerly owned and occupied the facility, which sits on 4.6 acres and is currently vacant. Building features include a clear height of 16 feet, 13 loading docks, two drive-in doors and 85 parking spaces. The new ownership plans to implement a value-add program.
MANCHESTER, N.H. — Maryland-based development and investment firm Realterm and the Manchester-Boston Regional Airport (MHT) have completed a 65,000-square-foot, multi-tenant air cargo facility in Manchester, located in the southern part of the Granite State. Amazon Air has launched daily cargo service at the facility, which features three aircraft parking positions with the option to expand to a fourth.
NEW YORK CITY — Bank OZK and Barings have provided $385 million in construction financing for 470 Kent Avenue, a multifamily project in Brooklyn’s Williamsburg neighborhood that will add 463 rental units and 90 condos to the local supply. The 22-story building will also include 19,000 square feet of commercial space. Bank OZK supplied a $310 million senior loan, and Barings provided $75 million in mezzanine financing. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Jackson Irwin of Walker & Dunlop arranged the debt on behalf of the borrower, a partnership between Naftali Group and Access Industries. Construction is underway and expected to be complete in 2025.
ENGLEWOOD, N.J. — JLL has arranged a $57.5 million loan for the refinancing of EVO, a 220-unit apartment community in the Northern New Jersey community of Englewood. The property features studio, one- and two-bedroom units and amenities such as a pool, fitness center, resident lounge, coworking space, pet spa and outdoor grilling and dining areas. Guardian Life Insurance Group of America provided the eight-year, fixed-rate loan to the borrower, a joint venture between Claremont Development, Cypress Equity Investments and Battery Global Advisors. Michael Klein, Jon Mikula, Gerard Quinn and Benjamin Morgenthal of JLL arranged the debt.
BOUND BROOK, N.J. — Locally based development and investment firm Reynolds Asset Management has sold Mosaic on Main, a 63-unit apartment complex in the Northern New Jersey community of Bound Brook, for $22 million. Mosaic on Main rises five stories, houses studio, one- and two-bedroom units and includes 1,650 square feet of ground-floor retail space. The property also offers a fitness center, landscaped courtyards and package concierge services, as well as proximity to public transit lines. The undisclosed buyer completed the deal via a 1031 exchange.