NEW YORK CITY — Taconic Capital Advisors has provided a $95 million loan for the refinancing of Martinique New York on Broadway, a 531-room hotel in Midtown Manhattan. The hotel, which is part of Curio Collection by Hilton family of brands, originally opened in 1897 and is a member of the Historic Hotels of America club. Martinique New York on Broadway houses 10 meeting and event spaces that can accommodate more than 400 guests, as well as a fitness center and multiple food-and-beverage establishments. The borrower, Oklahoma City-based Burnett Equities, which acquired the hotel in 2021, plans to use a portion of the proceeds to fund capital improvements.
JACKSON TOWNSHIP, N.J. — Cushman & Wakefield has brokered the sale of an approximately 1 million-square-foot industrial facility located at 515 Monmouth Road in Jackson Township, about 30 miles east of Trenton. The newly constructed complex comprises one cross-dock and one rear-load building that total 617,452 and 383,092 square feet, respectively. Building features include clear heights of 40 feet, 185-foot truck court depths, 713 car parking spaces and 181 trailer parking stalls. Gary Gabriel, Kyle Schmidt, David Bernhaut and Seth Zuidema of Cushman & Wakefield represented the seller, a partnership between Active Acquisitions and Stonecutter Capital, in the transaction. The team also procured Brookfield Properties as the buyer.
PARSIPPANY, N.J. — JLL has negotiated the $88 million sale of 300 Kimball, a 430,000-square-foot office building located in the Northern New Jersey community of Parsippany. Built in 2001 and renovated in 2013, the property sits on a 9.3-acre site within a larger development known as The Center at Morris County and was 87 percent leased at the time of sale. Amenities include a fitness center, tenant lounge, conference center, putting green and golf simulator, walking trails and a cafeteria. Kevin O’Hearn, Jose Cruz, Jeremy Neuer and Peter Kim of JLL represented the seller, Sovereign Partners LLC, in the transaction. The buyer was regional investment firm Signature Acquisitions, which also owns the adjacent building, 100 Kimball.
WILLIAMSPORT, PA. — New Jersey-based First National Realty Partners (FNRP) has acquired Loyal Plaza, a 289,000-square-foot shopping center in Williamsport, located in the northern-central part of the Keystone State. Anchored by a 67,000-square-foot Giant Food Store, the center was approximately 85 percent leased at the time of sale. Other tenants include Hobby Lobby, Planet Fitness, Rite Aid, Advance Auto Parts and BB&T. Colin Behr and Chris Munley of JLL represented the undisclosed seller in the transaction.
SOUTH HACKENSACK, N.J. — I-FE Apparel, the company behind clothing brands such as PJ Mark and Bleecker & Mercer, has signed a 36,165-square-foot industrial lease renewal in South Hackensack, located outside of Manhattan in Northern New Jersey. Stephen Jennings represented the landlord, Alfred Sanzari Enterprises, in the lease negotiations on an internal basis. The representative of the tenant was not disclosed.
STORRS, CONN. — A joint venture between Georgia-based Landmark Properties and Manulife Investment Management will develop The Standard at Four Corners, an 890-bed student housing project that will be located near the University of Connecticut in Storrs. The project will offer studio, one-, two- and three-bedroom units and amenities such as a pool, study lounges, a fitness center, computer lab and gaming lounge. The community will also feature 14,500 square feet of ground floor retail space. Completion is slated for August 2025.
NEW YORK CITY — Bank of America has provided a $53 million permanent loan for Kent House, a 96-unit apartment building in Brooklyn’s North Williamsburg area. The building, which houses one- and two-bedroom units, includes 140 parking spots and 31,000 square feet of retail space. Leah Paskus of Landstone Capital Group arranged the loan, which retires the property’s original construction debt, on behalf of the borrower, locally based developer CW Realty, which holds the leasehold interest in the property.
PURCHASE, N.Y. — Connecticut-based brokerage firm Choyce Peterson has negotiated a 39,649-square-foot office lease in Purchase, about 30 miles north of Manhattan. John Hannigan and Charlene O’Connell of Choyce Peterson represented the tenant, Triton International, a provider of intermodal container leasing services, in the lease negotiations. The name and representative of the landlord were not disclosed.
NEW YORK CITY — GameChanger, a provider of livestreaming and communications services for youth sports, and its parent company, Dick’s Sporting Goods, have signed a 25,600-square-foot office lease in Midtown Manhattan. The tenants will occupy the entire 17th and 18th floors at Zero Irving, a 176,000-square-foot building owned by RAL Development. Mitchell Konsker, Ben Bass, Dan Turkewitz, Kristen Morgan and Carlee Palmer of JLL represented the landlord in the lease negotiations. Simon Landmann, also with JLL, represented GameChanger and Dick’s Sporting Goods.
NEW YORK CITY — Newmark has arranged a $535.8 million loan for the acquisition and redevelopment of 25 Water Street, a 1.1 million-square-foot office building in Lower Manhattan, New York City’s historic Financial District. Dustin Stolly, Jordan Roeschlaub and Chris Kramer of Newmark arranged the loan through MSD and Apollo. The seller was not disclosed, but multiple media outlets have reported that Edge Funds sold the asset. The borrowers, GFP Real Estate, Metro Loft Management and Rockwood Capital, will use the funds to convert the 22-story office building into a residential tower housing 1,300 apartments ranging in size from studios to four-bedroom units. The project represents the largest ever office-to-residential conversion in U.S. history, according to Newmark. The office building, formerly known as 4 New York Plaza, was once anchored by JPMorgan Chase & Co. The financial giant recently unveiled plans for its newly revamped headquarters at 270 Park Ave. in Manhattan. Built in 1969, 25 Water Street features 12-foot, 4-inch slab-to-slab ceiling heights and 40,330-square-foot floor plates, which will give future residents direct views of the Lower Manhattan skyline and the New York Harbor from all floors. The property is situated on a double-wide street corridor with the widest …