JERSEY CITY, N.J. — Coldwell Banker has begun leasing Aspira, a 60-unit apartment complex located in Journal Square neighborhood of Jersey City. The six-story building offers studio and one-bedroom units that are furnished with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a package handling room, bike storage space and a rooftop deck/garden. Rents start at $1,850 per month for a studio. The owner/developer was not disclosed.
NORWALK, CONN. — Locally based brokerage firm Angel Commercial has negotiated the $6 million sale of a 34,583-square-foot mixed-use building in Norwalk, located in the southern coastal part of Connecticut. The property at 430 Main Ave. comprises 14 retail and office units and nine apartments. Brett Sherman of Angel Commercial represented the seller, an entity doing business as C&H Lew LLC, in the off-market transaction. Sherman also procured the undisclosed buyer.
JERSEY CITY, N.J. — Business management consulting firm EXL has signed a 17,712-square-foot office lease renewal at 10 Exchange Place, a 30-story, 740,354-square-foot building in Jersey City. David DeMatteis, Nicholas Dysenchuk and Robert Lowe of Cushman & Wakefield represented the landlord, an affiliate of Canadian insurance and financial services giant Manulife, in the lease negotiations. Scott Bogetti and Meghan Marchini of Savills represented the tenant.
Prospective investors can finance acquisitions even when equity is scarce, explains Michael Klein, CEO and founding principal of Freedom Financial Funds. “The scarcity of equity is an old phenomenon; it’s a relatively new phenomenon that made equity plentiful. For most of history, it was hard work to find equity. However, even in a tight market, if there’s a compelling case for a project to result in success and there are multiple ways of protecting the equity and the debt, that deal will get done.” This is the outlook Klein brings to the 2023 MBA Commercial/Multifamily Finance Convention & Expo. Klein’s company, Freedom Financial Funds, LLC is a private REIT based in Los Angeles and operating in the western United States. The REIT specializes in providing capital to real estate professionals adding value to projects. Debt, Equity and Protecting Value Klein explains that with any type of financing, whether it be debt or equity, it is key to have a compelling story and facts to indicate that the borrower is going to provide a fair amount of value. “Protecting the investor from potential downside risks is an essential part of financing,” explains Klein. This sort of forethought requires thorough due diligence …
PARSIPPANY, N.J. — A partnership between Los Angeles-based PCCP LLC, Claremont Development and Stanbery Development will build The District at 1515, a 498-unit multifamily project in the Northern New Jersey community of Parsippany. The four-building development will include 58,866 square feet of retail space that will be marketed to a mix of full-service and fast casual restaurants, as well as fitness users and soft goods merchandisers. Residential amenities will include a pool, fitness center, lounge area, conference center and a pet spa. Completion is slated for early 2025.
NEW YORK CITY — CBS Broadcasting has signed a five-year, 186,882-square-foot office lease renewal at 555 W. 57th St. in Manhattan’s Hell’s Kitchen neighborhood. The 20-story building, which was completed in 2005, was originally known as the Ford Motors Building due to the automotive giant’s showroom on the ground floor. BMW now occupies that space. Scott Gottlieb, Andrew Sussman and Rocco Laginestra of CBRE represented the tenant in the lease negotiations. The landlord, SL Green, was self-represented.
BOUND BROOK, N.J. — Accurate has begun leasing Citizen Bound Brook, a 105-unit apartment complex in Northern New Jersey. Designed by Jarmel Kizel Architects & Engineers, the property offers studio, one- and two-bedroom units with stainless steel appliances, quartz countertops and tile backsplashes. Amenities include a clubroom, fitness center and a landscaped terrace. The building also houses 5,000 square feet of street-level retail space. Rents start at approximately $1,600 per month for a studio
ALTOONA, PA. — Commercial finance and advisory firm Axiom Capital Corp. has arranged an $11 million loan for the refinancing of a 222,139-square-foot, single-tenant retail property in Altoona, about 100 miles east of Pittsburgh. Walmart occupies the property, which houses a grocery store, auto care center, pharmacy and a hair salon. The names of the borrower, a private investment group, and direct lender, a bank, were not disclosed.
WALLINGFORD, CONN. — New York-based investment firm BEB Capital has acquired a 32,745-square-foot industrial property in Wallingford, a northern suburb of New Haven. The sales price was $2.3 million. James Panczykowski of JLL represented the seller, National Filter Media Corp., in the transaction. Ben Fischer, Dan Penaro and Keyvan Ghaytanchi represented BEB Capital on an internal basis.
NEW YORK CITY — Northwind Group, a locally based private equity firm, has provided $313 million in financing for the completion of an 88-story residential tower located at 125 Greenwich St. in Manhattan. Vertical construction of the tower was completed in 2020, but progress has since stalled. Residences will come in studio, one-, two- and three-bedroom floor plans, and the 912-foot building will have multiple floors dedicated to lifestyle and wellness amenities. The borrower, a joint venture between Fortress Investment Group, Bizzi & Partners and the U.S. Immigration Fund, plans to rebrand the building and launch condo sales this fall. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Michael Diaz of Walker & Dunlop arranged the financing.