JONESTOWN, PA. — Marcus & Millichap has brokered the sale of a portfolio of two self-storage facilities totaling 266 units in Jonestown, about 23 miles northeast of Harrisburg. The facilities, both of which were recently renovated, offer a total of 42,380 net rentable square feet of non-climate-controlled space. Luke Dawley, Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Sean Beuche of Marcus & Millichap assisted in closing the deal as the broker of record. Additional terms of sale were not disclosed.
PHILADELPHIA — A partnership between two developers, Maryland-based Bozzuto and New York-based Kimco Realty, will soon begin construction on Coulter Place, a 131-unit multifamily project in Philadelphia’s Main Line district. The 1.7-acre site is an assemblage of six existing office buildings and their adjoining surface parking lots. Coulter Place will feature onsite parking, 20,000 square feet of ground-floor retail space and 7,000 square feet of indoor amenity space, as well as a pool and two elevated courtyards. Units will come in one- and two-bedroom formats. The development team has secured all necessary approvals and has construction financing in place. A tentative completion date was not released.
PHILADELPHIA — Architecture and engineering firm EwingCole has signed a 55,000-square-foot office lease renewal at the Federal Reserve Bank of Philadelphia building. The eight-story, 775,000-square-foot building is located in the downtown area and houses a conference facility with a 180-seat auditorium, a café and a fitness center. Jeffrey Tertel of Newmark represented the landlord, The Federal Reserve Bank of Philadelphia, in the lease negotiations. The tenant representative was not disclosed.
NEW YORK CITY — Newmark has placed a $90 million loan for the refinancing of 1245 Broadway, a 23-story, 200,000-square-foot office building in Manhattan’s NoMad district. German bank Deutsche Pfandbriefbank AG provided the loan to the borrower and developer, a partnership between Swedish developer Corem Property Group AB and locally based firm GDS Development LLC. Jordan Roeschlaub, Dustin Stolly and Nick Scribani of Newmark originated the debt. Ownership will use a portion of the proceeds to fund capital improvements.
NEW YORK CITY — New York City-based development and investment firm Lightstone has completed the 216-room Moxy Hotel in Brooklyn’s Williamsburg neighborhood. Moxy is part of the Marriott family of brands. Designed by Stonehill Taylor with interiors by BASILE Studio, the boutique establishment houses four food-and-beverage concepts, including a fine dining restaurant and a rooftop bar. Other amenities include a fitness center, coworking spaces and meeting and event rooms. Rates start at $179 per night.
EAST BRUNSWICK, N.J. — Locally based financial intermediary G.S. Wilcox has arranged a $20 million construction loan for a 146,570-square-foot industrial project in the Central New Jersey community of East Brunswick. The speculative warehouse will feature a clear height of 36 feet, 18 loading docks and parking for 91 vehicles and 15 trailers. Bridget Wilcox and Al Raymond of G.S. Wilcox arranged the three-year loan through an undisclosed regional bank. The borrower/developer was also not disclosed.
BROCKTON, MASS. — Lument has provided a $15 million HUD-insured loan for the refinancing of Alliance Health at West Acres, a seniors housing property located in the southern Boston suburb of Brockton. Built in 1965 and renovated in 2017, the property offers 130 beds. Aaron Becker of Lument originated the financing, which was structured with a 35-year term and fixed interest rate, on behalf of the owner-operator, Alliance Health & Human Services.
AVON, MASS. — Solar energy provider Navisun has signed a 60,282-square-foot industrial lease in the southern Boston suburb of Avon. According to LoopNet Inc., the property at 61 Strafello Drive was built in 1974 and renovated in 2022. Ovar Osvold, Sean Hannigan and Kevin Brawley of Colliers represented Navisun and the landlord, DH Property Holdings, in the lease negotiations.
JERSEY CITY, N.J. — Greystone, a privately held commercial real estate financial services firm, has provided a $257.2 million loan for The Beacon, a six-building apartment complex in Jersey City totaling 1,155 units. The borrower, Building and Land Technology (BLT), is using the loan to refinance the construction loan stemming from the project’s adaptive reuse of a historic hospital. The Beacon opened as the Jersey City Medical Center Complex in 1936 before its conversion to high-end apartments between the early 2000s and 2016, according to Jersey Digs. Judah Rosenberg of Greystone originated the Freddie Mac loan, which features a 10-year term and fixed interest rate. John Alascio, Alex Hernandez, Alex Lapidus, Mitch Rothstein, Brian Whitmer, Niko Nicolaou and David Bernhaut of Cushman & Wakefield arranged the financing on behalf of BLT. “The property is ideally located at the intersection of three of Jersey City’s most populated neighborhoods and features unparalleled views of the New Jersey Gold Coast and Manhattan,” says Alascio. “The recently redeveloped complex features best-in-class amenities and a thoughtful community design offering tenants a convenient live-work-play environment.” Situated on 14 acres near Jersey City’s Journal Square, McGinley Square and Bergen Lafayette neighborhoods, The Beacon is located within two …
VALLEY COTTAGE, N.Y. — Lincoln Equities has broken ground on a 220,000-square-foot speculative industrial project in Valley Cottage, about 30 miles north of Manhattan. The warehouse and distribution center will be situated on a 23-acre site within Executive Park. Building features will include a clear height of 36 feet, 34 loading docks, two drive-in doors, 41 trailer stalls and parking for 123 cars. Completion is scheduled for the third quarter. JLL has been tapped as the leasing agent. According to the development team, the project represents the first speculative logistics facility to be built in Rockland County since 2009.