Northeast

Arthur's-Self-Storage-Branchburg-New-Jersey

Progress Capital Arranges $23M Construction Loan for Self-Storage Project in Branchburg, New Jersey

by Taylor Williams November 1, 2022

BRANCHBURG, N.J. — Progress Capital has arranged a $23 million construction loan for a 1,000-unit self-storage project in Branchburg, about 50 miles west of New York City. The site, which is also zoned to support the future development of 160 multifamily units, will house three two-story buildings with units of varying sizes. Kathy Anderson and Caillin Boles of Progress Capital arranged the three-year, interest-only loan, which also featured an option to convert to permanent financing, through Valley Bank. The borrower was Cyzner Properties. Construction is expected to last 18 to 24 months.

November 1, 2022

West-Chester-Rehabilitation-&-Healthcare-Center

Acquisitions Multifamily Northeast Pennsylvania Seniors Housing

Tryko Acquires 180-Bed Skilled Nursing Facility in West Chester, Pennsylvania

by Taylor Williams November 1, 2022

WEST CHESTER, PA. — New Jersey-based investment firm Tryko Partners has acquired a 180-bed skilled nursing facility in West Chester, approximately 25 miles west of Philadelphia. Tryko will rebrand the asset as West Chester Rehabilitation & Healthcare Center. The seller and sales price were not disclosed. Blueprint Healthcare Real Estate Advisors brokered the sale of the property.

November 1, 2022

51-New-Brunswick-Ave.-Woodbridge-New-Jersey

Development Industrial New Jersey Northeast

Woodmont Breaks Ground on 54,113 SF Industrial Project in Woodbridge, New Jersey

by Taylor Williams November 1, 2022

WOODBRIDGE, N.J. — Woodmont Industrial Partners has broken ground on a 54,113-square-foot project at 51 New Brunswick Ave. in the Northern New Jersey community of Woodbridge. The facility will feature a clear height of 32 feet, seven dock doors, build-to-suit office space and ample car and trailer parking. Completion is slated for the second quarter of 2023.

November 1, 2022

Acquisitions Healthcare New York Northeast

SRS Real Estate Brokers $15.9M Sale of Medical Office Building in Geneseo, New York

by Taylor Williams November 1, 2022

GENESEO, N.Y. — SRS Real Estate Partners has brokered the $15.9 million sale of a 51,357-square-foot medical office building in Geneseo, located south of Rochester in upstate New York. The property was built on 6.2 acres in 2021 and is fully leased to Rochester Regional Health. Britt Raymond and Kyle Fant of SRS Real Estate represented the seller, a New York-based developer, in the transaction. Ray Yung Real Estate represented the buyer, a New Jersey-based family office.

November 1, 2022

Acquisitions Multifamily New Jersey Northeast

B6 Real Estate Arranges $6.5M Sale of Multifamily Development Site in Jersey City

by Taylor Williams November 1, 2022

JERSEY CITY, N.J. — Locally based brokerage firm B6 Real Estate Advisors has arranged the $6.5 million sale of a 31,000-square-foot multifamily development site at 70 Mallory Ave. in Jersey City that is zoned for 136 units. Yanni Marmarou, Jack Drillock and Andrea Nestico of B6 Real Estate represented the undisclosed seller in the transaction. The buyer and construction timeline were also not disclosed.

November 1, 2022

Affordable Housing Development Loans Mixed-Use Multifamily New York Northeast Retail Top Stories

Cushman & Wakefield Arranges $142.9M in Construction Financing for Mixed-Use Project in Brooklyn

by Jeff Shaw November 1, 2022

NEW YORK CITY — Cushman & Wakefield has arranged $142.9 million in construction financing for 120 Fifth Avenue, a mixed-use development in the Park Slope neighborhood of Brooklyn. The borrowers, Senlac Ridge Partners and The William Macklowe Company, are redeveloping the two-acre site, currently a one-story vacant grocery store and its parking lot, into a 212,000-square-foot mixed-income housing property and retail plaza. The project will comprise two buildings featuring 180 residential units, 25 percent of which will be affordable. The development will also offer 67,000 square feet of retail space and a 225-space underground parking garage. Lidl Supermarket and CVS Pharmacy recently signed long-term leases for approximately 35,000 square feet of the retail space with the developer. An expected date for project completion was not disclosed. The property is located four blocks from Flatbush Avenue and Barclays Center, the home of the NBA’s Brooklyn Nets, and is within walking distance to the 2, 3, 4, 5, B, D, N, Q and R trains. Cushman & Wakefield’s Equity, Debt & Structured Finance team of Gideon Gil and Lauren Kaufman represented the borrowers in the transaction. Macklowe and Senlac Ridge acquired the development site, the former home to Key Foods, in 2020. …

November 1, 2022

Market Reports New York Northeast Northeast Market Reports

Looming Infrastructure Investments in New York City Offer Hope for Job Creation, Middle Class

by Taylor Williams November 1, 2022

By Lou Coletti, president & CEO, Building Trades Employers Association In the 1930s, the United States was in the throes of the Great Depression. Millions of people lost their jobs, and savings were obliterated overnight. President Franklin Delano Roosevelt seized the opportunity to bring the country back from the brink of economic collapse, creating the Works Progress Administration to put 8.5 million Americans to work building new schools, roads, bridges and water systems. In 2020, the country faced a similar shock to the system as COVID-19 locked down our cities, shuttered businesses and sent entire populations into isolation for months on end, only to contend with a maze of rules and restrictions as the economy reopened. Almost three years later, major metropolises like New York City have an unprecedented opportunity to rebuild both the physical infrastructure and social fabric of their respective regions. Much like in the days of the Great Depression, the construction industry has a key role to play in rebuilding our physical and social infrastructure. This time, however, it’s imperative that we prioritize equity, not only within individual projects but also within the industry at large. The combination of economic upheaval caused by COVID-19 and the …

November 1, 2022

Matt Maison, vice president of research for Arbor Realty Trust

Acquisitions Arbor Realty Trust Content Partner Features Midwest Multifamily Northeast Southeast Texas Western

Multifamily Opportunity Matrix Reveals Most Promising Markets for Investors, Developers

by Sarah Daniels November 1, 2022

By Arbor Realty Trust Inflationary environments set many investors’ minds to thinking about multifamily properties, which have tended to perform as well or better than other property types in the face of economic headwinds. Product type is no guarantee of success, however, and careful site selection is essential to ensure a project will have the renter demand and pricing power the owner needs to succeed. Arbor Realty Trust, in partnership with Chandan Economics, developed the opportunity matrix featured in Arbor’s Top Opportunities in Large Multifamily Investment Report 2022. The opportunity matrix helps clients navigate the nation’s apartment markets, enabling them to compare relative strengths from one metro to the next and identify those offering the greatest potential for development or investment. Its ranking system, which analyzes eight key categories, found the top three U.S. metro markets for large multifamily investment in 2022 are San Antonio, Kansas City and Las Vegas. “Reviewing what made these communities rise to the top of our 50-metro ranking will demonstrate how investors can use the matrix to compare the climates of opportunity in the markets in which they operate, or to suggest new fields of opportunity for their next venture,” said Matt Maison, vice president …

November 1, 2022

Acquisitions Healthcare Massachusetts Northeast

Anchor Health Properties Acquires Metro Boston Medical Office Building for $15.1M

by Taylor Williams October 31, 2022

BRAINTREE, MASS. — Virginia-based investment firm Anchor Health Properties has acquired a 47,530-square-foot medical office building in the southern Boston suburb of Braintree for $15.1 million. Robert Griffin, Frank Nelson, Michael Greeley and Blake McLaughlin of Newmark represented the seller, Foxfield LLC, in the transaction and procured Anchor Health as the buyer. The building was 94 percent leased to 16 tenants at the time of sale.

October 31, 2022

Acquisitions New Jersey Northeast Office

Colliers Arranges $13.2M Sale of Northern New Jersey Office Campus

by Taylor Williams October 31, 2022

FLORHAM PARK, N.J. — Colliers has arranged the $13.2 million sale of Westminster Corporate Center, a 158,583-square-foot office campus in the Northern New Jersey community of Florham Park. The campus, which was 57 percent leased at the time of sale, comprises two three-story buildings on a 15.3-acre site. Jacklene Chesler, Patrick Norris and Joe Lane of Colliers brokered the deal. The buyer, Pentaurus, plans to implement a value-add program that will upgrade the lobby and existing fitness facilities, as well as add pickleball and basketball courts.

October 31, 2022

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