Northeast

TIAA Provides $265.2M Loan for Philadelphia Life Sciences Expansion, Conversion Project

by Taylor Williams August 25, 2022

PHILADELPHIA — An affiliate of the Teachers Insurance & Annuity Association (TIAA) has provided a $265.2 million loan for a life sciences expansion project in Philadelphia. The Curtis is a 12-story, 912,245-square-foot building in the Center City District that originally housed a publishing operation and now features lab, office and research and development space. The borrower, Keystone Development + Investment, purchased the historic building in 2014 and has subsequently converted portions of the leasable space to support life sciences usage. Proceeds from this loan will enable Keystone to continue that initiative with the conversion of 200,000 square feet of additional space within The Curtis. A portion of the proceeds will also be used to fund infrastructure upgrades and leasing costs. Current tenants at The Curtis include BioLabs, IMVAXM Vivodyne and Aro Biotherapeutics.

August 25, 2022

Development Multifamily Northeast Pennsylvania

High Street, MetLife Complete 280-Unit Multifamily Project in Metro Philadelphia

by Taylor Williams August 25, 2022

WEST CONSHOHOCKEN, PA. — High Street Residential and MetLife Investment Management have completed a 280-unit multifamily project located on the northern outskirts of Philadelphia. Matson Mill is a transit-served property located along the banks of the Schuylkill River in West Conshohocken that offers one-, two and three-bedroom units. Amenities include a pool, outdoor kitchen with seating areas, fitness center, package handling room, game room and a dog wash station. Hord, Coplan & Macht Inc. designed the project, and IMC Construction served as the general contractor. Rents start at approximately $2,000 per month for a one-bedroom unit.

August 25, 2022

Industrial Loans New Jersey Northeast

Black Bear Capital Arranges $44M Permanent Loan for Northern New Jersey Industrial Complex

by Taylor Williams August 25, 2022

ALLENDALE, N.J. — Black Bear Capital Partners (BBCP) has arranged a $44 million permanent loan for Allendale Corporate Center, a 389,000-square-foot industrial complex in Northern New Jersey. The center comprises six buildings that are leased to tenants such as Martab Medical, Bosch/Syntegon Pharma Tech, Alan Baird Industries Inc, Acuitive and Collagen Matrix. Emil DePasquale of BBCP arranged the 10-year, fixed-rate loan, which carried a 65 percent loan-to-value ratio, through Morgan Stanley.

August 25, 2022

Acquisitions Multifamily New York Northeast

Rosewood Realty Negotiates $9M Sale of Two Brooklyn Apartment Buildings

by Taylor Williams August 25, 2022

NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has negotiated the $9 million sale of two contiguous apartment buildings in Brooklyn’s Williamsburg neighborhood. The four-story buildings were originally constructed in 1900 and total 16 units. Mike Kerwin and Shaun Rose of Rosewood Realty represented the buyer, New York City-based Peak Capital Advisors, in the off-market transaction. Sarah Sawyer of Compass represented the seller, an undisclosed family office.

August 25, 2022

Healthcare Leasing Activity Massachusetts Northeast Retail

American Red Cross Signs 5,000 SF Retail Lease in Kingston, Massachusetts

by Taylor Williams August 25, 2022

KINGSTON, MASS. — The American Red Cross has signed a 5,000-square-foot retail lease at Summer Hill Plaza in Kingston, a grocery-anchored center located south of Boston in Plymouth County. Don Mace and Rob Grady of locally based advisory firm KeyPoint Partners represented the undisclosed landlord in the lease negotiations. The representative of the tenant was not disclosed.

August 25, 2022

Delaware Development Industrial Northeast

DuPont Electronics to Undertake $50M Industrial Expansion Project in Glasgow, Delaware

by Taylor Williams August 24, 2022

GLASGOW, DEL. — DuPont Semiconductor Technologies, a division of DuPont Electronics & Industrial, will undertake a $50 million industrial expansion project in the northern Delaware city of Glasgow. The 385,000-square-foot facility will be used for the fabrication, packaging and assembly of materials used in semiconductors that support numerous electronics-based industries. About 70 employees from DuPont’s existing facility in nearby Newark will staff the new plant along with 10 or so new hires. The company expects its new facility to be operational by the first quarter of 2024.

August 24, 2022

Acquisitions Industrial New Hampshire Northeast

Cushman & Wakefield Brokers $69M Sale of New Hampshire Industrial Portfolio

by Taylor Williams August 24, 2022

HUDSON, NASHUA AND MANCHESTER, N.H. — Cushman & Wakefield has brokered the $69 million sale of a portfolio of four southern New Hampshire industrial buildings totaling 593,000 square feet. The properties are specifically located in Hudson, Nashua and Manchester and were 94 percent leased to 18 tenants at the time of sale. Dave Pergola, Brian Doherty, Pete Rogers, Tom Farrelly, Denis Dancoes and Sue Ann Johnson of Cushman & Wakefield represented the seller, Albany Road Real Estate Partners, in the transaction. Tom Sullivan, also with Cushman & Wakefield, arranged acquisition financing on behalf of the buyer, Dallas-based Lincoln Property Co.

August 24, 2022

Loans New Jersey Northeast Office

JLL Arranges $31M Loan for Refinancing of Northern New Jersey Office Building

by Taylor Williams August 24, 2022

UNION, N.J. — JLL has arranged a $31 million loan for the refinancing of Liberty Hall Center I, a 210,000-square-foot office building located in the Northern New Jersey community of Union. The five-story building was originally designed in 1988 to house the headquarters of regional energy provider Elizabethtown Gas and features amenities such as a cafeteria, conference center and outdoor lounge areas. Jon Mikula, Max Custer and Michael Lachs of JLL arranged the loan through Knighthead Funding. The borrower, an entity doing business as Liberty Hall Joint Venture LLC, will use a portion of the proceeds to fund capital improvements.

August 24, 2022

Acquisitions Connecticut Multifamily Northeast

IPA Negotiates Sale of 264-Unit Capitol View Apartment Homes in Hartford

by Taylor Williams August 24, 2022

HARTFORD, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Capitol View Apartment Homes, a 264-unit multifamily complex in downtown Hartford. Built in 1955 and renovated between 2002 and 2013, the 10-story building houses units with an average size of 542 square feet and offers amenities such as a lounge, fitness center and concierge service. Victor Nolletti, Wes Klockner and Eric Pentore of IPA represented the seller, an entity doing business as MATP LLC, in the transaction. The trio also procured the buyer, EOM Equity LLC.

August 24, 2022

Loans Massachusetts Multifamily Northeast

Greystone Provides $15.3M Agency Loan for Refinancing of Multifamily Asset in Fall River, Massachusetts

by Taylor Williams August 24, 2022

FALL RIVER, MASS. — Greystone has provided a $15.3 million Fannie Mae loan for the refinancing of a historic, 103-unit multifamily asset in Fall River, located near the Massachusetts-Rhode Island border. Commonwealth Landing was originally built in the 1880s as a cotton mill and was converted into a multifamily complex with one-, two- and three-bedroom units in 2016. Shana Daby of Greystone originated the fixed-rate, nonrecourse loan, which features three years of interest-only payments, on behalf of the borrower, an entity doing business as Mechanics Mill Two LLC. Michael Corso of Kingston Capital provided debt advisory services.

August 24, 2022

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