Northeast

JLL Arranges $14.5M Loan for Refinancing of Central New Jersey Distribution Center

by Taylor Williams August 18, 2022

EWING, N.J. — JLL has arranged a $14.5 million loan for the refinancing of a 130,000-square-foot distribution center located in the Central New Jersey city of Ewing. The newly built property sits on 22.6 acres and features a clear height of 40 feet, 18 dock-high doors and 32 trailer parking stalls. Michael Klein and Max Custer of JLL arranged the 11-year, fixed-rate loan through Nationwide Life Insurance Co. on behalf of the borrower, Herring Properties. At the time of the loan closing, the facility was fully leased to Binsky & Snyder, a provider of mechanical construction services.

August 18, 2022

Development Multifamily New Jersey Northeast

Larken Associates Receives Approval for 120-Unit Multifamily Project in Pohatcong, New Jersey

by Taylor Williams August 18, 2022

POHATCONG, N.J. — Locally based developer Larken Associates has received approval from the Pohatcong Township Land Use Board for Monte View at Pohatcong, a 120-unit multifamily project. The site is located near the Pennsylvania-New Jersey border near Easton. The garden-style property will consist of three multi-story buildings and one four-story building with a ground-floor clubhouse. Other amenities will include a pool, fitness center and a dog run. Construction is expected to begin in mid-2023 and to be complete in early 2025.

August 18, 2022

Loans Multifamily Northeast Pennsylvania Seniors Housing

VIUM Capital Provides $14.3M Bridge Loan for 144-Unit Seniors Housing Community in Pennsylvania

by Taylor Williams August 18, 2022

PENNSYLVANIA — VIUM Capital has provided a $14.3 million bridge-to-HUD loan for the refinancing of a 144-unit seniors housing community in Pennsylvania. The name and address of the property, which provides independent living, assisted living and memory care services, were not disclosed. The undisclosed borrower will use a portion of the proceeds to fund a change in unit mix and other capital upgrades.

August 18, 2022

Acquisitions New Jersey Northeast Retail

Cushman & Wakefield Brokers $12.9M Sale of Franklin Court Retail Center in Somerset, New Jersey

by Taylor Williams August 18, 2022

SOMERSET, N.J. — Cushman & Wakefield has brokered the $12.9 million sale of Franklin Court, a 42,116-square-foot retail center located in the Northern New Jersey community of Somerset. Tenants at the property include Walgreens and KFC. Andrew Schwartz, Jordan Sobel, Seth Pollack and Andre Balthazard of Cushman & Wakefield represented the seller, Adoni Property Group, and procured the buyer, LJL Realty Co., in the transaction.

August 18, 2022

Development Loans Multifamily New York Northeast

JLL Arranges $176M Construction Loan for Brooklyn Multifamily Project

by Taylor Williams August 17, 2022

NEW YORK CITY — JLL has arranged a $176 million construction loan for a 360-unit multifamily project that will be located at 420 Carroll St. in Brooklyn’s Gowanus neighborhood. Designed by FX Collaborative and Studio Mainer, the transit-served, waterfront building will rise 20 stories and include roughly 27,500 square feet of retail and commercial space. In addition, 25 percent of the units will be reserved as affordable housing. Christopher Peck, Nicco Lupo, Jeff Julien, Rob Hinckley and Jonathan Faxon of JLL arranged the loan through Bank OZK on behalf of the developer, a joint venture led by The Domain Cos. Completion is slated for December 2024.

August 17, 2022

Loans New York Northeast Office

ACORE Capital Provides $127.5M Loan for Refinancing of Manhattan Office Building

by Taylor Williams August 17, 2022

NEW YORK CITY — ACORE Capital has provided a $127.5 million loan for the refinancing of 77 Water Street, a 26-story office building in Manhattan’s Financial District. Grant Frankel, Ethan Pond and Tanner McNeil of Eastdil Secured arranged the loan on behalf of the borrower, a partnership between Sage Realty and Principal Real Estate Investors that will use a portion of the proceeds to fund capital improvements. William Kaufman Co., the parent company of Sage Realty, originally constructed the 614,000-square-foot building in 1970.

August 17, 2022

Acquisitions Hospitality Massachusetts Northeast

Mission Hill Hospitality Acquires Two Hotels Totaling 171 Rooms in Lenox, Massachusetts

by Taylor Williams August 17, 2022

LENOX, MASS. — Denver-based Mission Hill Hospitality, a division of private equity firm KSL Capital Partners, has acquired two select-service hotels totaling 171 rooms in the western Massachusetts city of Lenox. Courtyard Lenox Berkshires totals 92 rooms and was built on 6.7 acres in 2017. The Hampton Inn & Suites Berkshires-Lenox comprises 79 rooms and was constructed on a 6.6-acre site in 2008. Alan Suzuki, Matthew Enright and Emily Zhang of JLL represented the locally based seller, Toole Cos., in the transaction.

August 17, 2022

Acquisitions Massachusetts Northeast Retail

Atlantic Capital Partners Negotiates Sale of 95,886 SF Retail Building Leased to At Home in Metro Boston

by Taylor Williams August 17, 2022

PEABODY, MASS. — Locally based brokerage firm Atlantic Capital Partners has negotiated the sale of a 95,886-square-foot, single-tenant retail building in the northern Boston suburb of Peabody that is fully leased to Texas-based home improvement retailer At Home. The property is located just west of North Shore Mall and adjacent to a grocery-anchored shopping center. Justin Smith, Chris Peterson, Sam Koonce and Cole Van Gelder of Atlantic Capital Partners represented the buyer and seller, both of which requested anonymity, in the transaction.

August 17, 2022

Leasing Activity Northeast Pennsylvania Retail

Whole Foods Market Opens 54,667 SF Store in Pittsburgh’s East Liberty Area

by Taylor Williams August 17, 2022

PITTSBURGH — Austin, Texas-based Whole Foods Market has opened a 54,667-square-foot store at 5700 Penn Ave. in Pittsburgh’s East Liberty neighborhood. The store will feature full-service meat and seafood counters, an artisanal cheesemaking department, coffee bar, prepared foods section and a selection of more than 250 craft beers and 700 wines. The store, which is a relocation of a market at 5880 Centre Ave. that served the community for more than 20 years, officially opened on Wednesday, Aug. 10.

August 17, 2022

Acquisitions Hospitality Massachusetts Northeast Top Stories

Electra America Hospitality Group Acquires Historic 225-Room Loews Boston Hotel

by Kristin Harlow August 17, 2022

BOSTON — Electra America Hospitality Group (EAHG) has acquired the 225-room Loews Boston Hotel in the heart of Boston’s Back Bay neighborhood. The purchase price was undisclosed. The buyer plans to rebrand the upscale asset as Hotel AKA Back Bay, marking hospitality operator AKA’s debut in the city. Built in 1925 and located at 154 Berkeley St., the historic stone and masonry building served as the headquarters of the Boston Police Department from 1926 to 1990. The property is situated near many of Boston’s cultural attractions as well as its colleges and universities. The new owner plans to invest roughly $20 million in design upgrades and renovations, which will be undertaken while the hotel remains open. The 222 guestrooms, two suites and penthouse suite will undergo a soft design update. The lobby will feature a library with an intimate seating area. Additional enhancements include a second-floor fitness center, spa, theater and a newly imagined rooftop. Renovations will also be made to the hotel’s restaurant, Precinct Kitchen+Bar, which serves classic American dishes and New England seafood. The restaurant will feature a whiskey cellar, wine tasting room and a new private dining room with a spiral staircase. The acquisition marks EAHG’s sixth …

August 17, 2022

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