Northeast

JLL Arranges $230M Construction Loan for Life Sciences Project in Somerville, Massachusetts

by Taylor Williams August 16, 2022

SOMERVILLE, MASS. — JLL has arranged a $230 million construction loan for 15 McGrath Highway, a 262,000-square-foot life sciences project that will be located in the northern Boston suburb of Somerville. The nine-story, transit-served facility will include commercial space and below-grade parking. Completion is slated for late 2024. Brett Paulsrud, Henry Schaffer and Mike Shepard of JLL arranged the nonrecourse loan on behalf of the borrower, a partnership between DLJ Real Estate Capital Partners, Leggat McCall Properties and Deutsche Finance America. Oxford Properties Group provided the financing.

August 16, 2022

Acquisitions Multifamily New Hampshire Northeast

DSF Group Sells Halstead Manchester Apartments in New Hampshire for $164.6M

by Taylor Williams August 16, 2022

MANCHESTER, N.H. — An affiliate of Boston-based DSF Group has sold Halstead Manchester, a 640-unit apartment community located in the southern part of The Granite State, for $164.6 million. Originally built between 1981 and 1985, the market-rate property comprises 16 three-story buildings and two single-story amenity buildings on a 41-acre site. According to Apartments.com, Halstead Manchester offers one- and two-bedroom units that range in size from 650 to 1,100 square feet. Biria St. John, Simon Butler and John McLaughlin of CBRE represented DSF Group in the transaction. The buyer was not disclosed.

August 16, 2022

54-Otis-Street-Westborough-Massachusetts

Industrial Loans Massachusetts Northeast

Atlantic Management Receives $96.5M in Financing for Metro Boston Industrial Properties

by Taylor Williams August 16, 2022

WESTBOROUGH, MASS. — New Jersey-based investment and development firm Atlantic Management has received $96.5 million in financing for two industrial properties that are located in Westborough, about 35 miles west of Boston. The company received a $70.5 million loan for the refinancing of 50 Otis Street, a 406,437-square-foot building that was renovated and expanded in 2021. In addition, Atlantic Management received a $26 million construction loan for 54 Otis Street, a 100,000-square-foot development that will be a build-to-suit for an undisclosed e-commerce user that also fully occupies 50 Otis Street. Completion of 54 Otis Street is slated for mid-2023. Robert Griffin, David Douvadjian Sr., Timothy O’Donnell, Brian Butler, David Douvadjian Jr. and Conor Reenstierna of Newmark arranged the loans. The direct lender was not disclosed.

August 16, 2022

Loans New Jersey Northeast Office

Minnesota Life Provides $32M Loan for Refinancing of Two Office Buildings in Teaneck, New Jersey

by Taylor Williams August 16, 2022

TEANECK, N.J. — Minnesota Life Insurance Co. has provided a $32 million loan for the refinancing of Glenpointe Centre East and Atrium at Glenpointe, two office buildings totaling 320,000 square feet that are located in the Northern New Jersey community of Teaneck. Glenpointe Centre East totals 240,000 square feet, and Atrium at Glenpointe spans 80,000 square feet. Tenants at both buildings, which were built in 1982 and were 94 percent leased at the time of the loan closing, have access to a 26,000-square-foot health club and both structured and surface parking areas. Thomas Didio Sr., Thomas Didio Jr. and Salvatore Buzzerio of JLL arranged the loan on behalf of the borrower, New Jersey-based Alfred Sanzari Enterprises. The debt was structured with a 10-year term and a fixed interest rate.

August 16, 2022

Development Industrial Massachusetts Northeast

Dacon Completes 97,000 SF Industrial Expansion Project in Lawrence, Massachusetts

by Taylor Williams August 16, 2022

LAWRENCE, MASS. — Locally based design-build firm Dacon Corp. has completed a 97,000-square-foot industrial expansion project in Lawrence, a northern suburb of Boston, for commercial linen and uniform service provider Unitex. The project represents the second phase of Unitex’s redevelopment of the former headquarters of global food and beverage manufacturer Crown Holdings into a facility with laundry processing and office space. The first phase of the project comprised 90,000 square feet.

August 16, 2022

Content Partner Features Leasing Activity Loans Midwest Multifamily Northeast Southeast Texas Walker & Dunlop Western

How to Maintain Multifamily Investment Momentum in the Face of Rising Interest Rates

by Sarah Daniels August 16, 2022

By Melissa Jahnke, associate director of operations, Walker & Dunlop The Federal Reserve raised interest rates by 75 basis points in June and then another 75 basis points in July, sending shockwaves across the commercial real estate industry. Fortunately, there are opportunities and solutions to bypass these potential roadblocks. Specifically, investors in a segment of multifamily housing known as small balance lending (SBL), encompassing five- to 150-unit properties, have several options to realize their aspirations for financing multifamily portfolios. View a higher resolution version of the timeline above here. During a recent webcast “Financing Amid Rising Rates: Best Approaches for $1M-$15M Multifamily Loans,” Walker & Dunlop’s market experts spoke about navigating today’s financing landscape. The expert panel included Allison Williams, senior vice president and chief production officer; Allison Herrera, senior director of SBL; and Tim Cotter, director of capital markets. These experienced professionals have found ways to make deals happen in a wide variety of financing environments and have shared their perspectives and guidance. If you are an owner of five- to 150-unit properties that require loans between $1 million to $15 million, the following will help you navigate today’s financial environment and build your momentum. Step 1: Consider the …

August 16, 2022

Industrial Loans New Jersey Northeast

City National Bank Provides $60M Loan for Refinancing of Northern New Jersey Industrial Building

by Taylor Williams August 15, 2022

WOODLAND PARK, N.J. — City National Bank has provided a $60 million loan for the refinancing of a 205,000-square-foot industrial building located in the Northern New Jersey community of Woodland Park. The property at 1150 McBride Ave. features a clear height of 36 feet, two drive-in doors and ample trailer and employee parking. The borrower was a partnership between two New Jersey-based firms, The STRO Cos. and KRE Group.

August 15, 2022

Development Loans Multifamily New Jersey Northeast

JLL Arranges $47M Construction Loan for Southern New Jersey Multifamily Project

by Taylor Williams August 15, 2022

BURLINGTON COUNTY, N.J. — JLL has arranged a $47 million construction loan for an undisclosed, 300-unit multifamily project that will be located in Southern New Jersey’s Burlington County. The community will offer one-, two- and three-bedroom units with an average size of 971 square feet. Amenities will include a pool, fitness center, business center, courtyard lounge, dog park, grilling stations and walking trails. Matthew Pizzolato, Michael Klein and Salvatore Buzzerio of JLL arranged the three-year, floating-rate loan through Wells Fargo on behalf of the undisclosed borrower. Completion is slated for the second quarter of 2024.

August 15, 2022

Affordable Housing Development Multifamily New York Northeast Seniors Housing

Catholic Charities Opens 135-Unit Affordable Seniors Housing Community in Brooklyn

by Taylor Williams August 15, 2022

NEW YORK CITY — Catholic Charities of Brooklyn & Queens has opened the doors on Pope Francis Apartments of Loreto, a 135-unit affordable seniors housing community in the Brownsville neighborhood of Brooklyn. Designed by RKTB Architects, the development replaces a former Catholic church that closed in 2009. The new residence meets Enterprise Green Communities Criteria, a comprehensive green building framework specifically for affordable housing. The design and development team previously completed the adjacent Monsignor Anthony J. Baretta Apartments, which is considered Phase I of a larger set of redevelopment plans.

August 15, 2022

Acquisitions Industrial New York Northeast

DIB Development Group Acquires Brooklyn Industrial Property for $19.9M

by Taylor Williams August 15, 2022

NEW YORK CITY — Locally based investment firm DIB Development Group has acquired a roughly 100,000-square-foot industrial property in Brooklyn’s Sunset Park neighborhood for $19.9 million. The four-story complex was originally constructed in 1917 and is located across the street from the Brooklyn Army Terminal. Gary Mayzlin of Real Estate Trade Co. Inc. represented the seller, Deitsch Realty, in the transaction.

August 15, 2022

Newer Posts

Older Posts