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Westbeth-Artists-Housing-Manhattan
Affordable HousingLoansMultifamilyNew YorkNortheast

Merchants Capital Provides $25.2M in Financing for Lower Manhattan Affordable Housing Property

by Taylor Williams

NEW YORK CITY — Merchants Capital has provided $25.2 million in financing for Westbeth Artists Housing, a 384-unit affordable housing property located in the West Village area of Lower Manhattan. The historic property, which was originally constructed for Western Electric in 1868, is known as “artist housing,” via its inclusion of 46 affordable artistic workspaces that can be used as rehearsal studios or for arts programming and exhibitions. Financing proceeds will be used to recapitalize the property’s debt structure and fund capital improvements such as new roofs, elevators, windows and radiators, as well as restoration of the historic façade and full renovation of 32 apartments. The borrower was not disclosed.

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Bensalem-Crossings
AcquisitionsNew JerseyNortheastPennsylvaniaRetail

Hanley Investment Group Arranges $12.5M Sale of Metro Philadelphia Shopping Center

by Taylor Williams

BENSALEM, PA. — Hanley Investment Group Real Estate Advisors has arranged the $12.5 million sale of Bensalem Crossings, a 67,215-square-foot shopping center located roughly 19 miles north of Philadelphia. Bensalem Crossings was fully leased at the time of sale, with ShopRite and CVS occupying 93 percent of the space. Kevin Fryman, Bill Asher and Jeff Lefko of Hanley, in association with ParaSell Inc., represented the seller, Adler Realty Investments Inc., in the transaction. The team also procured the buyer, an undisclosed, Southern California-based private investor.

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AcquisitionsIndustrialNew YorkNortheast

MAG Capital Partners Buys 104,220 SF Industrial Facility in Peekskill, New York

by Taylor Williams

PEEKSKILL, N.Y. — MAG Capital Partners has purchased a two-building, 104,220-square-foot industrial facility in Peekskill, about 50 miles north of Manhattan, in a sale-leaseback. The site spans approximately 6 acres along the Hudson River and houses the headquarters operations of White Plains Linen, which in 2019 expanded its services to include e-commerce fulfillment of similar products. STREAM Capital Partners’ Daniel Macks, Jonathan Wolfe and Joe DiGennaro represented the seller in the transaction.

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AcquisitionsMultifamilyNew HampshireNortheast

Colliers Brokers $3.4M Sale of Multifamily Portfolio in Manchester, New Hampshire

by Taylor Williams

MANCHESTER, N.H. — Colliers has brokered the $3.4 million sale of a portfolio of three multifamily buildings totaling 21 apartments in Manchester, located near the Massachusetts-New Hampshire border. The portfolio offers one-, two- and three-bedroom units, as well as one commercial space, and was fully occupied at the time of sale. Andrew Robbins of Colliers represented the seller, Select Capital LLC, in the transaction and procured the buyer, White Barn Real Estate LLC.

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LoansMultifamilyNew YorkNortheast

ACRES Capital Provides $30.5M Loan for Refinancing of Queens Apartment Building

by Taylor Williams

NEW YORK CITY — ACRES Capital has provided a $30.5 million bridge loan for the refinancing of The Mill, a 90-unit apartment building located at 1614–1626 Madison St. in the Ridgewood area of Queens. The building rises seven stories and was constructed in 2017. Information on floor plans was not disclosed. According to StreetEasy, The Mill offers amenities such as a business center, package room, resident lounge with a pool and ping pong tables, laundry room and a rooftop terrace. The borrower was locally based investment firm Essex Capital.

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Seahaus-Hotel-Atlantic-City
DevelopmentHospitalityNew JerseyNortheast

NewcrestImage Opens 105-Room Boutique Hotel in Atlantic City, New Jersey

by Taylor Williams

ATLANTIC CITY, N.J. — Texas-based hospitality owner-operator NewcrestImage has opened the 105-room Seahaus Hotel in Atlantic City. The boutique hotel, which occupies a full city block along the city’s boardwalk and includes 6,600 square feet of retail space, will be operated as part of Marriott’s Tribute Portfolio family of brands. In addition to multiple onsite food-and-beverage options, the hotel offers a fitness center, live weekend entertainment and customized golf, boating and wellness options through local vendor partners.

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The-Charley-Boston
DevelopmentMassachusettsMultifamilyNortheast

Berkeley Investments Begins Leasing 103-Unit Apartment Building in Boston

by Taylor Williams

BOSTON — Locally based developer Berkeley Investments has begun leasing The Charley, a 103-unit apartment building located in the Allston area of Boston. The six-story building houses studio, one-, two- and three-bedroom units that are furnished with quartz countertops and in-unit washers and dryers. Select residences have patios. Amenities include a rooftop deck with fire pits, grills and lounge seating, as well as dedicated work areas with a coffee bar, a community patio, fitness center and a dog park. Anja Park Design handled interior design of the project. Rents start at $2,500 per month for a studio apartment.

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AcquisitionsMultifamilyNew YorkNortheast

Marcus & Millichap Brokers $7.5M Sale of Bronx Apartment Building

by Taylor Williams

NEW YORK CITY — Marcus & Millichap has brokered the $7.5 million sale of an 83-unit apartment building in the Westchester Square area of The Bronx. The six-story, elevator-served building at 1776 Castle Hill Ave. was constructed in 1936 and houses 15 studios, 54 one-bedroom units, 13 two-bedroom apartments and one three-bedroom residence. Benjamin Myerow, Seth Glasser and Michael Fusco of Marcus & Millichap represented the seller, a local family, and procured the buyer, a 1031 exchange investor, in the transaction. Both parties requested anonymity.

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DevelopmentIndustrialNortheastPennsylvania

Bosch Rexroth Breaks Ground on 50,000 SF Industrial Expansion Project in Bethlehem, Pennsylvania

by Taylor Williams

BETHLEHEM, PA. — Bosch Rexroth, a provider of industrial machinery, has broken ground on a 50,000-square-foot industrial expansion project in the Lehigh Valley city of Bethlehem. The new building at 2300 City Line Road will be an expansion of the company’s existing facility, which has been operating in the area for nearly 60 years. Regional developer J.G. Petrucci Co. is serving as the general contractor for the project. Construction is expected to be complete in mid-2026.

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Cambridgeport-Labs
Life SciencesLoansMassachusettsNortheast

Thorofare Capital Provides $50.5M Loan for Refinancing of Cambridge Life Sciences Property

by Taylor Williams

CAMBRIDGE, MASS. — Los Angeles-based Thorofare Capital has provided a $50.5 million bridge loan for the refinancing of Cambridgeport Labs, a two-building life sciences development located across the Charles River from Boston. Located at 99 Erie St. and 167 Sidney St. near the Massachusetts Institute of Technology campus, the buildings total 56,351 square feet. The borrower, a partnership between Barings and Greatland Realty Partners, acquired the buildings in September 2022 and subsequently implemented a redevelopment to support lab and life sciences uses. Andrew Kim led the transaction for Thorofare.

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