NEW YORK CITY — Lument has provided a $117.4 million Freddie Mac loan for the refinancing of Hope Gardens, a 949-unit affordable housing community in Brooklyn’s Bushwick neighborhood. Built between 1980 and 1987, the garden-style property comprises 60 buildings totaling 1,321 units that are all subsidized by Section 8 contracts and includes a daycare and two senior centers. The loan, which carries a fixed interest rate, 30-year term and 40-year amortization schedule, retires the construction debt attached to 47 of the buildings that house 949 units. Josh Reiss of Lument originated the loan for the sponsor, a joint venture between Pennrose Holdings, Acacia Real Estate Development and an affiliate of The New York City Housing Authority (NYCHA).
NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has arranged the $36 million sale of a 55,150-square-foot office building located at 62 W. 45th St. in Midtown Manhattan. Built in 1911, the 12-story building features a dozen office suites and one retail space. Aaron Jungreis and Ben Khakshoor of Rosewood represented the seller, Renaissance Properties, in the transaction. LSI Advisors represented the buyer, IT consulting firm Stellar Services, which plans to occupy the entirety of the building.
NEW YORK CITY — Stav Equities, a New York City-based brokerage firm, has negotiated the $5.4 million sale of a multifamily building that comprises 12 market-rate units and one vacant retail space in Brooklyn’s Crown Heights neighborhood. The buyer, Neue Urban, plans to implement a value-add program. The seller was not disclosed. Adam Traub of Curb Capital and Jacob Stavsky of Stav Equities brokered the deal.
NEW YORK CITY — British apparel designer Paul Smith has signed a 12,617-square-foot lease for its new office and showroom at 257 Park Avenue South in Manhattan’s Flatiron District. The 20-story building was constructed in 1912 and spans 226,000 square feet. Will Grover and Ben Shapiro of Newmark represented the tenant in the lease negotiations. Rob Fisher represented the landlord, The Feil Organization, on an internal basis.
BOSTON AND NEW YORK CITY — American Tower Corp. (NYSE: AMT), a multitenant communications REIT, has agreed to sell a 29 percent stake in its data center platform to Stonepeak, an alternative asset management firm based in New York City. The deal, which comprises common and preferred equity from Stonepeak’s affiliated investment vehicles and debt commitments, is valued at $2.5 billion. The AMT data center portfolio consists of 27 data centers in 10 U.S. markets. AMT purchased Denver-based CoreSite Realty Corp. in a $10.1 billion deal that was announced last November. AMT will retain managerial and operational control, as well as day-to-day oversight of its U.S. data center business, and Stonepeak will obtain certain governance rights. The transaction is expected to close in third-quarter 2022, subject to customary closing conditions. “We are pleased to partner with Stonepeak in our U.S. data center business,” says Tom Bartlett, president and CEO of American Tower. “While this transaction supports the equity financing component for our previously completed CoreSite acquisition, it also creates a platform through which growth opportunities can be strategically evaluated and financed.” Andrew Thomas, managing director and co-head of communications at Stonepeak, says that AMT’s data center platform aligns with Stonepeak’s …
MOUNT LAUREL, N.J. — Philadelphia-based investment firm Regal Ventures has sold a quintet of office buildings totaling 398,460 square feet in Mount Laurel, about 20 miles east of Philadelphia. California-based Top Terraces Inc. purchased the portfolio for $51 million. Each of the buildings totals 79,692 square feet, with four of the buildings currently occupied by affiliates of defense contractor Lockheed Martin and one currently vacant. Illinois-based brokerage firm The Boulder Group negotiated the deal. Regal Ventures originally purchased the properties in September 2021 for $35 million.
KINGSTON, MASS. — Trammell Crow Residential has opened Alexan Kingston, a 282-unit apartment community in Kingston, about 35 miles south of Boston. The property features one-, two- and three-bedroom floor plans and amenities such as a pool, fitness center, private workspaces, conference rooms, an event room, outdoor grilling areas and Amazon package lockers. Syracuse-based Pyramid Management Group is managing the property. The first move-ins began in June. Rents start at $2,350 per month for a one-bedroom unit.
PHILADELPHIA — A fund managed by Ares Investment has purchased a 105,000-square-foot cold storage facility in Philadelphia. The property, which is currently leased to FreezPak Logistics, is located at 1801 N. 5th St., in between the Norris Square and Olde Kensington neighborhoods. Bob Yoshimura of Lee & Associates represented the seller, locally based investment and development firm BG Capital, and the buyer in the transaction. BG Capital originally purchased the facility as a part of a four-property portfolio deal in 2018.
NEWBURGH, N.Y. — Cushman & Wakefield has brokered the sale of Farrell Communities at Lakeside, a 102-unit active adult community in the Hudson Valley city of Newburgh. The community opened in 2020 and features 30 one-bedroom units and 72 two-bedroom units. Cushman & Wakefield’s Adam Spies, Brian Whitmer, Niko Nicolaou, Ryan Dowd and Peter Welch represented the seller, Farrell Communities, and procured the buyer, Castle Lanterra Properties, in the transaction. The sales price was not disclosed.
NEW YORK CITY — Locally based brokerage firm TerraCRG has arranged the $10.2 million sale of a 68,000-square-foot warehouse in Brooklyn’s Red Hook district. The property comprises 36,400 square feet of above-grade space and 32,400 square feet of below-grade space. Ofer Cohen, Dan Marks, Daniel Lebor and Jackson O’Neill of TerraCRG represented the seller, an entity doing business as M-Kids LP, in the transaction. The buyer was J&R Acquisition LLC.