Northeast

J.P. Morgan Provides $415M in Financing for 3 Times Square Office Building

by Taylor Williams June 28, 2022

NEW YORK CITY — A consortium of lenders led by J.P. Morgan and including Bank of America and M&T Bank has provided $415 million in financing for 3 Times Square, a 30-story office building in Midtown Manhattan. The borrower, The Rudin Family, launched a renovation program last spring that added new tenant amenities and health and wellness features. In addition to consolidating existing debt, a portion of the proceeds will be used to advance the repositioning, specifically to modernize the lobby and building systems, as well as to activate the outdoor amenity space and fund leasing costs. The 885,000-square-foot building was originally constructed in 2001 as the North American headquarters of Reuters. In addition, earlier this year, Rudin signed Touro College to a 243,305-square-foot lease for a new campus within 3 Times Square.

June 28, 2022

Acquisitions Multifamily New Jersey Northeast Seniors Housing

Cushman & Wakefield Brokers $97.5M Sale of Seniors Housing Community in Hamilton, New Jersey

by Taylor Williams June 28, 2022

HAMILTON, N.J. — Cushman & Wakefield has brokered the $97.5 million sale of Homestead at Hamilton, a 195-unit seniors housing community located outside of Trenton in Central New Jersey. Homestead at Hamilton sits on 20 acres and offers independent living, assisted living and memory care services. Amenities include a restaurant-style dining room, a pub, game and card room, fitness center and a rehabilitation gym. Richard Swartz, Jay Wagner, Jim Dooley and Jack Griffin of Cushman & Wakefield represented the seller and developer, an affiliate of Pike Construction Co., in the transaction. The buyer was Inspired Healthcare Capital. Homestead at Hamilton was close to fully leased at the time of sale.

June 28, 2022

Development Multifamily Northeast Rhode Island

EQT Exeter Begins Leasing 249-Unit Apartment Community in Providence, Rhode Island

by Taylor Williams June 28, 2022

PROVIDENCE, R.I. — Developer EQT Exeter has begun leasing Emblem 125, a 249-unit apartment community in Providence. Designed by Torti Gallas + Partners, Emblem 125 features studio, one-, two- and three-bedroom units, and amenities include a fitness center, game area, resident lounge, concierge services and an outdoor courtyard. The building also houses 19,398 square feet of retail space. Shawmut Design & Construction served as the general contractor for the project, construction of which began in October 2020. Rents start at roughly $2,100 per month for a studio apartment. Bozzuto is the property manager.

June 28, 2022

Acquisitions Multifamily New York Northeast

JLL Negotiates $44M Sale of Manhattan Multifamily Portfolio

by Taylor Williams June 28, 2022

NEW YORK CITY — JLL has negotiated the $44 million sale of the Kokot Portfolio, a collection of seven multifamily properties totaling 133 residential units and one retail space in Manhattan. Specifically, the properties are located in the Chelsea, East Village and Gramercy neighborhoods. Hall Oster and Teddy Galligan of JLL represented the undisclosed seller in the transaction. The buyer was Aya Acquisitions.

June 28, 2022

Industrial Loans New York Northeast

Axiom Capital Arranges $16M Loan for Refinancing of Upstate New York Industrial Portfolio

by Taylor Williams June 28, 2022

COLONIE, N.Y. — Commercial finance and advisory firm Axiom Capital Corp. has arranged a $16 million permanent loan for the refinancing of a portfolio of 16 industrial buildings totaling 302,914 square feet in Colonie, located outside of Albany in upstate New York. The direct lender was a bank, and the borrower was a locally based private investment group. Both parties requested anonymity.

June 28, 2022

Acquisitions Massachusetts Multifamily Northeast

CBRE Brokers $96.3M Sale of Apartment Complex in Charlestown, Massachusetts

by Taylor Williams June 27, 2022

CHARLESTOWN, MASS. — CBRE has brokered the $96.3 million sale of The Graphic Lofts, a 171-unit apartment complex in the Sullivan Square neighborhood of Charlestown, a northern suburb of Boston. Built in 2019, the property houses studio, one-, two- and three-bedroom units with an average size of 843 square feet, as well as 5,723 square feet of retail space. Amenities include a fitness center, coffee bar, game room, community kitchen and a rooftop deck with grilling stations. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, an affiliate of Boston-based Berkeley Investments, in the transaction. The team also procured the buyer, an affiliate of Denver-based EverWest Real Estate Investors.

June 27, 2022

Loans Multifamily New Jersey Northeast

PGIM Provides $87.1M Loan for Refinancing of Multifamily Asset in Montclair, New Jersey

by Taylor Williams June 27, 2022

MONTCLAIR, N.J. — PGIM Real Estate has provided an $87.1 million loan for the refinancing of Valley & Bloom, a 258-unit multifamily property located in the Northern New Jersey community of Montclair. Valley & Bloom features studio, one-, two- and three-bedroom units with stainless steel appliances and full-size washers and dryers, as well as roughly 20,000 square feet of both office and retail space. Residential amenities include two fitness centers, two rooftop decks, two courtyard lounges, a resident clubhouse and a children’s playroom. Jim Cadranell, Jon Mikula and Michael Lachs of JLL arranged the seven-year, floating-rate loan on behalf of the borrower, a joint venture between LCOR Inc. and Madison International Realty.

June 27, 2022

Development Multifamily New York Northeast

Southern Land Starts Construction of 177-Unit Multifamily Project in White Plains, New York

by Taylor Williams June 27, 2022

WHITE PLAINS, N.Y. — Nashville-based developer Southern Land Co. has broken ground on Juliette, a 177-unit multifamily project in White Plains, a northern suburb of New York City. The site at 250 Mamaroneck Ave. previously housed a YMCA. The complex will offer one-, two- and three-bedroom units with an average size of 1,200 square feet. Amenities will include a pool, spa, garden terrace, grilling stations, a pet spa, resident lounge and a conference room. Completion is scheduled for 2024.

June 27, 2022

Acquisitions Industrial Northeast Pennsylvania

Sealy & Co. Acquires 148,172 SF Light Industrial Portfolio in Pittsburgh

by Taylor Williams June 27, 2022

PITTSBURGH — Sealy & Co., an investment firm with offices in Dallas and Shreveport, La., has acquired The Imperial Light Industrial Portfolio, which comprises two buildings totaling 148,172 square feet in Pittsburgh. The buildings are located within the Chapman Westport master-planned development near Pittsburgh International Airport and can support office, distribution and lab uses. John Plower of JLL represented the undisclosed seller in the transaction. Jason Gandy and Davis Gibbs internally represented Sealy & Co.

June 27, 2022

Development Industrial Massachusetts Northeast

LPC, Angelo Gordon Break Ground on 120,600 SF Spec Industrial Project in Metro Boston

by Taylor Williams June 27, 2022

MARLBOROUGH, MASS. — A partnership between Dallas-based Lincoln Property Co. (LPC) and New York-based alternative investment firm Angelo Gordon has broken ground on a 120,600-square-foot industrial project in the western Boston suburb of Marlborough. The speculative facility will feature a clear height of 32 feet and 10 loading docks. ARCO National Construction is the general contractor for the project, and LPC will also handle leasing. Completion is slated for the second quarter of 2023.

June 27, 2022

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