BAYONNE, N.J. — A joint venture between Cypress Equity Investments and Winter Properties has broken ground on Avenue G, a 354-unit multifamily project that will be located in the Northern New Jersey community of Bayonne. Residences at the transit-oriented community will feature stainless steel appliances, quartz countertops, tile backsplashes, walk-in closets and individual washers and dryers. Amenities will include a fitness center, coworking areas, private courtyards and outdoor entertainment spaces. Minno & Wasko is the project architect, and ARC Building Partners is the general contractor. Completion is slated for the second half of 2024.
NEW YORK CITY — Los Angeles-based lender PCCP LLC has provided a $43.5 million senior construction loan for a 58,950-square-foot industrial project in The Bronx. The facility at 1100 Leggett Ave. in the Hunts Point neighborhood will be a build-to-suit for a subsidiary of Brambles, an Australian manufacturer of pallets, crates and containers. Chris Peck and Pete Rotchford of JLL placed the loan with PCCP on behalf of the borrower, Innovo Property Group.
NEW YORK CITY — Global communications firm Edelman has signed a 173,618-square-foot office lease renewal at 250 Hudson Street in Manhattan’s Hudson Square neighborhood. The company will continue to occupy six floors, as well as a penthouse level that includes private outdoor space, at the 400,000-square-foot building for the next 15 years. Mary Ann Tighe, Ken Meyerson, Todd Lippman and Adele Huang of CBRE represented Edelman in the lease negotiations. Adam Rappaport and Brett Greenberg represented the locally based landlord, Jack Resnick & Sons, on an internal basis.
MOUNT PLEASANT, N.Y. — Benchmark Senior Living will open Benchmark at Mount Pleasant, a community that will be located 25 miles north of Manhattan in Mount Pleasant. The community, slated for completion in spring 2024, will feature 74 assisted living units and 26 memory care units. Benchmark is partnering with Shelbourne Healthcare Development Group LLC, a development and investment firm based in Wayne, Penn., on the project. Benchmark will serve as the sole operator.
BAY SHORE, N.Y. — Cushman & Wakefield has negotiated a 115,184-square-foot industrial lease at 158 Candlewood Road in the Long Island community of Bay Shore. Sean Duffy and Nicholas Gallipoli of Cushman & Wakefield represented the tenant, paper and packaging products supplier Lindenmeyr Munroe, which is expanding its Long Island presence, in the lease negotiations. Leslie Lanne, Doug Omstrom and Max Omstrom of JLL represented the landlord, Rockefeller Group.
PHILADELPHIA — JLL has arranged a $56.3 million acquisition loan for the 306-room Sofitel Philadelphia Hotel, located in the city’s Rittenhouse Square area. The luxury hotel offers a variety of room plans, including suites, as well as multiple onsite dining options. Mark Fisher and Ryan Ade of JLL arranged the loan through Square Mile Capital Management on behalf of the borrower, a joint venture between funds managed by Oaktree Capital Management and Clearview Hotel Capital.
NEW YORK CITY — A partnership that includes Sunrise Senior Living and Welltower is underway on construction of The Apsley, a 156-unit assisted living and memory care facility that will be located at 2330 Broadway on Manhattan’s Upper West Side. Designed by SLCE Architects, The Apsley will offer studio, one- and two-bedroom units. Amenities will include a spa, care center, landscaped outdoor terraces, a dining bistro, art studio, theater and a library curated by a local bookseller. Construction on the 19-story building is underway, and the opening is slated for next spring.
NEW YORK CITY — Los Angeles-based Thorofare Capital has provided a $34.5 million construction loan for the redevelopment of a 62,428-square-foot office building located at 132 W. 14th St. in Manhattan’s Greenwich Village area. The borrower, KPG Funds, plans to update the building’s structure, façades, lobby, windows and mechanical systems and reposition the property as a boutique office building. Marvel Architects is designing the redevelopment. Aaron Niedermayer led a JLL team that arranged the loan on behalf of KPG Funds.
PHILADELPHIA — Ace American Insurance Co. has signed a 140,585-square-foot office lease renewal at The Washington, a historic building located within Philadelphia’s Independence Mall. The owner, Keystone Development + Investment, purchased the 880,000-square-foot building in 2016 and implemented an adaptive reuse program. Brian Young, Jack Meyers, Howard Traul and Dan Brogan of Cushman & Wakefield represented Keystone in the lease negotiations.
LINDEN, N.J. — Cushman & Wakefield has brokered the sale of a portfolio of two industrial buildings totaling 73,277 square feet in the Northern New Jersey community of Linden. The portfolio consists of a 46,674-square-foot industrial facility and a 26,603-square-foot industrial lab. The sale also included an adjacent 2.1-acre land site used as laydown yard. Gary Gabriel, Kyle Schmidt and Seth Zuidema of Cushman & Wakefield represented the seller, Hub Realty, in the transaction and procured the buyer, Modlo.