WESTBURY, N.Y. — Northmarq has arranged an $80 million loan for the refinancing of Roosevelt Raceway Center, a 428,483-square-foot shopping center located in the Long Island community of Westbury. The center, which sits on a 48-acre site less than a mile from Roosevelt Field Mall, houses tenants such as The Home Depot, Food Bazaar Supermarket, David’s Bridal and PGA Tour Superstore. Robert Delitsky and Charles Cotsalas of Northmarq arranged the fixed-rate loan through a regional bank. The borrower was not disclosed.
WORCESTER, MASS. — MassDevelopment has provided a $19.6 million tax-exempt bond for the construction of a mixed-income housing project in the central Massachusetts city of Worcester. The site at 120 Washington St. formerly housed the headquarters of Table Talk Pies, and the project is part of a larger redevelopment that will ultimately feature 400 residential units and 20,000 square feet of commercial space. Units will come in studio, one-, two- and three-bedroom formats. The borrower and developer, an affiliate of Boston Capital Development, will use the bond proceeds to construct 59 apartments, while the other 24 residences will be financed with Low-Income Housing Tax Credits and other subsidies. Eastern Bank and Rockland Trust purchased the bond. Construction is slated for a February 2024 completion.
NASHUA, N.H. — Cushman & Wakefield has brokered the sale of a 137,000-square-foot office and industrial complex in the southern New Hampshire city of Nashua. Denis Dancoes, Craig Estey, Mike Christian, Josh Feldman, Dan Fisk, Scott Goldman and Greg Millwater of Cushman & Wakefield represented the seller, Teledyne FLIR Commercial Systems Inc., in the transaction. Thomas Farrelly and Sue Ann Johnson, also with Cushman & Wakefield, represented the buyer, The Academy for Science and Design Charter School. The new ownership plans to implement a capital improvement program.
NEW YORK CITY — Incline Equity Partners, a Pittsburgh-based private equity firm, has signed an 18,000-square-foot office lease at 101 Park Avenue in Midtown Manhattan. The 49-story building was originally constructed in 1982 and totals roughly 1.3 million square feet. Alexander Chudnoff, Harrison Potter and Kate Roush of JLL represented the tenant in its site selection and lease negotiations. John Cefaly and Nicholas Dysenchuk of Cushman & Wakefield represented the landlord, H.J. Kalikow & Co.
MONTEBELLO, N.Y. — A partnership between owner-operator FilBen Group and Dallas-based private equity firm RSF Partners has broken ground on Braemar at Montebello, a $54 million assisted living facility in New York’s Lower Hudson Valley region. The site is located near Good Samaritan Hospital — Suffern, as well as numerous commercial establishments. The property will span 133,675 square feet and will feature one- and two-bedroom units with an average size of 500 square feet, as well as an array of entertainment- and wellness-based amenities. H2M Architects + Engineers designed the project, and McAlpine Contracting is handling construction. M&T Bank provided a $34.8 million construction loan for the project, a completion date for which was not disclosed.
YONKERS, N.Y. — Locally based brokerage firm OPEN Impact Real Estate has arranged the $52.6 million sale of a 265,000-square-foot campus in Yonkers. The campus, a portion of which extends into The Bronx, consists of 25 buildings on a 28-acre site. The property, which serves as the headquarters of social services agency Rising Ground, houses several recreational amenities, including indoor and outdoor pools, a baseball field and an indoor basketball court. Lindsay Ornstein, Stephen Powers, Arthur Skelskie and Alexander Smith of OPEN Impact represented Rising Ground in the transaction. The buyer, National Resources, plans to take occupancy of the campus at a future date, with Rising Ground retaining three acres for various programs.
PARSIPPANY, N.J. — Avis Budget Group has signed a 155,234-square-foot office headquarters lease in the Northern New Jersey community of Parsippany. The holding company of the car rental agency will occupy space at LATITUDE, a two-building, 35-acre campus. Jon Meisel and Joseph Sarno of CBRE represented Avis in the lease negotiations. David Simson and Jaime Drummond of Newmark represented the landlord, a joint venture between Rubenstein Partners and Vision Real Estate Partners, which acquired the property in 2018 and implemented a capital improvement program.
WILMINGTON, MASS. — Locally based developer The Procopio Cos. has completed Lume, a 49-unit multifamily project in Wilmington, a northern suburb of Boston. The 74,000-square-foot, transit-served development consists of 39 garden-style apartments and 10 townhomes. Amenities include a fitness center, clubroom and a pet spa. DMS Design served as the project architect, with interiors by Conant Design Group. Rents start at $3,000 per month for a two-bedroom unit.
Northeast Private Client Group Negotiates $2.3M Sale of Mixed-Use Property in Gardner, Massachusetts
GARDNER, MASS. — Regional brokerage firm Northeast Private Client Group has negotiated the $2.3 million sale of a mixed-use property in Gardner, located in Massachusetts’ Worcester County. The property consists of 17 multifamily units, 12 retail spaces and seven office spaces. Tim McGeary of Northeast Private Client Group represented the buyer and seller, both of which requested anonymity, in the transaction.
NEW YORK CITY — NewsCorp. has signed a 486,000-square-foot office lease extension at 1211 Avenue of the Americas in Midtown Manhattan. Under the terms of the new lease, which goes into effect in December 2027, the media giant will remain at the 44-story, 2.2 million-square-foot building through 2042, with further extension options available thereafter. Timothy Dempsey, Mary Ann Tighe, Ken Rapp, Christopher Mansfield and Ariel Ball of CBRE represented NewsCorp. in the lease negotiations. Josh Kuriloff, Ethan Silverstein, Mitch Arkin and Heather Thomas of Cushman & Wakefield represented the landlord, Ivanhoe Cambridge, which plans to begin a capital improvement program later this year. The deal coincides with a 670,000-square-foot extension with Fox Corp., which is also part of the Murdoch family media empire, at 1211 Avenue of the Americas.