Northeast

54-Otis-Street-Westborough-Massachusetts

Atlantic Management Receives $96.5M in Financing for Metro Boston Industrial Properties

by Taylor Williams August 16, 2022

WESTBOROUGH, MASS. — New Jersey-based investment and development firm Atlantic Management has received $96.5 million in financing for two industrial properties that are located in Westborough, about 35 miles west of Boston. The company received a $70.5 million loan for the refinancing of 50 Otis Street, a 406,437-square-foot building that was renovated and expanded in 2021. In addition, Atlantic Management received a $26 million construction loan for 54 Otis Street, a 100,000-square-foot development that will be a build-to-suit for an undisclosed e-commerce user that also fully occupies 50 Otis Street. Completion of 54 Otis Street is slated for mid-2023. Robert Griffin, David Douvadjian Sr., Timothy O’Donnell, Brian Butler, David Douvadjian Jr. and Conor Reenstierna of Newmark arranged the loans. The direct lender was not disclosed.

August 16, 2022

Loans New Jersey Northeast Office

Minnesota Life Provides $32M Loan for Refinancing of Two Office Buildings in Teaneck, New Jersey

by Taylor Williams August 16, 2022

TEANECK, N.J. — Minnesota Life Insurance Co. has provided a $32 million loan for the refinancing of Glenpointe Centre East and Atrium at Glenpointe, two office buildings totaling 320,000 square feet that are located in the Northern New Jersey community of Teaneck. Glenpointe Centre East totals 240,000 square feet, and Atrium at Glenpointe spans 80,000 square feet. Tenants at both buildings, which were built in 1982 and were 94 percent leased at the time of the loan closing, have access to a 26,000-square-foot health club and both structured and surface parking areas. Thomas Didio Sr., Thomas Didio Jr. and Salvatore Buzzerio of JLL arranged the loan on behalf of the borrower, New Jersey-based Alfred Sanzari Enterprises. The debt was structured with a 10-year term and a fixed interest rate.

August 16, 2022

Development Industrial Massachusetts Northeast

Dacon Completes 97,000 SF Industrial Expansion Project in Lawrence, Massachusetts

by Taylor Williams August 16, 2022

LAWRENCE, MASS. — Locally based design-build firm Dacon Corp. has completed a 97,000-square-foot industrial expansion project in Lawrence, a northern suburb of Boston, for commercial linen and uniform service provider Unitex. The project represents the second phase of Unitex’s redevelopment of the former headquarters of global food and beverage manufacturer Crown Holdings into a facility with laundry processing and office space. The first phase of the project comprised 90,000 square feet.

August 16, 2022

Content Partner Features Leasing Activity Loans Midwest Multifamily Northeast Southeast Texas Walker & Dunlop Western

How to Maintain Multifamily Investment Momentum in the Face of Rising Interest Rates

by Sarah Daniels August 16, 2022

By Melissa Jahnke, associate director of operations, Walker & Dunlop The Federal Reserve raised interest rates by 75 basis points in June and then another 75 basis points in July, sending shockwaves across the commercial real estate industry. Fortunately, there are opportunities and solutions to bypass these potential roadblocks. Specifically, investors in a segment of multifamily housing known as small balance lending (SBL), encompassing five- to 150-unit properties, have several options to realize their aspirations for financing multifamily portfolios. View a higher resolution version of the timeline above here. During a recent webcast “Financing Amid Rising Rates: Best Approaches for $1M-$15M Multifamily Loans,” Walker & Dunlop’s market experts spoke about navigating today’s financing landscape. The expert panel included Allison Williams, senior vice president and chief production officer; Allison Herrera, senior director of SBL; and Tim Cotter, director of capital markets. These experienced professionals have found ways to make deals happen in a wide variety of financing environments and have shared their perspectives and guidance. If you are an owner of five- to 150-unit properties that require loans between $1 million to $15 million, the following will help you navigate today’s financial environment and build your momentum. Step 1: Consider the …

August 16, 2022

Industrial Loans New Jersey Northeast

City National Bank Provides $60M Loan for Refinancing of Northern New Jersey Industrial Building

by Taylor Williams August 15, 2022

WOODLAND PARK, N.J. — City National Bank has provided a $60 million loan for the refinancing of a 205,000-square-foot industrial building located in the Northern New Jersey community of Woodland Park. The property at 1150 McBride Ave. features a clear height of 36 feet, two drive-in doors and ample trailer and employee parking. The borrower was a partnership between two New Jersey-based firms, The STRO Cos. and KRE Group.

August 15, 2022

Development Loans Multifamily New Jersey Northeast

JLL Arranges $47M Construction Loan for Southern New Jersey Multifamily Project

by Taylor Williams August 15, 2022

BURLINGTON COUNTY, N.J. — JLL has arranged a $47 million construction loan for an undisclosed, 300-unit multifamily project that will be located in Southern New Jersey’s Burlington County. The community will offer one-, two- and three-bedroom units with an average size of 971 square feet. Amenities will include a pool, fitness center, business center, courtyard lounge, dog park, grilling stations and walking trails. Matthew Pizzolato, Michael Klein and Salvatore Buzzerio of JLL arranged the three-year, floating-rate loan through Wells Fargo on behalf of the undisclosed borrower. Completion is slated for the second quarter of 2024.

August 15, 2022

Affordable Housing Development Multifamily New York Northeast Seniors Housing

Catholic Charities Opens 135-Unit Affordable Seniors Housing Community in Brooklyn

by Taylor Williams August 15, 2022

NEW YORK CITY — Catholic Charities of Brooklyn & Queens has opened the doors on Pope Francis Apartments of Loreto, a 135-unit affordable seniors housing community in the Brownsville neighborhood of Brooklyn. Designed by RKTB Architects, the development replaces a former Catholic church that closed in 2009. The new residence meets Enterprise Green Communities Criteria, a comprehensive green building framework specifically for affordable housing. The design and development team previously completed the adjacent Monsignor Anthony J. Baretta Apartments, which is considered Phase I of a larger set of redevelopment plans.

August 15, 2022

Acquisitions Industrial New York Northeast

DIB Development Group Acquires Brooklyn Industrial Property for $19.9M

by Taylor Williams August 15, 2022

NEW YORK CITY — Locally based investment firm DIB Development Group has acquired a roughly 100,000-square-foot industrial property in Brooklyn’s Sunset Park neighborhood for $19.9 million. The four-story complex was originally constructed in 1917 and is located across the street from the Brooklyn Army Terminal. Gary Mayzlin of Real Estate Trade Co. Inc. represented the seller, Deitsch Realty, in the transaction.

August 15, 2022

Acquisitions New Jersey Northeast Retail

SRS Real Estate Brokers $8.8M Sale of Southern New Jersey Retail Property

by Taylor Williams August 15, 2022

BROOKLAWN, N.J. — SRS Real Estate Partners has brokered the $8.8 million sale of a 1.5-acre retail property in the Southern New Jersey community of Brooklawn. The site houses a 4,950-square-foot structure that was built in 2019 and is leased to convenience store operator Wawa. Britt Raymond, Kyle Fant and Sabrina Kortlandt of SRS represented the seller, a New York-based hotelier, in the transaction. Winston Guest, also with SRS, represented the buyer, a California-based 1031 exchange investor.

August 15, 2022

Market Reports Massachusetts Northeast Northeast Market Reports Retail

Boston Needs More Quality Retail Space

by Taylor Williams August 15, 2022

By Taylor Williams As an exceptionally dense, compact market that’s only bordered by land on three sides, metro Boston and its brick-and-mortar retail sectors have long been subject to shortages of quality retail space. Even during the height of the pandemic, when some retailers and restaurants went under and sent vacated space back to the market, prime locations were quickly reabsorbed. As it did nationally during the shutdown of the U.S. economy, rent growth in Boston’s retail market subsided temporarily, only to rebound quickly via pent-up demand. Now, the economy is seemingly on the verge of recession, and consumers’ disposable incomes are being severely stretched by 40-year inflationary highs. Yet Boston’s healthy proportion of young people and strong growth in high-paying industries like tech, healthcare and life sciences still have numerous retail users and brokers feeling bullish on the market. But even the most aggressive and well-thought-out expansion plans can fall flat in the absence of good physical space in which to grow. A Tight Market According to data compiled by Newmark, there is roughly 500,000 square feet of pure-play retail space currently under construction throughout the Boston area. While construction timelines are fluid, the full-service real estate firm estimates …

August 15, 2022

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