Northeast

Joint Venture Breaks Ground on 372,000 SF Industrial Facility in Lunenberg, Massachusetts

by Taylor Williams April 6, 2022

LUNENBERG, MASS. — A joint venture between The Brennan Group, John M. Corcoran & Co. and Berkeley Partners has broken ground on Lunenberg Central, a 372,000-square-foot warehouse and distribution center in the northern central part of Massachusetts. The site offers proximity to Interstates 190 and 495. Building features will include a clear height of 36 feet, 71 dock doors, 402 car parking spots, 94 trailer parking stalls (expandable to 120) and build-to-suit office space. GMA Architects is designing the project, and ARCO National Construction is serving as the general contractor. Construction is slated to be complete in the first quarter of next year. CBRE arranged construction financing on behalf of the joint venture through Cambridge Savings Bank. Newmark will lease the facility.

April 6, 2022

Development New Jersey Northeast Office

Kimmerle Group Completes 350,000 SF Office Renovation, Expansion in Paramus, New Jersey

by Taylor Williams April 6, 2022

PARAMUS, N.J. — Kimmerle Group, a New Jersey-based design-build firm, has completed the renovation and expansion of a 350,000-square-foot office building in the Northern New Jersey community of Paramus. The project included a reimagining of the lobby, the relandscaping of the outdoor amenity areas and the addition of a new café and recreation center with a putting green, pool table and arcade. The owner, Onyx Equities, acquired the asset from Mack-Cali Realty Corp. (NYSE: VRE) in 2019.

April 6, 2022

Loans Mixed-Use Multifamily New Jersey Northeast

Axiom Arranges $16.6M Acquisition Loan for Two Commercial Buildings in Old Bridge, New Jersey

by Taylor Williams April 6, 2022

OLD BRIDGE, N.J. — Commercial finance and advisory firm Axiom Capital Corp. has arranged a $16.6 million acquisition loan for two commercial buildings in Old Bridge, about 40 miles south of Manhattan. The first property is an 18,728-square-foot mixed-use building, and the second is a 33-unit active adult community. Axiom Capital arranged the nonrecourse loan, which was structured with a 10-year term and a fixed interest rate, on behalf of the undisclosed borrower. The direct lender was also undisclosed.

April 6, 2022

Acquisitions New Hampshire Northeast Retail

Atlantic Capital Partners Negotiates Sale of 39,750 SF Shopping Center in Nashua, New Hampshire

by Taylor Williams April 6, 2022

NASHUA, N.H. — Boston-based brokerage firm Atlantic Capital Partners has negotiated the sale of 270 Amherst Street, a 39,750-square-foot shopping center located near the Massachusetts-New Hampshire border in Nashua. Anchored by German discount grocer Aldi, the property was 86 percent leased at the time of sale. Justin Smith, Sam Koonce and Molly Lynch of Atlantic Capital Partners represented the seller, Saxon Partners, and procured the buyer, Linear Retail, in the transaction.

April 6, 2022

Development Loans New York Northeast Retail

JLL Arranges $230M Loan for Refinancing of Lionsgate Studios Yonkers

by Taylor Williams April 5, 2022

YONKERS, N.Y. — JLL has arranged a $230 million loan for the refinancing of Lionsgate Studios Yonkers, a 500,000-square-foot film production studio located on the northern outskirts of New York City. Proceeds will retire construction debt that financed Phase I of the studio’s development, which was completed in January. The borrower, a partnership between Connecticut-based National Resources and Great Point Capital Management, a media investment fund based in the United Kingdom, is also planning a $500 million expansion. When complete, the studio will house 11 soundstages — eight 20,000-square-foot stages, two 10,000-square-foot stages and a 30,000 square-foot stage — and will be the largest modern-built film and television production campus in the Northeast. The property will also include parking for more than 750 cars and 100 trucks. Michael Zaremski, Michael Shmuely, John Flynn and Jimmy Cochran of JLL arranged the five-year loan.

April 5, 2022

Acquisitions Multifamily New Hampshire Northeast

CBRE Brokers $121.5M Sale of Countryside Village Apartments in Manchester, New Hampshire

by Taylor Williams April 5, 2022

MANCHESTER, N.H. — CBRE has brokered the $121.5 million sale of Countryside Village, a 448-unit apartment community located near the Massachusetts-New Hampshire border in Manchester. The sales price equates to approximately $271,000 per unit. Built in phases between 1986 and 1987, the property comprises 17 three- and four-story residential buildings and a 7,000-square-foot clubhouse. Units come in one-, two- and three-bedroom floor plans, and 20 percent of the residences were recently renovated. According to Apartments.com, amenities include a pool, fitness center, playground, basketball court, grilling stations and onsite laundry facilities. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, an affiliate of Pennsylvania-based Merion Realty Partners, in the transaction. The trio also procured the buyer, an affiliate of Boston-based DSF Group.

April 5, 2022

Acquisitions Connecticut Multifamily Northeast

KABR Group Acquires Two Apartment Communities in Stamford for $41.3M

by Taylor Williams April 5, 2022

STAMFORD, CONN. — New Jersey-based development and investment firm KABR Group has acquired The Verano and The Moderne, two apartment communities totaling 116 units in the southern coastal Connecticut city of Stamford, for $41.3 million. Both communities feature one-, two- and three-bedroom units with stainless steel appliances, granite countertops and individual washers and dryers. Amenities include fitness centers, theater rooms, lounges and rooftop decks. Steve Simonelli, Jose Cruz, Steve Rutman, Chris Hew, Michael Oliver, Kevin O’Hearn and Austin Pierce of JLL represented the seller, Navarino Capital Management LLC, in the transaction. KABR Group acquired the properties via a joint venture with an undisclosed private family office. Jared Kaufman of Greystone originated acquisition financing for the deal. The new ownership plans to implement value-add programs and rebrand the properties.

April 5, 2022

Acquisitions Multifamily New Jersey Northeast

Gebroe-Hammer Negotiates $38M Sale of Multifamily Building in Montclair, New Jersey

by Taylor Williams April 5, 2022

MONTCLAIR, N.J. — Locally based brokerage firm Gebroe-Hammer Associates has negotiated the $38 million sale of Hawthorne Towers, a 133-unit multifamily building in the Northern New Jersey community of Montclair. The property, which was originally built in 1962 and renovated multiple times over the years, offers studio, one- and two-bedroom units and amenities such as a pool and outdoor grilling and dining areas. Joseph Brecher and Ken Uranowitz of Gebroe-Hammer represented the seller, Hawthorne Towers LLC, in the transaction. David Oropeza, also with Gebroe-Hammer, procured the buyer, Rockledge Ventures LLC. Brad Domenico of Progress Capital arranged acquisition financing.

April 5, 2022

Leasing Activity New York Northeast Office

TPG Architecture Signs 40,431 SF Office Lease Renewal in Midtown Manhattan

by Taylor Williams April 5, 2022

NEW YORK CITY — TPG Architecture has signed a 40,431-square-foot office lease renewal at 132 West 31st Street in Midtown Manhattan’s Penn Plaza district. The lease term is seven years. The property was built in the 1920s and recently renovated to feature an upgraded lobby, meeting rooms and elevators, as well as new food and beverage concepts. Mitchell Konsker, Matthew Astrachan, Kyle Young and Thomas Swartz of JLL represented the landlord, Vanbarton Group, in the lease negotiations. CBRE’s Mark Ravesloot, Michael Monahan and William Iacovelli represented the tenant.

April 5, 2022

Loans Multifamily New Jersey Northeast

JLL Arranges $105M Loan for Refinancing of Jersey City Apartment Community

by Taylor Williams April 4, 2022

JERSEY CITY, N.J. — JLL has arranged a $105 million loan for the refinancing of a two-building, 362-unit apartment community in Jersey City. The buildings, which are branded Rivet and Rivet 26, feature studio, one- and two-bedroom units that are furnished with stainless steel appliances, quartz countertops and individual washers and dryers. Both buildings offer amenities such as fitness centers with yoga studios, indoor and outdoor lounges, pet spas and cybercafés. Jon Mikula, Michael Klein and Gerard Quinn of JLL arranged the nonrecourse loan through Franklin BSP Realty Trust Inc. on behalf of the borrower, a joint venture between The Hampshire Cos., Claremont Development and Circle Squared Alternative Investments. The loan carried a two-year term and a floating interest rate. Electra Capital provided a $19 million mezzanine loan for the deal to supplement the $86 million senior loan.

April 4, 2022

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