Northeast

Crisafulli Associates Breaks Ground on 114-Unit Multifamily Project in Colonie, New York

by Taylor Williams July 8, 2022

COLONIE, N.Y. — Locally based developer Crisafulli Associates has broken ground on The Montage, a 114-unit multifamily project located in the upstate New York community of Colonie. The Montage will offer studio, one- and two-bedroom units that will be reserved for renters age 55 and older. Residences will feature stainless steel appliances, quartz countertops, individual washers and dryers and covered porches or balconies. Amenities will include a pool, fitness center, outdoor grilling stations, a billiards lounge, private dining room, walking trails and a dog park. Albany-based Capital Bank provided $22 million in construction financing for the project, which is slated for a fall 2023 completion.

July 8, 2022

Industrial Loans New Jersey Northeast

Thorofare Capital Provides $28.5M Construction Loan for Industrial Project in Freehold, New Jersey

by Taylor Williams July 8, 2022

FREEHOLD, N.J. — Los Angeles-based Thorofare Capital has provided a $28.5 million construction loan for a 206,881-square-foot industrial project that will be located in Freehold, an eastern suburb of Trenton. The facility will feature a clear height of 36 feet. The loan carries a two-year initial term and flexible prepayment options. The name of the locally based borrower was not disclosed.

July 8, 2022

Acquisitions Life Sciences Massachusetts Northeast

CBRE Investment Management Acquires Majority Interest in 132,000 SF Boston Life Sciences Building

by Taylor Williams July 8, 2022

BOSTON — A fund sponsored by CBRE Investment Management has acquired a majority interest in a 132,000-square-foot life sciences building located at 300 Third St. in Boston’s Kendall Square neighborhood. The six-story building was originally constructed in 2000 and includes both traditional office and lab space that was recently renovated, as well as ground-floor retail space. The property was fully leased to an undisclosed pharmaceutical company at the time of sale. The percentage of the interest was not disclosed.

July 8, 2022

Development Life Sciences Loans Massachusetts Northeast Top Stories

Colliers Arranges $192.5M Construction Financing for 208,616 SF Life Sciences Project Near Boston

by Jeff Shaw July 8, 2022

SOMERVILLE, MASS. — Colliers Capital Markets has arranged $192.5 million in construction financing for the development of 100 Chestnut Street. The life sciences project totals 208,616 rentable square feet in the Brickbottom District of Somerville, a first-ring suburb of Boston. The plans also call for nearly 8,500 square feet of ground-floor retail space and two levels of below-grade parking. The borrower, North River Leerink (NRL), is developing the property as part of a larger mixed-use “campus for discovery and innovation,” which will include labs, creative offices and retail space on 4.5 acres of contiguous land. Scheduled for completion in summer 2023, the four-story, Gensler-designed facility will be built to LEED Platinum standards. Square Mile Capital Management provided the construction funds. Jeff Black, Kevin Phelan, Sean Burke and Bryan Koop led the Colliers Capital Markets team representing the borrower. “This financing marks a major milestone for the transformation of Somerville’s Brickbottom District into a world-class hub for innovation and wellness,” says Black. “Metro Boston remains the most active and liquid life sciences market in the world, and 100 Chestnut Street is well-positioned to catalyze the region’s next great ecosystem.” The site runs parallel to 150 & 200 Inner Belt Road, a …

July 8, 2022

Seymour-Street-Redevelopment-Montclair-New-Jersey

Market Reports New Jersey Northeast Northeast Market Reports Retail

Healthy Leasing Activity, Absorption Prevail in Northern New Jersey Retail Market

by Taylor Williams July 8, 2022

By Brian Katz (CEO), Amy Staats (vice president), Jonathan Greenberg (director), Adam Caplan (director) and Hugh Scullin (vice president) of Katz & Associates The Northern New Jersey retail real estate market has been flourishing in the post-COVID-19 era. Inventory continues to shrink across the board, with exceptional demand for drive-thru locations and mid-size boxes. Furthermore, the modern, well-anchored neighborhood and power centers seldom have more than one or two small shop vacancies. Some categories in high demand include discount apparel, grocery, food, health and beauty, fitness and medical. Northern New Jersey specifically benefits from its critical mass and its ease of access to main roads and points of entry. Tenants that have been able to refocus and adapt have thrived in a market that already has a lot going for it. Simply put, the post-COVID bounce has been better than we could have imagined, and from a company standpoint, the pipeline of deals that are in the works or have closed has been among the strongest in our history. Leasing Activity Leasing activity is up. Market adjustments aside, leasing activity has pretty much returned to pre-pandemic levels. In some instances, it’s even easier to get deals across the finish line …

July 8, 2022

Acquisitions Massachusetts Northeast Retail

Atlantic Capital Brokers $84.2M Sale of Three Metro Boston Shopping Centers

by Taylor Williams July 7, 2022

ABINGTON, KINGSTON AND ORLEANS, MASS. — Boston-based Atlantic Capital Partners, a division of Atlantic Retail, has arranged the $84.2 million sale of three shopping centers located on the southern outskirts of the state capital. The properties in Abington, Kingston and Orleans are all anchored by grocers and were collectively 97 percent leased at the time of sale. Justin Smith, Chris Peterson, Sam Koonce, Cole Van Gelder and Ben Starr of Atlantic Capital Partners represented the buyer and seller, both of which requested anonymity, in the transaction.

July 7, 2022

Acquisitions Connecticut Development Mixed-Use Northeast

Accurate Acquires 24-Acre Mixed-Use Development Site in Fairfield, Connecticut

by Taylor Williams July 7, 2022

FAIRFIELD, CONN. — New Jersey-based developer Accurate has acquired a mixed-use development site located adjacent to the Metro North train station in the southern coastal community of Fairfield. The 24-acre site, which has been branded The Crossings at Metro Station, is fully approved for 357 multifamily units, a 118-room hotel, 70,000 square feet of office space and 40,000 square feet of retail space. Louis Zuckerman, Patrick Colwell and Jeffrey Dunne of CBRE represented the seller of the site, Blackrock Realty LLC, in the land transaction while also procuring Accurate as the buyer. Construction could begin as early as the end of July or the beginning of August.

July 7, 2022

Acquisitions Industrial New Jersey Northeast

EverWest Real Estate Buys Northern New Jersey Warehouse for $37.1M

by Taylor Williams July 7, 2022

EAST RUTHERFORD, N.J. — Denver-based EverWest Real Estate Investors has purchased a 117,000-square-foot warehouse in the Northern New Jersey community of East Rutherford for $37.1 million. Building features include a clear height of 26 feet, 10 dock-high doors, one drive-in door and 16,000 square feet of office space. The seller, cleaning and sanitizing products provider Diamond Chemical, will continue to lease the space as the building’s sole occupant.

July 7, 2022

Affordable Housing Development Multifamily New York Northeast Seniors Housing

Foxy Management Tops Out 149-Unit Affordable Seniors Housing Project in The Bronx

by Taylor Williams July 7, 2022

NEW YORK CITY — Locally based developer Foxy Management, in partnership with HANAC Inc. and JLD Advisory LLC, has topped out Garden Towers, a 149-unit affordable seniors housing project in The Bronx. Units will be reserved for renters age 62 and above. Australian development and investment firm Lendlease is providing construction management services for the project, with Newman Design serving as the architect. Amenities will include three multi-purpose rooms, a social services suite, computer room, indoor bicycle storage and onsite laundry services and resident parking. Completion is scheduled for 2023.

July 7, 2022

Hospitality Loans Northeast Pennsylvania

Cronheim Mortgage Arranges $22M Acquisition Loan for Doubletree Hotel Near Philadelphia

by Taylor Williams July 7, 2022

PLYMOUTH MEETING, PA. — New Jersey-based Cronheim Mortgage has arranged a $22 million loan for the acquisition of a Doubletree Suites hotel in Plymouth Meeting, a northern suburb of Philadelphia. The borrower, Kingsbury Hospitality REIT, plans to renovate the property and rebrand it as an Embassy Suites. An undisclosed balance sheet lender provided the loan. Kingsbury has tapped Newport Hospitality Group to manage the asset.

July 7, 2022

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