PORTLAND, MAINE — Metro Boston-based mortgage banking firm Fantini & Gorga has arranged a $23 million permanent loan for Danforth Heights, a 166-unit mixed-income community located in between Portland’s historic and waterfront districts. According to Apartments.com, the property was built in 1973 and features one-, two-, three- and four-bedroom units. Tim O’Donnell and Derek Coulombe of Fantini & Gorga placed the debt through Eastern Mortgage Capital on behalf of the undisclosed borrower.
PHILADELPHIA — BioLabs, an incubator for life sciences companies, has signed a 30,151-square-foot lease expansion at The Curtis, a facility in Philadelphia’s Center City District that is a redevelopment of a historic publishing house. The tenant’s footprint is now 53,529 square feet, and the move-in is scheduled for early 2023. Other tenants at The Curtis, which also houses traditional office space, include Aro Biotherapeutics, IMVAX Inc. and Vivodyne. Keystone Development + Investment owns the property.
EAST RUTHERFORD, N.J. — Triple Five Group, the owner of the 3 million-square-foot American Dream shopping, dining and entertainment destination in Northern New Jersey, will soon open a 10,000-square-foot food hall. The food hall will feature seven concepts, including Van Leeuwen Ice Cream, Best Pizza and Vanessa’s Dumpling House, as well as wine bar Vinoteca and confectionary Lady M. The space will include seating and game areas and will be located near the live music and performance stage. A grand opening with a cornhole tournament, kids’ game and live music will take place on Wednesday, July, 13.
NEWPORT, R.I. — Pebblebrook Hotel Trust (NYSE: PEB) has acquired Gurney’s Newport Resort & Marina, a 10-acre waterside resort located on Narragansett Bay in Rhode Island, for $174 million. The 257-room hotel is located on Goat Island in Newport and features unobstructed views of Newport Harbor and the Newport Bridge. The hotel grounds include a historic lighthouse; 3,000-square-foot spa; coffee shop; 3,200-square-foot waterside pavilion; resort-style swimming pool with cabanas; indoor pool; fitness center; seasonal ice-skating rink; 80,000 square feet of flexible indoor and outdoor event space; and several waterside restaurants, including Showfish Newport and The Pineapple Club. The property also features a 22-slip full-service marina, which was not included in the sale, but will be available for PEB to purchase in 2027. The new ownership is evaluating a number of capital expenditures at the resort, which could include full renovations to guest rooms; upgrades to the lobby; updated landscaping; refurbishment of the property’s restaurants and bars; the addition of a new market; relocating and updating the spa; and updates to the hotel’s grand ballroom, south lawn and outdoor pavilion spaces. “Gurney’s Newport is the only resort-style property in Newport, drawing strong demand from New York, Boston and Providence,” says …
MANSFIELD, N.J. — Developer 2020 Acquisitions is underway on construction of a 610,000-square-foot distribution center in the Central New Jersey city of Mansfield. The site spans 47 acres and is located at 5206 Route 130. The facility will feature 123 loading docks, four drive-in ramps, a clear height of 40 feet, an ESFR sprinkler system and parking for 95 trailers and 173 cars. Delivery is slated for this summer. JLL has been tapped to lease the project.
CAMBRIDGE, MASS. — Japanese pharmaceutical giant Takeda has signed a 600,000-square-foot life sciences lease in Cambridge’s Kendall Square neighborhood. Takeda will occupy the entirety of the 16-story building at 585 Third St., which is being developed by San Diego-based REIT BioMed Realty and is slated for a 2026 completion. CBT Architects designed the facility, which will include 15,000 square feet of flexible space and a 300-seat theater, both of which will be open to the public. CBRE represented BioMed Realty in the lease negotiations. Cushman & Wakefield represented Takeda.
CHAMBERSBURG, PA. — JLL has negotiated the sale of Franklin Center, a 174,063-square-foot shopping center in Chambersburg, located in the southern central part of the state. Built in 1990 and renovated in 2015, Franklin Center was 91.5 percent leased at the time of sale. Dick’s Sporting Goods, T.J.Maxx, Ulta Beauty, Petco and Ollie’s Bargain Outlet are the anchor tenants. Christopher Munley, Jim Galbally, Colin Behr and James Graf of JLL represented the seller, Florida-based investment firm Coastal Equities, in the transaction. Milbrook Properties Ltd. acquired the asset for an undisclosed price.
DANBURY, CONN. — Target (NYSE: TGT) will open a 126,000-square-foot store at Danbury Fair, a regional mall located in southern Connecticut’s Fairfield County. The Minneapolis-based retailer will backfill a two-level space that was previously occupied by Sears for its first location in the city. J.C. Penney, Macy’s, Dick’s Sporting Goods and Primark are the other anchors at Danbury Fair, which is owned by Southern California-based REIT Macerich. An opening date was not disclosed. Target also recently backfilled a former J.C. Penney store at Macerich’s Kings Plaza in Brooklyn.
WHITE PLAINS, N.Y. — Northmarq has arranged four loans totaling $12.8 million for the refinancing of four retail properties totaling 66,691 square feet in White Plains, a northern suburb of New York City. Tenants at the properties include The Men’s Warehouse, New Balance, Sherwin-Williams, Cycle Gear, Mattress Firm, AutoZone and Gothic Cabinet Craft. Robert Ranieri of Northmarq arranged the financing through PCSB Bank on behalf of the undisclosed borrower. Each loan carried a fixed interest rate, seven-year term and a 30-year amortization schedule.
BASKING RIDGE, N.J. — Locally based developer Garden Communities has completed the lease-up of the initial phase of The Enclave at Dewy Meadows, a 198-unit apartment community in the Northern New Jersey community of Basking Ridge. Construction of the second phase is underway and expected to be complete by the end of the year. The Enclave at Dewy Meadows features one-, two- and three-bedroom units with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a leasing office, business center, fitness center, clubrooms with kitchen areas and a children’s playroom. Information on starting rents was not disclosed.