NEW YORK CITY — Barings has provided an $11.5 million permanent loan for Euclid Glenmore Apartments, a 135-unit affordable housing project in Brooklyn. Upon completion, a date for which was not disclosed, the eight-story building will house units for renters earning 60 percent or less of the area median income. More than half the units will be set aside for formerly homeless families or individuals, and the community will include a dedicated medical support area with childcare services. The borrower is a partnership between Lantern Organization and Mega Contracting Group.
VINELAND, N.J. — Cronheim Mortgage has arranged a $4.1 million permanent loan for Vineland Apartments, a 104-unit multifamily property in Southern New Jersey. The garden-style property comprises seven two-story buildings that house one- and two-bedroom units ranging in size from 680 to 868 square feet. Andrew Stewart, Dev Morris and Allison Villamagna of Cronheim Mortgage arranged the financing on behalf of the borrower, New Jersey-based investment firm Marshall Weinerman Real Estate. The direct lender was not disclosed.
SOUTH PLAINFIELD, N.J. — Tropical Supermarket will open a 15,800-square-foot grocery store at Clinton Corners, a 30,331-square-foot neighborhood retail center located in the Northern New Jersey community of South Plainfield. The tenant will backfill a space previously occupied by grocer Bravo, maintaining the property’s 100 percent occupancy rate. Vanessa Fernandez-Kelty of Levin Management Corp. represented the undisclosed landlord in the lease negotiations.
JERSEY CITY, N.J. — A partnership between The Birch Group and 2020 Vision has purchased 101 Hudson Street, a 42-story office building in Jersey City. Also known as The Merrill Lynch Building, the waterfront property spans 1.3 million square feet within the city’s Exchange Place district. The seller and sales price were not disclosed. Shawn Rosenthal, Jason Gaccione and Jake Salkovitz of CBRE advised on the new ownership’s assumption of $250 million in existing CMBS debt and secured a $78 million preferred equity investment from New York City-based SKW Funding.
NEW YORK CITY — Global investment and development firm Lendlease has broken ground on Northwell Medical Pavilion, a 200,000-square-foot outpatient healthcare facility that will be located on Manhattan’s Upper East Side. Northwell Health will operate the facility, which will be situated on Third Avenue between East 76th and 77th streets. In addition to oncology treatment, the center will provide cardiac care, neuroscience programming, imaging and lab testing, as well as holistic wellness services, acute and chronic disease management and social work services. Ennead Architects designed the project, which is slated for a late 2025 completion.
MORRISTOWN, N.J. — A partnership between New York City-based SJP Properties and locally based developer Scotto Properties has topped out the new headquarters project for Valley National Bank in the Northern New Jersey community of Morristown. Construction began in early 2022, and full completion is slated for spring 2023. Upon delivery, Valley National Bank will relocate from Wayne, N.J. The company ultimately plans to employ about 650 people at its new campus, which will also house 14,500 square feet of commercial space, including a Valley National retail branch. Gensler designed the project.
POUGHKEEPSIE, N.Y. — CBRE has brokered the $31 million sale of Grand Pointe Park, a 156-unit multifamily property located about 80 miles north of Manhattan in Poughkeepsie. Built in 1997, Grand Pointe Park offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, lounge, dog park and a playground. Jeff Dunne, Richard Gatto, Fahri Ozturk, Eric Apfel, Stuart MacKenzie and Zach McHale of CBRE represented the seller, Avanath Capital Management, and procured the buyer, New Jersey-based investment firm Lexington Property Group, in the transaction. The new ownership plans to execute a value-add program.
ENFIELD, CONN. — Colliers has negotiated the $15.2 million sale of a 235,000-square-foot distribution center in Enfield, a northern suburb of Hartford. The property sits on a 19-acre site near I-91 and was fully leased at the time of sale. Nicholas Morizio of Colliers represented the seller, an entity doing business as Enfield Distribution Center LLC, and the buyer, Massachusetts-based AIS Development, in the transaction.
Can you dig it? Possibly, but site civil engineers can help determine if construction can rock on without running into rocky situations. Thorough site civil due diligence is the foundation for developing a project with minimal delays. Keeping land development projects moving forward — especially during construction — requires highly informed due diligence processes and expertise when it comes to approvals and plans. Site civil engineering design with constructability in mind can support general contractors while streamlining the overall bidding and construction process. But what are best practices when it comes to ensuring a successful project? REBusinessOnline spoke to two experts who specialize in high-quality construction documents: Benjamin Plumb, P.E. project manager, and Keith Simpson, director of engineering, work for Bohler, a land development consulting and technical design company. You Never Know What You’ll Find Before You Dig — However, These Tips Can Help Uncertainty is part of any development project, but Simpson outlines two scenarios that make up the majority of the challenges he sees: 1. Existing underground utilities that are not reflected in plans. 2. Soils that differ from what was expected from the geotechnical report. In some cases, slowdowns are unavoidable and will cause delays, but due diligence can …
NEWARK, N.J. — A public-private partnership between RISE: A Real Estate Co. and the New Jersey Institute of Technology has completed Maple Hall, a 548-bed student housing project located on the university’s Newark campus. The eight-story development includes a game room, an outdoor terrace, full kitchens, private and group study rooms, a creative studio, an outdoor kitchen and onsite parking. The community also features 2,145 square feet of retail space. RISE will provide ongoing property management at Maple Hall, which opened before the start of the 2022-2023 academic year. The development team for the project included Niles Bolton Associates, Netta Architects, Terminal Construction, T&M Associates, Langan Engineering and RBC Capital Markets.