WINDSOR, CONN. — Condyne Capital Partners is underway on construction of Baker Hollow Logistics Center, a 165,000-square-foot industrial project in Windsor, a northern suburb of Hartford. The project will feature a clear height of 32 feet, one drive-in ramp and 58 trailer parking spots. Project partners include Polar Design Build, Maugel DeStefano Architects, C.E.Doyle, Pierce Builders Inc. and Turner Brothers LLC. The tilt-up walls have been fabricated and erected, and full completion is scheduled for November.
PHILADELPHIA — New Jersey-based developer Accurate will build a 404-unit multifamily project in Philadelphia’s Northern Liberties neighborhood. The development will consist of 297 rental units in micro studio, studio, one- and two-bedroom floor plans, as well as 107 for-sale townhomes. A construction timeline has not yet been finalized, though that phase of the project is expected to last about 24 months.
NEWBURGH, N.Y. — Castle Lanterra Active Adult, a division of Castle Lanterra, has acquired Reserve at Lakeside, a newly constructed active adult apartment complex in Newburgh. The community consists of one-bedroom units and two-bedroom apartments. Blue Foundry Bank provided acquisition financing. The seller, price and number of units were not disclosed.
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Walker & Dunlop: Spring Multifamily Market Contends with Inflation, Housing Bubble Fears
By Walker & Dunlop’s Research Department Inflation and a New Era of Monetary Tightening Amid 40-year high inflation rates, home prices that have surged by over 40 percent in the past three years and double-digit price increases in basic necessities such as food, gas and electricity, the United States seems to be beset on all sides. Inflation has become the question of the day with little relief even after monetary tightening began earlier in the year. After a quarter point increase in the Federal Reserve target rate in March, the Fed implemented a whopping 50 basis point increase in the target Federal Funds rate in May after April inflation remained at 8.2 percent, near the March high of 8.6 percent.[1] The central bank’s goal is to reduce inflation to an annual rate of approximately 2 percent. The employment base, the Fed’s other prime objective, seems to remain strong. Unemployment (at 3.6 percent in April) remains low and employment growth of 390,000 in May beat economist expectations. The Fed’s job now is to beat inflation and prevent it from becoming embedded in consumer expectations. Why? Because once inflation becomes embedded in expectations, it changes consumer behavior and becomes somewhat of a …
NEW YORK CITY — Locally based landlord The Durst Organization will undertake a $150 million redevelopment of 825 Third Avenue, a 40-story office tower in Manhattan that was originally constructed in 1969. The redevelopment will include upgrades of the 544,000-square-foot building’s elevators, windows, lobby and mechanical systems, as well as the addition of new amenities. Upon completion, tenants will have access to a 3,000-square-foot ground-floor lounge with coffee, wine and arcade games. The Durst Organization will also add 15,000 square feet of health and wellness amenities on the second floor and a new terrace on the 12th floor. JP Morgan Chase and Wells Fargo have provided $100 million in financing for the project.
NEW ROCHELLE, N.Y. — JLL has arranged a $105 million loan for the refinancing of 360 Huguenot, a 28-story apartment building located in the downtown area of New Rochelle, a northern suburb of New York City. Built in 2019, the property comprises 252 market-rate apartments, 28 affordable housing units that are reserved for renters earning 80 percent or less of the area median income and 13,538 square feet of retail space. Amenities include a fitness center with a yoga studio, a private indoor/outdoor resident lounge and a valet parking garage. Mike Tepedino, Michael Gigliotti, Kelly Gaines, Jillian Mariutti, Phil Cadorette and Joy Dracos of JLL arranged the loan through Miami-based Rialto Capital Management on behalf of the borrower, New York-based RXR Realty.
NEW YORK CITY — Los Angeles-based Parkview Financial has provided a $70 million loan for the construction and refinancing of a 61,513-square-foot office building in Manhattan’s Greenwich Village area. Approximately 8,000 square feet of that total will be reserved as ground-floor and below-grade retail space. The borrower, Real Estate Equities Corp., acquired the 99-year leasehold interest on the land in 2017 and demolished the existing structures on the site. However, construction delays required the project’s capital stack to be restructured and the original loans underlying the leasehold to be recapitalized. Parkview’s loan includes the refinancing of the existing land loan as well as construction financing. Development has now begun with project completion slated for June 2024.
PHILADELPHIA — The Philadelphia Inquirer has signed a 36,744-square-foot office lease at 100 Independence Mall West. The building was originally constructed in 1963 and was acquired by Keystone Development + Investment in 2013. Following the lease with the 193-year-old newspaper, which expects to take occupancy in the first quarter of 2023, the building is 97 percent leased. Other tenants include The Macquarie Group, U.S. General Services Association and Nelson Worldwide.
BOHEMIA, N.Y. — Hardware and equipment retailer Harbor Freight Tools will open a 20,000-square-foot store at Sayville Plaza, located on Long Island in Bohemia. Robert Delavale of Breslin Realty represented the landlord in the lease negotiations. The representative of the tenant was not disclosed. Other tenants at Sayville Plaza include Bed Bath & Beyond, Old Navy, Panera Bread, Jennifer Furniture, The Vitamin Shoppe, Chipotle Mexican Grill, Sprint, Floor & Décor, At Home and Aldi.
BEDFORD, MASS. — Newmark has brokered the $132 million sale of One Patriots Park, a 143,553-square-foot life sciences complex in Bedford, a northwestern suburb of Boston. The seller, Jumbo Capital Inc., redeveloped the property in 2019 to support life sciences users. At the time of sale, four such tenants — Homology Medicines Inc., N2 Biomedical, Frontera Therapeutics and Obsidian Therapeutic — occupied the entirety of the facility. Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell of Newmark represented Jumbo Capital and procured the buyer, Barings, in the transaction.