Northeast

Lincoln Property Co. Receives Approval for 650,000 SF Life Sciences Project in Boston’s Seaport District

by Taylor Williams July 20, 2022

BOSTON — Dallas-based Lincoln Property Co. has received approval from The Boston Planning & Development Agency for the development of a 650,000-square-foot life sciences project in the city’s Seaport District. The facility, which will be known as Seaport Circle, will sit on 1.9 acres and will feature traditional lab and office space, as well as 5,000 square feet of retail space and a 15,000-square-foot training center. The development team expects that the project will create approximately 2,500 permanent jobs, 1,159 construction jobs and train approximately 2,000 students per year for careers in the life sciences industry. Construction is scheduled to begin in early 2023.

July 20, 2022

Development Loans Multifamily New York Northeast

BRP Cos. Begins Construction of 292-Unit Multifamily Project in Farmingville, New York

by Taylor Williams July 20, 2022

FARMINGVILLE, N.Y. — BRP Cos. has begun construction of The Arboretum at Farmingville, a 292-unit multifamily project that will be located on Long Island. The development, which will span 62 acres and is set to be complete in spring 2025, will offer apartments, lofts, townhouses and single-family homes. Lastly, the property will include 7,500 square feet of space for amenities such as a pool, clubhouse, fitness center, yoga rooms, walking trails and picnic areas. BRP Cos. is developing the project in partnership with funds managed by BlackRock Alternative Investors. Rob Hinckley, Geoff Goldstein, Jeffrey Julien and Nicco Lupo of JLL arranged $91 million in floating-rate construction financing through Santander Bank for the project and advised on the equity portion of the capital stack.

July 20, 2022

Acquisitions Hospitality New Jersey Northeast

JLL Negotiates Sale of 192-Room Dual-Branded Hotel in Albany

by Taylor Williams July 20, 2022

ALBANY, N.Y. — JLL has negotiated the sale of the Homewood Suites & Tru by Hilton Albany Crossgates Mall, a 192-room, dual-branded hotel located in the state capital. The hotel houses 96 rooms from each brand, and guests have access to one check-in desk, complimentary hot breakfast, 24/7 fitness and business centers. Pyramid Management Group sold the property to Maine Course Hospitality Group for an undisclosed price. Alan Suzuki and Director Matthew Enright of JLL brokered the deal.

July 20, 2022

Leasing Activity New York Northeast Office

Berkley Insurance Signs 60,000 SF Office Lease Renewal in Midtown Manhattan

by Taylor Williams July 20, 2022

NEW YORK CITY — Berkley Insurance Co. has signed a 60,000-square-foot office lease renewal at 757 Third Avenue, a 504,953-square-foot building in Midtown Manhattan. The new lease term is eight years, and the space spans the 10th and 11th floors. The 26-story building offers tenant amenities such as a lounge, full kitchen, pantry, coffee bar, wellness club and conference space. Mitchell Konsker, Clark Finney, Simon Landmann and Lance Yaskinsky of JLL represented the landlord, institutional investment firm BentallGreenOak, in the lease negotiations. Tom Gibson of Newmark represented the tenant.

July 20, 2022

Acquisitions Multifamily New York Northeast

CBRE Brokers $415M Sale of Multifamily Building on Manhattan’s Upper East Side

by Taylor Williams July 19, 2022

NEW YORK CITY — CBRE has brokered the $415 million sale of 160 Riverside Boulevard, a 455-unit multifamily building on Manhattan’s Upper East Side. The building sits between West 67th and West 68th streets and overlooks the Hudson River. According to Apartments.com, the property offers studio, one-, two- and three-bedroom units that range in size from 498 to 1,797 square feet and amenities such as a fitness center, clubhouse, package handling system and a playground. Darcy Stacom led a CBRE team that represented the seller, Equity Residential, in the transaction. The buyer was locally based investment firm A&E Real Estate. Square Mile Capital Management provided $285.8 million in acquisition financing for the deal.

July 19, 2022

Loans Multifamily New York Northeast

Newmark Arranges $61.2M Acquisition Loan for Manhattan Multifamily Portfolio

by Taylor Williams July 19, 2022

NEW YORK CITY — Newmark has arranged a $61.2 million acquisition loan for a portfolio of three multifamily properties totaling 94 units in Manhattan’s Chelsea neighborhood. The pre-war buildings are located at 301 W. 22nd St., 300 W. 21st St. and 229 W. 20th St. Dustin Stolly, Jordan Roeschlaub, Daniel Fromm, Dan Morin and Andrew Harwood of Newmark arranged the loan through Slate Asset Management on behalf of the borrower, Slate Property Group. The new ownership plans to upgrade unit interiors and modernize the buildings’ façades, lobbies and common areas.

July 19, 2022

Affordable Housing Development Massachusetts Multifamily Northeast

WinnCos. Completes $49.3M Renovation of Metro Boston Affordable Housing Property

by Taylor Williams July 19, 2022

PEABODY, MASS. — Local developer WinnCos. has completed the $49.3 million renovation of The Tannery, a 284-unit affordable housing community in Peabody, a northeastern suburb of Boston. WinnCos. acquired the historic property, which was originally built in the 1800s to house a leather tanning facility prior to its conversion to residential use, in 2019. Today, The Tannery features units that are reserved for households earning 30, 60 or 80 percent or less of the area median income (AMI). Bank of America provided $25 million in low-income housing tax credit equity for the project.

July 19, 2022

Leasing Activity Massachusetts Northeast Office

3Step Sports Signs 64,000 SF Office Lease in Andover, Massachusetts

by Taylor Williams July 19, 2022

ANDOVER, MASS. — 3Step Sports, which provides services and support to youth athletics programs, has signed a 64,000-square-foot office lease at Brickstone Square in the northern Boston suburb of Andover. The 1 million-square-foot, four-building campus was originally constructed about 100 years ago and recently underwent an extensive capital improvement program. Blake Baldwin, Shayne O’Neil and Petra Flynn of Cushman & Wakefield represented the landlord, KS Partners, in the lease negotiations. Matt Quinlan of SVN Parsons represented the tenant.

July 19, 2022

Acquisitions Industrial New Jersey Northeast

Jeffery Realty Negotiates Sale of 53,000 SF Industrial Building in Paramus, New Jersey

by Taylor Williams July 19, 2022

PARAMUS, N.J. — Locally based brokerage firm Jeffery Realty has negotiated the sale of a 53,000-square-foot industrial building located at 404 Sette Drive in the Northern New Jersey community of Paramus. New Jersey-based investment firm The STRO Cos. purchased the property from an unnamed seller for an undisclosed price. Bill Farkas of Jeffery Realty brokered the deal.

July 19, 2022

Bohler Content Partner Development Features Midwest Northeast Southeast Texas Western

Streamlining Permits and Entitlements: How to Avoid Timeline Creep

by Sarah Daniels July 19, 2022

Developers have seen permitting and entitlement timelines lengthen exponentially over the past few years. What is causing increased timelines and how do developers overcome challenges and avoid unnecessary delays? If expanded timelines are inevitable in some cases, how can developers ensure that slowdowns do not spread to other aspects of development? Many municipalities have been overwhelmed by an explosion in projects and applications in the development queue, and the issues are compounded by employee turnover within these organizations. Municipal slowdowns in upgrading utility capacities have further stalled the process of development. Additionally, the process for obtaining permits and entitlements has grown increasingly complex in certain regions, regardless of property type. REBusiness Online spoke with experts at Bohler, a land development design and consulting firm, to learn the best practices for keeping delays and budgets under control in the face of growing timeline uncertainties. To avoid problems before they begin, these experts recommend early due diligence and local expertise, as well as an approach that incorporates the community, local agencies and the authority having jurisdiction at crucial points. Bohler’s team also emphasizes the importance of working through waiting periods and working on different elements of a project concurrently, so that if …

July 19, 2022

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