Northeast

Reynolds Receives $30.5M Loan for Refinancing of Northern New Jersey Apartment Complex

by Taylor Williams February 11, 2025

ORANGE, N.J. — Reynolds Asset Management has received a $30.5 million Fannie Mae loan for the refinancing of The Mural, a 103-unit apartment complex located in the Northern New Jersey community of Orange. Completed last spring, The Mural offers studio, one- and two-bedroom units and amenities such as a fitness center, courtyard plaza, outdoor grilling and dining stations and an outdoor lounge. Thomas Didio Jr. and Max Custer of JLL originated the five-year loan on behalf of Reynolds. Miami-based Pensam Capital also provided a preferred equity investment as part of the asset’s recapitalization.

February 11, 2025

Leasing Activity New Jersey Northeast Office

Blackrock Signs 176,000 SF Office Lease Extension in Princeton, New Jersey

by Taylor Williams February 11, 2025

PRINCETON, N.J. — Blackrock has signed a 10-year, 176,000-square-foot office lease extension in Princeton. The global private equity firm will continue to occupy the entire third and fourth floors, as well as part of the fifth floor and a street-level space, at the 330,000-square-foot building at 1 University Square Drive. Tim Greiner, Tom Romano, Vinny DiMeglio, Mike Pietrowicz and Jonathan Ortiz of JLL represented the landlord, Argent Ventures, in the lease negotiations. Peter Riguardi, Matt Astrachan, Nicole Tiger, George Gemelos and Hannah Bernstein, also with JLL, represented Blackrock.

February 11, 2025

Acquisitions Hospitality New York Northeast

Marcus & Millichap Brokers Sale of 80-Room Hotel in Chester, New York

by Taylor Williams February 11, 2025

CHESTER, N.Y. — Marcus & Millichap has brokered the sale of an 80-room hotel in Chester, located near the New York-New Jersey border. The Holiday Inn & Suites Chester-Monroe-Goshen, which sold for $10.5 million, offers amenities such as an indoor pool, fitness center and a business center. Jerry Swon of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.

February 11, 2025

Leasing Activity Life Sciences New Jersey Northeast

IAVI Opens 29,782 SF Life Sciences Facility in Jersey City

by Taylor Williams February 11, 2025

JERSEY CITY, N.J. — IAVI has opened a 29,782-square-foot life sciences facility in Jersey City. The nonprofit scientific research organization relocated its vaccine design and development operations from the Brooklyn Army Terminal to the 350,000-square-foot building at 95 Greene St., which was originally built as a manufacturing facility for Colgate Palmolive. CBRE represented IAVI in its site selection and lease negotiations.

February 11, 2025

Loans New York Northeast Office Top Stories

JLL Arranges $1.1B Refinancing for 3 Bryant Park Office Tower in Midtown Manhattan

by John Nelson February 11, 2025

NEW YORK CITY — JLL’s Capital Markets group has arranged the $1.1 billion refinancing of 3 Bryant Park, a 42-story office tower located at 1095 Avenue of the Americas in New York City. The 1.2 million-square-foot trophy building is situated within the Bryant Park neighborhood of Midtown Manhattan. Christopher Peck, Drew Isaacson, Lauren Kaufman, Jennifer Zelko and Christopher Pratt of JLL arranged the refinancing on behalf of the owner, Ivanhoé Cambridge, and the property manager, Houston-based Hines. Ivanhoé Cambridge purchased 3 Bryant Park in 2015 for $2.2 billion. Wells Fargo, Bank of America and Bank of Montreal were the lead lenders for the refinancing. Further details of the financing were not released. Located adjacent to Manhattan’s Bryant Park and the 42nd Street Subway station, 3 Bryant Park was 97.2 percent leased at the time of financing to tenants including Salesforce, which has signage atop the tower. Other tenants include Stifel, Dechert LLP, US Bank, Lloyds Bank and Standard Chartered. The tower also includes retail space leased to tenants including Whole Foods Market, Equinox, Valbella, Shake Shack and Rosetta Bakery. Other offerings at 3 Bryant Park include a new conference center, sky lobby with a coffee bar and more than 16,000 …

February 11, 2025

Loans Massachusetts Multifamily Northeast

JLL Arranges Refinancing of 450-Unit Apartment Community in Somerville, Massachusetts

by Taylor Williams February 10, 2025

SOMERVILLE, MASS. — JLL has arranged a loan of an undisclosed amount for the refinancing of Prospect Union Square, a 450-unit apartment community in Somerville, located just outside of Boston. Prospect Union Square is a two-building complex that was completed in 2023 and houses one-, two- and three-bedroom units, with 90 residences designed as affordable housing. The property also features an outdoor pool, courtyard, fitness center and indoor dog run, as well as 18,264 square feet of retail space. Danny Kaufman, Brett Paulsrud, Madeline Joyce and Ali Howard of JLL arranged the loan through Northwestern Mutual on behalf of the owner, a joint venture between affiliates of Magellan Development Group, RAS Union Square Development, Cypress Equity Investments and Affinius Capital.

February 10, 2025

Industrial Loans New York Northeast

Customers Bank Provides $13M Loan for Refinancing of Industrial Building in Newburgh, New York

by Taylor Williams February 10, 2025

NEWBURGH, N.Y. — Customers Bank has provided a two-year, $13 million bridge loan for the refinancing of a 348,352-square-foot industrial building in Newburgh, about 70 miles north of New York City. Built in 1985, the facility at 3 Enterprise Drive features 37 dock-high loading doors, six drive-in loading doors, a clear height of 24 feet, 81 parking spaces and 5,000 square feet of office space. Local investment firm GFP Real Estate owns the building, which was fully leased at the time of sale to FedEx and organic food distributor UNFI.

February 10, 2025

Development Massachusetts Multifamily Northeast

Nauset Construction Completes 59-Unit Multifamily Project in Somerville, Massachusetts

by Taylor Williams February 10, 2025

SOMERVILLE, MASS. — Locally based general contractor Nauset Construction has completed a 59-unit multifamily project in Somerville, located just outside of Boston. Designed by ICON Architecture, the project represents the second phase of a larger development known as Union 346 and houses one-, two- and three-bedroom units, with 11 residences set aside as affordable housing. Amenities include a rooftop deck, fitness center, lounge, outdoor grilling and dining spaces and a dog wash station. A joint venture between John M. Corcoran & Co., The Grossman Companies and SMT Development owns Union 346, the first phase of which comprised 94 units.

February 10, 2025

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $6.8M Sale of Brooklyn Apartment Complex

by Taylor Williams February 10, 2025

NEW YORK CITY — Marcus & Millichap has brokered the $6.8 million sale of a two-building, six-unit apartment complex located at 164-166 7th Ave. in the Park Slope neighborhood of Brooklyn. The complex was constructed in 1921, offers three-bedroom units and includes a retail space that is occupied by Starbucks Coffee. Matt Fotis of Marcus & Millichap represented the seller and buyer, both of which were private investors that requested anonymity, in the transaction.

February 10, 2025

Leasing Activity New York Northeast Office

Jay Suites Signs 60,000 SF Office Lease Extension in Midtown Manhattan

by Taylor Williams February 10, 2025

NEW YORK CITY — Jay Suites, a provider of flexible workspace solutions, has signed a 12-year, 60,000-square-foot lease extension in Midtown Manhattan. The space spans three full floors at 515 Madison Avenue, a 42-story, 370,000-square-foot structure that is known locally as the Dumont Building, with the 10th floor dedicated to the company’s conference brand. Jeffrey Gural of GFP Real Estate, which owns the building, represented both the tenant and landlord in the lease negotiations.

February 10, 2025

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