LINDEN, N.J. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $24 million loan for the refinancing of a 113-unit apartment complex located at 1120 E. Saint George Ave. in the Northern New Jersey community of Linden. The property was built in 2021 and includes 17,900 square feet of retail space. Amenities include a fitness center, dog park, resident clubhouse and a rooftop deck. M&T Bank provided the 10-year, interest-only loan, which carried a 30-year amortization schedule, on behalf of the undisclosed borrower. Joseph Belgiovine of MMCC arranged the debt.
BERGENFIELD, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $22.5 million sale of Bella at Bergenfield, a 62-unit multifamily property in Northern New Jersey. Bella at Bergenfield was constructed between 2019 and 2020 and includes 57 one-bedroom units and five two-bedroom units with an average size of 869 square feet. Andrew Scheinerman of Kislak arranged the off-market sale on behalf of the seller. Robert Squires, also with Kislak, procured the buyer. Both parties were limited liability companies.
NEW YORK CITY — Standard Security Life Insurance Co. of New York has signed an 11,314-square-foot office lease at 488 Madison Avenue in Manhattan. Known as The Look Building, 488 Madison Avenue was originally constructed in 1949, rises 24 stories and spans 447,000 square feet. Scott Gutnick of Newmark represented the tenant, which will relocate from 485 Madison Avenue, in the lease negotiations. David Turino represented the landlord, The Feil Organization, on an internal basis.
PHILADELPHIA — New York City-based Midwood Investments & Development has broken ground on a 32-story apartment tower at 210 S. 12th St. in Philadelphia’s Washington Square neighborhood. The property will consist of 378 apartments and two floors of retail space totaling approximately 17,000 square feet. Residential amenities will include a pool with a sundeck, fitness center with a yoga studio, rooftop terrace with private event space, a game room, lounge and conference facilities. London-based Rogers Stirk Harbour + Partners and BLT Architects are designing the project. Specific floor plans and a tentative construction completion date were not disclosed.
NEW YORK CITY — Greystone has arranged an $80 million refinancing package for a portfolio of 10 seniors housing properties totaling 941 units. The communities are located across five different states and offer a mix of independent living, assisted living and memory care services. Cary Tremper of Greystone arranged the consolidation and refinancing of various debt obligations on behalf of the borrower, Sonida Senior Living. The initial term loan of $80 million, provided by a regional bank, has a four-year maturity with an optional one-year extension.
STRATTON, VT. — Big V Property Group, a retail investment firm with five offices across the country, has acquired The Village at Stratton, a 47,837-square-foot retail village in the Vermont ski resort town of Stratton. The Village at Stratton was fully leased at the time of sale to a roster of 20 tenants. Big V acquired the property as part of a portfolio sale that included The Village at Snowshoe in West Virginia and The Village at Copper Mountain in Colorado. The seller was not disclosed.
MIDDLETOWN, N.Y. — SRS Real Estate Partners has arranged the $8.7 million sale of a 14,564-square-foot, single-tenant retail property located in Middletown, about 75 miles north of New York City. The property was built on 1.1 acres in 2007 and is triple net leased to Walgreens on a long-term basis. Winston Guest, Matthew Mousavi and Patrick Luther of SRS Real Estate represented the seller in the transaction, and Josh Goldflam of Highcap Group represented the buyer. Both parties were New York-based private investors who requested anonymity.
NEPTUNE CITY, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $6.5 million sale of Steiner Ocean Apartments, a 36-unit multifamily property in Neptune City, located near the Jersey Shore. The garden-style property comprises three two-story buildings. Daniel Lanni of Kislak represented the buyer and seller, both of which requested anonymity, in the transaction.
NEW YORK CITY — Affiliates of private equity giant Blackstone (NYSE: BX) have agreed to acquire PS Business Parks (NYSE: PSB), a Glendale, Calif.-based commercial owner-operator primarily focused on industrial assets, for $7.6 billion. The deal is scheduled to close in the third quarter. Under the terms of the agreement, New York City-based Blackstone will purchase all outstanding shares of PSB’s common stock for $187.50 per share, which represents a premium of approximately 15 percent over the weighted average share price over the last 60 days. Blackstone plans to take the company private as part of the acquisition. Public Storage (NYSE: PSA), which is also based in Glendale, currently owns about 26 percent of PSB’s common stock, and the self-storage REIT’s executives and shareholders have voted in favor of the sale to Blackstone. The transaction will also include the acquisition of Public Storage’s limited partner equity interests in PSB’s operating partnership at the same per-share price of $187.50. As of March 30, 2022, PSB owned and operated 96 commercial properties across the country, primarily in California, South Florida, Texas and Northern Virginia. Those assets span approximately 27 million square feet and are occupied by nearly 5,000 tenants. Though mainly comprised …
HACKENSACK, N.J. — Locally based developer Garden Communities has begun leasing The Jefferson, a 377-unit apartment complex in the Northern New Jersey community of Hackensack. Designed by Minno & Wasko Architects & Planners, The Jefferson features one- and two-bedroom units ranging in size from 735 to 1,598 square feet. Residences are furnished with quartz countertops, custom cabinetry, individual washers and dryers and keyless entry mechanisms. Amenities include a pool, fitness center, private bowling alleys, a billiards and entertainment room, golf simulator, business center, children’s playroom, outdoor grilling and dining areas, meditation gardens and a dog park. Rents start at $2,240 per month for a one-bedroom unit.