BLAUVELT, N.Y. — Global logistics operator Realterm has acquired two warehouses totaling 307,275 square feet within Hudson Crossing Industrial Park in Blauvelt, about 30 miles north of Manhattan. The building at 200-400 Oritani Road sits on 21.8 acres and totals 175,775 square feet, and the building at 100 Oritani Road spans 131,500 square feet and is situated on 10.2 acres. Both warehouses feature a combination of drive-in and dock-high loading positions. Brian Fiumara of CBRE brokered the deal on behalf of the undisclosed seller. The sales price was also not disclosed.
SHELTON, CONN. — Locally based REIT Urstadt Biddle Properties Inc. (NYSE: UBA and UBP) has acquired Shelton Square, a 186,000-square-foot shopping center in Connecticut’s Fairfield County, for $33.6 million. Grocer Shop & Stop anchors the property with a 67,000-square-foot store and an additional 70,000-square-foot space that formerly housed a Bradlees department store. Other tenants at the center, which was 96.5 percent leased at the time of sale, include People’s United Bank, St. Vincent’s/Hartford Health, Burger King and Sport Clips. The seller was not disclosed.
NEW YORK CITY — Talonvest Capital Inc., a California-based boutique financial advisory firm, has arranged a $27.4 million loan for the refinancing of a self-storage facility located at 2727 Knapp St. in Brooklyn. Kim Bishop, Jim Davies, David DiRienzo, Tom Sherlock and Thalia Tovar of Talonvest Capital arranged the nonrecourse financing through an undisclosed investment management fund on behalf of the borrower, a partnership between Clark Investment Group, Metro Storage LLC and Goodfriend Self-Storage. The loan carried a three-year term, floating interest rate and two 12-month extension options.
By Taylor Williams Northern New Jersey is teeming with new multifamily projects, many of them transit-oriented, that mesh suburban locations with urban lifestyles, making the region a desirable alternative to living in New York City. But more housing product is unquestionably needed. According to the U.S. Census Bureau, the Garden State’s population grew by 5.7 percent from approximately 8.8 million to 9.3 million in 2020. New Jersey is the 11th-most populous state and the fifth-smallest state by area, and thus has the highest level of population density in the country. The combination of a growing population and a very limited supply of land means that infill development sites that provide direct access to major cities, most notably New York City and Philadelphia, are highly coveted by developers of all property types. But developers that can deliver the right kind of housing on those sites play central roles in helping municipal leaders bring new jobs, retailers and restaurants to their communities. CENTURION Union Center, a mixed-use project which includes nearly 300 new homes and approximately 27,000 square feet of retail space, is just one such project that ties together a basic need for housing with a larger revitalization of the community. …
NEW YORK CITY — A partnership between locally based investment firm Stonehenge NYC and San Francisco-based Stockbridge Capital Group has purchased The Cole, a 163-unit apartment building on Manhattan’s Upper East Side, for $128.2 million. Built in 2002, the building rises 22 stories, spans 164,000 square feet and includes ground-floor retail space. The amenity package consists of a fitness center, package room, a private courtyard, outdoor grilling areas, billiards room and a resident lounge. Daniel Parker, Paul Gillen, Anthony Ledesma and Allie Boyan of Hodges Ward Elliott brokered the deal. The seller was Carmel Partners. The new ownership will rebrand the property as The Cole by Stonehenge.
STAMFORD, CONN. — A partnership between New York City-based investment firm Monday Properties and Washington Capital has acquired 75 Tresser, a 344-unit apartment community in Stamford, located in the southern coastal part of the state. The property features studio, one-, two- and three-bedroom units and amenities such as a pool, fitness center, outdoor grilling stations, catering kitchen and a movie theater. Jeffrey Dunne and David Gavin of CBRE represented the undisclosed seller in the transaction. The property was 95 percent occupied at the time of sale.
NEW YORK CITY — BHI, a full-service commercial bank that is the U.S. division of Israel’s Bank Hapoalim, has provided a $33.1 million construction loan for a multifamily project in Brooklyn. The borrower, CW Realty Group, plans to develop a 59-unit project with 30 parking spaces at 251 Front St. in the borough’s Vinegar Hill area. A completion date for the transit-served project was not disclosed.
ROCKAWAY, N.J. — CBRE has negotiated the $19.6 million sale of a 121,038-square-foot industrial property in the Northern New Jersey community of Rockaway. The property sits on 13.7 acres and formerly served as an office building for Party City. Charles Berger, Mark Silverman, Elli Klapper and Thomas Mallaney of CBRE represented the undisclosed seller in the transaction. CBRE has also been tapped to market the complex for lease on behalf of the undisclosed buyer.
BRIDGEPORT, CONN. — New York City-based Ready Capital has closed a $7.7 million loan for the acquisition, renovation and stabilization of a 63-unit multifamily property in Bridgeport, Conn. The nonrecourse, interest-only loan carried a 36-month term and a floating interest rate and includes a facility to fund capital improvements. The borrower was not disclosed.
The need for affordable housing has grown, but factors like municipal slowdowns and delays in financing have helped contribute to a lack of supply. Gregg Gerken, head of U.S. Commercial Real Estate with TD Bank, spoke to REBusiness about why the need for affordable housing is at a critical juncture and why this need is so difficult to fill. Finance Insight: What is the state of affordable housing right now? Gerken: There is a supply/demand imbalance. There continues to be a desperate need for more investment in affordable housing, not less. The arrival of COVID introduced more challenges for affordable housing, but the struggle to find high-quality affordable rental housing existed well before the pandemic. Rent prices affect millions of Americans, especially those with low incomes, and rents have only increased. Furthermore, the pandemic has caused an interruption of the supply chain and much-needed new projects have been delayed. Finance Insight: Can you outline a few big-picture national trends that are most impacting affordable housing right now? Gerken: As I mentioned, the imbalance of supply and demand is negatively affecting affordable housing. Rising rental rates mean fewer people will be able to qualify for affordable housing. Coming out of COVID …