BRENTWOOD, N.Y. — New Jersey-based investment firm Faropoint has acquired a 24,000-square-foot industrial building in the Long Island community of Brentwood. The sales price was $4.9 million. According to LoopNet Inc., the property at 180 Heartland Blvd. was built on two acres in 1986 and features a clear height of 18 feet and 1,000 square feet of office space. The seller was not disclosed.
WATERTOWN, MASS. — A partnership between two locally based firms, Davis Cos. and Boston Development Group, has topped out a 224,000-square-foot life sciences building located at 66 Galen St. in the western Boston suburb of Watertown. Designed by Elkus Manfredi Architects, the project marks Phase I of a 450,000-square-foot campus that will comprise two buildings and multiple acres of open green space. The first building will house six tenant spaces, a fitness center, rooftop terrace, underground parking and ground-floor retail space. Completion is slated for 2023.
BEDFORD, MASS. — A joint venture between Redgate, Optimum Asset Management and AEW Capital Management has acquired a 166,000-square-foot office building in the northwestern Boston suburb of Bedford with plans to implement a life sciences conversion program. Tom Sullivan and Ross Fishman of Cushman & Wakefield arranged $82.2 million in acquisition and conversion financing through Ares on behalf of the joint venture. A construction timeline was not disclosed.
NEW YORK CITY — Meadow Partners, an investment firm with offices in New York and London, has purchased an 89-unit multifamily property in Manhattan’s East Village for $58 million. The adjacent buildings at 305 E. 11th St. and 310 E. 12th St. were originally constructed in 1940 and are connected by an 11,000-square-foot courtyard. Units come in studio, one- and two-bedroom floor plans. An affiliate of Cerberus Capital Management provided debt financing to support the acquisition.
JAMESTOWN AND FREWSBURG, N.Y. — Dwight Mortgage Trust has provided a $27 million bridge loan for the acquisition of a portfolio of four seniors housing properties totaling 293 beds in Western New York. The facilities are located in Jamestown and Frewsburg and offer memory care and assisted living services. Dwight’s Josh Levin originated the financing on behalf of the borrower, Culture Care Senior Living.
WOODBURY, N.Y. — Day-Op Center of Long Island, which provides minor outpatient surgical procedures, has signed a13,233-square-foot healthcare lease at 225 Froehlich Farm Blvd. in Woodbury. The tenant will occupy the entirety of the freestanding building, which is located just off the Long Island Expressway. Timothy Parlante of The Feil Organization internally represented the landlord, which acquired the property in 2018. Eric Launer and Dawn Mirko of JLL represented the tenant.
PHILADELPHIA — An affiliate of the Teachers Insurance & Annuity Association (TIAA) has provided a $265.2 million loan for a life sciences expansion project in Philadelphia. The Curtis is a 12-story, 912,245-square-foot building in the Center City District that originally housed a publishing operation and now features lab, office and research and development space. The borrower, Keystone Development + Investment, purchased the historic building in 2014 and has subsequently converted portions of the leasable space to support life sciences usage. Proceeds from this loan will enable Keystone to continue that initiative with the conversion of 200,000 square feet of additional space within The Curtis. A portion of the proceeds will also be used to fund infrastructure upgrades and leasing costs. Current tenants at The Curtis include BioLabs, IMVAXM Vivodyne and Aro Biotherapeutics.
WEST CONSHOHOCKEN, PA. — High Street Residential and MetLife Investment Management have completed a 280-unit multifamily project located on the northern outskirts of Philadelphia. Matson Mill is a transit-served property located along the banks of the Schuylkill River in West Conshohocken that offers one-, two and three-bedroom units. Amenities include a pool, outdoor kitchen with seating areas, fitness center, package handling room, game room and a dog wash station. Hord, Coplan & Macht Inc. designed the project, and IMC Construction served as the general contractor. Rents start at approximately $2,000 per month for a one-bedroom unit.
ALLENDALE, N.J. — Black Bear Capital Partners (BBCP) has arranged a $44 million permanent loan for Allendale Corporate Center, a 389,000-square-foot industrial complex in Northern New Jersey. The center comprises six buildings that are leased to tenants such as Martab Medical, Bosch/Syntegon Pharma Tech, Alan Baird Industries Inc, Acuitive and Collagen Matrix. Emil DePasquale of BBCP arranged the 10-year, fixed-rate loan, which carried a 65 percent loan-to-value ratio, through Morgan Stanley.
NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has negotiated the $9 million sale of two contiguous apartment buildings in Brooklyn’s Williamsburg neighborhood. The four-story buildings were originally constructed in 1900 and total 16 units. Mike Kerwin and Shaun Rose of Rosewood Realty represented the buyer, New York City-based Peak Capital Advisors, in the off-market transaction. Sarah Sawyer of Compass represented the seller, an undisclosed family office.