YORK, PA. — IntegraCare Corp. has broken ground on a 130-unit seniors housing community in York, approximately 90 miles west of Philadelphia. The 124,000-square-foot community, which has yet to be branded, will feature 68 independent living units, 42 assisted living residences and 20 memory care units. Warfel Construction is the general contractor for the project, which IntegraCare is developing in partnership with Avenue Development. The community is scheduled to open in early 2023.
ORANGE, CONN. — New Jersey-based Cronheim Mortgage has arranged a $10 million permanent loan for a 137,670-square-foot industrial facility in Orange, located in the southern coastal part of the state. Formerly occupied by Sam’s Club, the property was recently converted to a van and truck parking facility for Amazon. Dev Morris, Allison Villamagna and Andrew Stewart of Cronheim Mortgage arranged the 10-year, interest-only loan on behalf of the undisclosed borrower.
WOONSOCKET, R.I. — CVS Health Corp. (NYSE: CVS) plans to close about 900 stores over the next three years, or about 300 stores a year, starting in the spring of 2022. The pharmacy retailer says the decision to close its stores was in order to focus more on its digital strategy. The store closures equal about 9 percent of the approximately 10,000 locations that the retailer currently operates. CVS says it will help those who lose their jobs as a result of the store closures to find a different role at another one of the retailer’s locations, according to CNBC. As part of the plan to close many of its stores, CVS Health will create new store formats. The retailer released three models for its new store layouts including sites dedicated to offering primary care services; an enhanced version of HealthHub locations with products and services designed for everyday health and wellness needs; and traditional CVS pharmacy stores that provide prescription services and health, wellness, personal care and other retail offerings. CVS Health plans to build 1,000 HealthHub locations by the end of the year, CNBC reports. This model includes a wider range of medical products and medical services from …
EASTAMPTON TOWNSHIP, N.J. — New York City-based developer Rockefeller Group has broken ground on a 345,600-square-foot distribution center in Eastampton Township, located about 30 miles east of Philadelphia. Rockefeller Group Logistics Center Eastampton will feature a clear height of 36 feet, 96 trailer parking spaces, 384 auto parking spaces, 18-foot truck court depths and 4,000 square feet of office space. KSS Architects designed the project, and Menlo Engineering is the civil engineer. Blue Rock Construction is serving as the general contractor, and CBRE has been tapped to lease the development. Completion is slated for next fall.
FLEMINGTON, N.J. — New Jersey-based developer Larken Associates is underway on preliminary site work for Flemington Junction Business Park, a 150,000-square-foot industrial project in Northern New Jersey. The project will comprise four buildings on a 29-acre site that is located just one mile from U.S. Route 31. Building features will include clear heights of 32 feet and LED lighting, while the entire complex will feature 270 car parking spaces. Larken Associates’ in-house construction management team, Core Enterprises, is overseeing development of the project, which is slated for a fourth-quarter 2022 delivery.
WEYMOUTH, MASS. — Monarch Communities has begun construction of Monarch Senior Residence, a 165-unit seniors housing community located in the South Shore city of Weymouth. The community will feature 91 independent living units, 48 assisted living residences and 26 memory care apartments. PROCON, an architectural and construction management firm based in Hooksett, New Hampshire, is the design-build contractor partner for the project. The opening is currently scheduled for summer 2023.
PHILADELPHIA — Los Angeles-based Thorofare Capital has provided a $17.7 million construction loan for a 72-unit multifamily project that will be located near Temple University in Philadelphia. The property will feature an average unit size of 881 square feet and will also house 16,339 square feet of retail space. Additional development details, including the name of the borrower, were not disclosed. Felix Gutnikov, David Perlman, Andrew Kim and Jonathan Hart led the transaction for Thorofare Capital.
RAMSEY, N.J. — New York City-based Ready Capital has closed a $12.5 million loan for the acquisition and renovation of an unnamed, 92,000-square-foot industrial building in the Northern New Jersey community of Ramsey. The nonrecourse, interest-only loan was structured with a floating interest rate, 36-month term, two extension options and a facility for funding future capital improvements. The undisclosed sponsor plans to implement a value-add program.
NEW YORK CITY — Los Angeles-based PCCP LLC has provided a loan of an undisclosed amount for the refinancing of 80 Broad Street, a 36-story office tower in Manhattan’s Financial District. The 423,777-square-foot building was originally constructed in 1931 and includes 12,385 square feet of retail space and private terraces on select floors. Ken Ziebelman, Grant Frankel and Ethan Pond of Eastdil Secured arranged the loan on behalf of the borrower, a joint venture between New York City-based Broad Street Development and Invesco Real Estate. Since 2018, ownership has invested more than $9 million in capital improvements to the property.
BEDFORD, PA. — Devli Real Estate has acquired a 461,433-square-foot industrial property that sits on a 38-acre site at 550 Sunnyside Road in Bedford, located in the southern-central part of the state. According to LoopNet Inc., the property was built in 1967 and renovated in 2006. The property features clear heights of 21 feet, 32 dock positions, proximity to Interstates 70 and 76 and units that range in size from 100,000 to 200,000 square feet. Gerry Blinebury of Cushman & Wakefield represented the buyer and the undisclosed seller in the transaction. The property was fully leased at the time of sale.