QUINCY, MASS. — Locally based development and management firm FoxRock Properties will develop Center & Stone, a 201-unit apartment complex that will be located in the southern Boston suburb of Quincy. The complex will feature 9,500 square feet of retail space and 10,500 square feet of amenity space comprising a pool, rooftop deck, resident lounge and 165 parking spaces. Jonathan Schneider of JLL arranged construction financing for the project through Citizens Bank on behalf of FoxRock.
By Mike Oliver, managing director, JLL Capital Markets Fundamentals remain strong within the multifamily markets of Northern New Jersey and the greater metro New York City area, though the dynamics have continued to shift since the onset of the pandemic. During COVID-19, there was movement away from urban areas toward the suburbs, creating a “tale of two cities” market dynamic. The suburban multifamily market became red-hot while urban markets cooled. Vacancies dipped below 80 percent in some instances, with heavy concessions being offered and flat to negative gross rent growth. Today, while the suburban markets remain very strong, urban markets are also now red-hot. This is attributable to more and more people heading back to urban centers in anticipation of returning to the office or simply wanting to be back in the excitement of downtown living and its dining, shopping and entertainment options. Additionally, many renters are being priced out of and fleeing Manhattan, Brooklyn and other New York City neighborhoods. Jersey City and the Hudson Waterfront provide attractive rental options with incredible access into Manhattan. Jersey City, for example, is demonstrating healthy fundamentals, as occupancy rates are back over 95 percent with strong growth on lease trade-outs. There …
WHITE PLAINS, N.Y. — LMC has begun preleasing The Mitchell, a high-rise apartment community in White Plains, located north of New York City. The property comprises 434 studio, one-, two- and three-bedroom units that feature walk-in closets and stainless steel appliances. The Mitchell also includes amenities such as a fitness center, club lounge, outdoor lounge, children’s playroom, conference room and bike storage, as well as 8,145 square feet of retail space, including mezzanine-level coworking space and a rooftop deck. The first move-ins are scheduled for August. Rents start at $2,590 per month for a one-bedroom unit.
WAYLAND, MASS. — Atlanta-based multifamily developer Wood Partners has completed Alta Oxbow, a 218-unit multifamily project in Wayland, a western suburb of Boston. Alta Oxbow offers one-, two- and three-bedroom units, with 66 apartments specifically tailored for residents age 55 and above. Select units also feature private balconies. Amenities include a pool, courtyards, fire pits and grilling stations, a hobby and craft lounge, library, fitness center, coworking spaces and a golf simulator. Rents start at $2,750 per month for a one-bedroom unit.
SOUTH PLAINFIELD, N.J. — JLL has arranged a $25 million construction loan for Bridge Point South Plainfield, a 189,059-square-foot industrial project in Northern New Jersey. Situated on 20.7 acres, the property will feature a clear height of 36 feet, 50 dock-high doors, 176 car parking spaces and 70 trailer stalls. Completion is slated for the fourth quarter. Jon Mikula, Michael Klein and Michael Lachs of JLL arranged the three-year, floating-rate loan through Simmons Bank on behalf of the borrower, Bridge Industrial.
NEW YORK CITY AND WAYNE, N.J. — Macy’s and New Jersey-based WHP Global, the parent company of Toys ‘R’ Us, have launched a partnership open in-store toy shops within the department store’s locations across the country, an agreement that was announced last year. Toys ‘R’ Us stores will range in size from 1,000 to 10,000 square feet and are set to open from late July through October 15. Each location will feature colorful fixtures, demonstration tables for customers to interact with toys and a “Geoffrey on a Bench” photo opportunity for families. The in-store shops may also grow by an additional 500 to 3,000 square feet during the holiday season.
PHILADELPHIA — Pennsylvania Real Estate Investment Trust (PREIT) has added new tenants to three of its malls in the Philadelphia area. Rose & Remington, a lifestyle brand centered on mother-daughter shopping experiences, will open stores at Willow Grove Park, Capital City and Cherry Hill malls later this year. These stores will mark the retailer’s foray into greater Philadelphia. Fashion-forward jewelry concept Lovisa will also launch at Capital City Mall this fall. Lovisa opened its first store at PREIT’s Woodland Mall last year and has a third location at Springfield Town Center.
PHILADELPHIA — Josh Harris and David Blitzer, managing directors of the National Basketball Association’s Philadelphia 76ers, have formed a development corporation for construction of the team’s new arena, known as 76 Place, in Center City Philadelphia. Development costs are estimated at $1.3 billion, with plans to complete construction before the 2031-2032 NBA season. The property will be part of Fashion District Philadelphia, a 900,000-square-foot mall redevelopment that opened in September 2019. The team will partner closely with Macerich, which owns Fashion District, on the project. The transit-oriented site is located at Market Street and South 11th Street, adjacent to five SEPTA public transit lines and three blocks from city hall. The Fashion District project was once a highly regarded development with top-tier retailers, but struggled due to the COVID-19 pandemic closing the doors on many retailers just six months after opening. “The decision to repurpose part of Fashion District Philadelphia to include the new 76ers arena is a natural evolution of the site and a unique and once-in-a-lifetime opportunity for our company,” says Tom O’Hern, CEO of Macerich. Team owner Harris Blitzer Sports & Entertainment tapped local real estate magnate David Adelman, CEO of Campus Apartments, co-founder of FS Investments …
NEW YORK CITY — JLL has brokered the $50.7 million sale of a 101-unit multifamily building located at 740 West End Ave. on Manhattan’s Upper East Side. Constructed in 1915, the elevator building rises 14 stories and includes six commercial spaces and one superintendent’s apartment. Bob Knakal, Hall Oster, Jonathan Hageman, Paul Smadbeck, Teddy Galligan and Braedon Gait of JLL represented the seller, Wolk Properties, in the transaction, and procured the buyer, Aya Acquisitions.
EAST GREENBUSH, N.Y. — Commercial finance and advisory firm Axiom Capital Corp. has arranged $24 million in construction-to-permanent financing for a mixed-use project near Albany. The development in the nearby suburb of East Greenbush will consist of 78 apartments and 18,833 square feet of commercial space. The loan carries a fixed interest rate, a 10-year term and three years of interest-only payments. The borrower was not disclosed.