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Harrison-Urby-New-Jersey
DevelopmentMultifamilyNew JerseyNortheast

Urby Begins Leasing 381-Unit Apartment Community in Harrison, New Jersey

by Taylor Williams

HARRISON, N.J. — Urby, a joint venture between Ironstate Development and Brookfield Properties, has begun leasing its namesake multifamily property in the Northern New Jersey community of Harrison. The community consists of 381 units with studio, one-, two- and three-bedroom floor plans. Amenities include a pool, community garden, grilling areas, fitness center with a basketball court, rentable chef’s kitchen, dog run and an onsite café. Dutch architectural firm Concrete designed the community. Rents start at $1,935 per month for a studio apartment.

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AcquisitionsNew JerseyNortheastRetail

Irgang Group Acquires 393,000 SF Union Lake Crossing Shopping Center in Millville, New Jersey

by Taylor Williams

MILLVILLE, N.J. — New York-based investment and management firm Irgang Group has acquired Union Lake Crossing, a 393,000-square-foot grocery-anchored shopping center in Millville, located in the southern part of the state. Built on 43.3 acres in 2006, the property houses tenants such as Shoprite, Kohl’s, Ross Dress for Less, Staples and PetSmart. Restaurant users include Buffalo Wild Wings, Moe’s Southwest Grill and Sonic. Ben Bruner of Bruner Group represented Irgang Group in the transaction. Chris Munley, James Galbally and Colin Behr of JLL represented the seller, Goodman Properties.

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LoansMultifamilyNortheastPennsylvaniaSeniors Housing

Ziegler Arranges $39.4M Bond Financing for Pennsylvania Seniors Housing Operator

by Taylor Williams

BALA CYNWYD, PA. — Ziegler has arranged $39.4 million in bond financing for Simpson, a nonprofit operator based in Bala Cynwyd, a suburb of Philadelphia. Formerly known as Methodist Episcopal Home for the Aged, the borrower operates three continuing care retirement communities in the region: Simpson House in Philadelphia, Simpson Meadows in Downington and Jenner’s Pond in West Grove. The portfolio totals 482 independent living units, 56 personal care units, 118 assisted living units and 178 skilled nursing units. Proceeds refinance existing bonds from 2015 and fund capital expenditures, among other uses.

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Affordable HousingLoansMassachusettsMultifamilyNortheast

MassHousing Provides $35.3M in Financing for Boston Affordable Housing Properties

by Taylor Williams

BOSTON — MassHousing has provided $16.5 million in tax-exempt construction and permanent financing and $18.8 million in bridge loan financing for Bancroft Dixwell Apartments in Boston. As part of the capital improvement program, the borrower, Urban Edge, will merge the 45-unit Bancroft Apartments in the Roxbury neighborhood with the 33-unit Dixwell Apartments in Jamaica Plain. Of the 78 units, 75 percent are restricted to households earning 60 percent or less of the area median income. The development team includes NEI General Contracting, Davis Square Architects, WinnCos., Construction Services Consultation Co. of New England, Schwarzschild Consulting and Klein Hornig.

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AcquisitionsMassachusettsMultifamilyNortheast

CBRE Negotiates Sale of 111-Unit Multifamily Property in Metro Boston

by Taylor Williams

QUINCY, MASS. — CBRE has negotiated the sale of The Residences at Munroe Place, a 111-unit multifamily property located in the southern Boston suburb of Quincy. The property was built in 2003 and includes 10,100 square feet of retail space that is leased to Starbucks, JPMorgan Chase, T-Mobile and Miam Miam Macaronerie. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, 1205 Hancock Street LLC, an entity controlled by Structure Tone Equities LLC, in the transaction. The trio also procured the buyer, a joint venture between John M. Corcoran & Co. and an institutional investor.

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Michael Takacs Mall Redevelopment
BohlerContent PartnerFeaturesMidwestNortheastRetailSoutheastTexas

Outside the [Big] Box Tips for Filling Empty Retail Space

by Sarah Daniels

Mall and shopping center owners nationwide are faced with the vacancy of major big box anchors that have closed their doors due to the continued uptick in online retail and changing shopping habits and desires of today’s consumers. Often massive, these two-story, or even three-story spaces seem impossible to fill with the decline of most brick and mortar retail stores. Developers are being challenged to think outside the [big] box to find new tenants and creative uses for the space. Malls were originally thought of as community centers for neighborhoods during the mall boom. That attitude fell by the wayside as malls removed their socially engaging aspects and lost their sense of place  — instead of being a place for the community to gather, the mall became simply a place to shop. Now, largely expedited by the pandemic, there have been seismic shifts in retail and shopper habits/what the consumer wants out of their shopping experience. The key word here is experience. Malls have had to readapt to fill in vacant spaces from large department stores that consumers no longer favor. This has opened up a lot of atypical uses, from distribution centers to residential to entertainment components to medical facilities. …

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Cabot
AcquisitionsCaliforniaFloridaIndustrialNew YorkPennsylvaniaTop Stories

Cabot Properties Sells Logistics Portfolio Across U.S. and Europe for $2.8B

by Julia Sanders

BOSTON — Cabot Properties Inc. has sold its Value Fund V portfolio in two separate transactions for a total of $2.8 billion. Blackstone Real Estate Income Trust Inc. (BREIT) acquired the portfolio, which features logistics properties in the United States and Europe. The U.S. portfolio includes 102 properties totaling 15.2 million square feet located in major logistics markets such as the Inland Empire, California; Eastern Pennsylvania; South Florida; and the New York metropolitan area. In a separate transaction, Blackstone’s European Core Plus business and its affiliates acquired the remaining European properties, which feature 22 properties totaling 2.2 million square feet of industrial space. The properties are located in European markets such as the Midlands, North West and South East in the United Kingdom; Amsterdam; and Düsseldorf in Germany. “The sale of our Value Fund V portfolio completes our most ambitious logistics property investment program over the past 20 years,” says Franz Colloredo-Mansfeld, chairman and chief executive officer of Cabot. “This portfolio was created through 90 transactions, including 24 development projects throughout the U.S., U.K. and Europe completed over the past five years. We are pleased to have now completed approximately $5 billion in three transactions with Blackstone Real Estate over …

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Affordable HousingLoansMultifamilyNew YorkNortheast

Rockport Mortgage Arranges $86.6M in Financing for Affordable Housing Property in Hempstead, New York

by Taylor Williams

HEMPSTEAD, N.Y. — Rockport Mortgage has arranged $86.6 million in financing for Park Lake Apartments, a 240-unit affordable housing property located in the Long Island community of Hempstead. Park Lake Apartments consists of 14 two-story buildings on an 11-acre site. The borrower is an entity controlled by Metropolitan Realty Group and Silver Street Development Corp. The proceeds of the loan, in connection with equity from the sale of the 4 percent Low-Income Housing Tax Credit, will be used acquire and rehabilitate the property. Rockport Mortgage arranged the loan, which was structured with a fixed interest rate and a 40-year amortization schedule following the two-year construction period, through HUD’s 221(d)(4) program. Renovations are expected to last about 18 months and will include upgrades to cabinets, countertops, appliances and fixtures, flooring and utility systems.

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Caswell-at-Runnymeade-Newtown-Square-Pennsylvania
DevelopmentMultifamilyNortheastPennsylvania

GMH Communities Breaks Ground on 249-Unit Apartment Community in Newtown Square, Pennsylvania

by Taylor Williams

NEWTOWN SQUARE, PA. — GMH Communities, in partnership with AEW Capital Management, has broken ground on Caswell at Runnymeade, a 249-unit apartment community in Newtown Square, located about 15 miles west of Philadelphia. Units will come in one-, two- and three-bedroom formats and range in size from 805 to 1,623 square feet. Residences will feature private balconies/patios, stainless steel appliances, walk-in closets and energy-efficient appliances. Amenities will include a pool, outdoor grilling areas, a fitness center, movie theater, golf simulator, clubrooms, coworking space and a lounge area. Preleasing is scheduled to begin next winter, with full completion of the project slated for spring 2023.

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DevelopmentMultifamilyNew JerseyNortheast

Somerset, PulteGroup to Undertake Multifamily Redevelopment in Fort Monmouth, New Jersey

by Taylor Williams

FORT MONMOUTH, N.J. — A joint venture between New Jersey-based Somerset Development and PulteGroup will undertake a multifamily redevelopment project at the Lodging Area, a 15-acre site in Fort Monmouth, located in the central coastal part of the Garden State. The Lodging Area currently houses eight buildings, two of which are listed on the National Register of Historic Places, that will be repurposed into 36 affordable housing units. The development team will demolish the other six buildings to develop 144 townhomes. Including infrastructure such as a waterfront walkway, the project represents a total capital investment of about $30 million and is expected to generate more than 200 new construction jobs.

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