Northeast

74-Middlesex-Avenue-Somerville-Massachusetts

Greystar Underway on 465,000 SF Life Sciences Project in Somerville, Massachusetts

by Taylor Williams June 29, 2022

SOMERVILLE, MASS. — South Carolina-based developer Greystar is underway on vertical construction of 74 Middlesex Avenue, a 465,000-square-foot life sciences project in Somerville, a northern suburb of Boston. The site is located within the Assembly Square mixed-use district. Designed by Elkus Manfredi Architects, the transit-oriented, 15-story building will feature ground-floor retail space, a health and wellness center, conference rooms and a 2,000-square-foot rooftop deck. Completion is scheduled for spring 2024. The project marks Greystar’s initial foray into the life sciences sector.

June 29, 2022

Acquisitions Massachusetts Multifamily Northeast

CBRE Brokers $35.2M Sale of Apartment Complex in Westwood, Massachusetts

by Taylor Williams June 29, 2022

WESTWOOD, MASS. — CBRE has brokered the $35.2 million sale of Residences at Highland Glen, a 102-unit apartment complex in Westwood, a southwestern suburb of Boston. Constructed in 2006, the age-restricted property comprises two four-story buildings with one- and two-bedroom units, 60 of which were recently renovated. Amenities include a fitness center and a clubroom. Simon Butler, Biria St. John, John McLaughlin, Aron Will and John Sweeny of CBRE represented the locally based seller, National Development, in the transaction. The buyer was Massachusetts-based Claremont Cos.

June 29, 2022

Loans Massachusetts Multifamily Northeast

Eastern Union Arranges $44.8M Agency Loan for Refinancing of Multifamily Property in Amherst, Massachusetts

by Taylor Williams June 29, 2022

AMHERST, MASS. — New York-based Eastern Union has arranged a $44.8 million Fannie Mae loan for the refinancing of The Boulders, a 256-unit multifamily property in Amherst, located in the central part of Massachusetts. The market-rate property was built in 1974 and offers two-bedroom units with an average size of 844 square feet. Michael Muller of Eastern Union arranged the floating-rate loan, which carries four years of interest-only payments on behalf of the undisclosed borrower. Newmark originated the financing via its status as a Fannie Mae Delegated Underwriting & Servicing (DUS) lender.

June 29, 2022

Loans Multifamily New York Northeast

Dwight Capital Provides $22.2M Acquisition Loan for Queens Village Apartments

by Taylor Williams June 29, 2022

NEW YORK CITY — Locally based commercial finance firm Dwight Capital has provided a $22.2 million bridge loan for the acquisition of Queens Village Apartments, a 132-unit multifamily complex. The property comprises three- and six-story apartment buildings featuring a mix of rent-controlled and rent-stabilized units, as well as onsite maintenance services and laundry facilities. Adam Sasouness of Dwight Capital originated the financing, which was arranged by Marvin Jeremias of Crossmark Capital. The undisclosed borrower will use a portion of the proceeds to fund capital improvements.

June 29, 2022

Acquisitions Industrial New York Northeast

Venture One, Kovitz Acquire 50,061 SF Industrial Building in Holtsville, New York

by Taylor Williams June 29, 2022

HOLTSVILLE, N.Y. — Illinois-based investment firm Venture One Real Estate, in partnership with Kovitz Investment Group, has acquired a 50,061-square-foot industrial building located at 889 Waverly Ave. in the Long Island community of Holtsville. The property was built in 1981 and features a clear height of 20 feet, five exterior docks and 3,140 square feet of office space. Tommy Rosati, Jason Maietta and Brandon Lichtenstein of Colliers represented the undisclosed seller in the transaction. The property was fully leased to a single tenant at the time of sale.

June 29, 2022

Development Mixed-Use Northeast Pennsylvania Top Stories

PIDC, Ensemble/Mosaic Unveil $6B Mixed-Use Redevelopment Plan for Philadelphia’s Navy Yard

by Kristin Harlow June 29, 2022

PHILADELPHIA — PIDC and Ensemble/Mosaic have revealed the “2022 Navy Yard Plan,” a roadmap for $6 billion of new investment for Philadelphia’s Navy Yard over the next 20 years. Plans call for 12,000 new jobs and 8.9 million square feet of new life sciences, commercial, residential, retail and mixed-use development. Of the total $6 billion investment, Ensemble/Mosaic’s development initiatives are slated to generate $4.8 billion. This is the third plan undertaken since PIDC, Philadelphia’s public-private economic development corporation, took ownership of the former military base on behalf of the City of Philadelphia. The original plan was formulated in 2004, followed by an updated one in 2013. “The Navy Yard has been an anchor and economic driver for Philadelphia for more than two centuries, serving in both times of war and peace. Today, the progress it has made and will continue to make as outlined in this plan will help reinforce its role as a leading business and life sciences campus and an unrivaled asset to the city,” says Philadelphia Mayor Jim Kenney. The development team plans to significantly expand the Navy Yard’s cluster of cell and gene therapy firms by building out an additional 4.3 million square feet of lab …

June 29, 2022

Loans New York Northeast Office

J.P. Morgan Provides $415M in Financing for 3 Times Square Office Building

by Taylor Williams June 28, 2022

NEW YORK CITY — A consortium of lenders led by J.P. Morgan and including Bank of America and M&T Bank has provided $415 million in financing for 3 Times Square, a 30-story office building in Midtown Manhattan. The borrower, The Rudin Family, launched a renovation program last spring that added new tenant amenities and health and wellness features. In addition to consolidating existing debt, a portion of the proceeds will be used to advance the repositioning, specifically to modernize the lobby and building systems, as well as to activate the outdoor amenity space and fund leasing costs. The 885,000-square-foot building was originally constructed in 2001 as the North American headquarters of Reuters. In addition, earlier this year, Rudin signed Touro College to a 243,305-square-foot lease for a new campus within 3 Times Square.

June 28, 2022

Acquisitions Multifamily New Jersey Northeast Seniors Housing

Cushman & Wakefield Brokers $97.5M Sale of Seniors Housing Community in Hamilton, New Jersey

by Taylor Williams June 28, 2022

HAMILTON, N.J. — Cushman & Wakefield has brokered the $97.5 million sale of Homestead at Hamilton, a 195-unit seniors housing community located outside of Trenton in Central New Jersey. Homestead at Hamilton sits on 20 acres and offers independent living, assisted living and memory care services. Amenities include a restaurant-style dining room, a pub, game and card room, fitness center and a rehabilitation gym. Richard Swartz, Jay Wagner, Jim Dooley and Jack Griffin of Cushman & Wakefield represented the seller and developer, an affiliate of Pike Construction Co., in the transaction. The buyer was Inspired Healthcare Capital. Homestead at Hamilton was close to fully leased at the time of sale.

June 28, 2022

Development Multifamily Northeast Rhode Island

EQT Exeter Begins Leasing 249-Unit Apartment Community in Providence, Rhode Island

by Taylor Williams June 28, 2022

PROVIDENCE, R.I. — Developer EQT Exeter has begun leasing Emblem 125, a 249-unit apartment community in Providence. Designed by Torti Gallas + Partners, Emblem 125 features studio, one-, two- and three-bedroom units, and amenities include a fitness center, game area, resident lounge, concierge services and an outdoor courtyard. The building also houses 19,398 square feet of retail space. Shawmut Design & Construction served as the general contractor for the project, construction of which began in October 2020. Rents start at roughly $2,100 per month for a studio apartment. Bozzuto is the property manager.

June 28, 2022

Acquisitions Multifamily New York Northeast

JLL Negotiates $44M Sale of Manhattan Multifamily Portfolio

by Taylor Williams June 28, 2022

NEW YORK CITY — JLL has negotiated the $44 million sale of the Kokot Portfolio, a collection of seven multifamily properties totaling 133 residential units and one retail space in Manhattan. Specifically, the properties are located in the Chelsea, East Village and Gramercy neighborhoods. Hall Oster and Teddy Galligan of JLL represented the undisclosed seller in the transaction. The buyer was Aya Acquisitions.

June 28, 2022

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