COLONIE, N.Y. — Commercial finance and advisory firm Axiom Capital Corp. has arranged a $16 million permanent loan for the refinancing of a portfolio of 16 industrial buildings totaling 302,914 square feet in Colonie, located outside of Albany in upstate New York. The direct lender was a bank, and the borrower was a locally based private investment group. Both parties requested anonymity.
CHARLESTOWN, MASS. — CBRE has brokered the $96.3 million sale of The Graphic Lofts, a 171-unit apartment complex in the Sullivan Square neighborhood of Charlestown, a northern suburb of Boston. Built in 2019, the property houses studio, one-, two- and three-bedroom units with an average size of 843 square feet, as well as 5,723 square feet of retail space. Amenities include a fitness center, coffee bar, game room, community kitchen and a rooftop deck with grilling stations. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, an affiliate of Boston-based Berkeley Investments, in the transaction. The team also procured the buyer, an affiliate of Denver-based EverWest Real Estate Investors.
MONTCLAIR, N.J. — PGIM Real Estate has provided an $87.1 million loan for the refinancing of Valley & Bloom, a 258-unit multifamily property located in the Northern New Jersey community of Montclair. Valley & Bloom features studio, one-, two- and three-bedroom units with stainless steel appliances and full-size washers and dryers, as well as roughly 20,000 square feet of both office and retail space. Residential amenities include two fitness centers, two rooftop decks, two courtyard lounges, a resident clubhouse and a children’s playroom. Jim Cadranell, Jon Mikula and Michael Lachs of JLL arranged the seven-year, floating-rate loan on behalf of the borrower, a joint venture between LCOR Inc. and Madison International Realty.
WHITE PLAINS, N.Y. — Nashville-based developer Southern Land Co. has broken ground on Juliette, a 177-unit multifamily project in White Plains, a northern suburb of New York City. The site at 250 Mamaroneck Ave. previously housed a YMCA. The complex will offer one-, two- and three-bedroom units with an average size of 1,200 square feet. Amenities will include a pool, spa, garden terrace, grilling stations, a pet spa, resident lounge and a conference room. Completion is scheduled for 2024.
PITTSBURGH — Sealy & Co., an investment firm with offices in Dallas and Shreveport, La., has acquired The Imperial Light Industrial Portfolio, which comprises two buildings totaling 148,172 square feet in Pittsburgh. The buildings are located within the Chapman Westport master-planned development near Pittsburgh International Airport and can support office, distribution and lab uses. John Plower of JLL represented the undisclosed seller in the transaction. Jason Gandy and Davis Gibbs internally represented Sealy & Co.
MARLBOROUGH, MASS. — A partnership between Dallas-based Lincoln Property Co. (LPC) and New York-based alternative investment firm Angelo Gordon has broken ground on a 120,600-square-foot industrial project in the western Boston suburb of Marlborough. The speculative facility will feature a clear height of 32 feet and 10 loading docks. ARCO National Construction is the general contractor for the project, and LPC will also handle leasing. Completion is slated for the second quarter of 2023.
KING OF PRUSSIA, PA. — Livingston Street Capital, a private equity firm with offices in Radnor, Pa., and New York City, has acquired Canvas Valley Forge, a 231-unit active adult community located north of Philadelphia in King of Prussia. The property offers 147 one-bedroom units and 84 two-bedroom units. Indoor amenities include a fitness center, salon and spa, craft room, game room, library/media room, resident lounge, package room and concierge services. Outdoors, residents have access to a pool with a sundeck and hot tub, courtyard with grills and seating areas, a dog park with a washing station and a bocce ball court. The seller and sales price were not disclosed.
AUBURN AND GREENFIELD, MASS. — CBRE has brokered the $26.2 million sale of the Lundgren Honda dealerships located in the Central Massachusetts cities of Auburn and Greenfield. The Auburn property was built in 2012 and spans 55,870 square feet. The Greenfield property was constructed in 2005 and totals 12,807 square feet. The family-owned and -operated dealership and its affiliate real estate company, Lundgren Equity Partners, sold the sites to Pennsylvania-based Legacy Automotive Capital. Karly Iacono of CBRE represented both parties in the transactions.
PORTLAND, MAINE — Metro Boston-based mortgage banking firm Fantini & Gorga has arranged a $23 million permanent loan for Danforth Heights, a 166-unit mixed-income community located in between Portland’s historic and waterfront districts. According to Apartments.com, the property was built in 1973 and features one-, two-, three- and four-bedroom units. Tim O’Donnell and Derek Coulombe of Fantini & Gorga placed the debt through Eastern Mortgage Capital on behalf of the undisclosed borrower.
PHILADELPHIA — BioLabs, an incubator for life sciences companies, has signed a 30,151-square-foot lease expansion at The Curtis, a facility in Philadelphia’s Center City District that is a redevelopment of a historic publishing house. The tenant’s footprint is now 53,529 square feet, and the move-in is scheduled for early 2023. Other tenants at The Curtis, which also houses traditional office space, include Aro Biotherapeutics, IMVAX Inc. and Vivodyne. Keystone Development + Investment owns the property.