Northeast

Leggat McCall, Granite Underway on 475,000 SF Redevelopment Project Near Boston

by Taylor Williams September 17, 2021

EAST CAMBRIDGE, MASS. — A partnership between Leggat McCall Properties and Granite Properties is underway on the redevelopment of a former courthouse building located at 40 Thorndike St. in East Cambridge. The redevelopment will add 48 affordable housing apartments, as well as office and retail space and a childcare facility. Elkus Manfredi Architects is designing the project, and John Moriarty & Associates is serving as the general contractor. JLL arranged $300 million in construction financing through Bank OZK on behalf of the partnership and has been retained to provide leasing services. JLL also secured joint venture equity for the project through CBRE Global Investors. Completion is slated for fall 2023.

September 17, 2021

Acquisitions Development Industrial New Jersey Northeast Office

EverWest, Woodmont Buy New Jersey Office Building, Plan Industrial Redevelopment

by Taylor Williams September 17, 2021

SOMERSET, N.J. — EverWest Real Estate Investors and Woodmont Properties have acquired an office building and adjacent development site in the Northern New Jersey community of Somerset with plans to redevelop the building and site into a 426,000-square-foot industrial complex. The partnership acquired the 351,782-square-foot building and seven-acre land parcel for $42.7 million. The new industrial complex will consist of two buildings spanning 294,000 and 132,000 square feet. Completion of the redevelopment is slated for 2023. Elli Klapper, Kevin Dudley and Mark Silverman of CBRE brokered the deal in conjunction with Stephen Feinberg of EverWest and Anthony Amadeo of Woodmont.

September 17, 2021

Connecticut Development Mixed-Use Northeast

Partnership Completes Initial Phases of Village at Park River Mixed-Use Project in Hartford

by Taylor Williams September 17, 2021

HARTFORD, CONN. — A partnership between Pennrose, The Cloud Co. LLC, JDA Development and The Housing Authority of the City of Hartford has completed Phases I and II of Village at Park River, a mixed-use project in Hartford. The project is a redevelopment of a former Westbrook Village public housing site. Upon full completion, the development will consist of more than 400 units of mixed-income housing, 100,000 square feet of combined office and retail space, bike paths, a park, gardens and a communal amenity building. The first two phases delivered 135 units, the majority of which are reserved for renters earning 60 percent or less of the area median income.

September 17, 2021

Acquisitions New York Northeast Retail

Atlantic Capital Partners Brokers Sale of 122,876 SF Wegmans Plaza in Niagara, New York

by Taylor Williams September 17, 2021

NIAGARA, N.Y. — Boston-based Atlantic Capital Partners has brokered the sale of Wegmans Plaza, a 122,876-square-foot shopping center in the Upstate New York community of Niagara. Regional grocer Wegmans anchors the property, which was 80 percent leased at the time of sale. Justin Smith, Chris Peterson, Shannon Older, Sam Koonce and Molly Lynch of Atlantic Capital Partners represented both unnamed parties in the transaction.

September 17, 2021

Company News Lument New York Northeast

Lument Launches Affordable Housing Group

by Taylor Williams September 16, 2021

NEW YORK CITY — New York City-based Lument has launched an investment sales and advisory group dedicated to affordable housing. Cliff McDaniel will head the initiative and serve as senior managing director. McDaniel’s team includes managing directors Derek DeHay and Chris Bergmann. They will join Timothy Bracken, also a managing director, who moved to Lument earlier in 2021, as founding members of the group. Lument is a commercial real estate finance company comprised of legacy firms Hunt Real Estate Capital, Lancaster Pollard and RED Capital Group. Lument is an FHA, Fannie Mae, Freddie Mac and proprietary lender. The investment sales and advisory functions of the new group will complement existing financial services. According to McDaniel, the affordable housing team will provide access to thousands of lending, asset management and LIHTC relationships that Lument has established over the years.

September 16, 2021

Acquisitions Connecticut Multifamily Northeast

FPA Multifamily Buys 192-Unit Hillcroft Village Apartments in Danbury, Connecticut

by Taylor Williams September 16, 2021

DANBURY, CONN. — California-based FPA Multifamily has purchased Hillcroft Village, a 192-unit apartment complex in Danbury, about 70 miles north of New York City. The property was built on 10.5 acres in 1971. Units feature an average size of 988 square feet, as well as individual washers and dryers and private balconies/patios. Amenities include a pool, fitness center, playground and a resident clubhouse. Victor Nolletti, Eric Pentore and Wes Klockner of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller, a venture partner of Timberline Real Estate Ventures LLC, in the transaction. The team also procured FPA Multifamily as the buyer.

September 16, 2021

Development Multifamily New Jersey Northeast

JMF Properties Begins Leasing 110-Unit Apartment Complex in Glen Ridge, New Jersey

by Taylor Williams September 16, 2021

GLEN RIDGE, N.J. — JMF Properties has begun leasing Clarus Glen Ridge, a 110-unit apartment complex in Glen Ridge, located in Northern New Jersey’s Essex County. The property offers one- and two-bedroom units and amenities such as a fitness center, theater room, parlor with a wet bar, business center, dog park and storage lockers. Rents start at roughly $2,600 per month for a one-bedroom unit. Construction began in May 2019.

September 16, 2021

Acquisitions Multifamily New Jersey Northeast

Gebroe-Hammer Arranges $21.4M Sale of Jersey City Multifamily Portfolio

by Taylor Williams September 16, 2021

JERSEY CITY, N.J. — New Jersey-based brokerage firm Gebroe-Hammer Associates has arranged the $21.4 million sale of a portfolio of five multifamily properties totaling 134 units in Jersey City. Niko Nicolaou of Gebroe-Hammer represented the seller, Coltown Properties, and procured the buyer, West of Hudson Properties, in the transaction. Brad Domenico of Progress Capital arranged an undisclosed amount of acquisition financing on behalf of the new ownership.

September 16, 2021

Acquisitions Industrial New Jersey Northeast

Sitex Group Acquires 30,000 SF Warehouse in Fairfield, New Jersey

by Taylor Williams September 16, 2021

FAIRFIELD, N.J. — Private equity real estate firm Sitex Group has acquired a 30,000-square-foot warehouse located in the Northern New Jersey community of Fairfield. The seller was an undisclosed private investor. David Zimmel of Zimmel Associates brokered the deal and has been retained as the leasing agent. Sitex Group plans to implement a value-add program and make the property available for occupancy in summer 2022.

September 16, 2021

Loans Multifamily New York Northeast

MetLife Provides $143.1M Loan for Refinancing of Brooklyn Multifamily Property

by Taylor Williams September 15, 2021

NEW YORK CITY — MetLife Investments & Management has provided a $143.1 million loan for the refinancing of 475 Clermont, a 363-unit multifamily property in Brooklyn. The 12-story building includes 33,000 square feet of retail space and 45,000 square feet of parking. Units feature individual washers and dryers, stainless steel appliances and private terraces/balconies. Amenities include a fitness center, business center, children’s play area, landscaped courtyard with artwork and a theater room. Drew Fletcher and Matthew Hirsch of Greystone arranged the debt, which was structured with a 10-year term and a fixed interest rate. The borrower was New York City-based RXR Realty.

September 15, 2021

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