PHILADELPHIA — Locally based multifamily developer Post Brothers is underway on construction of Piazza Terminal, a three-building, 1,144-unit multifamily project in the Northern Liberties neighborhood of Philadelphia. The transit-oriented development, which is slated for completion in December 2022, will also include retail and open green space. Piazza Terminal will offer amenities such as a fitness center and a dog park. BKV Group is the project architect, and Bohler is the civil engineer.
NEW YORK CITY — New York City-based Ready Capital has closed a $78.7 million bridge loan for the acquisition, renovation and stabilization of a portfolio of four multifamily properties totaling 540 units in New York’s Hudson Valley region. Christopher Peck, Scott Aiese, Rob Hinckley, Marko Kazanjian, Alex Staikos, Nicco Lupo and Andrew Cohen of JLL arranged the funds, a portion of which will be used to fund capital improvements to the unit interiors and amenity spaces. The borrower was Aker, Baxter and Pearlmark. The nonrecourse loan was structured with a 36-month term, floating interest rate, two extension options and flexible prepayment options. The financing also includes a facility to provide future funding for capital expenditures and interest shortfalls.
JERSEY CITY, N.J. — New Jersey-based brokerage firm Gebroe-Hammer Associates has arranged the sale of 125 Magnolia at Journal Square, a 94-unit midrise apartment building in Jersey City. Originally built in 1929, the five-story property includes five retail spaces and features studio, one- and two-bedroom units. Niko Nicolaou of Gebroe-Hammer represented the seller, Excelsior Equities, and procured the buyer, Spring Management. Brad Domenico of Progress Capital arranged acquisition financing for the deal.
VICTOR, N.Y. — Dick’s Sporting Goods (NYSE: DKS) has opened a 100,000-square-foot store known as House of Sport at Eastview Mall in Victor, located in western New York. The store features a 17,000-square-foot outdoor turf field and running track, a rock-climbing wall, batting cage, golf driving bays and a health and wellness area for customers dealing with athletic injuries. The Pittsburgh-based retailer plans to open a second House of Sport store in Knoxville, Tenn., later this year.
NEW YORK CITY — Locally based landlord Helmsley Spear LLC has negotiated a 43,542-square-foot office lease with Quest Workspaces at 48 Wall Street in Manhattan’s Financial District. The flexible workspace provider will occupy the entire 10th, 11th and 12th floors. Andrew Simon, James Emden and Randy Sherman represented Helmsley Spear on an internal basis. Laura Kozelouzek represented Quest Workspaces, also on an internal basis.
On Apr. 7, France Media hosted the “Everything You Need to Know About the Single-Family Rental & Build-For-Rent Market” webinar, sponsored by Walker & Dunlop. The single-family rental (SFR) and build-for-rent (BFR) space has generated excitement throughout the commercial real estate world. This webinar brings together five expert panelists to answer the most pressing questions for this asset class: what to know about SFR and BFR verticals, issues and trends within the space, the sudden influx of institutional capital and where things might go from here. Click to hear more. See a list of some topics covered below: SFR and BFR markets definitions/size Factors driving growth (including changing demographic trends, COVID-19), occupancy levels and the most active markets SFR/BFR rental rates and the pipeline of new supply in the asset class Institutional capital/availability of financing/investment market layout for the SFR/BFR space Overview on managing and maintaining SFR/BFR products and portfolios Panelists: David Howard, National Rental Home Council (moderator) Keaton Merrell, Walker & Dunlop Mark Peterson, SVN | SFRhub Advisors Don Walker, John Burns Consulting Jon Ellenzweig, Tricon Residential Webinar sponsor: Walker & Dunlop strives to be the premier commercial real estate finance company in the country by providing financing solutions and investment sales to owners of …
CARTERET, N.J. — Crow Holdings Industrial will develop a 1.2 million-square-foot speculative industrial facility on a 126-acre site in the Northern New Jersey community of Carteret. The development will consist of three buildings ranging in size from 335,000 to 480,000 square feet that will feature 40-foot clear heights, 174 dock doors, 140 trailer parking spaces and six drive-in ramps. Crow Holdings acquired the site from Rahway Arch Properties and plans to begin construction this summer. Cushman & Wakefield has been tapped to lease the project.
TRENTON, N.J. — New York City-based Time Equities Inc. has acquired the Trenton Loft Portfolio, a collection of three multifamily buildings totaling 200 units in Trenton, for $28.8 million. The three buildings are located in the Trenton Transit Center/Chambersburg neighborhood. Michael Oliver, Fran Coyne and Jose Cruz of JLL represented the undisclosed seller in the transaction.
NEW OXFORD, PA. — The Kislak Co., a New Jersey-based brokerage firm, has arranged the $17 million sale of Misty Creek Village, a 110-unit multifamily property in New Oxford, located in the southern-central part of the state. Built in 2016, the property consists of several two-story, vinyl-sided buildings with one-, two- and three-bedroom residences. Homes feature granite countertops, individual washers and dryers and private patios or balconies. Matt Wolf and Robert Holland of Kislak represented the buyer and seller in the deal. Both parties requested anonymity.
CHELMSFORD, MASS. — New Hampshire-based investment firm Brady Sullivan Properties has sold 199 and 201 Riverneck Road, a 185,227-square-foot office complex in Chelmsford, located north of Boston. The sales price was $15 million. The two buildings are situated on a combined 15 acres and formerly served as the headquarters of defense and aerospace contractor Mercury Systems. Boston-based investment firm The Davis Cos. purchased the property for an undisclosed price.
