NORWICH, CONN. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $4 million loan for the refinancing of a 59-unit apartment building located at 206 Washington St. in Norwich, located in the southeastern part of the state. Robert Damigella of MMCC arranged the 10-year loan, which features a fixed interest rate of 3.99 percent for seven years and a 30-year amortization schedule, on behalf of the undisclosed borrower.
EDISON AND ISELIN, N.J. — New Jersey-based REIT Mack-Cali Corp. (NYSE: CLI) has sold its Metropark office portfolio, which consists of four buildings totaling 945,906 square feet in the Northern New Jersey cities of Edison and Iselin, to New York City-based Opal Holdings for $254 million. The sale of the property, which was approximately 90 percent leased at closing, comes as part of Mack-Cali’s stated objective of divesting of its office holdings. The initiative has already led to the sale of office assets in Parsippany and Woodbridge. The company plans to use the proceeds to pay down its unsecured corporate debt in the second quarter. A Cushman & Wakefield team of Andy Merin, David Bernhaut, Gary Gabriel, Frank DiTommaso, Seth Zuidema, Adam Spies, Kevin Donner, Todd Elfand and Kevin Carton brokered the deal on behalf of Mack-Cali.
PHILADELPHIA — PIDC, in partnership with Ensemble Real Estate Investments and Mosaic Development Partners, will build a 220,000-square-foot life sciences project at the Philadelphia Navy Yard. The two-building project is part of the $400 million Phase I of a $2.5 billion expansion at the 7.5 million-square-foot mixed-use development. The building at 1201 Normandy Place will span 100,000 square feet of lab, office and research and development space. The building at 33 Rouse Blvd. will total 120,000 square feet and will house similar uses, along with manufacturing and warehousing space. Both buildings are slated for completion by the end of 2022. PIDC is the public-private partnership behind and master developer of the Philadelphia Navy Yard.
WOODLAND PARK, N.J. — A partnership between two New Jersey-based firms, Kushner Real Estate Group and The STRO Cos., has acquired land for the development of a 205,000-square-foot industrial building in Woodland Park, located in the northern part of the state. The cross-dock building will feature a clear height of 36 feet and is scheduled for completion early next year. Construction is scheduled to begin soon with the demolition of the existing 220,000-square-foot building, which formerly served as the headquarters of Kearfott Guidance & Navigation. Vertical construction is set to begin over the summer.
ORANGE, CONN. — Locally based firm HK Group has brokered the $16 million sale of a 162,036-square-foot warehouse and distribution building in Orange, located in the southern coastal part of the state. The building was constructed on 15.1 acres in 1992 and was fully leased to Restaurant Depot and British paper goods company Bunzl at the time of sale. A seller based in Westchester County, New York, sold the asset to an undisclosed institutional investor. Matthew Keefe and Franco Fellah of HK Group brokered the deal.
Many in commercial real estate expected a tsunami of COVID-related distressed properties in 2020 and 2021. So far, the wave hasn’t materialized, says Jay Olshonsky, president and CEO of NAI Global. Businesses have been sustained by exogenous factors that may or may not keep them from foreclosure or receivership in the long term. In many cases, lender forbearances or flexible plans have simply extended the window in which distressed properties may eventually revert to receivership. Olshonsky spoke to REBusinessOnline about receivership activity and what the industry expects over the next 12 months. Delays: Lessons from the Global Financial Crisis, Plus Current Factors As court-appointed receivers, NAI’s representatives act as the owner and operator of properties in foreclosure on behalf of the court. A receivership needs to have the capability to lease the property, pay taxes and handle accounting — basically, taking over all aspects of managing a property and keeping it functioning, Olshonsky says. Much of how NAI Global has chosen to approach the current receivership landscape originated in the lessons of the 2007-2008 financial crisis. During the early stages of the pandemic, NAI knew there would be fallout that would force some businesses into foreclosure, servicing, note sales or similar …
PHILADELPHIA — JLL has arranged a $220 million construction loan for a 452,000-square-foot healthcare project that will be located at 1101 Chestnut St. in downtown Philadelphia’s Center City district. Jefferson Health will occupy the 19-story ambulatory clinic, which is expected to be complete in the first quarter of 2024. Chad Orcutt and Jim Galbally of JLL arranged the debt through a syndicate of banks on behalf of the development team, a joint venture between National Real Estate Advisors LLC, Joss Realty Partners, SSH and Young Capital.
MOORESTOWN, N.J. — Acts Retirement-Life Communities has begun a $10 million renovation and expansion project at The Evergreens, a senior living community in Moorestown, a suburb of Philadelphia. The renovations feature new construction and upgrades to existing common areas throughout the property, which is home to approximately 216 residents. The project is scheduled to take approximately two years to complete. The Evergreens’ 32-acre campus includes 200 independent living apartment homes, an onsite healthcare center with 66 assisted living suites and a 34-bed skilled nursing center.
NEW YORK CITY — New York City-based institutional investment firm BentallGreenOak has acquired a portfolio of nine industrial buildings totaling approximately 700,000 square feet in New England. The properties are located in Wilmington and Billerica, Massachusetts, and Londonderry, New Hampshire. Chris Skeffington and Scott Dragos of CBRE represented the seller, Novaya Real Estate Ventures, and also procured BentallGreenOak as the buyer. The portfolio was 94 percent leased at the time of sale.
NEW YORK CITY — Avison Young has negotiated the $13.2 million sale of a multifamily building located at 100 Second Ave. in the East Village neighborhood of Manhattan. The five-story building houses seven apartments that were recently renovated and one commercial space. Brandon Polakoff of Avison Young represented the seller, Highpoint Property Group, in the deal. The buyer was not disclosed.