BROCKTON, MASS. — MassHousing has provided $38.5 million in financing for Pine Commons and Pine Gardens, two affordable housing properties totaling 188 units in Brockton, a southern suburb of Boston. Pine Commons consists of 138 two-bedroom apartments and 30 three-bedroom units across 19 three-story buildings. Pine Gardens comprises 114 two-bedroom apartments and six three-bedroom apartments in 13 three-story buildings. Both properties are part of a larger residential development known as Pine Estates that includes a daycare, pool, basketball court, community room, playground and a computer center. The borrower, Beacon Communities, will use the proceeds to fund capital improvements and preserve the community’s affordability.
HARTFORD, CONN. — Northeast Private Client Group has arranged the $16.5 million sale of two multifamily portfolios totaling seven buildings and 182 units in Hartford. The South End Portfolio comprises four buildings and 131 units, and the West End Portfolio consists of three buildings totaling 51 units. Taylor Perun and Alex Burr of Northeast Private Client Group represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
ISLIP, N.Y. — Chicago-based Venture One will develop a 121,270-square-foot industrial facility in the Long Island community of Islip. The site spans 9.7 acres. Building features will include a clear height of 36 feet, 130-foot truck court depths, 131 car parking spaces and 119 trailer parking stalls. Construction is scheduled to begin in the third quarter and to last about a year. Cushman & Wakefield will be responsible for lease-up of the development.
NEW YORK CITY — Law firm Cullen & Dykman has signed a 28,307-square-foot office lease at One Battery Park Plaza, a 35-story, 870,000-square-foot tower in Lower Manhattan. Ken Rapp, David Hollander and Andrew Sussman of CBRE represented the tenant, which is relocating from 44 Wall Street, in the lease negotiations. Kevin Daly and Tom Keating represented the landlord, The Rudin Family, on an internal basis.
ITHACA, N.Y. — California-based brokerage firm Hanley Investment Group has arranged the $2.4 million sale of a 7,500-square-foot restaurant building in the upstate New York community of Ithaca that is fully leased to Texas Roadhouse. The property was built on 1.4 acres in 2015. Jeff Lefko and Bill Asher of Hanley Investment Group, along with Parasell Inc., represented the California-based buyer in the transaction. Dalton Barnes of Alpha Real Estate Advisors represented the Chicago-based seller.
PHILADELPHIA — Tennessee-based developer Southern Land Co. has broken ground on a 254-unit multifamily project at 1620 Sansom St. in Philadelphia’s Center City District. The development will include 22,000 square feet of flexible commercial space for restaurant or health and wellness users. The 27-story building will offer amenities such as a 12,000-square-foot rooftop deck, fitness center, pool and communal dining and entertainment spaces. Solomon Cordwell Buenz is designing the project, and Hunter Roberts Construction Group is serving as the general contractor. Completion is slated for winter 2023.
HAUPPAGE, N.Y. — Chicago-based Venture One will develop a 123,970-square-foot industrial facility in the Long Island community of Hauppage. The site spans 7.4 acres within Hauppage Innovation Park, which is home to some 1,300 businesses that employ roughly 55,000 people. Building features will include a clear height of 36 feet, 130-foot truck court depths, 131 car parking spaces and 40 trailer parking stalls. Construction is scheduled to begin in the third quarter and to last about a year. Cushman & Wakefield will lease the development.
NEW YORK CITY — Locally based investment firm GAIA Real Estate has purchased a portfolio of three multifamily buildings totaling 56 units on Manhattan’s Lower East Side for $34.7 million. The residential portfolio, which primarily offers two- and three-bedroom units and was fully occupied at the time of sale, includes five retail spaces. Guthrie Garvin, Jack Norton, Rob Knakal and Jon Hageman of JLL represented the seller, SMA Equities, in the transaction.
TARRYTOWN, N.Y. — CBRE has negotiated the $26 million sale-leaseback of a 276,000-square-foot life sciences complex located in Tarrytown, a northern suburb of New York City. Jeffrey Dunne, Steven Bardsley, Travis Langer, Alyssa Fricke, David Opper and Jeff Babikian of CBRE represented the seller, BASF Corp., which will lease back a portion of the space at the two-building complex. CBRE also procured the buyer, an affiliate of Northpath Investments. The property was 52 percent leased at the time of sale, inclusive of BASF’s occupancy and a separate lease with Northwell Health System. Michael Klein and Max Custer of JLL arranged acquisition financing through Prime Finance for the deal.
HOBOKEN, N.J. — JLL has arranged a $25 million loan for the refinancing of a 95,688-square-foot shopping center located at 900 Madison St. in the Northern New Jersey community of Hoboken. Grocer ShopRite anchors the center, which was fully leased at the time of the loan closing. Thomas Didio and Thomas Didio Jr. of JLL arranged the loan through an affiliate of Minnesota Life Insurance Co. on behalf of the borrower, an entity doing business as Northwest Redevelopment Supermarkets LLC. The loan carried a 10-year term and a fixed interest rate.