BEDFORD, N.H. — New York City-based Dwight Capital has provided a $27 million loan for the refinancing of Bedford Hills Apartments, a 144-unit community located near Manchester in the southern part of the Granite State. Built in 2016, the property comprises four residential buildings and a clubhouse/leasing office on a 13-acre site. Other amenities include a pool and a courtyard with a grilling area. Josh Sasouness of Dwight Capital originated the loan. The borrower was not disclosed.
JERSEY CITY, N.J. — Developer KRE Group has begun leasing 351 Marin, a 38-story, 507-unit apartment community in downtown Jersey City. KRE Group developed the property, which was designed by Hollwich Kushner and HLW Architects, in partnership with Northwestern Mutual. Units come in studio, one- and two-bedroom formats, and amenities include a pool, 24-hour fitness center with yoga and spin studios, outdoor grilling stations, entertainment kitchen, movie and screening room, game room and a children’s play area. Rents start at $2,650 per month for a studio apartment. Move-ins are scheduled to begin in December.
MARLBOROUGH, MASS. — Dallas-based Lincoln Property Co. has received approval from the City of Marlborough, located west of Boston, for the development of a 120,600-square-foot industrial project that will be situated on a 12.3-acre site. Building features will include a clear height of 32 feet and 10 loading docks. Construction is scheduled to begin in the first quarter of next year, and the development team expects the space to be available for occupancy by the end of 2022.
POTTSVILLE, PA. — Namdar Realty Group has sold Cressona Mall, a 283,553-square-foot shopping center in Pottsville, about 100 miles northwest of Philadelphia. The center was 90 percent leased at the time of sale to tenants such as Giant Food, Planet Fitness, Ollie’s, Staples and Dollar General. The buyer and sales price were not disclosed. Jonathan Abda and Andrew Ebrani of Namdar represented the firm on an internal basis in the transaction. Cale Powers of Trinity RE Investment Services brokered the deal.
BOSTON — A partnership between True North Management Group and Boston-based Celera Properties has purchased a two-building office complex in the northern Boston suburb of Andover with plans to convert the property into a life sciences facility. The complex spans 233,726 square feet. Greg LaBine and Martha Nay of JLL arranged a $35.3 million floating-rate loan through OceanFirst Bank on behalf of the partnership. Proceeds will be used to acquire and reposition the complex.
SYOSSET, N.Y. — Simi Capital Group, an investment firm with offices in New York City and Miami, and Cerberus Capital Management have acquired an industrial building located in the Long Island community of Syosset for $15 million. The building sits on a six-acre site. The seller was not disclosed. The new ownership plans to utilize the property as an outdoor storage facility.
DALLAS AND DENVER — In two separate transactions exceeding $25 billion in value, data center REITs CyrusOne Inc. (NASDAQ: CONE) and CoreSite Realty Corp. (NYSE: COR) have agreed to be acquired. KKR and Global Infrastructure Partners (GIP) are teaming up to acquire all outstanding shares of common stock for CyrusOne at $90.50 per share for a deal value of approximately $15 billion, including the assumption of debt. In the other mega transaction, telecommunications firm American Tower Corp. (NYSE: AMT) has agreed to acquire Denver-based CoreSite for $170 per share in cash. The total consideration for the transaction is approximately $10.1 billion, including the assumption and/or repayment of CoreSite’s existing debt at closing. The purchase price for CyrusOne, a Dallas-based company that owns and operates 50 data centers worldwide, reflects an approximately 25 percent premium over CyrusOne’s stock price on Sept. 27, which was the last day of trading before market speculation of a potential sale was published. KKR and GIP plan to grow CyrusOne’s global footprint of data centers following the closing of the acquisition. The company’s provides IT infrastructure for more than 1,000 clients, including 200 Fortune 1000 companies, according to CyrusOne. The transaction, which CyrusOne’s board of directors …
BOXBOROUGH, MASS. — Massachusetts-based development and investment firm Campanelli has acquired the 409,000-square-foot former CISCO campus in Boxborough, about 30 miles west of Boston. The property was built in 2002 as the California-based technology and cybersecurity firm’s Massachusetts headquarters. Campanelli acquired the campus, which spans 110 acres, in partnership with TriGate Capital. Campanelli is working on a master plan to add up to 1 million square feet of commercial space that could include research and development, lab or office space and will rebrand the property as The Park at Beaver Brook. Newmark has been tapped to lead leasing efforts.
NEWARK, N.J. — Fairstead, an investment firm with three offices along the East Coast, and Maine-based LIHC Investment Group have purchased the 691-unit Essex Plaza seniors affordable housing portfolio in Newark. The portfolio consists of 13 buildings. The partnership plans to invest in capital improvements, including the enhancement of the portfolio’s proptech features, sustainability and community programming. Information about income restrictions for the portfolio was not released. Dane Global represented the buyer and seller in the transaction.
NEW YORK CITY — The Yucaipa Cos., a Los Angeles-based private equity firm, has acquired the American Stock Exchange Building, a commercial property located at 123 Greenwich St. in Manhattan. The 14-story building was originally constructed in 1921; the namesake tenant vacated the premises after merging with the New York Stock Exchange in 2008. Today, the building plays host to conferences, trade shows, fashion shows, art exhibitions and private parties. National direct lender iBorrow provided $97.1 million in acquisition financing to Yucaipa, which plans to reposition the building as a private membership club operated by Membership Collective Group, the parent company of Soho House.