GUTTENBERG, N.J. — A joint venture between Black Bear Asset Management, Bettina Equities Management and Echevarria Industries is underway on construction of a 50-unit multifamily project in Guttenberg, located across the Hudson River from Manhattan. The site is located at 416 69th St., and the building will rise seven stories and offer amenities such as a rooftop terrace, solarium lounge, fitness center, indoor garage parking with electric vehicle charging stations and a community center with grills and entertainment space. Completion is slated for 2028.
COHASSET, MASS. — Cushman & Wakefield has arranged a loan of an undisclosed amount for the refinancing of a 35,000-square-foot outpatient medical office building in Cohasset, a southeastern suburb of Boston. The three-story building is known as Cohasset Family Health Center. Tyler Morss of Cushman & Wakefield arranged the loan through an undisclosed bank on behalf of the owner, regional owner-operator Thomas Park Investments.
WELLESLEY, MASS. — Regional owner-operator Grander Capital Partners has completed the redevelopment of a 26,351-square-foot office building in Wellesley, a western suburb of Boston. Grander repositioned the vacant building at 70 Hastings St. to support healthcare uses, introduced new building systems, renovated the lobby and communal areas and upgraded the property’s landscaping. Grander also tapped regional brokerage firm Hunneman to lease the property, which is now 94 percent occupied.
FRANKLIN TOWNSHIP, N.J. — Woodmont Industrial Partners, which is a joint venture between New Jersey-based Woodmont Properties and Romark Logistics, has begun an office-to-industrial conversion project in Franklin Township, about 40 miles south of New York City. Woodmont plans to convert the 30.6-acre site at 400 Atrium Drive, which according to LoopNet Inc. currently houses a 395,000-square-foot office building, into a two-building, 370,000-square-foot industrial complex. Building 1 will be approximately 255,000 square feet and will offer a clear height of 40 feet, 44 loading docks and two drive-in doors. The second, 115,000-square-foot building will feature a clear height of 36 feet, 34 loading docks and two drive-in doors. Woodmont has partnered with an undisclosed life insurance company on the redevelopment and secured construction debt from New York Life that was arranged by John Alascio and Chuck Kohaut of Cushman & Wakefield.
MANCHESTER, CONN. — JLL has brokered the $12 million sale of a 190,646-square-foot distribution center in Manchester, an eastern suburb of Hartford. The site at 100 Sanrico Drive spans 10 acres within Manchester Industrial Park, and the property, which was fully leased at the time of sale, features a clear height of 45 feet and 24 loading positions. Michael Restivo, David Coffman and Ali Howard of JLL represented the seller, regional investment firm SkyREM, in the transaction. Sentry Commercial and Silver Edge Real Estate represented the buyer, B&D Holdings. Max Custer, Amy Lousararian, Thomas Didio Jr. and Christian Badalamenti, also with JLL, arranged a five-year, fixed-rate acquisition loan for the deal through life insurance company Ameritas.
LAKEWOOD, N.J. — Hotels Unlimited, an affiliate of New Jersey-based developer TFE Properties, has completed the $5 million renovation of the 110-room Hilton Garden Inn hotel in Lakewood, located in Ocean County. The renovation delivered an overhaul of all guestrooms and suites, as well as the lobby and amenity spaces, which include meeting rooms, an indoor pool, fitness center and an onsite restaurant. In addition, the project team applied fresh paint to the building’s exterior. A grand re-opening ceremony will take place on Tuesday, May 13.
WEST NEW YORK, N.J. — A joint venture between Black Bear Asset Management, Bettina Equities Management and Echevarria Industries is underway on construction of an 80-unit multifamily project in West New York, located across the Hudson River from Manhattan. The site is located at 6205–19 Madison St., and the building will rise six stories and offer amenities such as a rooftop terrace, solarium lounge, fitness center, indoor garage parking with electric vehicle charging stations and a community center with grills and entertainment space. Completion is slated for some time next year.
PARSIPPANY, N.J. — B&G Foods has signed a 46,000-square-foot office headquarters lease in the Northern New Jersey. The food supplier is consolidating and relocating its operation from the nearby building at 4 Gatehall Drive to the entire second and partial third floors of 8 Sylvan Way, a 166,039-square-foot building that also supports life sciences uses. Tim Greiner and David Stifelman of JLL represented the landlord, Orion Properties, in the lease negotiations. Josh Cohen and Ben Brenner of Cushman & Wakefield represented the tenant.
CHICOPEE, MASS. — MassHousing has provided $37.3 million in financing for Singing Bridge Residences, a 105-unit affordable housing project in Chicopee, located near the Massachusetts-New York border. The borrower, a joint venture between Sydney Capital Group LLC and Brisa Builders Development, will develop the complex on a four-acre, riverfront site at 400 Main St. that was previously owned by the city. Other portions of the site will be developed separately to feature a sports complex, brewery and an office building. The unit mix will consist of 16 studios, 21 one-bedroom apartments, 57 two-bedroom residences and 11 three-bedroom apartments and will feature a range of income restrictions. Paul A. Castrucci Architects is designing Singing Bridge Residences, and Western Builders is serving as the general contractor. Completion is slated for summer 2027.
TEMPLETON, MASS. — A partnership between metro Boston-based MPZ Development and Capstone Communities will undertake a $36 million multifamily adaptive reuse project in Templeton, about 65 miles northwest of Boston. Designed by ICON Architecture, the project will convert the historic Baldwinville Elementary School, which was originally built in 1923, into a 54-unit apartment complex that will be known as Baldwinville School Apartments. Residences will come in studio, one-, two- and three-bedroom floor plans, and the majority (49) of the units will be reserved for households earning between 30 and 60 percent of the area median income. Amenities will include a children’s playground, fitness center, electric vehicle charging stations, onsite laundry facilities and a community walking trail and green space. Rockland Trust provided $21.5 million in construction financing for the project. A groundbreaking ceremony will take place in May.