READING, PA. — NAI Emory Hill, in partnership with NS Development Partners, has purchased a 105,000-square-foot industrial building in Reading, located northwest of Philadelphia. The site at 3030 Kutztown Road spans 8.3 acres, and the facility can support both manufacturing and warehousing uses. Building features include a clear height of 24 feet, seven loading docks, 140 parking spaces and 25,000 square feet of office space. The building was 80 percent leased at the time of sale, with industrial communications systems provider GAI-Tronics serving as the anchor tenant.
NEW YORK CITY — Locally based brokerage firm TerraCRG has negotiated the $12.4 million sale of a portfolio of four multifamily buildings totaling 17 units in the Red Hook area of Brooklyn. The buildings are located within six blocks of each other along Van Buren Street and include two retail spaces. Daniel Lebor and Matthew Cosentino of TeerraCRG represented the seller, REDHOEK+, in the transaction. Blue Sky Diner Inc. was the buyer. The sales price translates to a cap rate of approximately 6 percent.
EDGEWATER, N.J. — S3 Capital has provided a $255 million construction loan to finance the first phase of a $1 billion mixed-use development located on the Hudson River in the Northern New Jersey city of Edgewater. Galaxy Capital arranged the financing on behalf of the borrower and developer, New York City-based The Maxal Group. The initial phase of the project, dubbed 615 River Road, will be the first building in the planned development, which will ultimately comprise 1,200 residential units and more than 1,000 parking spaces, along with a 2.5-acre public waterfront park to link up with the 18.5-mile Hudson River Waterfront Walkway. A timeline for construction has not been announced. “We are thrilled to partner with The Maxal Group as they develop a transformative project that will bring much-needed state-of-the art housing and transit access to the Edgewater waterfront,” says Shawn Safdie of S3 Capital. “This transaction reflects our commitment to supporting best-in-class developers delivering new product to undersupplied markets.” 615 River Road will include a 25-story luxury apartment building featuring 381 units, ground-floor retail space and parking for roughly 500 vehicles. The property will also include a new public ferry terminal that will provide direct service to Manhattan’s west side. …
NEW YORK CITY — A partnership between LMXD, an affiliate of New York City-based L&M Development Partners, as well as MSquared and Taconic Partners, has begun leasing Miramar, a $416 million apartment complex located at 405-407 W. 206th St. in the Inwood area of Upper Manhattan. The development offers 698 units in studio, one- and two-bedroom floor plans, with private balconies and terraces available in select residences. About half the units are subject to income restrictions, with 40 percent (281 units) reserved as affordable housing for renters earning between 40 and 80 percent of the area median income (AMI), and another 10 percent set aside as workforce housing for households earning up to 120 percent of AMI. Indoor amenities include a fitness center with a yoga studio, coworking lounge with conference space, gaming and media lounges, two private party rooms with wet bars, a multi-sport simulator and a music studio. Outside, residents have access to terraces on both the rooftop and 11th floor that have grilling stations and private dining areas, as well as two landscaped courtyards and an indoor meditation garden on the ground floor. Of the 698 units, 417 are available for immediate occupancy, with market-rate rents starting at …
NEW YORK CITY — Greystone has arranged a $285.7 million bridge loan for the refinancing of a portfolio of four apartment buildings totaling 1,018 units in Northern New Jersey. The portfolio comprises the 106-unit Meridia Village Commons in South Orange, the 212-unit Meridia Pompton Lakes, the 402-unit Meridia Linden and the 294-unit Meridia Little Ferry. Other than Meridia Village Commons, each property bears the name of the community in which it’s located. The properties, which collectively house about 30,000 square feet of retail space, were all built between 2022 and 2025. PGIM provided the loan to the borrower, New Jersey-based owner-operator Caopdagli Property Co., which also recoups some additional capital under the structure of the deal.
ATLANTIC CITY, N.J. — The New Jersey Economic Development Authority (NJEDA) has approved approximately $53.3 million in tax credit equity for Garden Court Apartments in Atlantic City. A developer doing business as Garden Court AC LLC will renovate the property at 1425 McKinley Ave. to preserve the affordability status of 177 units that are housed within 20 two- and three-story buildings. The NJEDA awarded the tax credit allocation, which represents about 85 percent of the total project cost, through its Aspire program, which provides gap financing for mixed-use, transit-oriented residential developments. Gateway Community Action Partnerships is a co-applicant on the project.
PITTSBURGH — A joint venture led by Washington, D.C.-based Carderock has acquired Caste Village, a 221,284-square-foot shopping center in the South Hills area of Pittsburgh. Grocer Giant Eagle anchors the center, which is also home to tenants such as Banfield Pet Hospital, St. Clair Health, Fitness 19 and Princess Lanes Bowling Center. The new ownership plans to upgrade the center via a revitalized gathering area, improved façade and systems and a re-tenanted former Shell gas station and recently vacated Rite Aid store. Adam Bieber of BWE arranged financing for the acquisition. The seller and sales price were not disclosed.
BENSALEM, PA. — Colliers has brokered the sale of a 106,045-square-foot industrial property in Bensalem, a northeastern suburb of Philadelphia. The site at 1211 Ford Road spans 7.9 acres, and the facility can support both manufacturing and distribution uses. Building features include a clear height of 18 feet, 6,000 square feet of office space, 17 tailgate loading docks and five drive-in doors. Richard Gorodesky, Andy McGhee and Adam Gorodesky of Colliers represented the seller, Faropoint, in the transaction. The buyer was UniCup International. The sales price was not disclosed.
JERSEY CITY, N.J. — The New Jersey Economic Development Authority (NJEDA) has approved approximately $90 million in tax credit equity for a 360-unit multifamily project in Jersey City. A developer doing business as 701 Newark Ave LLC will develop a 34-story building in the Journal Square neighborhood with affordable housing units and roughly 3,000 square feet of ground-floor retail space, as well as a public promenade. The NJEDA awarded the tax credit allocation, which represents about 60 percent of the total project cost, through its Aspire program, which provides gap financing for mixed-use, transit-oriented residential developments.
NEW YORK CITY — S3 Capital, the lending arm of New York City-based investment firm Spruce Capital Partners, has provided $80 million in financing for the development of a 131-unit multifamily project that will be located in Midtown Manhattan’s Turtle Bay area. The borrower is local developer David Halberstam. The doorman- and elevator-served building at 303 E. 44th St. will offer studio, one- and two-bedroom units and amenities such as a fitness center, rock climbing wall, rooftop pool, coworking lounge and a clubhouse. A portion of the residences will be earmarked as affordable housing. Sitework is underway, and completion is slated for the third quarter of 2027.