NEW YORK CITY — J.P. Morgan has provided a $99.8 million acquisition loan for a portfolio of 11 multifamily properties totaling 361 units in Manhattan. The properties total 208,917 square feet. Gideon Gil, Lauren Kaufman, Zachary Kraft and Sebastian Sanchez of Cushman & Wakefield arranged the financing on behalf of the borrower, HUBB NYC Properties. Adam Spies, Doug Harmon and Adam Doneger, also of Cushman & Wakefield, brokered the sale of the portfolio. The seller was not disclosed.
REVERE, MASS. — A partnership between Houston-based Hines, Connecticut-based investment firm Belfonti Cos. and Bridge Investment Group has broken ground on Revio Revere Beach, a 209-unit multifamily project located just east of Boston. The project will feature ground-floor retail space and 20,000 square feet of amenities, including a pool, courtyard and roof deck all overlooking the Atlantic Ocean. Santander Bank is financing the construction of the project, which is scheduled to be fully complete by the second quarter of 2024.
NEW YORK CITY — JLL has negotiated the $15.5 million sale of a 27-unit multifamily building at 2647-2649 Broadway on Manhattan’s Upper West Side. The seven-story building includes two retail spaces totaling 4,250 square feet. Hall Oster, Teddy Galligan and Braedon Gait of JLL represented the seller, an undisclosed private investor that owned the property for 35 years, in the transaction. The buyer was New York-based investment management firm Aulder Capital.
NEW YORK CITY — Red Bull has signed a 17,585-square-foot office lease at 5 Little West 12th St. in Manhattan’s Meatpacking District for its new East Coast headquarters. The energy drink provider plans to relocate from 218 West 18th Street to the 82,000-square-foot building in the third quarter. David Falk, Daniel Levine and Jason Greenstein of Newmark represented the landlord, British investment firm EPIC, in the lease negotiations. Cushman & Wakefield’s David Mainthow represented Red Bull.
MORRISTOWN, N.J. — Berkadia’s New Jersey office has expanded its investment sales team with the addition of six professionals. Nat Gambuzza, Spencer Beriont, Trevor Fiebel, Tim Blashford, Brian Antognini and Mike O’Reilly all join Berkadia from CBRE. The team will specialize in handling portfolio sales, distressed property deals, note sales and 1031 tax exchange transactions for private investors, partnerships, lenders and institutions of varying net worth.
By Becky Bedwell, vice president of development, Cottonwood Group As one of Boston’s fastest-growing and most dynamic areas, the Seaport District has gotten a lot of attention as it has undergone a multitude of transformations over the past 150 years. The area has evolved from a bustling railyard and shipping area in the early 20th century to a no-man’s land of parking lots in the 1990s to its most recent iteration: The Innovation District. While the spotlight is only growing brighter as several high-profile residential and mixed-use projects come on line in this distinctive and in-demand neighborhood, the headlines tell only part of the story. The Seaport District’s seemingly sudden emergence is the result of more than a decade of development and over $22 billion in public funding — efforts that have helped draw hundreds of new businesses and support a growing list of noteworthy developments. The challenges faced and opportunities realized by developers in this part of town reveal some important truths about what it takes to create great civic spaces and successful multifamily developments — not just in this city and this area, but in urban communities around the country. What follows are some best practices, consideration and …
BOSTON — On behalf of Boston Global Investors, JLL has arranged $542.5 million in financing for 10 World Trade, a 555,250-square-foot speculative life sciences project in Boston’s Seaport District. The financing package consists of a $382.5 million construction loan from an undisclosed life insurance company and $160 million in joint venture equity contributions from PGIM Real Estate and Wheelock Street Capital. Designed by Sasaki, the 17-story building will house office and life sciences users on floors three through 17, while the ground floor will feature a two-story public atrium with a 45-foot domed ceiling, a food hall and a garden lounge. Sitework began recently, and completion of the project is slated for late 2024. Anthony Cutone and Andrew Gray of JLL structured the financing on behalf of the borrower. JLL has also been retained to lease the building.
BILLERICA, MASS. — Design-build firm PROCON has broken ground on the redevelopment of Billerica Mall on the northern outskirts of Boston. The main piece is the demolition of an 84,000-square-foot structure that was vacated by Kmart several years ago and the new construction of a 43,000-square-foot grocery store at that site. In addition, the development team, which is led by an entity doing business as F.B. Billerica Realty Investors LLC, will deliver 18,000 square feet of new restaurant space and upgrade the property’s signage, landscaping and utility systems. Lastly, the project team will develop a 200-unit apartment community on the Tower Farm Road section of the site that will include 20 affordable housing units and Class A amenities. Upon completion, a tentative date of which was not disclosed, the project will be branded The Shoppes and Residences at Billerica.
FAIR LAWN, N.J. — Regional healthcare provider Summit Health has signed a 70,594-square-foot lease at 17-17 Route 208, an office and healthcare building located in the Northern New Jersey community of Fair Lawn. Marc Rosenberg of Cushman & Wakefield represented the tenant in the lease negotiations. Sam Horowitz and Michael Tesser of Colliers represented the landlord, Keystone Development + Investment, which acquired the building in 2014 from Mack-Cali. The building is now fully leased.
HOBOKEN, N.J. — Locally based brokerage firm Katz & Associates has arranged the $13 million sale of the 20,000-square-foot former Bow Tie Cinemas building in Hoboken, located across the Hudson River from Manhattan. Jonathan Greenberg of Katz & Associates represented the seller, Hoboken Theaters LLC, in the transaction. Jon Compitello and Dan Spero of JLL represented the buyer, Hoboken Grace Community Church, which will use the buildings as its new headquarters and community center.
