Northeast

CHA Partners Breaks Ground on 210-Unit Royal at Bloomfield Station Apartments in New Jersey

by Taylor Williams October 21, 2021

BLOOMFIELD, N.J. — Locally based developer CHA Partners has broken ground on The Royal at Bloomfield Station, a 210-unit multifamily project in Northern New Jersey. The development will also include 14 townhome units for purchase, as well as 7,000 square feet of retail/restaurant space and a 304-space parking garage. The amenity package will consist of a fitness center, business center, rooftop entertainment area, several multi-purpose event rooms and lounges, pet spa and an automated package handling system. The first units are expected to be available for occupancy in mid-2023.

October 21, 2021

Stow Road Corporate-Park-Marlton-New-Jersey

Acquisitions Industrial NAI New Jersey Northeast

NAI Mertz Arranges Sale of 160,000 SF Stow Road Corporate Park in Marlton, New Jersey

by Taylor Williams October 21, 2021

MARLTON, N.J. — NAI Mertz has arranged the sale of Stow Road Corporate Park, a 160,000-square-foot industrial flex development in the Southern New Jersey community of Marlton. The five-building complex is located off State Highway 73, within a few miles of the New Jersey Turnpike. The buyer, a subsidiary of Philadelphia-based Velocity Venture Partners, plans to rebrand the property as Velocity Business Park and add about 20 loading positions and drive-in doors to enhance the functionality of each unit. The seller and sales price were not disclosed. Jonathan Klear and Fred Meyer of NAI Mertz brokered the deal.

October 21, 2021

Affordable Housing Loans Multifamily New Jersey Northeast Seniors Housing

Berkadia Provides $26M Refinancing for Affordable Seniors Housing Property in Northern New Jersey

by Taylor Williams October 21, 2021

UNION CITY, N.J. — Berkadia has provided a $26 million permanent loan for the refinancing of an affordable seniors housing property in the Northern New Jersey community of Union City. Bella Vista Senior Apartments consists of 231 Section 8 housing units in a 24-story building. Laura Smith of Berkadia originated the 35-year loan through HUD’s 223(f) program on behalf of the borrower, Orlando Partners LLC.

October 21, 2021

Acquisitions Company News Loans Multifamily New York Top Stories

Cushman & Wakefield to Acquire 40 Percent Stake in Greystone’s Agency, HUD Business for $500M

by Julia Sanders October 20, 2021

NEW YORK CITY — Cushman & Wakefield (NYSE: CWK) and Greystone have announced a strategic joint venture to deliver advisory services and capital solutions to existing, joint and new clients of both firms nationwide. Under the terms of the agreement, Cushman & Wakefield will make a strategic investment of $500 million to acquire a 40 percent stake in Greystone’s agency, HUD and servicing businesses. Greystone intends to use the capital to create new product offerings. The joint venture transaction is slated to close in the fourth quarter of 2021, subject to customary closing conditions. Greystone is a multifamily lender focused on bridge, Fannie Mae DUS, Freddie Mac Optigo and HUD loans. The joint venture will allow Cushman & Wakefield to access a broader range of debt products for property acquisition, refinancing, rehabilitation and new construction. “We’re excited to offer a new integrated capability to our investor clients with more direct access to Greystone’s balance sheet and capital solutions, including debt financing with Fannie Mae, Freddie Mac and HUD,” says Andrew McDonald, Cushman & Wakefield’s chief executive, Americas. This investment expands Cushman & Wakefield’s presence in the multifamily sector. In early 2020, the firm acquired Pinnacle Property Management Services LLC, the …

October 20, 2021

Acquisitions Industrial Northeast Pennsylvania

Phoenix Investors Buys 600,000 SF Industrial Property Near Pittsburgh

by Taylor Williams October 20, 2021

MCKEESPORT, PA. — Phoenix Investors, a Milwaukee-based investment firm, has purchased a 600,000-square-foot industrial property in McKeesport, located southeast of Pittsburgh in Allegheny County. The property, which was built in 1963 and subsequently renovated in 2005 and 2018, is located on a 36-acre site approximately 35 miles southeast of Pittsburgh International Airport with proximity to Interstates 70 and 76. Ned Shekels of Pennsylvania Commercial Real Estate Inc. brokered the deal, the seller in which was not disclosed. Phoenix Investors expects to immediately commence upgrades to the facility to accommodate new tenant occupancy and market the available space for lease.

October 20, 2021

Acquisitions Industrial New Jersey Northeast

Avison Young Brokers Sale of 187,013 SF Paper Mart Industrial Facility in East Hanover, New Jersey

by Taylor Williams October 20, 2021

EAST HANOVER, N.J. — Avison Young has brokered the sale of Paper Mart’s warehouse and distribution center in East Hanover, located in Morris County. The facility, which sits on a 9.2-acre site, has served as the paper and office products supplier’s headquarters since 1978. Matthew Turse, Timothy Cadigan and Grant Otto of Avison Young represented Paper Mart in the transaction. Tom Consiglio and Scott Peck of Resource Realty represented the buyer, Urban Edge Properties, a New York-based REIT that was spun off from Vornado Realty Trust in 2015.

October 20, 2021

Acquisitions Connecticut Northeast Retail

JLL Negotiates $20.2M Sale of Retail Center Wallingford, Connecticut

by Taylor Williams October 20, 2021

WALLINGFORD, CONN. — JLL has negotiated the $20.2 million sale of a 160,000-square-foot retail center in the New Haven suburb of Wallingford that is anchored by North Carolina-based Lowe’s Home Improvement. Nat Heald and Chris Angelone of JLL represented the seller, Davenport Cos., in the transaction. The buyer was not disclosed. The property was fully leased at the time of sale.

October 20, 2021

Affordable Housing Development Massachusetts Multifamily Northeast Seniors Housing

Nuestra Comunidad, POAH Break Ground on 50-Unit Affordable Seniors Housing Community in Boston

by Taylor Williams October 20, 2021

BOSTON — Nuestra Comunidad and Preservation of Affordable Housing (POAH) have broken ground on The Kenzi at Bartlett Station, a 50-unit affordable seniors housing community in Boston. The $27 million project is part of a five-phase redevelopment at a vacant bus yard, which Nuestra Comunidad and Windale Developers now own, located in Nubian Square within the Roxbury neighborhood. The Kenzi will feature 41 one-bedroom units, and three two-bedroom apartments in a 57,576-square-foot building. The housing includes 44 units restricted to Bostonians over the age of 55 who earn at or below 80 percent of the area median income, or $69,000 for a two-person household. The development also includes five units of housing for formerly homeless Bostonians. The project is supported by $15 million in state and federal housing tax credit investments, $4 million from the Massachusetts Department of Housing and Community Development, $1.8 million in Community Preservation Act funding, $750,000 from the Neighborhood Housing Trust, a $700,000 investment by POAH and $500,000 from the Boston Medical Center.

October 20, 2021

Affordable Housing Development Multifamily Northeast Pennsylvania Seniors Housing

Tryko Partners to Develop 46-Unit Affordable Housing Project in Pittsburgh

by Taylor Williams October 20, 2021

PITTSBURGH — New Jersey-based Tryko Partners will develop Cedarwood Homes, an age-restricted affordable housing project that will be located at the site of the former Fairywood School in Pittsburgh. The majority (39) of the units will be reserved for renters earning 60 percent or less of the area median income. The Pennsylvania Housing Finance Agency has awarded a 9 percent Low-Income Housing Tax Credit to fund the project. Completion is slated for late 2023.

October 20, 2021

Acquisitions Industrial Northeast Pennsylvania

ASB Real Estate, Endurance Acquire Industrial Facility in York, Pennsylvania for $91M

by Taylor Williams October 19, 2021

YORK, PA. — A joint venture between ASB Real Estate Investments and Endurance Real Estate Group has acquired York Business Center, a 1.5 million-square-foot industrial facility located in the central part of the state, for approximately $91 million. The three-building property, which was 94 percent leased at the time of sale, sits on a 119-acre site near the intersection of Interstate 83 and State Route 30. Tenants include Harley-Davidson, which operates a preassembly facility that supports the nearby manufacturing plant, as well as printing company LSC Communications and nonprofit healthcare provider WellSpan. Building features include clear heights of up to 32 feet and parking for roughly 1,600 cars and 400 trailers. The seller was not disclosed.

October 19, 2021

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