CAMDEN, N.J. — Colliers Mortgage has provided a $5 million Fannie Mae loan for the refinancing of Lake Shore Club Apartments, an 80-unit apartment complex located in the Southern New Jersey city of Camden. The property was built in 1970 and consists of five two-story buildings. Colliers originated the 10-year loan for borrower DBG Gamma Investments LLC.
SOUTH BRUNSWICK, N.J. — A partnership between St. Louis-based developer Sansone Group and a fund backed by Brookfield Asset Management has acquired 85 acres in Northern New Jersey for the development of a 1.3 million-square-foot speculative industrial facility. The property will be located in between the townships of Monroe and South Brunswick and near the Port of Newark. Construction is scheduled to begin in the first quarter of next year and to take a year to complete.
ELIZABETH AND NEWARK, N.J. — Developers Fidelco Realty Group and Elberon Development Group will build a 140,000-square-foot cold storage facility on the Elizabeth-Newark border in Northern New Jersey. The property will be located at the site of the former Magruder Color dye and pigment manufacturing plant, which was vacated in 2006. The 10.5 million-cubic-foot building will include 18 docks and 30,000 pallet positions. New Jersey-based FreezPak Logistics will operate the facility, which is expected to be complete in fall 2021.
NEW YORK CITY — ACRES Capital Corp. has provided a $16 million construction loan for a 53-unit multifamily project that will be located at 653-655 Mace Ave. in the Allerton area of The Bronx. The seven-story building will be located near multiple public transit lines and will feature 15,000 square feet of amenity space. Abe Mann of Progress Capital arranged the loan on behalf of the borrower, Supreme Equities LLC.
BOSTON — Locally based biotechnology firm Ginkgo Bioworks has signed a 38,759-square-foot life sciences lease at 10 Wilson Road in the Cambridge area of Boston. The new space is located within The Quad, a four-building, 510,000-square-foot campus that is being developed in phases by The Davis Companies. McKenna Teague and Erick Smith of CBRE represented the developer in the lease negotiations. Anne Columbia and Patrick Downey of Columbia Group Realty Advisors Inc. represented the tenant.
LOWELL, MASS. — SVN | Parsons Commercial Group | Boston has brokered the sale of a 33,000-square-foot office building located at 81 Bridge St. in Lowell, which is located north of Boston. The sales price was approximately $2.5 million. According to LoopNet Inc., the two-story building was constructed in 1916. Marci Alvarado and Jake Parsons of SVN represented the seller, Bridge Street Business Center LLC, in the transaction. The duo also procured the buyer, Mill Bridge Residential LLC.
DOVER, DEL. — Greysteel has brokered the sale of Willows at Dover, a 132-unit apartment community in the state capital city. The townhouse-style property was built in 1976 and renovated in 2009. Amenities include a playground, clubhouse and onsite laundry facilities. Henry Mathies and Fletcher Hultman of Greysteel represented the seller, New Jersey-based investment firm The Ingerman Group, in the transaction. The duo also procured the buyer, an affiliate of Los Angeles-based BLDG Partners, which acquired the asset for approximately $19.5 million.
MIDDLETOWN AND SMYRNA, DEL. — Lument has provided an $8 million Freddie Mac loan to the Delaware State Housing Authority (DSHA) for the conversion of three public housing developments into Section 8 affordable housing for seniors. The permanent financing will pay off construction and renovation debt for a portfolio of three properties totaling 106 units. The portfolio being renovated comprises Holly Square in Middletown and McLane Gardens and Peach Circle, both in Smyrna. The renovation project consists of substantial interior and exterior upgrades, as well as improved ADA compliance and accessibility for seniors. Holly Square and Peach Circle will be reserved for seniors age 62 and older, with McLane Gardens having general occupancy.
NEW JERSEY — G.S. Wilcox & Co., a locally based mortgage banking firm, has arranged a $21 million loan for the refinancing of a 236,000-square-foot industrial property in Northern New Jersey. Gretchen Wilcox, Albert Raymond and Wesley Wilcox of G.S. Wilcox arranged the 20-year loan through Mutual of Omaha on behalf of the undisclosed borrower. The property name and location were also not disclosed.
STRATFORD, CONN. — Connecticut Distributors Inc., an importer and wholesaler of alcoholic beverages, has signed a 27,156-square-foot industrial lease at 280 Garfield Ave. in the coastal Connecticut city of Stratford. Bruce Wettenstein of Vidal/Wettenstein represented the landlord in the lease negotiations. Sean Cahill of Avison Young represented the tenant.