Northeast

Hudson Square Properties Breaks Ground on 270,000 SF Spec Office Project in Manhattan

by Taylor Williams July 23, 2021

NEW YORK CITY — Hudson Square Properties, a joint venture between Trinity Church Wall Street, Norges Bank Investment Management and Hines, has broken ground on 555 Greenwich, a 270,000-square-foot speculative office project in Manhattan’s Hudson Square neighborhood. COOKFOX Architects is designing the 16-story building, and AECOM Tishman is the general contractor. CBRE is the leasing agent. Completion of the project, which according to the development team is the first spec office building to be developed in New York City in the wake of the pandemic, is slated for the fourth quarter of 2022.

July 23, 2021

Acquisitions Industrial New Jersey Northeast

Wharton Industrial Acquires 153,400 SF Portfolio in Pennsauken, New Jersey

by Taylor Williams July 23, 2021

PENNSAUKEN, N.J. — Wharton Industrial, a division of New York City-based development and investment firm Wharton Equity Partners, has acquired a 153,400-square-foot portfolio in the Southern New Jersey community of Pennsauken. The portfolio consists of three buildings that are located within the 1.1 million-square-foot Twinbridge Industrial Park and that were 100 percent leased at the time of sale. Tom Palumbo and Bill Sitar of Sitar Realty brokered the deal.

July 23, 2021

Loans Multifamily New York Northeast

Black Bear Capital Arranges $22.6M Agency Loan for Refinancing of Bronx Multifamily Assets

by Taylor Williams July 23, 2021

NEW YORK CITY — Black Bear Capital Partners (BBCP) has arranged a $22.6 million Fannie Mae loan for the refinancing of two multifamily assets totaling 140 units in The Bronx. Bryan Manz, Emil DePasquale and George Pektor of BBCP arranged the financing, which featured a fixed interest rate of 3.37 percent for 12 years with five years of interest-only payments and a 30-year amortization schedule, through PGIM Real Estate. The borrower was Finkelstein Timberger East Real Estate.

July 23, 2021

Industrial Loans New Jersey Northeast

Denholtz Properties Refinances 90,000 SF Industrial Facility in Fairfield, New Jersey

by Taylor Williams July 23, 2021

FAIRFIELD, N.J. — New Jersey-based investment firm Denholtz Properties has received a loan of an undisclosed amount for the refinancing of a 90,000-square-foot industrial facility in the Northern New Jersey community of Fairfield. The two-building property was built on six acres in 1970 and features a clear height of 19 feet and 20,700 square feet of office space. Jon Mikula, Michael Klein and Gerard Quinn of JLL placed the 10-year, fixed-rate loan through Principal Real Estate Investors on behalf of Denholtz Properties.

July 23, 2021

Acquisitions Massachusetts Northeast Retail

Horvath & Tremblay Negotiates $11M Sale of Metro Boston Retail Property Leased to Walgreens

by Taylor Williams July 23, 2021

WOBURN, MASS. — Horvath & Tremblay, a national brokerage firm based in metro Boston, has negotiated the $11 million sale of a 10,646-square-foot, newly built retail property in the northern Boston suburb of Woburn. Walgreens occupies the property and has 14 years remaining on its lease. Peter Butler and Brendan Conway of Horvath & Tremblay represented the seller and procured the buyer, both of which requested anonymity, in the transaction. The deal traded at a cap rate of 5.37 percent.

July 23, 2021

Development New Jersey Northeast Office

Columbia Completes Phase I of Redevelopment of 680,000 SF Office Building in Jersey City

by Taylor Williams July 22, 2021

JERSEY CITY, N.J. — Columbia Property Trust (NYSE: CXP) has completed Phase I of the redevelopment of 95 Columbus, a 680,000-square-foot office building in the Grove Street neighborhood of Jersey City. Global architecture firm Spector Group is leading design of the project, the first phase of which centered on the renovation of the lobby. The next phase of the redevelopment will involve the creation of a lounge area, as well as the enhancement of utility and elevator systems. Columbia is also constructing a bike storage room, bathrooms and shower facilities. Cushman & Wakefield has been tapped to lease the building following the completion of the redevelopment, which is slated for the this fall.

July 22, 2021

Acquisitions Multifamily New York Northeast

Fairfield Properties Acquires 367-Unit Apartment Community in Glen Cove, New York

by Taylor Williams July 22, 2021

GLEN COVE, N.Y. — Locally based owner-operator Fairfield Properties has acquired Avalon Glen Cove, a 367-unit apartment community located about 30 miles northeast of New York City on Long Island. The property offers studio, one- and two-bedroom units with walk-in closets, individual washers and dryers and private patios/balconies. Amenities include two pools, two fitness centers, an outdoor picnic area and a cinema room. Maryland-based investment firm FCP served as Fairfield Properties’ preferred equity partner in the acquisition. The new ownership has since rebranded the community as Fairfield Metro at Glen Cove.

July 22, 2021

Loans New Jersey Northeast Office

Progress Capital Arranges $53M Loan for Refinancing of Multifamily Building in East Orange, New Jersey

by Taylor Williams July 22, 2021

EAST ORANGE, N.J. — Progress Capital has arranged a $53 million loan for the refinancing of LOTUS 315, a 180-unit multifamily building located in the Northern New Jersey community of East Orange. The property also houses 33,151 square feet of ground-floor commercial space. The borrower, locally based developer Blackstone 360, delivered the eight-story building in 2019. Units feature stainless steel appliances and individual washers and dryers, and amenities include an outdoor garden with a lounge, private garden terraces, a fitness center and shuttle service to Newark Penn Station. Brad Domenico of Progress Capital arranged the nonrecourse loan through Arbor Commercial Mortgage.

July 22, 2021

Connecticut Loans Lument Multifamily Northeast

Lument Provides $26M Fannie Mae Loan for Refinancing of Connecticut Workforce Housing Portfolio

by Taylor Williams July 22, 2021

HARTFORD, CONN. — Lument has provided a $26 million Fannie Mae loan for the refinancing of a 591-unit workforce housing portfolio in Hartford. All units are restricted to renters earning 60 percent or less of the area median income (AMI). Josh Messier of Lument originated the financing, which carried a 10-year term that includes five years of interest-only payments and a 30-year amortization schedule. The borrower was not disclosed. The portfolio was approximately 98 percent occupied at the time of sale.

July 22, 2021

Leasing Activity New York Northeast Office

Berenberg Capital Markets Signs Office Lease Renewal, Expansion in Midtown Manhattan

by Taylor Williams July 22, 2021

NEW YORK CITY — Berenberg Capital Markets LLC has signed deals to renew and expand its office headquarters space at 1251 Avenue of the Americas in Midtown Manhattan. The company has renewed its 31,700-square-foot lease for the entire 53rd floor and will expand by 30,700 square feet to occupy the entire 52nd floor. Mitchell Konsker, Alexander Chudnoff and Benjamin Bass of JLL represented the tenant in the lease negotiations. David Falk and Peter Shimkin of Newmark represented the landlord, Mitsui Fudosan America. The 2.4 million-square-foot building was originally constructed in 1971.

July 22, 2021

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