NEW YORK CITY — Columbia Pacific Advisors has provided a $39.1 million, 36-month bridge loan for 68-70 Spring Street, a 24,357-square-foot multifamily and retail asset in Manhattan’s SoHo neighborhood. The undisclosed borrower will use the funds to support lease-up of the eight-story building, which includes 10 apartments with two- and three-bedroom floor plans.
NORWOOD, MASS. — JLL has brokered the $7.4 million sale of a 44,406-square-foot industrial property in Norwood, a southern suburb of Boston. The facility was built in 1980 and was fully leased to computer hardware manufacturer Source Code at the time of sale. Matthew Sherry and Michael Restivo of JLL represented the seller, Arris Partners LLC, in the transaction. The buyer was locally based investment firm Berkeley Partners.
PHILADELPHIA — Locally based developer Radnor Property Group has begun leasing the 297-unit second phase of The Hamilton, a two-building, 576-unit apartment community located in the Logan Square area of Philadelphia. The Hamilton features studio, one-, two- and three-bedroom units with quartz countertops, stainless steel appliances and individual washers and dryers. Amenities include two media rooms, two game rooms, conference centers, kitchen spaces, multiple coworking lounges and a rooftop deck with outdoor grilling stations and a sports simulator. The building will also house 2,820 square feet of retail space upon full completion. Rents start at $1,420 per month for a studio unit. Greystar manages the community.
ELMWOOD PARK, N.J. — JLL has arranged a $48 million construction loan for the third phase of Riverwalk, a project that will add 240 luxury rental units to the local supply of Elmwood Park, located in Bergen County. The previous phases of the Riverwalk master-planned community featured 158 units within two buildings that were constructed between 2012 and 2014, as well as retail, office and medical office space. The third phase will also include amenities such as a fitness center, business center, pool and clubhouse. Thomas Didio and Thomas Didio Jr. of JLL arranged the financing through Investors Bank and Provident Bank. Leasing is expected to begin in 18 to 24 months.
LOCKPORT, N.Y. — New Jersey-based private equity firm First National Realty Partners has purchased Tops Plaza, a 166,634-square-foot shopping center located outside of Buffalo in Lockport. A 92,000-square-foot Tops grocery store anchors the property, which was 97 percent leased at the time of sale. The seller and sales price were not disclosed.
CARLSTADT, N.J. — Legacy Capital has acquired 2 Palmer Terrace, a 60,400-square-foot industrial building located outside of New York City in Carlstadt. The property was originally built on three acres in 1977 and renovated in 2014. Building features include 17- to 39-foot clear heights and four oversized drive-in doors. Matthew Pizzolato and Thomas Didio Jr. of JLL arranged an undisclosed amount of acquisition financing through Sound Point Commercial Real Estate Finance for the deal. The property was triple net leased to Sofive Soccer Centers at the time of sale.
SOUTH HACKENSACK, N.J. — ePost Global Inc., a California-based provider of global delivery solutions, has signed a 41,256-square-foot industrial lease at 18 Central Blvd. in South Hackensack, located in the northern part of the state. Jason Fisch of F. Greek Development Inc. represented the tenant in the lease negotiations. Stephen Jennings represented the landlord, Alfred Sanzari Enterprises, on an internal basis.
By Alex Kachris, research manager — Northeast industrial region, JLL Industrial commercial real estate had its second-best year on record in 2020, with U.S. transaction volume nearing $96 billion. As competition among investors for industrial product remains strong in 2021, JLL Capital Markets Research isolated one sub-class that is gaining investor interest: multi-use logistics. The multi-use logistics profile includes older, multi-tenant assets ranging from 20,000 to 100,000 square feet that have solid footprints within infill urban logistics markets. These assets, which often have diversified, local tenant bases, usually house a mix of distribution, flex showroom, industrial showroom, R&D, warehouse and/or manufacturing space. Multi-use logistics assets boast compelling rent growth profiles and strong long-term outlooks. With new, yield-focused investors jumping into the industrial space, multi-use logistics product is desirable as an alternative to the bulk industrial market, which is getting tighter. Given that multi-use logistics facilities are generally older properties, population centers have exploded around these assets, making not only almost impossible to replace but highly sought-after as last-mile logistics locations close to end users. Compounded by industry fundamentals that are driven by macroeconomic factors, including reshoring and acceleration of e-commerce adoption, the increased demand for these smaller, multi-tenant industrial assets …
NEW YORK CITY — Locally based financial advisory firm Black Bear Capital Partners has arranged a $95 million loan for the refinancing of a 134-unit apartment complex located at 261-275 Amsterdam Ave. on Manhattan’s Upper West Side. The 12-story property was originally built in 1905 and features a mix of studio through six-bedroom units, as well as 20,837 square feet of retail space. Bryan Manz, Brandon Harris and Philip Bowman of Black Bear Capital Partners arranged the financing through Morgan Stanley on behalf of the borrower, Laub Realty. The loan carried a fixed interest rate of 3.55 percent and 10 years of interest-only payments.
WILMINGTON, DEL. — New York City-based Dwight Capital has provided a $50.7 million HUD-insured loan for the refinancing of Residences at Justison Landing, a 214-unit multifamily asset in Wilmington. Built on 2.6 acres in 2008, the waterfront property consists of two seven-story apartment buildings, ground-floor retail space leased to eight tenants and a three-story parking garage. Amenities include a community lounge, fitness center and concierge services. Josh Sasouness of Dwight Capital originated the financing through HUD’s 223(f) program on behalf of the undisclosed borrower.