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Northeast

Vantage-Collection-Jersey-City
DevelopmentMultifamilyNew JerseyNortheast

Fisher Development Begins Leasing 452-Unit Apartment Building in Jersey City

by Taylor Williams

JERSEY CITY, N.J. — Fisher Development Associates has begun leasing the second rental tower in The Vantage Collection, a 45-story apartment building in downtown Jersey City that houses 452 luxury units. Units come in studio, one- and two-bedroom formats and are furnished with stainless steel appliances, quartz countertops and in-home washers and dryers. Communal indoor amenities include a sky lounge, fitness center with a yoga studio, children’s playroom, business center, coworking lounge, game room, lobby a coffee bar and package locker systems. Outdoor amenities include two pools, a basketball court, lawn, fire pits, 12-station BBQ area, outdoor children’s play area, outdoor fitness area and a bar with a lounge and tiered seating. S9 Architecture designed The Vantage Collection, which consists of 900 apartments across two towers. The Bozzuto Group has been tapped as the leasing and management agent for the property. Rents were initially priced at more than $2,000 per month for a studio unit, but special grand opening incentives are available for a limited time.

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AcquisitionsMultifamilyNortheastPennsylvania

Harbor Group International Buys Royal Athena Apartments Near Philadelphia for $59.5M

by Taylor Williams

BALA CYNWYD, PA. — Affiliates of Harbor Group International (HGI) have acquired Royal Athena, a 275-unit waterfront apartment community in the Philadelphia suburb of Bala Cynwyd, for $59.5 million. According to Apartments.com, the property offers one- and two-bedroom units and amenities such as a pool, fitness center, business center and a resident clubhouse. Erin Miller of Newmark brokered the deal, the seller in which was not disclosed. Henry Stimler, Ari Schwarbad and Bill Weber, also with Newmark, arranged acquisition financing on behalf of HGI.

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AcquisitionsIndustrialNew YorkNortheast

W. P. Carey Acquires New York Distribution Center for $45M in Sale-Leaseback Transaction

by Taylor Williams

ROME, N.Y. — In a sale-leaseback transaction, W. P. Carey has acquired a 779,000-square-foot distribution center in Rome, about 40 miles northeast of Syracuse. The purchase price was $45 million. Orgill, an independent hardware distributor, occupies the newly constructed property, which is located near Interstate 90. Orgill uses the facility as its primary regional distribution center. W. P. Carey now owns four of Orgill’s seven U.S. distribution centers. The property is triple-net leased for a period of 26 years with fixed rent escalations.

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DevelopmentHealthcareMassachusettsNortheastOffice

Quaker Lane, Turnbridge to Develop 160,000 SF Flex Building in Metro Boston

by Taylor Williams

MALDEN, MASS. — A partnership between regional developer Quaker Lane Capital and Turnbridge Equities will develop a 160,000-square-foot building that can support traditional office or life sciences users in Malden, a northern suburb of Boston. Global architecture firm Gensler is designing the nine-story facility, which will be located within an Opportunity Zone. Construction is expected to begin in the first half of 2022 and to be complete some time in 2023.

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Egleston-Square-Jamaica-Plain
LoansMassachusettsMultifamilyNortheast

Cornerstone Realty Capital Arranges $12.2M Loan for Refinancing of Massachusetts Apartment Building

by Taylor Williams

JAMAICA PLAIN, MASS. — Cornerstone Realty Capital has arranged a $12.2 million loan for the refinancing of a five-story apartment building in the Egleston Square neighborhood of Jamaica Plain near Boston. Completed in 2020, the property houses 39 apartment units and retail space on the ground floor. Units range in size from 515 to 1,320 square feet. Cornerstone arranged a fixed-rate loan with 12 months of interest-only payments followed by a 30-year amortization schedule. The borrower and direct lender were not disclosed.

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DevelopmentHealthcareNew JerseyNortheast

Public-Private Partnership Begins Work on $750M Cancer Treatment Facility in New Brunswick, New Jersey

by Taylor Williams

NEW BRUNSWICK, N.J. — A public-private partnership led by the New Brunswick Development Corp. has begun construction on a $750 million cancer treatment facility in the northern-central part of the Garden State. RWJBarnabas Health and the Rutgers Cancer Institute of New Jersey will operate the facility, which will provide inpatient and outpatient cancer services, including ancillary services, as well as state-of-the-art laboratories for research. Construction of the 12-story building is slated for completion in 2024.

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Centennial-Plaza-Meriden-Connecticut
AcquisitionsConnecticutNortheastRetail

DealPoint Merrill Acquires 158,000 SF Retail Power Center in Meriden, Connecticut

by Taylor Williams

MERIDEN, CONN. — Los Angeles-based investment firm DealPoint Merrill has acquired Centennial Plaza, a 158,000-square-foot retail power center in Meriden, located in the southern-central part of the state. The seller was not disclosed. Joe French and Kodi Traver of Marcus & Millichap brokered the deal in conjunction with David Frank of DealPoint Merrill. The new ownership plans to upgrade the 11-acre property with a $5.2 million renovation. John Krueger of Marcus & Millichap assisted in closing the deal as the broker of record.

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LoansMultifamilyNew YorkNortheastRetail

Columbia Pacific Provides $39.1M Bridge Loan for SoHo Multifamily, Retail Building

by Taylor Williams

NEW YORK CITY — Columbia Pacific Advisors has provided a $39.1 million bridge loan for an eight-story multifamily and retail building located at 68-70 Spring St. in Manhattan’s SoHo neighborhood. The 24,357-square-foot property totals 10 residential units in two- and three-bedroom formats. The undisclosed borrower will use the proceeds from the 36-month loan to fund capital improvements and lease-up costs.

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Cornerstone-at-Greentree-Marlton-New-Jersey
Affordable HousingDevelopmentMultifamilyNew JerseyNortheastSeniors Housing

Walters Opens Affordable Seniors Housing Community in Marlton, New Jersey

by Taylor Williams

MARLTON, N.J. — Walters, an affordable housing developer, has opened Cornerstone at Greentree, an income-restricted seniors housing community in the Philadelphia suburb of Marlton. Situated on 2.3 acres, the four-story building features 68 one- and two-bedroom apartments, with rents starting at $850 per month. Apartments are leased exclusively to residents whose incomes are at or below 60 percent of the area median income.

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AcquisitionsConnecticutHealthcareNortheast

Montecito Medical Buys Two Healthcare Facilities Totaling 113,000 SF in Connecticut

by Taylor Williams

FAIRFIELD AND SHELTON, CONN. — Nashville-based Montecito Medical has acquired two medical office buildings totaling approximately 113,000 square feet in Fairfield and Shelton, both of which are located in Connecticut’s Fairfield County. The Fairfield property was built in 2018 and totals 46,593 square feet, while the Shelton building spans 54,745 square feet. Orthopaedic Specialty Group is the primary tenant at both properties.

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