Northeast

IQHQ Begins Construction on $1B Fenway Center Life Sciences Project in Boston

by Taylor Williams April 19, 2021

BOSTON — IQHQ Inc., a developer of life sciences real estate with offices in Boston and San Diego, has begun construction on Fenway Center, a $1 billion project in Boston. IQHQ is co-developing the project with locally based firm Meredith Management. The initial phase of construction centers on the development of a 90,000-square-foot air rights deck that overlooks the Massachusetts Turnpike between Beacon Street and Brookline Avenue. The construction of the air rights deck will be the largest air rights structure built in Boston since Copley Place in 1980 and will take approximately 24 months to complete. Upon completion, Fenway Center will consist of more than 960,000 square feet of life sciences space with 10,000 square feet of retail space across two towers. Construction of the life sciences buildings is expected to be complete in early 2025. The campus will also feature 1.6 acres of landscaped green space and a parking garage that will be accessible from both buildings. The green space will include a large plaza and a public pedestrian walkway. The site is adjacent to BOWER, a new 312-unit luxury apartment complex that contains 38,000 square feet of amenity-oriented retail, the Lansdowne MBTA Commuter Rail Station, Fenway Park …

April 19, 2021

Affordable Housing Development Loans Multifamily New Jersey Northeast Restaurant Retail

BAW Development Breaks Ground on Redevelopment of Hinchliffe Stadium in Paterson, New Jersey

by Taylor Williams April 16, 2021

PATERSON, N.J. — BAW Development has broken ground on the redevelopment of Hinchliffe Stadium, an athletic venue in the Northern New Jersey city of Paterson that was originally built in 1932 as the home field of the New York Black Yankees of the Negro Leagues. Once the redevelopment is complete, the site will house a 7,800-seat venue with an upgraded field and seating areas, as well as a 75-unit affordable seniors housing complex, a 12,000-square-foot restaurant and event space, a 5,200-square-foot preschool and a 314-space parking garage. The ballpark, which fell into disrepair in the late 1990s and has been largely unused since then, is most often associated with Paterson native Larry Doby, the first player to break the American League color barrier in 1947. BAW Development is the lead developer and majority owner. RPM Development Group is BAW’s development partner. Construction is being funded, in part, through local, state and national funding via historic tax credits, low-income housing tax credits, new market tax credits and a bond issued by the Passaic County Improvement Authority. Goldman Sachs also recently provided $60 million in construction financing.

April 16, 2021

Loans Multifamily Northeast Pennsylvania

Black Bear Capital Arranges $17.5M Loan for Refinancing of Philadelphia Multifamily Portfolio

by Taylor Williams April 16, 2021

PHILADELPHIA — Black Bear Capital Partners has arranged a $17.5 million loan for the refinancing of a portfolio of five multifamily properties totaling 239 units in Philadelphia. The properties are located at 4619-4621 Chester Ave.; 4601 Chester Ave.; 419-429 S. 48th St.; 241 S. 47th St.; and 4416-18 Osage Ave. Peapack-Gladstone Bank provided the loan, specific terms of which were not disclosed, to New Horizons Housing, an owner-operator of more than 800 units in Philadelphia and Columbus, Ohio. Emil DePasquale, Brandon Harris and Phil Bowman of Black Bear Capital Partners arranged the financing.

April 16, 2021

Acquisitions Affordable Housing Development Massachusetts Multifamily Northeast Seniors Housing

Cambridge Housing Authority Buys, Renovates Affordable Housing Community Near Boston

by Taylor Williams April 16, 2021

CAMBRIDGE, MASS. — MassDevelopment has issued $18.7 million in tax-exempt bond financing for Cambridge Housing Authority’s acquisition and renovation of Harry S. Truman Apartments, a 59-unit affordable seniors housing community in Cambridge. In addition to the tax-exempt bond financing, MassDevelopment assisted the Massachusetts Department of Housing and Community Development with the approval of federal low-income housing tax credits, which will provide approximately $13.8 million in equity for the project. Boston Private Bank purchased the bonds.

April 16, 2021

Acquisitions Multifamily New York Northeast

CBRE Brokers $3.9M Sale of Multifamily Building in The Bronx

by Taylor Williams April 16, 2021

NEW YORK CITY — CBRE has brokered the $3.9 million sale of a 35-unit multifamily building at 215 McClellan St. in The Bronx. The property offers one- and two-bedroom units and includes three retail spaces totaling 35,000 square feet. Elli Klapper and Charles Berger of CBRE represented the seller, 215 McClellan Realty LLC, in the transaction. Mike Fusco and Seth Glasser of Marcus & Millichap represented the buyer, Minford Associates.

April 16, 2021

Leasing Activity New Jersey Northeast Pennsylvania Retail

Levin Management Negotiates Four Lease Renewals for Dollar Tree in New Jersey, Pennsylvania

by Taylor Williams April 16, 2021

NORTH PLAINFIELD, N.J. — Levin Management Corp. has negotiated four lease renewals for Virginia-based discount retailer Dollar Tree in New Jersey and Pennsylvania. The New Jersey locations include a 14,500-square-foot space at Brunswick Shopping Center, a 10,300-square-foot shop in Watchung and a 9,400-square-foot store in Franklin Township. The Pennsylvania location is situated in Middletown and spans 9,000 square feet.

April 16, 2021

Fishtown-Kensington-Village-Philadelphia

Development Multifamily Northeast Pennsylvania

Saxum Real Estate to Develop 297-Unit Apartment Community in Philadelphia

by Taylor Williams April 15, 2021

PHILADELPHIA — New Jersey-based Saxum Real Estate Cos. will develop Fishtown Kensington Village, a 297-unit apartment community in the Fishtown neighborhood of Philadelphia. The property will feature loft, studio, one- and two-bedroom units with stainless steel appliances, tile backsplashes and quartz countertops. Amenities will include a coworking café, two clubrooms, an industrial kitchen, lounge, two rooftop terraces and a fitness center. Thomas Didio, Michael Klein and Ryan Ade of JLL arranged a three-year, floating-rate construction loan in the amount of $46.5 million for the project through Valley Bank. Completion is slated for summer 2022.

April 15, 2021

Acquisitions Industrial Northeast Pennsylvania

J.G. Petrucci Acquires 135,082 SF Industrial Portfolio in Lehigh Valley

by Taylor Williams April 15, 2021

ALLENTOWN, PA. — Locally based investment and development firm J.G. Petrucci Co. Inc. has acquired the Iron Run Lehigh Portfolio, two industrial buildings totaling 135,082 square feet in Allentown. The portfolio consists of a 99,782-square-foot building that is situated on 10.6 acres at 6980 Snowdrift Road and a 41,390-square-foot building that sits on four acres at 7020 Snowdrift Road. Michael Hines, Brad Ruppel, Brian Fiumara, Bo Cashman, Jonathan Board and Lauren Dawicki of CBRE represented the seller, Penwood Real Estate Management, in the transaction.

April 15, 2021

Industrial Leasing Activity Northeast Pennsylvania

Newmark Negotiates 128,000 SF Industrial Lease in Lansdale, Pennsylvania

by Taylor Williams April 15, 2021

LANSDALE, PA. — Newmark has negotiated a 128,000-square-foot industrial lease at 1180 Church Road in Lansdale, about 30 miles north of Philadelphia. According to LoopNet Inc., the property spans 452,323 square feet, sits on 37.2 acres and features clear heights of 20 to 24 feet. Justin Bell of Newmark represented the tenant, logistics firm Hughes Relocation Services, in the lease negotiations. Velocity Venture Partners owns the building.

April 15, 2021

Acquisitions Multifamily New Jersey Northeast

Marcus & Millichap Brokers Sale of 59-Unit Multifamily Property in Ewing, New Jersey

by Taylor Williams April 15, 2021

EWING, N.J. — Marcus & Millichap has brokered the sale of The Luxe at Ewing Station, a 59-unit multifamily property in Ewing, located outside of Trenton. The complex is located within a mile of Ewing Town Center, an 80-acre mixed-use redevelopment of the former General Motors plant. Chez Eider and Jason Petrick of Marcus & Millichap represented the buyer and seller, both of which requested anonymity, in the transaction.

April 15, 2021

Newer Posts

Older Posts