VALLEY VIEW, PA. — CBRE has negotiated the $25.7 million sale of an industrial development site in Valley View, about 120 miles northwest of Philadelphia. The buyer, California-based Panattoni Development Co., plans to develop two speculative buildings that will total approximately 2.4 million square feet and that will be known as Rausch Creek Logistics Center. Michael Hess, Bart Anderson and Patrick Lafferty of CBRE represented the seller, Tremont FT LLC, an affiliate of Viridian Partners, in the transaction.
RED BANK, N.J. — JLL has arranged an $11.4 million loan for the refinancing of two office buildings totaling 79,022 square feet in the Northern New Jersey community of Red Bank. The first building at 310 Highway 35 South was completed in 2002, spans 40,705 square feet and was fully leased to financial services firm Markel Service Inc., a holding company for insurance, reinsurance and investment operations at the time of the loan closing. The second building at 322 Highway 35 South was built in 2007, totals 38,317 square feet and was 90 percent leased to five tenants at closing. Michael Klein, Jon Mikula and Carlos Silva of JLL arranged the seven-year, fixed-rate loan through Tristate Capital Bank on behalf of the borrower, locally based investment firm Denholtz Properties.
WEST NEW YORK, N.J. — On Aug. 2, locally based developer National Realty Investment Advisors (NRIA) will break ground on The Grand, the first of two 156-unit multifamily buildings that will be constructed at 508 51st St. in West New York, located across the Hudson River from Manhattan. NRIA will break ground on a later date on The Grand’s sister tower, The Metro, which will be located on 52nd Street. The Grand and The Metro will both rise 14 stories and feature fitness centers and rooftop entertainment areas. Residents will also have access to a business center and a grab-and-go convenience mart. Construction of both buildings is scheduled to be complete by summer 2023. The development will also include a 495-space parking garage in which 60 percent of the spaces will be available for public use.
ROXBURY, N.J. — A joint venture between Advance Realty Investors and Invesco Real Estate has opened The Shops at Ledgewood Commons, a 450,000-square-foot open-air lifestyle center that is a redevelopment of the former Ledgewood Mall. The property is located in Roxbury, about 45 miles west of New York City. Anchored by a 164,087-square foot Walmart Supercenter that opened in October 2020, the property also houses retailers such as Marshalls, Ashley HomeStore, Men’s Wearhouse, Ulta Beauty, Five Below and Burlington. Restaurant users include Wendy’s, Chipotle Mexican Grill, Five Guys, Panda Express and Starbucks. Jeffery Realty is the leasing agent for the property.
FORT WASHINGTON, PA. — Trez Capital has provided a $22 million loan for the redevelopment of a 367,681-square-foot office building in Fort Washington, a northern suburb of Philadelphia. The property was originally built in 1999 on a 28.3-acre site. The borrower, an entity doing business as Alliance HP Virginia Drive LLC, plans to modernize the building with a new entrance, dock doors and amenities. Brett Forman and Scott Mehlman of Trez Capital originated the debt.
Fantini & Gorga Arranges $17.2M Loan for Refinancing of Self-Storage Facility in Darien, Connecticut
DARIEN, CONN. — Fantini & Gorga, a Boston-based mortgage banking firm, has arranged a $17.2 million loan for the refinancing of Hollow Tree Self Storage, a 90-unit facility in the southern coastal city of Darien. The facility spans 83,595 net rentable square feet and includes outdoor vehicle storage space. Casimir Groblewski of Fantini & Gorga arranged the loan through an undisclosed, locally based bank on behalf of the borrower, Connecticut-based Affordable Self Storage Inc.
NORWALK, CONN. — Shawmut Design & Construction has topped off the 24,000-square-foot office headquarters building for global luxury vinyl tile manufacturer HMTX Industries in Norwalk, located in the southern coastal part of the state. The facility will be situated on two acres and will include design studios and galleries. Construction of the four-story building began in June and is scheduled to be complete in 2022.
NEW YORK CITY — Boston Properties Inc. (NYSE: BXP) has entered into an agreement to acquire 360 Park Avenue South, a 450,000-square-foot office building in Midtown Manhattan, for $300 million. The 20-story building is currently fully leased to a single tenant that will vacate the property at the end of the year. Boston Properties will subsequently implement a capital improvement program. The company expects to close on the asset in December. The seller was not disclosed.
NEW YORK CITY — Locally based developer Lightstone Group has received $130 million in construction financing for Lightstone Moxy, a 303-room hotel that will be located on Manhattan’s Lower East Side. MSD Partners LP, an affiliate of the private investment firm of tech magnate Michael Dell, provided a $90 million senior loan for the 16-story project. Lionheart Strategic Management LLC, an affiliate of Fisher Brothers, provided a $40 million mezzanine loan. Tao Hospitality Group will manage the hotel, which will feature multiple food and beverage concepts. Drew Anderman and Benjamin Nevid of Meridian Capital Group arranged the financing.
NEW YORK CITY — Criterion Real Estate Capital has provided a $125 million loan for the refinancing of 817 Broadway, a 140,000-square-foot office building in Manhattan’s Union Square neighborhood. The property was originally built in 1895 and features a 4,000-square-foot rooftop terrace. The borrower, Taconic Partners, which acquired the asset in 2016 in partnership with Nuveen Real Estate, will use a portion of the proceeds to fund tenant improvements and leasing costs.