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Northeast

147-Milk-St.-Boston
AcquisitionsHealthcareMassachusettsNortheast

Newmark Arranges Sale of 52,337 SF Medical Office Building in Downtown Boston

by Taylor Williams

BOSTON — Newmark has arranged the sale of a 52,337-square-foot medical office building located at 147 Milk St. in downtown Boston. The 10-story property was fully leased at the time of sale to Atrius Health/Harvard Vanguard Medical Associates, the largest independent physicians’ group in New England. Robert Griffin, Frank Nelson and Michael Greeley of Newmark represented the seller, New York City-based institutional investment firm BentallGreenOak, in the transaction. The trio also procured the buyer, KanAm Grund, an investment firm based in Frankfurt, Germany.

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Affordable HousingDevelopmentLoansMultifamilyNortheastPennsylvaniaSeniors Housing

KeyBank Provides $23M in Financing for Affordable Seniors Housing Project Near Pittsburgh

by Taylor Williams

CANONSBURG, PA. — KeyBank’s Community Development Lending & Investment (CDLI) division has provided $23 million in financing for the construction of an affordable seniors housing project in Canonsburg, located about 20 miles south of Pittsburgh. The financing consisted of an $11 million construction loan and $12 million in low-income housing tax credit (LIHTC) equity. The Pennsylvania Housing Finance Agency also provided a $1.3 million permanent loan. The borrower is a partnership between Ohio-based developer MVAH Partners LLC and nonprofit operator Blueprints. David Lacki and Laura Janosko of KeyBank’s CDLI team structured the debt, while Ryan Olman, also with the CDLI team, structured the equity. The property will consist of 50 units, approximately 85 percent of which will be reserved for seniors earning between 20 and 60 percent of the area median income. The remaining eight units will be rented at market rates. Completion is scheduled for spring 2022.

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AcquisitionsMultifamilyNew YorkNortheast

Marcus & Millichap Brokers $4.5M Sale of Apartment Building in The Bronx

by Taylor Williams

NEW YORK CITY — Marcus & Millichap has brokered the $4.5 million sale of a 42-unit apartment building located at 653 Cauldwell Ave. in The Bronx. The sales price equates to roughly $107,000 per unit. Michael Fusco, Seth Glasser, Joe Koicim, Peter Von Der Ahe and Bryan Jimenez of Marcus & Millichap represented the seller and the buyer, both of which were private individual investors, in the transaction. John Krueger, regional manager of the firm’s Manhattan office, also assisted in closing the deal.

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Cityside-Waltham
Leasing ActivityMassachusettsNortheastOffice

Bank of America Signs 23,330 SF Office Lease Expansion in Metro Boston

by Taylor Williams

WALTHAM, MASS. — Bank of America has signed a 23,330-square-foot office lease expansion at Cityside, located at 1025-1075 Main St. in the western Boston suburb of Waltham. Ryan Romano, Tom Hansen and Malcolm See of CBRE represented the tenant in the lease negotiations. Rob Byrne and Liz McLaughlin of Cushman & Wakefield represented the landlord, locally based investment firm The Davis Cos.

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The-James-Park-Ridge-New-Jersey
DevelopmentMultifamilyNew JerseyNortheast

Claremont Development Nears Completion of 240-Unit Multifamily Project in Park Ridge, New Jersey

by Taylor Williams

PARK RIDGE, N.J. — Claremont Development is nearing completion of The James, a 240-unit multifamily project located at 87 Madison Ave. in the Northern New Jersey community of Park Ridge. The property, which also houses 17,600 square feet of retail space, offers studio, one- and two-bedroom units with stainless steel appliances, quartz countertops, espresso cabinetry and tile backsplashes. Indoor amenities include a coffee bar, game room, catering kitchen, coworking spaces with private offices, fitness center and a yoga studio. Outside, residents have access to multiple gathering areas, including an outdoor pool, grilling and dining areas, fire pits, TV and lounge areas and a turf lawn. Leasing will begin some time this spring.

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AcquisitionsIndustrialMassachusettsNortheast

Stream Capital Partners Arranges $34.4M Industrial Sale-Leaseback in Chicopee, Massachusetts

by Taylor Williams

CHICOPEE, MASS. — Stream Capital Partners has arranged a $34.4 million industrial sale-leaseback for National Convenience Distributors, which serves the convenience store industry, in the western Massachusetts city of Chicopee. The transaction encompassed five properties totaling 381,355 square feet. Daniel Macks, Chelsea Mandel and Jeff Lizzo of Stream Capital Partners represented National Convenience Distributors, the seller and tenant, in the transaction. The buyer was an undisclosed REIT.

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226-Harvard-Ave.-Boston
AcquisitionsHealthcareMassachusettsNortheastRetail

Newmark Brokers $11.9M Sale of Retail, Medical Office Building in Boston

by Taylor Williams

BOSTON — Newmark has brokered the $11.9 million sale of a 27,930-square-foot retail and medical office building located at 226 Harvard Ave. in the Allston neighborhood of Boston. The property was 94 percent leased at the time of sale to Urban Outfitters, Steward Medical Group and Unleashed by Petco. Robert Griffin, Geoffrey Millerd, Frank Nelson, Michael Greeley, Jonathan Martin, Paul Penman, Mathew Adler, Christopher Huesgen and Coley Cannon of Newmark represented the seller, National Development, in the transaction. The team also procured the buyer, Charlotte-based investment firm Asana Partners.

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Leasing ActivityNew JerseyNortheastOffice

Avison Young Negotiates 48,511 SF Office Headquarters Lease in Princeton

by Taylor Williams

PRINCETON, N.J. — Avison Young has negotiated a 48,511-square-foot office headquarters lease for immunotherapy company CytoSorbents Corp. at 305 College Road East in Princeton. The tenant is relocating from Monmouth Junction. Thomas Giannone, Ronald Ganter, Edward English, Paul Errigo III and Tracey Kasper of Avison Young represented CytoSorbents in the lease negotiations. The representative of the landlord, National Business Parks, was not disclosed.

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One-Cabot-Road-Medford-Massachusetts
Leasing ActivityMassachusettsNortheastOffice

Inkbit Signs 38,300 SF Office Lease at One Cabot Road in Metro Boston

by Taylor Williams

MEDFORD, MASS. — Inkbit, a technology firm known for its innovations in 3D printing, has signed a 38,300-square-foot office lease for its new headquarters at One Cabot Road in Medford, a northern suburb of Boston. Joseph Pearce and Michael Frisoli of Newmark represented the tenant in the lease negotiations. Debra Gould and Rory Walsh, also with Newmark, represented the landlord, locally based investment firm The Davis Cos.

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Arbor-Terrace-Exton
DevelopmentMultifamilyNortheastPennsylvaniaSeniors Housing

Capitol Seniors Housing Opens 88-Unit Community Near Philadelphia

by Taylor Williams

WEST WHITELAND TOWNSHIP, PA. — Capitol Seniors Housing has opened Arbor Terrace Exton, an 88-unit seniors housing community in West Whiteland Township, about 30 miles west of Philadelphia. The 78,000-square-foot facility offers personal and memory care services. Amenities include a bistro, clubroom, library with children’s nook, salon, theater and a multi-purpose art room. Meyer Senior Living Studio designed the project, and IMC Construction served as the general contractor.

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