JERSEY CITY, N.J. — Greystone has arranged a $30 million construction loan for 40 Center, a six-sttory, 80-unit multifamily project in Jersey City that will include 3,200 square feet of ground-floor commercial space. White Oak Real Estate Capital provided the loan to the developer, affiliates of The Manhattan Building Co. Drew Fletcher, Matthew Hirsch and Bryan Grover of Greystone arranged the debt. Completion is slated for 2024.
HARRISBURG, PA. — The Kislak Co. Inc., a New Jersey-based brokerage firm, has negotiated the $16 million sale of Olde Liberty Square, a 95,000-square-foot office building in Harrisburg. The property sits on 4.6 acres and features 310 parking spaces. Matt Wolf and Robert Holland of Kislak represented the seller, Room One Corp., in the transaction. Bo Mangam of Landmark Commercial represented the buyer, an entity doing business as Empire Liberty Square LLC.
LEVITTOWN, N.Y. — The Feil Organization has signed a quartet of new leases totaling approximately 12,000 square feet at 3601 Hempstead Turnpike, a, 95,450-square-foot office building in the Long Island hamlet of Levittown. The property was built in 1970 and renovated in 2008-2009. Timothy Parlante of The Feil Organization represented the landlord in the lease negotiations. The new tenants include private equity firm Phoenix Capital Partners, which inked a deal for 1,900 square feet, and Independent Physical Exam Referrals, which agreed to lease 2,892 square feet. In addition, City Property USA NY signed a lease for 5,829 square feet. Move-ins will occur later this year.
PEABODY, MASS. — Locally based private equity firm Brookwood Financial Partners has sold 300 Jubilee, a 167,063-square-foot industrial building in Peabody, a northeastern suburb of Boston, for $43.1 million. Brookwood, which originally acquired the asset in 2009 for $8 million, sold the facility to an affiliate of Dallas-based Lincoln Property Co. At the time of sale, the property was 97 percent leased to a tenant roster that includes Thermo Fisher Scientific, International Transportation Group and Barton Associates. Colliers represented Brookwood in the transaction.
HEMPSTEAD, N.Y. — Charlotte, N.C.-based Grubb Properties, in partnership with First Street Capital, will develop a 173-unit multifamily project within a Qualified Opportunity Zone in the Long Island community of Hempstead. Grubb Properties will operate the community, which will include 2,500 square feet of commercial space, under its Link brand. About 10 percent (17) of the units will be designated as affordable housing. Construction is scheduled to begin in the third quarter, and initial occupancy is slated for the third quarter of 2024. Grubb Properties is also underway on Link-branded projects in Manhattan’s Financial District and in the Long Island City area of Queens.
HOBOKEN, N.J. — JLL has arranged a $35.9 million loan for the refinancing of Hudson Square North, a 150-unit apartment complex located outside of New York City in Hoboken. The transit-oriented property offers one-, two- and three-bedroom units that average 890 square feet and are furnished with washers and dryers, stainless steel appliances and quartz countertops, as well as 2,739 square feet of retail space. Thomas Didio, Thomas Didio Jr., Carlos Silva and Salvatore Buzzerio of JLL arranged the 10-year, fixed-rate loan through Minnesota Life Insurance Co. on behalf of the owner, Ironstate Development.
LAWRENCE, MASS. — Locally based brokerage firm ABG Commercial Realty has negotiated the $15.7 million sale of a 90,692-square-foot industrial property in Lawrence, located north of Boston near the Massachusetts-New Hampshire border. The property was built on 6.2 acres in 1968 and renovated in 2014. At the time of sale, the facility was fully leased to logistics firm Mainstream Global. The buyer was a joint venture between Boston-based Oliver Street Capital and an undisclosed institutional investor. The seller was also not disclosed.
NEW YORK CITY — Global logistics operator Realterm has acquired a 130,000-square-foot warehouse located in the Maspeth neighborhood of Queens. The building, which has 15 loading positions, sits on 5.2 acres at 50-35 56th Road, roughly five miles from LaGuardia Airport. The property was fully leased at the time of sale. Eastdil Secured represented the undisclosed seller in the transaction. Isaac Ilkhanov of Stelth Group represented Realterm.
NEW YORK CITY — Los Angeles-based investment firm CIM Group, in partnership with locally based developer LIVWRK, has sold a 320-unit apartment community located at 85 Jay St. in Brooklyn’s Dumbo neighborhood for $220 million. The community is part of a larger development that includes 407 for-sale condos, 140,000 square feet of retail space that is anchored by a 77,000-square-foot Life Time Fitness and a 660-space parking garage. New York City-based RXR Realty purchased the rental complex. CIM Group has retained ownership of the condos and retail space.
NEWARK, N.J. — JLL has arranged a $110 million permanent loan for an 850,000-square-foot warehouse and distribution center in Newark. Thomas Didio, Thomas Didio Jr. and Ryan Carroll of JLL arranged the nonrecourse loan, which carried a fixed interest rate and a 15-year term, through a correspondent life insurance company. The borrower was not disclosed.
