NEW YORK CITY — Locally based lender Emerald Creek Capital has provided a $27 million bridge loan for two multifamily buildings totaling 33 units in the SoHo area of Manhattan. The first building rises eight stories and houses 11 units, and the second property stands six stories and consists of 22 newly renovated apartments and two ground-floor retail units. Mike Cleaver of Emerald Creek Capital originated the financing on behalf of the undisclosed borrower.
MILLIS, MASS. — Anthology Senior Living has acquired land in Millis, located southwest of Boston, for the development of a new community. The facility will consist of 105 independent living, assisted living and memory care units that will be situated on a 7.7-acre site. Rick Swartz, Jay Wagner and Sam Dylag of Cushman & Wakefield brokered the land deal between seller Barberry Homes and Anthology Senior Living. Cushman & Wakefield also arranged construction financing on behalf of the buyer from a regional bank.
NATICK, MASS. — Kula Bio, a provider of fertilizer for the agriculture industry, will open a 7,500-square-foot headquarters facility in the western Boston suburb of Natick. The company has tapped Massachusetts-based Dacon Corp. to lead the retrofit of an existing 14,350-square-foot building, with plans to immediately occupy 7,500 square feet and leave 6,850 square feet for future expansion. Completion of the retrofit is scheduled for October. About 30 people will work in the new facility.
NEW YORK CITY — Locally based investment firm Severn Realty Partners has sold 576 Fifth Avenue, a 78,564-square-foot office and retail building in Midtown Manhattan, for $101 million. The building is located adjacent to Rockefeller Center in the Diamond District and consists of three levels of retail space totaling 6,247 square feet and 10 floors of office space. Paul Massey, Zach Redding, Dylan Kane, Daniel O’Mahony and Christian Kane of B6 Real Estate Advisors represented Severn Realty Partners in the transaction. Daniel Chun and Adelaide Polsinelli of Compass, along with Sharon Kim Robinson of Silver & Oak Realty, represented the buyer, a Delaware-based limited liability company.
NEWTON, N.J. — New Jersey-based brokerage firm The Kislak Co. Inc. has negotiated the $22.6 million sale of Merriam Gateway Apartments, a 101-unit multifamily building in Newton, about 60 miles west of New York City. The unit mix comprises eight studios, three studios with lofts, 75 one-bedroom apartments and 15 two-bedroom apartments. In addition, the property houses 10,000 square feet of commercial space. Joseph Keenan of Kislak represented the seller, an entity doing business as Merriam Gateway Apartments Inc., in the transaction. Justin Lupo, also with Kislak, procured the buyer, an affiliate of Blue Diamond Equities LLC. The property, which has since been rebranded as The Cobbler Lofts, was roughly 95 percent occupied at the time of sale.
WALTHAM, MASS. — Abcam, a United Kingdom-based developer and distributor of biological reagents and tools for research, drug discovery and diagnostics, has signed a 100,000-square-foot life sciences lease in the western Boston suburb of Waltham. The company will occupy space at The Gauge, a former research and development facility that was recently repositioned to attract life sciences users. Paul Delaney and John Coakley of Cresa represented Abcam in the lease negotiations. Mike O’Leary and Duncan Gratton of Cushman & Wakefield represented the landlord, Hilco Redevelopment Partners.
EDISON, N.J. — JLL has arranged a $7.2 million loan for the refinancing of a 63,200-square-foot industrial/research and development building in the Northern New Jersey city of Edison. The property was built in 1970 and features a clear height of 20 feet, three loading docks and both traditional lab and office space. Michael Klein and Max Custer of JLL arranged the five-year, fixed-rate loan through Signature Bank on behalf of the borrower, New York City-based Northpath Investments. The building was fully leased at the time of the loan closing.
OLD SAYBROOK, CONN. — Connecticut-based brokerage, consulting and development firm New England Retail Properties has brokered the $6.7 million sale of The Shoppes at Old Saybrook. The 94,175-square-foot regional shopping center sits on 8.5 acres and is located in the southern coastal part of the state. Tenants include Ocean State Job Lot, Town Fair Tire, Dollar Tree, O’Reilly Auto Parts and Midas Muffler. Matt Halprin of New England Retail Properties represented the seller, Basser Kaufman Saybrook LLC, in the transaction. Halprin also procured the buyer, OSJL of Old Saybrook LLC.
By Simon Butler, vice chairman, CBRE; Biria St. John, vice chairman, CBRE; John McLaughlin, senior vice president, CBRE; and Colleen Pentland Lally, vice president, CBRE As we emerge from pandemic-era lockdowns and restrictions, Boston’s multifamily market is proving once again to be extremely resilient. With businesses, offices, restaurants and leisure activities rapidly returning to normal, both the overall economy and multifamily fundamentals are rebounding with a velocity that has far outpaced industry expectations to date. Throughout the winter and spring of 2021, job recovery has been swift in the metro Boston region, with employment levels now over 92 percent of pre-pandemic levels, according to the Bureau of Labor Statistics (BLS). The positive momentum is translating into remarkable near-term recovery and growth within the multifamily market. The overall health, stability and resiliency of the greater Boston region is a direct result of the highly skilled and educated labor force, which continues to attract high-paying jobs across the technology, medical, pharmaceutical and educational sectors, among others. Metro Boston is also home to the largest life sciences cluster in the nation, where the local economy has benefited and will continue to benefit from the stability and growth in this industry. In fact, according …
NEW YORK CITY — Bank of America has provided a $100 million loan for the refinancing of 80 Pine Street, a 1.2 million-square-foot office tower that occupies a full city block between Pearl and Water streets in Lower Manhattan. The borrower, The Rudin Family, originally constructed the 38-story building in 1960. A portion of the proceeds will be used to fund additional phases of a renovation program that began last year. Rudin has modernized the lobby and entrances and will now construct an indoor and outdoor amenity center on the 22nd and 23rd floors. Fogarty Finger Architects is leading the redesign of the building.