Northeast

Equity Residential Acquires 270-Unit Reserve at Burlington Apartments in Metro Boston

by Taylor Williams July 13, 2021

BURLINGTON, MASS. — Equity Residential, a Chicago-based REIT, has acquired The Reserve at Burlington, a 270-unit apartment community located northeast of Boston. Built in 2019, the property offers studio, one-, two- and three-bedroom units and amenities such as a clubroom lounge with a catering kitchen, a two-story fitness center, four elevated courtyards and a resort-style pool with an outdoor kitchen and bar. Simon Butler and Biria St. John of CBRE represented the sellers and developers, The Davis Cos. and Principal Real Estate Investors, in the transaction. The Reserve at Burlington was 96 percent occupied at the time of sale.

July 13, 2021

Affordable Housing Loans Multifamily New York Northeast Seniors Housing

Berkadia Provides $22.6M HUD-Insured Loan for Affordable Senior Living Property in Queens

by Taylor Williams July 13, 2021

NEW YORK CITY — Berkadia has provided a $22.6 million HUD-insured loan for Seagirt Seniors Housing, an affordable housing property located in the Far Rockaway neighborhood of Queens. The 12-story, 120,278-square-foot building was built in 1985 with 151 Section 8 apartment units and one employee unit. Laura Smith of Berkadia originated the financing, which was structured with a 35-year term and a 71 percent loan-to-value ratio, through HUD’s 223(f) program. The borrower, New York-based operator JASA, will use a portion of the proceeds to fund capital improvements. Planned upgrades include modernizing kitchens and bathrooms, replacing circuit breaker panels, renovating common areas and elevators and installing a new boiler system.

July 13, 2021

Loans New York Northeast Retail

Newmark Arranges $20.3M CMBS Loan for Refinancing of Retail Condo in Queens

by Taylor Williams July 13, 2021

NEW YORK CITY — Newmark has arranged a $20.3 million CMBS loan for the refinancing of a 26,000-square-foot retail condominium located in the Long Island City area of Queens. The property, which consists of 14,600 square feet of ground-floor retail space and 11,400 square feet of below-grade space, is situated within The Prime, a 71-unit luxury condo building. The majority of the ground-floor space is leased to Trader Joe’s, which opened earlier this month. Dustin Stolly, Jordan Roeschlaub and Daniel Fromm of Newmark arranged the 10-year, fixed-rate loan through Ladder Capital on behalf of the borrower, Circle F Capital.

July 13, 2021

Loans New Jersey Northeast Office

JLL Places $9M Loan for Refinancing of Office Building in Eatontown, New Jersey

by Taylor Williams July 13, 2021

EATONTOWN, N.J. — JLL has placed a $9 million loan for the refinancing of Meridian Center II, an 80,188-square-foot office building in the coastal New Jersey city of Eatontown. Built on 4.6 acres in 1988, the property was 92 percent leased at the time of the loan closing to tenants such as Hackensack Meridian Health, Wayside Technology Group and Altair Health. Michael Klein, Max Custer and Gerard Quinn of JLL arranged the loan, specific terms of which were not disclosed, on behalf of the borrower, locally based development and management firm The Donato Group.

July 13, 2021

Acquisitions Connecticut Multifamily Northeast

Northeast Private Client Group Brokers Sales of Two Connecticut Apartment Buildings for $5.8M

by Taylor Williams July 13, 2021

BRIDGEPORT AND NORWALK, CONN. — Northeast Private Client Group (NEPCG) has brokered the sales of two Connecticut apartment buildings totaling 37 units for a combined price of approximately $5.8 million. Atlantic Street Apartments in Bridgeport totals 16 units and sold for $1.9 million, and Fairfield Avenue Apartments in Norwalk totals 21 units and sold for $3.9 million. Bradley Balletto, Jeff Wright, Rich Edwards, Robert Paterno and John Lockhart of NEPCG represented both parties in both deals.

July 13, 2021

Civic Development Massachusetts Northeast

Shawmut Completes $120M Renovation of Smith College Library in Northampton, Massachusetts

by Taylor Williams July 12, 2021

NORTHAMPTON, MASS. — Shawmut Design & Construction has completed the $120 million renovation of the historic Neilson Library at Smith College in Northampton. The 200,000-square-foot building originally opened in 1909. The library now houses an innovation and entrepreneurship center, as well as a series of classroom spaces, a reading room, private study areas, sunken courtyard and event spaces including an outdoor amphitheater. The library also features a podcast studio and other labs for producing digital content. Renovations began in 2017. Project partners included architectural designer Maya Lin and principal architect Shepley Bulfinch.

July 12, 2021

Development Multifamily New Jersey Northeast

J.G. Petrucci to Develop 172-Unit Apartment Community in East Orange, New Jersey

by Taylor Williams July 12, 2021

EAST ORANGE, N.J. — Developer J.G. Petrucci Co. Inc. will build The Station at East Orange, a 172-unit apartment community that will be located just west of Newark. The property will feature one-, two- and three-bedroom units, 30 percent of which will be reserved as affordable housing, with kitchen islands and stainless steel countertops. In addition, The Station at East Orange will include 3,477 square feet of retail space and amenities such as a fitness center, business center and an art gallery. J.G. Petrucci is developing the project in partnership with TD+ Partners and the City of East Orange. A firm construction timeline is still being established.

July 12, 2021

Industrial Loans Northeast Rhode Island Self-Storage

JLL Arranges Acquisition Financing for 359-Unit Self-Storage Facility in Rhode Island

by Taylor Williams July 12, 2021

WESTERLY, R.I. — JLL has arranged an undisclosed amount of acquisition financing for Cornerstone Self Storage, a 359-unit facility in the coastal Rhode Island city of Westerly. The property sits on 1.8 acres and offers 48,025 net rentable square feet of climate- and non-climate-controlled space, as well as 28 RV storage spaces. Michael Pagniucci and Henry Schaffer of JLL arranged the five-year, fixed-rate loan through Rhode Island-based Washington Trust Co. on behalf of the borrower, The Storage Investment Group.

July 12, 2021

Development Multifamily New York Northeast Seniors Housing

Capitol Seniors Housing Opens 80-Unit Assisted Living Community in New City, New York

by Taylor Williams July 12, 2021

NEW CITY, N.Y. — Capitol Seniors Housing has opened Atria New City, an assisted living and memory care community in New City, located approximately 30 miles north of Manhattan. The three-story, 70,000-square-foot community features 80 residential apartments. Atria Senior Living will operate the property. Meyer Senior Living Studio designed the project.

July 12, 2021

Acquisitions Multifamily New Jersey Northeast

Redwood Realty Brokers $3.9M Sale of Jersey City Multifamily Buildings

by Taylor Williams July 12, 2021

JERSEY CITY, N.J. — Redwood Realty Advisors has brokered the $3.9 million sale of two multifamily buildings totaling 17 units in the McGinley Square neighborhood of Jersey City. The sales price equates to approximately $232,000 per unit. The buyer and seller were not disclosed. Steve Matovski of Redwood Realty brokered the deal.

July 12, 2021

Newer Posts

Older Posts