NEW YORK CITY — Wells Fargo has provided a $249.2 million Fannie Mae loan for the refinancing of Anagram NoMad, a 50-story apartment tower located in the Manhattan neighborhood of the same name. Anagram NoMad offers 392 units in studio, one-, two- and three-bedroom floor plans. Amenities include an indoor and outdoor rooftop lounge with a bar, a game room and lounge spaces; a gym with a climbing wall and yoga studio; a resident café; a coworking space with a conference and telephone rooms; a children’s playhouse; a library; and a private garden lawn. Andrew Cohen and Shane Hogan of Wells Fargo originated the financing on behalf of the owner, Global Holdings Management Group, which will use the proceeds to refinance an existing Wells Fargo balance sheet loan.
WATCHUNG, N.J. — A partnership between Boston-based investment firm Marcus Partners and two regional developers, Sterling Properties and Danbro Properties, has broken ground on a 230-unit multifamily project in the Northern New Jersey community of Watchung. Blue Hill at Watchung will comprise six buildings on a 41.8-acre site. Amenities will include a pool, clubhouse, fitness center, coworking spaces, indoor/outdoor lounges, dog park and a golf simulator. The first units are expected to be available for occupancy by the end of 2026. Jon Mikula, Jim Cadranell and Michael Lachs of JLL arranged construction financing for the project through First Citizens Bank. The loan amount was not disclosed, but the project carries a price tag of roughly $104 million.
INDEPENDENCE TOWNSHIP, N.J. — Locally based owner-operator Woodmont Properties has sold Woodmont Liberty Apartments, a 120-unit multifamily complex in Independence Township, about 60 miles west of New York City. Completed in 2023 and fully stabilized at the time of sale, the property offers one- and two-bedroom units that are furnished with custom-designed kitchens, walk-in closets, keyless entry mechanisms, individual washers and dryers and private balconies/patios. Amenities include a pool, outdoor grilling and dining areas, a fitness center, game room, conference center, walking trails and a dog park. Steve Tragash, Greg Pine, Eli Herskowitz and Angela Melillo of Sage Investment Real Estate Advisors represented Woodmont and the undisclosed buyer in the transaction.
MARLBOROUGH, MASS. — Locally based developer The Procopio Cos. has begun leasing Vesa, a 140-unit multifamily project in the western Boston suburb of Marlborough. Designed by Maugel Destefano Architects with a Procopio affiliate also serving as the construction manager, Vesa offers 60 one-bedroom units, 62 two-bedroom apartments and 18 three-bedroom residences. Amenities include a pool, resident lounge, dog park, fitness center and walking trails. Information on starting rents was not announced.
NEW YORK CITY — Greystone has provided a $40 million bridge loan for the acquisition of Kittay House, a 295-unit affordable seniors housing property in The Bronx. Kittay House offers dozens of onsite social, recreational and educational programs, as well as meals, housekeeping and easy access to healthcare and supportive services. Eric Rosenstock and Jeff Englund of Greystone originated the nonrecourse, interest-only financing on behalf of the owner, a joint venture between Metropolitan Realty Group and Citadel Care Centers. The loan also carried a 24-month term with two six-month extension options.
KING OF PRUSSIA, PA. — The hotel financing arm of New Jersey-based intermediary Cronheim Mortgage has arranged a $30.3 million loan for the refinancing of a 327-room hotel in King of Prussia, located north of Philadelphia. The hotel is operated under the Alloy Suites banner, which is part of Hilton’s family of brands, and offers amenities such as a fitness center, meeting rooms and an onsite restaurant. Beau Williams and Drew Gilligan of Cronheim arranged the loan on behalf of the borrower, Concord Hospitality. The direct lender and specific loan terms were not disclosed.
YORKTOWN HEIGHTS, N.Y. — Marcus & Millichap has brokered the $15.7 million sale of York Farm Estates, a 77-unit multifamily property located about 45 miles north of New York City. Built in 1996, the property offers townhouse-style units in one-, two- and three-bedroom floor plans. The average unit size is 847 square feet, and the property has value-add potential. Matthew Gault, Seth Glasser, Michael Turkiewicz and Michael Fusco of Marcus & Millichap represented the seller, HVT Realty, in the transaction. The team also procured the buyer, Westchester Management LLC.
SOMERDALE, N.J. — NAI Mertz has negotiated the $6.4 million sale of a 44,055-square-foot industrial building in Somerdale, located outside of Philadelphia in Southern New Jersey. According to LoopNet Inc., the building at 900 Kennedy Blvd. was originally constructed in 1980 and features a clear height of 12 feet and five loading docks. Scott Mertz of NAI Mertz represented the buyer, plumbing and HVAC products distributor F.W. Webb, in the transaction. Jonathan Klear, also with NAI Mertz, represented the seller, locally based investment firm Faropoint.
NEW YORK CITY — The Conference Board Inc. has signed a 30,171-square-foot office lease in Midtown Manhattan. The global think tank and nonprofit organization is relocating to the entire ninth floor of 875 Third Avenue, a 29-story building, via a 20-year lease. Erik Schmall and Scott Weiss of Savills represented the tenant in the lease negotiations. Paul Glickman, Diana Biascotti, Kristen Morgan and Harris Potter of JLL, along with internal agents Craig Panzirer and Alex Radmin, represented the landlord, Global Holdings.
JERSEY CITY, N.J. — JLL has arranged a $255 million loan for the refinancing of Journal Squared III, a newly constructed, 58-story multifamily apartment building in the Journal Square neighborhood of Jersey City. The borrower was a joint venture between Kushner Real Estate Group (KRE) and National Real Estate Advisors. Located at 595 Pavonia Ave., adjacent to the Journal Square PATH station, Journal Squared III is the third and final tower in the $900 million Journal Squared mixed-use development, which has a combined 2.3 million square feet and 1,840 residential units, according to Wikipedia. A decade in the making, construction of Phase I of Journal Squared began in 2014. Journal Squared II, which rises 68 stories and houses 538 units, opened in summer 2021. Construction of Journal Squared III topped out in May 2023. Completed in 2024, Journal Squared III features 598 luxury apartment units with a mix of studio, one-, two- and three-bedroom floor plans averaging 719 square feet. The development also offers 100,000 square feet of amenity space across the three buildings, such as a boxing ring, multiple fitness centers, recording studio, theater and a variety of coworking spaces and resident lounges that serve as an extension of …