EAST ORANGE, N.J. — Gebroe-Hammer Associates has arranged the $14.9 million sale of a three-property, 113-unit multifamily portfolio in East Orange, a suburb of Newark. The properties are all located in the city’s Brick Church area. David Oropeza of Gebroe-Hammer represented the seller, a partnership between Nova EO Portfolio I LLC and The Capital Foresight LP, in the transaction. Oropeza also procured the buyer, an undisclosed private investment firm.
BOSTON — Nauset Construction has broken ground on 1180 Boylston Street, a 50-unit multifamily project located at the site of a former gas station in the Brookline area of Boston. Designed by CBT Architects and developed by Chestnut Hill Investments LLC, the six-story building will also house 6,500 square feet of retail space. The property will feature a unit mix of 15 one-bedrooms, 33 two-bedrooms and two three-bedrooms. All units in the building are age-restricted; one resident in each unit must be 55 years or older. In addition, 10 units are reserved for households earning 50 percent or less of the area median income.
CAMBRIDGE, MASS. — Outdoor apparel and equipment retailer REI will open an 8,000-square-foot store at Cambridge Crossing, a 43-acre mixed-use development located at the junction of Boston, Cambridge and Somerville. The opening of the store, which is scheduled for this fall, represents the launch of the retailer’s new small-format prototype and will be located within a newly constructed office and retail building. DivcoWest is the master developer of Cambridge Crossing.
PINE HILL, N.J. — Greystone has funded a $49.5 million Freddie Mac acquisition loan for Chalet Gardens, a 484-unit multifamily property in Pine Hill, located in the southern part of the state. Built in 1973, the property offers one- and two-bedroom units and amenities such as a pool, fitness center, picnic area and a playground. Dan Sacks of Greystone originated the loan, which carries a 10-year term, a 30-year amortization schedule and interest-only payments for the first five years. The borrower was Goldcrest Management.
ORANGEBURG, N.Y. — Grandbridge Real Estate Capital’s Atlanta-based seniors housing and healthcare finance team has provided a $49.2 million Fannie Mae loan for the refinancing of Brightview Lake Tappan. The 143-unit seniors housing community is located in Orangeburg, approximately 15 miles north of New York City. Specific loan terms and the name of the borrower were not disclosed.
NEW YORK CITY — JLL has brokered the $31.7 million sale of a 57,035-square-foot multifamily development site in the Forest Hills neighborhood of Queens. Stephen Palmese, Brendan Maddigan, Michael Mazzara, Winfield Clifford, Ethan Stanton and Patrick Madigan of JLL represented the seller, Jasper Venture Group, in the deal. The buyer, a partnership between Top Rock Holdings, RJ Capital Group and SYU Properties, plans to develop a 235,679-square-foot market-rate project and an 82,559-square-foot senior affordable living development on the site.
PHILADELPHIA — Mindspace, a provider of flexible workspace solutions, has opened a 42,000-square-foot space at the Wanamaker Building, a historic property in Philadelphia that was built in 1911 as one of America’s first department stores. Rubenstein Partners LP owns the building in partnership with Amerimar Enterprises. With this location, Mindspace now operates 31 spaces across 16 cities and seven countries.
SOUTH ORANGE, N.J. — New York City-based Invel Capital LLC has acquired a 22-unit multifamily property in South Orange, located outside of Newark. The property, which offers one- and two-bedroom units, also houses 2,500 square feet of commercial space, a 35-space enclosed parking garage and a 4,000-square-foot landscaped patio space. Invel purchased the asset from its original developer for $9.3 million.
NORTON, MASS. — CBRE has brokered the sale of a 209,643-square-foot industrial facility in Norton, located near the Massachusetts-Rhode Island border. Built in 1986, the property was fully leased to U.S. Cabinet Depot at the time of sale. Building features include a clear height of 28 feet, 20 docks and an ESFR sprinkler system. Scott Dragos, Chris Skeffington, Doug Jacoby, Roy Sandeman, Tim Mulhall, Tony Hayes and Daniel Hines of CBRE represented the seller, Paradigm Capital Advisors, in the off-market transaction. Denver-based Black Creek Group acquired the asset for an undisclosed price.
LYCOMING COUNTY, PA. — Digger Specialties, an Indiana-based manufacturer of building products, will open a 160,000-square-foot production and distribution facility in Central Pennsylvania’s Lycoming County. The build-to-suit facility will be located on a 25-acre site within Timber Run Industrial Park and is expected to bring about 150 new jobs to the community. Howard Fertman of NAI Mertz represented Digger Specialties in its site selection. Construction is scheduled to begin in August and to be complete in the first quarter of 2022.