MIDDLESEX, N.J. — Greystone has arranged a $45.3 million loan for the refinancing of The View at Middlesex, a newly built, 200-unit apartment complex in Northern New Jersey. The property consists of 160 one-bedroom units, 40 two-bedroom units and 7,700 square feet of retail space. Amenities include a fitness center, lounge areas, a game room, pool and a roof deck. Benefit Street Partners Realty Trust provided the loan, which retires the construction financing originated by Procida Funding in 2018, to Forte Real Estate Development. Leasing began over the summer. Drew Fletcher, Matthew Hirsch, Bryan Grover and John Williams of Greystone handled the transaction.
ANDOVER, MASS. — SVN | Parsons Commercial Group has arranged the sale of a 60,000-square-foot industrial building in the northern Boston suburb of Andover. The sales price was $10.3 million. The property sits on 4.7 acres and will be available for lease next fall for the first time in more than 20 years. Alex Berger and Matt Quinlan of SVN represented the seller, Stickamayka Group LLC, in the transaction. The duo also procured the buyer, a joint venture between Boston-based Oliver Street Capital and Bain Capital Real Estate.
EATONTOWN, N.J. — OGS Recycling has signed a 34,801-square-foot industrial lease in Eatontown, located near the Jersey Shore. The building at 246 Industrial Way offers proximity to the Garden State Parkway, as well as a clear height of 30 feet and eight loading docks. Matt Leonelli of Sheldon Gross Realty represented the undisclosed landlord in the lease negotiations. David Zimmel of Zimmel Associates represented the tenant.
NEW YORK CITY — Charlotte, N.C.-based Grubb Properties will develop 8 Carlisle, a 50-story apartment building that will be located in Manhattan’s Financial District. Grubb Properties acquired the site from New York-based Pink Stone Capital Group, which purchased it in 2011 and helped assemble the air rights and construction permits as Grubb’s development service partner. In addition to 22,000 square feet of retail space, the property will feature 400 units that will be operated under Grubb’s Link brand, which provides housing geared to renters earning between 60 and 140 percent of area median income (AMI). A construction timeline has not yet been finalized.
JERSEY CITY, N.J. — Locally based developer Tulfra Real Estate has acquired land in Jersey City for the construction of a 2,422-unit self-storage project. The facility will be located at 300 Thomas McGovern Drive and will have a gross square footage of approximately 261,000 square feet, including an adjoining parking structure that will also be constructed as part of the project. Thomas Walsh of Walker & Dunlop brokered the land deal. A groundbreaking date will be announced in the coming days. According to Tulfra, there are approximately 159,000 housing units and 22,500 new apartments under development within a three-mile radius of the site.
RUTHERFORD, N.J. — Vango Development has received site plan approval from the planning board of the Borough of Rutherford, located in the northern part of the Garden State, for a new 60-unit multifamily project. The property, which will be located in the downtown area, represents the second phase of The Parker, a 52-unit complex completed by Vango in 2019. The new four-story building will house a mix of studio, one- and two-bedroom units, as well as 3,000 square feet of ground-floor retail space. Minno & Wasko Architects & Planners is designing the project, completion of which is slated for spring 2023.
SOMERVILLE, MASS. — JLL has negotiated the $35.5 million sale of a 58,156-square-foot office building in the Boston suburb of Somerville. The three-story building was originally constructed in 1870 and was fully leased to FormLabs, a manufacturer of 3-D printing products and technology, at the time of sale. Coleman Benedict and Scott Carpenter of JLL represented the seller, funds advised by a subsidiary of Columbia Property Trust, in the transaction. The duo also procured the buyer, a partnership between Synergy Investments and Independencia Asset Management.
RIDGEWOOD, N.J. — CBRE has arranged the $14.3 million sale of The Schoolhouse, a 31-unit apartment complex in the Northern New Jersey community of Ridgewood. The sales price equates to approximately $462,000 per unit. The property was built in stages between 1960 and 1980. Nat Gambuzza and Spencer Beriont of CBRE represented the seller, 158-174 Union Street LLC, in the transaction.
BAY SHORE, N.Y. — JLL has arranged $113 million in construction financing and $55 million in joint venture equity for the capitalization of a 418-unit multifamily project in the Long Island community of Bay Shore. The property, which will be built in two phases, will consist of 334 market-rate apartments and 84 workforce housing units, as well as 1,650 square feet of retail space. Amenities will include a pool, outdoor grilling stations, a business center and coworking lounge, fitness center, clubrooms, game room and pet washing station. Andrew Scandalios, Rob Hinckley, Jeffrey Julien and Nicco Lupo of JLL arranged the joint venture equity with institutional investors advised by J.P. Morgan Asset Management on behalf of the developer, TRITEC Real Estate Co. Michael Gigliotti, Geoff Goldstein, Kelly Gaines and Jackie Ferrer of JLL sourced the four-year, floating-rate construction loan through Truist Financial Corp. and Santander Bank.
NEWTON, MASS. — MassHousing has provided $23.5 million in financing for the expansion of Golda Meir House in the western Boston suburb of Newton. The project will expand the existing 199-unit affordable seniors housing property, adding 68 new apartment homes that will be reserved for renters at various income levels that fall below the area median income. The capital stack includes $17 million in Low-Income Housing Tax Credit equity allocated by the Massachusetts Department of Housing & Community Development, as well as various other subsidies. The borrower and developer is 2Life Communities. Prellwitz Chilinski Associates is the project architect, and Colantonio Inc. is the general contractor. Construction is expected to be complete in spring 2023. Golda Meir House was originally built between 1978 and 1995 and was renovated in 2018.