Northeast

JLL Arranges $220M Construction Loan for Downtown Philadelphia Healthcare Project

by Taylor Williams March 30, 2021

PHILADELPHIA — JLL has arranged a $220 million construction loan for a 452,000-square-foot healthcare project that will be located at 1101 Chestnut St. in downtown Philadelphia’s Center City district. Jefferson Health will occupy the 19-story ambulatory clinic, which is expected to be complete in the first quarter of 2024. Chad Orcutt and Jim Galbally of JLL arranged the debt through a syndicate of banks on behalf of the development team, a joint venture between National Real Estate Advisors LLC, Joss Realty Partners, SSH and Young Capital.

March 30, 2021

Development Multifamily New Jersey Northeast Seniors Housing

Acts Retirement Begins $10M Expansion Project at Senior Living Community in Moorestown, New Jersey

by Taylor Williams March 30, 2021

MOORESTOWN, N.J. — Acts Retirement-Life Communities has begun a $10 million renovation and expansion project at The Evergreens, a senior living community in Moorestown, a suburb of Philadelphia. The renovations feature new construction and upgrades to existing common areas throughout the property, which is home to approximately 216 residents. The project is scheduled to take approximately two years to complete. The Evergreens’ 32-acre campus includes 200 independent living apartment homes, an onsite healthcare center with 66 assisted living suites and a 34-bed skilled nursing center.

March 30, 2021

Acquisitions Industrial Massachusetts New Hampshire Northeast

BentallGreenOak Acquires 700,000 SF Industrial Portfolio in Massachusetts, New Hampshire

by Taylor Williams March 30, 2021

NEW YORK CITY — New York City-based institutional investment firm BentallGreenOak has acquired a portfolio of nine industrial buildings totaling approximately 700,000 square feet in New England. The properties are located in Wilmington and Billerica, Massachusetts, and Londonderry, New Hampshire. Chris Skeffington and Scott Dragos of CBRE represented the seller, Novaya Real Estate Ventures, and also procured BentallGreenOak as the buyer. The portfolio was 94 percent leased at the time of sale.

March 30, 2021

Acquisitions Multifamily New York Northeast

Avison Young Negotiates $13.2M Sale of Multifamily Building in Manhattan

by Taylor Williams March 30, 2021

NEW YORK CITY — Avison Young has negotiated the $13.2 million sale of a multifamily building located at 100 Second Ave. in the East Village neighborhood of Manhattan. The five-story building houses seven apartments that were recently renovated and one commercial space. Brandon Polakoff of Avison Young represented the seller, Highpoint Property Group, in the deal. The buyer was not disclosed.

March 30, 2021

Acquisitions Healthcare Northeast Pennsylvania

Montecito Medical Buys 20,650 SF Ambulatory Surgery Center Near Pittsburgh

by Taylor Williams March 30, 2021

CRANBERRY TOWNSHIP, PA. — Montecito Medical, a Nashville-based healthcare investment firm, has purchased The Surgery Center at Cranberry, a 20,650-square-foot ambulatory surgery center near Pittsburgh. The two-story building was built in 2003 and was fully leased to Scott & Christie Eyecare Associates at the time of sale. The first floor houses three operating rooms, two procedure rooms, one laser room and 15 pre- and post-operative pods. Clinical and office spaces are located on the second floor.

March 30, 2021

Development Northeast Office Pennsylvania

American Real Estate Completes $15M Renovation of Philadelphia Office Tower

by Taylor Williams March 29, 2021

PHILADELPHIA — American Real Estate Partners (AREP) has completed the $15 million renovation of 1600 Market Street, a 39-story, 825,968-square-foot office tower in Philadelphia’s Center City neighborhood. According to LoopNet Inc., the property was built in 1980 and initially renovated in 1997. The project included a number of health and wellness upgrades, such as elevating exterior air settings to maximize HVAC exchanges of fresh air, using MERV 13 air filters throughout and installing ultraviolet light and ion technology air purifiers in elevators. AREP originally acquired the asset in 2018 and began this renovation project in December 2019.

March 29, 2021

Development Multifamily New York Northeast Seniors Housing

Capitol Seniors Housing Opens The Residences at Plainview on Long Island

by Taylor Williams March 29, 2021

PLAINVIEW, N.Y. — Capitol Seniors Housing has opened The Residences at Plainview, a 114-unit independent living community in the Long Island hamlet of Plainview. Chelsea Senior Living operates the 150,000-square-foot community, the site of which formerly housed a Residence Inn by Marriott hotel prior to its conversion to seniors housing. Meyer Senior Living Studio was the designer for the project, while E.W. Howell Construction Group was the general contractor.

March 29, 2021

Development Loans Mixed-Use New York Northeast

Progress Capital Arranges $15M Acquisition Loan for Harlem Development Site

by Taylor Williams March 29, 2021

NEW YORK CITY — Progress Capital has arranged a $15 million acquisition loan for a development site located at 124-132 E. 125th St. in Harlem. The site is situated near public transit outlets and several recreational areas such as McNair Park, Alice Kornegay Triangle and Harlem Art Park. The borrower, locally based developer Maddd Equities, plans to construct a building of an undisclosed size that will feature retail and other types of commercial space. Brad Domenico of Progress Capital arranged the loan, terms of which included two years of interest-only payments, through Metropolitan Bank.

March 29, 2021

Acquisitions Industrial Massachusetts Northeast

Marcus & Millichap Brokers Sale of 135,770 SF Industrial Property in Lawrence, Massachusetts

by Taylor Williams March 29, 2021

LAWRENCE, MASS. — Marcus & Millichap has brokered the sale of a 135,770-square-foot industrial property located at 516 Broadway St. in Lawrence, located north of Boston. The sale included a 275-space parking lot. The property was originally built around the turn of the 20th century and upgraded over the years, most recently to include the additions of five new truck docks and an office showroom. Harrison Klein and Luigi Lessa of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties requested anonymity.

March 29, 2021

Development Healthcare Life Sciences Northeast Office Pennsylvania

Brandywine, PABC to Develop 50,000 SF Life Sciences Project in Philadelphia

by Taylor Williams March 29, 2021

PHILADELPHIA — A partnership between locally based REIT Brandywine Realty Trust (NYSE: BDN) and the Pennsylvania Biotechnology Center (PABC) will develop a 50,000-square-foot life sciences project in Philadelphia. The property will be located adjacent to Brandywine’s Schuylkill Yards mixed-use development in the University City area. Construction is scheduled to begin immediately and to be complete in the fourth quarter.

March 29, 2021

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