RENSSELAER, N.Y. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Rosewood Rehabilitation & Nursing Center in Rensselaer, located just across the Hudson River from Albany. The 80-bed skilled nursing facility was originally developed in the mid-1970s. Prior to the sale, the private ownership group completed capital investments including interior renovations, operational equipment upgrades and technological enhancements. The property was above 90 percent occupied at the time of sale. The buyer and seller were not disclosed.
NEW YORK CITY — Newmark has negotiated an 8,718-square-foot retail lease for luxury accessories provider Valentino at 135 Spring St. in the Soho area of Manhattan. The new store spans 4,424 square feet on the ground floor and 4,294 square feet on the second level. Newmark’s Ariel Schuster, Ross Berkowitz and Brandon Miller represented the landlord, Invesco Real Estate, in the lease negotiations.
BLOOMFIELD, N.J. — JLL has brokered the sale of a 128,715-square-foot, single-tenant retail building in the Northern New Jersey community of Bloomfield that is triple-net leased to The Home Depot (NYSE: HD) on a long-term basis. Home Depot has occupied the property, which sits on an 11-acre tract adjacent to the Garden State Parkway, since 1994. Benderson Development purchased the asset from New York-based Acadia Realty Trust for $16.4 million. Jose Cruz, J.B. Bruno, Kevin O’Hearn, Michael Oliver, Steve Simonelli and Jordan Altman of JLL brokered the deal
NEW PALTZ, N.Y. — Kempner Properties, an investment firm based in metro New York City, has acquired Paltz Commons, a 36-unit multifamily property in New Paltz, located roughly midway between Albany and New York City. Built in 1966, the garden-style property consists of three buildings and was fully occupied at the time of sale. The new ownership plans to implement a value-add program focused on improving the unit interiors, common areas, building exteriors and landscaping.
CAMBRIDGE, MASS. — Cornerstone Realty Capital has arranged a $6.5 million loan for the refinancing of a 26-unit apartment building in Cambridge. Originally built in 1903, the property consists of 25 three-bedroom units and one two-bedroom unit that have been renovated in phases over the last several years. Cornerstone arranged the nonrecourse loan, which was structured with a 10-year term, fixed interest rate and 24 months of interest-only payments. The borrower was locally based management firm The Micozzi Companies.
NEW YORK CITY — Locally based firm Ariel Property Advisors has placed a $6 million loan for the refinancing of a 93-unit multifamily portfolio that comprises three rent-stabilized properties in Manhattan’s Washington Heights area. Matt Dzbanek of Ariel Property Advisors originated the financing, which allowed the undisclosed borrower to receive $3 million cash back to address capital expenditures. The exact locations of the properties were also undisclosed. The borrower, a family office, has owned the portfolio since 1971.The lender is a privately held entity that provides bridge and construction loans off of its fully discretionary balance sheet.
TARRYTOWN, N.Y. — Ampacet Corp., a manufacturer of masterbatches, an additive used for coloring plastics, has signed a 35,000-square-foot office lease renewal in the northern New York City suburb of Tarrytown. Jamie Schwartz internally represented the landlord, GHP Office Realty LLC, an affiliate of Houlihan-Parnes Realtors LLC, in the negotiations for the seven-year renewal. The deal brings the property, which GHP acquired in 2017, to full occupancy.
CONSHOHOCKEN, PA. — Keystone Property Group has begun development of Hotel West +Main, a 127-room hotel in the northern Philadelphia suburb of Conshohocken that will be operated under the Tapestry Collection by Hilton brand. Keystone has partnered with Concord Hospitality Enterprises to develop and operate the boutique hotel, which is part of the 520,000-square-foot SORA West mixed-use development. The hotel is expected to open in the second half of 2022.
BOSTON — Callahan Construction Managers has broken ground on a 108-unit apartment project located at 5 Washington St. in Boston’s Brighton neighborhood that will have 18 units designated as affordable housing. The five-story building will also house 12,500 square feet of ground-floor retail space and 127 parking spaces. Building amenities will include a fitness area, clubhouse, entertainment kitchen, home office space and an outdoor terrace with two quartz-topped bars, cabanas, gas grills and fireplaces. Washington Square Ventures is the developer, and Stantec is the architect. Completion is scheduled for the fourth quarter of 2022.
SOUTHBRIDGE, MASS. — Arch Communities and WinnDevelopment are underway on construction of a $25.7 million adaptive reuse project in Southbridge, located in the south-central part of the state, that will convert the Mary E. Wells school into a 62-unit affordable housing community for seniors aged 55 and above. The majority (56) of the units will be reserved for renters earning 60 percent or less of the area median income (AMI), while the remainder will be restricted to households earning 30 percent or less of AMI. The school was built in 1916 as the town’s first public high school and has been vacant since 2012. Upon completion, which is slated for spring 2022, Wells School Apartments will feature a fitness center, tenant lounge, activity room, game room, library and an internal courtyard.