UPPER MACUNGIE, PA. — A partnership between two New Jersey-based firms, KRE Group and Silverman Group, will develop Lehigh Hills, a 273-unit multifamily project that will be located outside of Allentown in the Lehigh Valley community of Upper Macungie. The community will feature a mix of one- and two-bedroom units that will be housed in seven mid-rise buildings. Amenities will include a fitness center with a yoga room, gaming room, conference room, a pool, dog park and a children’s play area. Valley National Bank provided a $44.4 million construction loan for the project, which is expected to be complete in 2022.
MORRISTOWN, N.J. — Amherst Capital Management has provided a $14.1 million acquisition loan for 500 College Road East, a 159,227-square-foot office building in the Northern New Jersey city of Morristown. The property was built in 1984 and was 53 percent occupied at the time of sale. Amenities include a fitness center, conference room and a café. Michael Klein, Greg Nalbaldian and Michael Lachs of JLL arranged the floating-rate loan on behalf of the buyer, a partnership between Bergman Real Estate Group, Eight Fold Capital and Hornig Capital Partners.
VINELAND, N.J. — A joint venture between Aspen Real Estate and Devli Real Estate has purchased MainTree Shopping Center, a 138,000-square-foot retail property in the Southern New Jersey city of Vineland. The sales price was $13.7 million. The new ownership will implement a value-add program at the center, which houses tenants such as GNC and Hair Cuttery. Joe French led a Marcus & Millichap team that represented the undisclosed seller in the transaction.
CONGERS, N.Y. — JLL has negotiated the $6.5 million sale of an 81,780-square-foot office property that is situated on 7.5 acres in Congers, about 40 miles north of New York City. JLL represented the seller, The Arc Rockland, an organization that provides services to people of all ages with intellectual and other developmental disabilities, in the transaction. The buyer was Portables Unlimited Inc., a Nanuet-based wholesaler of T-Mobile products.
NEW YORK CITY — Alpha Realty has brokered the $4.5 million sale of 310 E. 89th St., a 20-unit apartment building in Manhattan. The five-story building was originally constructed in 1920. Lev Mavashev and Shai Egison of Alpha Realty represented the seller and the locally based buyer in the transaction. The deal traded at a cap rate of 5.1 percent.
MALDEN, MASS. — CBRE has negotiated the $95.5 million sale of Strata, a 295-unit apartment community located in the northern Boston suburb of Malden. The sales price equates to approximately $324,000 per unit. The property, which was 100 percent occupied at the time of sale, is situated on 8.4 acres and offers one-, two- and three-bedroom units with an average size of 892 square feet. Amenities include a pool, outdoor grilling areas and fire pits and a fitness center. Simon Butler, Biria St. John and John McLaughlin of CBRE the seller, Boston-based Taurus Investment Holdings, and procured the buyer, an affiliate of The Green Cities Company of Portland, Oregon.
BOSTON — A joint venture between affiliates of Magellan Development Group, RAS Development, Cypress Equity Investments and USAA Real Estate will develop a 194,000-square-foot life sciences facility and a 450-unit apartment building in the Somerville area of Boston. The development represents the first phase of the master plan for the revitalization of Union Square, a project that will ultimately span 2.4 million square feet of commercial and residential space. The project also includes the addition of an MBTA Green Line station. Daniel Kaufman, Frederic Wittmann and Brett Paulsrud of JLL arranged construction financing through Bank OZK for both the life sciences and the multifamily components of the project.
NEW YORK CITY — A joint venture between investment and development firms Harbor Group International (HGI) and Turnbridge Equities has sold a 90,000-square-foot industrial property leased to Amazon in Brooklyn. The joint venture acquired the property in 2018, when it was vacant, and invested $2.6 million in capital improvements. Institutional investor BentallGreenOak purchased the property for an undisclosed price.
BOSTON — Berkadia has provided a $17.5 million Fannie Mae loan for the refinancing of a portfolio of 11 multifamily properties totaling 89 units in Boston. The properties are primarily located in the Dorchester and Mattapan areas on the city’s south side. Mitch Sinberg, Matthew Robbins and Wesley Moczul of Berkadia originated the 12-year, fixed-rate loan on behalf of the borrower, BT Holland Real Estate.
EVERETT, MASS. — The Neighborhood Developers, a Massachusetts-based nonprofit organization, is underway on construction of an affordable housing project in Everett, a northern suburb of Boston. The project will add 77 units for seniors age 62 and above, as well as a 4,000-square-foot healthcare facility, to the local supply. The project also includes six townhomes that will be listed for sale at below-market prices. A completion date was not disclosed.