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Northeast

Bethlehem-Farms-Apartments
LoansMultifamilyNortheastPennsylvaniaWalker & Dunlop

Walker & Dunlop Provides $25.2M Agency Loan for Refinancing of Lehigh Valley Apartments

by Taylor Williams

BETHLEHEM, PA. — Walker & Dunlop has provided a $25 million Fannie Mae loan for the refinancing of Bethlehem Fields Apartments a multifamily community located in Pennsylvania’s Lehigh Valley region. The property features one- and two-bedroom apartments and townhomes for a total of 216 residences. John Banas, Kris Wood, John Wilson and Rhett Saltiel of Walker & Dunlop originated the 10-year, fixed-rate loan, which was also structured with three years of interest-only payments. The borrower was Pennsylvania-based Boyd Wilson.

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Cornerstone-at-Howell
Affordable HousingDevelopmentMultifamilyNew JerseyNortheast

Walters Nears Completion of 72-Unit Affordable Housing Project in Howell, New Jersey

by Taylor Williams

HOWELL, N.J. — New Jersey-based developer Walters is nearing completion of Cornerstone at Howell, a 72-unit affordable housing development in coastal New Jersey. Residents have begun moving in to the four-building development, which features one-, two- and three-bedroom units with individual washers and fully equipped kitchens with granite countertops. Amenities include outdoor grilling and picnic stations, a clubhouse with a fitness center and a children’s play area. Walters expects to complete the project by the end of the year.

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Leasing ActivityNew JerseyNortheastRetail

Planet Fitness Signs 20,000 SF Retail Lease at Mayfair Shopping Center on Long Island

by Taylor Williams

COMMACK, N.Y. — Planet Fitness has signed a 20,000-square-foot retail lease at Mayfair Shopping Center, a 221,000-square-foot power center located in the Long Island city of Commack. A 60,000-square-foot Best Market grocery store anchors the property, which also houses tenants such as Rite Aid, Capital One Bank, Sherwin-Williams and Verizon Wireless. E.J. Moawad of New Jersey-based Levin Management Corp. represented the undisclosed landlord in the lease negotiations. Jack Chera of Crown Retail Services represented Planet Fitness.

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AcquisitionsMultifamilyNew YorkNortheastSeniors Housing

Kayne Anderson, Watermark, Tishman Speyer Open $330M Seniors Housing Community in Brooklyn

by Taylor Williams

NEW YORK CITY — A development team consisting of Kayne Anderson Real Estate, Watermark Retirement Communities and Tishman Speyer has opened the $330 million Watermark at Brooklyn Heights seniors housing community at 21 Clark St. The project is a redevelopment of the Leverich Towers Hotel, a 310,000-square-foot hotel built in 1928 that served as the pre-game home of the Brooklyn Dodgers baseball team in the 1930s and 1940s. The building’s 275 apartments include 145 for independent living, 88 for assisted living and 42 for memory care. Watermark at Brooklyn Heights features 50,000 square feet of indoor and outdoor amenity space, including a curated art gallery, three restaurants, a performing arts stage, multiple wellness venues, an indoor pool, salon and spa and a rooftop terrace. The development team originally acquired the property in 2017. The project team for the renovation included architect Montroy DeMarco Architecture and interior designer Lemay+Escobar Architects. Hudson Meridian was the general contractor.

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DevelopmentHealthcareLife SciencesMassachusettsNortheastOffice

Lincoln Property Co. Receives Approval for 200,000 SF Life Sciences Project Near Boston

by Taylor Williams

LEXINGTON, MASS. — Dallas-based Lincoln Property Co. has received approvals to move forward with the development of a 200,000-square-foot life sciences project at 91 Hartwell Ave. in the Boston metro of Lexington. Designed by Boston-based architecture firm DiMella Shaffer, the property will consist of 95,000 square feet of lab space, 125,000 square feet of office space and a 502-space parking structure. The development team also includes Paul Finger Associates, LEC Environmental and Nitsch Engineering.

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Skyview-Rahway-New-Jersey
AcquisitionsMultifamilyNew JerseyNortheast

Kislak Brokers $26.5M Sale of Multifamily Building in Rahway, New Jersey

by Taylor Williams

RAHWAY, N.J. — The Kislak Company has brokered the $26.5 million sale of Skyview Rahway, a 160-unit multifamily building located south of Newark in Union County. Built in 2005, the property consists of 45 one-bedroom units, 102 two-bedroom units and 13 penthouses in addition to Class A amenities such as a rooftop terrace, fitness center and concierge services. Jeff Squires of Kislak represented the seller in the transaction, and Barry Waisbrod of Kislak procured the New York-based buyer. Both parties requested anonymity.

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DevelopmentMultifamilyNew JerseyNortheastSeniors Housing

Larken Associates Completes 198-Unit Multifamily Project in Lopatcong, New Jersey

by Taylor Williams

LOPATCONG, N.J. — Developer Larken Associates has completed Autumn Ridge, a 198-unit multifamily project in Lopatcong, about 75 miles west of New York City. Autumn Ridge features a combination of 198 market-rate and affordable luxury apartment units across 10 buildings as well as a standalone building for residents age 55 and over. Amenities include a clubhouse, pool, outdoor lounge, fitness center, pet park, lounge/dry bar and a package concierge system.

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AcquisitionsNew JerseyNortheastRetail

Marcus & Millichap Arranges Sale of 114,249 SF Retail Center in Mount Olive, New Jersey

by Taylor Williams

MOUNT OLIVE, N.J. — Marcus & Millichap has arranged the sale of Mount Olive Parkade, a 114,249-square-foot retail center located about 50 miles west of New York City. The property sold for $6 million. Michael Lombardi and Steven Schiavello of Marcus & Millichap represented the seller and secured the buyer in the transaction. Both parties were limited liability companies that requested anonymity.

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Winthrop Center
DevelopmentMassachusettsMixed-UseMultifamilyNortheastOfficeTop Stories

Millennium Partners Secures $775M Construction Financing for Mixed-Use Tower in Downtown Boston

by Katie Sloan

BOSTON — Millennium Partners Boston, a local arm of developer Millennium Partners, has secured $775 million in construction financing from Cale Street Investments for Winthrop Center, a $1.3 billion mixed-use development located in downtown Boston. Upon completion, the project is expected to feature 812,000 square feet of Class A office space; 572,000 square feet of residential space including 321 luxury residential units; and a 24,000-square-foot common area featuring a fitness center, game room, coffee bar, cafe and lounge space. “Securing the construction loan from Cale Street Investments — an unprecedented investment given the global pandemic — assures that Winthrop Center will remain on schedule for completion in 2022,” says Christopher Jeffries, founder of Millennium Partners. “From its inception, human-centric design, sustainability and flexible workspaces have formed the foundation of Winthrop Center. With innovation a core part of Boston’s DNA, the city is the perfect home for this building.” The project was designed by Handel Architects to provide ample access to natural light and elevated indoor air quality in response to the COVID-19 pandemic. The development will seek LEED Gold certification for its residential units and LEED Platinum certification for its office space upon completion, which is slated for 2022.  Founded …

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IndustrialNew JerseyNortheast

New Jersey Industrial Rents, Vacancy Maintain Historic Levels, Says Cushman & Wakefield

by Taylor Williams

NEW JERSEY — The New Jersey industrial market has maintained its historically high rate of rent growth and low rate of vacancy through the third quarter, respectively clocking in at $9.39 per square foot and 3 percent, according to the latest report from Cushman & Wakefield. Demand for industrial space from e-commerce and third-party logistics users fueled the performances of both metrics as consumers increasingly spent more time at home and shopped online amid the COVID-19 pandemic. Year-to-date, the Garden State has absorbed more than 6.5 million square feet of industrial space, down only slightly from the 7.2 million square feet absorbed by the end of the third quarter in 2019. However, Jason Price, the firm’s director of Tri-State research, noted that the moderate decline in year-to-date absorption was more attributable to lack of supply than diminished tenant demand. Construction activity has risen over the first nine months of 2020 relative to that period in 2019 as the market has shown signs of being undersupplied. Year-to-date, developers have delivered some 8.1 million square feet of new inventory, a 28.6 percent increase from the 6.3 million square feet delivered through the first three quarters of last year. In addition, New Jersey’s …

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