Northeast

Fantini & Gorga Arranges $19.9M Construction Loan for Metro Boston Multifamily Project

by Taylor Williams November 19, 2020

CANTON, MASS. — Mortgage banking firm Fantini & Gorga has arranged a $19.9 million construction loan for Millside at Heritage Park, a 60-unit multifamily project in the southern Boston suburb of Canton. The age-restricted community will offer one- and two-bedroom units averaging 1,076 square feet, with 25 percent of the units reserved for households earning 80 percent or less of the area median income. Casimir Groblewski and Lindsay Feig of Fantini & Gorga arranged the loan through HarborOne Bank and Bristol County Savings Bank on behalf of the borrower, 104 Revere Street LLC.

November 19, 2020

Development New Jersey Northeast Office

JRM Construction Completes Renovation of 12,000 SF Office Building in Piscataway, New Jersey

by Taylor Williams November 19, 2020

PISCATAWAY, N.J. — JRM Construction Management New Jersey LLC has completed the renovation of a 12,000-square-foot office building located at 371 Hoes Lane in the Northern New Jersey city of Piscataway. The project included a facelift of the lobby and atrium and the addition of new amenities such as a grab-and-go café and a fitness center with locker rooms. Greenway Properties LLC owns the three-story building.

November 19, 2020

Development Loans New York Northeast

SL Green Receives $1.2B Construction Loan for 1.4 MSF Office Project in Manhattan

by Taylor Williams November 18, 2020

NEW YORK CITY — SL Green Corp. (NYSE: SLG) has received a $1.2 billion construction loan for One Madison Avenue, a 1.4 million-square-foot office project that will be situated on a full city block between Park and Madison avenues and East 23rd and 24th streets. SL Green is developing the 27-story building in partnership with Houston-based Hines, and Kohn Pederson Kohn is serving as the project architect. The existing office building at One Madison Avenue will be demolished down to the ninth floor, and the development group will build 17 glass and steel, column-free floors above. Amenities will include new retail space, an 800-person event space, 15,000-square-foot artisanal food market, 9,000-square-foot club-style tenant lounge and a full-service fitness center. An estimated completion date was not disclosed.

November 18, 2020

Connecticut Development Northeast Office

Developer BLT Underway on Renovation of 500,000 SF Office Building in Stamford, Connecticut

by Taylor Williams November 18, 2020

STAMFORD, CONN. — Building and Land Technology (BLT), a Connecticut-based developer, is underway on the renovation of 1 Elmcroft, a 500,000-square-foot office building in Stamford. The project includes numerous design and engineering upgrades to promote health and wellness, including increased air ventilation and circulation and more efficient air filtration, as well as heightened sanitation features such as ultraviolet lighting and bipolar ionization. The latter features allow cleaner, safer passage through elevators and common areas, and BLT will also introduce touchless entry mechanisms and other technologies throughout the building. Users will also enjoy access to outdoor amenity spaces, including walking trails and water features, as well as a cafeteria, fitness center and collaboration areas that are separate from individual workstations.

November 18, 2020

Acquisitions Industrial Massachusetts Northeast

Nuveen Real Estate Buys Industrial Facility in Metro Boston for $52M

by Taylor Williams November 18, 2020

MILFORD, MASS. — Nuveen Real Estate has purchased One National, a 300,000-square-foot industrial facility located in the southwestern Boston suburb of Milford for $52 million. According to LoopNet Inc., the property is located at 1 National Drive, was built in 1973 and renovated in 2019. The seller was not disclosed. The property was fully leased to an undisclosed e-commerce tenant at the time of sale.

November 18, 2020

Development Hospitality New York Northeast

TLG Investment Opens 93-Room Hotel, Resort in Upstate New York

by Taylor Williams November 18, 2020

SARANAC LAKE, N.Y. — TLG Investment Partners has opened Saranac Waterfront Lodge, a 93-room hotel and resort located in the Adirondack High Peaks in Upstate New York. The waterfront property houses two food and beverage concepts, a pool, lakeside fire pit, a private marina with 24 boat slips and 30,000 square feet of meeting and event space. Skyward Hospitality is managing the property.

November 18, 2020

Acquisitions Multifamily New Jersey Northeast Seniors Housing

Kislak Brokers $16.4M Sale of Active Adult Community in Hamilton Township, New Jersey

by Taylor Williams November 18, 2020

HAMILTON TOWNSHIP, N.J. — The Kislak Company Inc. has brokered the $16.4 million sale of Twin Ponds, a 75-unit active adult community in Hamilton Township, located outside Trenton. Justin Lupo and Jason Pucci of Kislak represented the sellers, Crestwood Ventures LLC and Crestwood Ventures II LLC, in the transaction. The buyer, an affiliate of The Kamson Corp., plans to expand the property with a 69-unit third phase. Twin Ponds was fully occupied at the time of sale.

November 18, 2020

Loans New York Northeast Office Retail

Empire State Receives $180M Loan for Refinancing of Manhattan Office, Retail Building

by Taylor Williams November 17, 2020

NEW YORK CITY — Empire State Realty Trust (NYSE: ESRT) has received a $180 million loan for the refinancing of 250 W. 57th St., a 542,000-square-foot office and retail building in Manhattan. The 26-story tower, which houses retailers such as HSBC Bank, Bank of America, AT&T and T.J. Maxx, recently received a capital improvement program that updated storefronts, windows and mechanical systems. The interest-only loan bears a fixed interest rate of 2.83 percent and matures in December 2030. Estreich & Co. originated the loan for ESRT, which will use the proceeds to bolster its liquidity and balance sheet flexibility.

November 17, 2020

Acquisitions Industrial Northeast Pennsylvania

CBRE Negotiates Sale of 283,500 SF SoPhi Logistics Center in Philadelphia

by Taylor Williams November 17, 2020

PHILADELPHIA — CBRE has negotiated the sale of SoPhi Logistics Center, a 283,500-square-foot industrial property located at 2400 Weccacoe Ave. in Philadelphia. Michael Hines, Brian Fiumara, Brad Ruppel and Lauren Dawicki of CBRE represented the seller, Wharton Industrial Partners, which acquired the asset in 2019 and implemented a capital improvement program. The property was originally built in 1970 and was fully occupied at the time of sale. The buyer was not disclosed.

November 17, 2020

Leasing Activity New Jersey Northeast Retail

Newmark Arranges $34M Sale of Retail Property Leased to Home Depot in Paterson, New Jersey

by Taylor Williams November 17, 2020

PATERSON, N.J. — Newmark has arranged the $34 million sale of a 120,000-square-foot retail building leased to Home Depot in the Northern New Jersey city of Paterson. The property is situated on 10 acres at 75 McLean Blvd. Matt Berres, Samer Khalil and Steven Schultz of Newmark represented the seller, a private family office, in the transaction. The name and representative of the institutional buyer were not disclosed.

November 17, 2020

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