Northeast

Radnor Property Group Begins Leasing Phase II of Hamilton Apartments in Philadelphia

by Taylor Williams May 14, 2021

PHILADELPHIA — Locally based developer Radnor Property Group has begun leasing the 297-unit second phase of The Hamilton, a two-building, 576-unit apartment community located in the Logan Square area of Philadelphia. The Hamilton features studio, one-, two- and three-bedroom units with quartz countertops, stainless steel appliances and individual washers and dryers. Amenities include two media rooms, two game rooms, conference centers, kitchen spaces, multiple coworking lounges and a rooftop deck with outdoor grilling stations and a sports simulator. The building will also house 2,820 square feet of retail space upon full completion. Rents start at $1,420 per month for a studio unit. Greystar manages the community.

May 14, 2021

Development Loans Multifamily New Jersey Northeast

JLL Arranges $48M Construction Loan for Multifamily Project in Elmwood Park, New Jersey

by Taylor Williams May 14, 2021

ELMWOOD PARK, N.J. — JLL has arranged a $48 million construction loan for the third phase of Riverwalk, a project that will add 240 luxury rental units to the local supply of Elmwood Park, located in Bergen County. The previous phases of the Riverwalk master-planned community featured 158 units within two buildings that were constructed between 2012 and 2014, as well as retail, office and medical office space. The third phase will also include amenities such as a fitness center, business center, pool and clubhouse. Thomas Didio and Thomas Didio Jr. of JLL arranged the financing through Investors Bank and Provident Bank. Leasing is expected to begin in 18 to 24 months.

May 14, 2021

Acquisitions New York Northeast Retail

First National Realty Buys 166,634 SF Grocery-Anchored Shopping Center Near Buffalo

by Taylor Williams May 14, 2021

LOCKPORT, N.Y. — New Jersey-based private equity firm First National Realty Partners has purchased Tops Plaza, a 166,634-square-foot shopping center located outside of Buffalo in Lockport. A 92,000-square-foot Tops grocery store anchors the property, which was 97 percent leased at the time of sale. The seller and sales price were not disclosed.

May 14, 2021

Acquisitions Industrial New Jersey Northeast

Legacy Capital Acquires 60,400 SF Industrial Building in Carlstadt, New Jersey

by Taylor Williams May 14, 2021

CARLSTADT, N.J. — Legacy Capital has acquired 2 Palmer Terrace, a 60,400-square-foot industrial building located outside of New York City in Carlstadt. The property was originally built on three acres in 1977 and renovated in 2014. Building features include 17- to 39-foot clear heights and four oversized drive-in doors. Matthew Pizzolato and Thomas Didio Jr. of JLL arranged an undisclosed amount of acquisition financing through Sound Point Commercial Real Estate Finance for the deal. The property was triple net leased to Sofive Soccer Centers at the time of sale.

May 14, 2021

Industrial Leasing Activity New Jersey Northeast

ePost Global Signs 41,256 SF Industrial Lease in South Hackensack, New Jersey

by Taylor Williams May 14, 2021

SOUTH HACKENSACK, N.J. — ePost Global Inc., a California-based provider of global delivery solutions, has signed a 41,256-square-foot industrial lease at 18 Central Blvd. in South Hackensack, located in the northern part of the state. Jason Fisch of F. Greek Development Inc. represented the tenant in the lease negotiations. Stephen Jennings represented the landlord, Alfred Sanzari Enterprises, on an internal basis.

May 14, 2021

Industrial Market Reports New Jersey Northeast Northeast Market Reports

Investment Demand Heats Up for Multi-Use Logistics Assets in New Jersey

by Taylor Williams May 14, 2021

By Alex Kachris, research manager — Northeast industrial region, JLL Industrial commercial real estate had its second-best year on record in 2020, with U.S. transaction volume nearing $96 billion. As competition among investors for industrial product remains strong in 2021, JLL Capital Markets Research isolated one sub-class that is gaining investor interest: multi-use logistics. The multi-use logistics profile includes older, multi-tenant assets ranging from 20,000 to 100,000 square feet that have solid footprints within infill urban logistics markets. These assets, which often have diversified, local tenant bases, usually house a mix of distribution, flex showroom, industrial showroom, R&D, warehouse and/or manufacturing space. Multi-use logistics assets boast compelling rent growth profiles and strong long-term outlooks. With new, yield-focused investors jumping into the industrial space, multi-use logistics product is desirable as an alternative to the bulk industrial market, which is getting tighter. Given that multi-use logistics facilities are generally older properties, population centers have exploded around these assets, making not only almost impossible to replace but highly sought-after as last-mile logistics locations close to end users. Compounded by industry fundamentals that are driven by macroeconomic factors, including reshoring and acceleration of e-commerce adoption, the increased demand for these smaller, multi-tenant industrial assets …

May 14, 2021

Loans Multifamily New York Northeast

Black Bear Capital Arranges $95M Loan for Refinancing of Manhattan Apartment Complex

by Taylor Williams May 13, 2021

NEW YORK CITY — Locally based financial advisory firm Black Bear Capital Partners has arranged a $95 million loan for the refinancing of a 134-unit apartment complex located at 261-275 Amsterdam Ave. on Manhattan’s Upper West Side. The 12-story property was originally built in 1905 and features a mix of studio through six-bedroom units, as well as 20,837 square feet of retail space. Bryan Manz, Brandon Harris and Philip Bowman of Black Bear Capital Partners arranged the financing through Morgan Stanley on behalf of the borrower, Laub Realty. The loan carried a fixed interest rate of 3.55 percent and 10 years of interest-only payments.

May 13, 2021

Delaware Loans Multifamily Northeast

Dwight Capital Provides $50.7M HUD-Insured Loan for Refinancing of Delaware Multifamily Asset

by Taylor Williams May 13, 2021

WILMINGTON, DEL. — New York City-based Dwight Capital has provided a $50.7 million HUD-insured loan for the refinancing of Residences at Justison Landing, a 214-unit multifamily asset in Wilmington. Built on 2.6 acres in 2008, the waterfront property consists of two seven-story apartment buildings, ground-floor retail space leased to eight tenants and a three-story parking garage. Amenities include a community lounge, fitness center and concierge services. Josh Sasouness of Dwight Capital originated the financing through HUD’s 223(f) program on behalf of the undisclosed borrower.

May 13, 2021

Acquisitions Hospitality New York Northeast

JLL Negotiates Sale of 156-Room Allegria Hotel in Long Beach, New York

by Taylor Williams May 13, 2021

LONG BEACH, N.Y. — JLL has negotiated the sale of the 156-room Allegria Hotel, a luxury beachfront property in Long Beach. Originally built as a seniors housing facility, the property was converted to a hotel in 2009 and now offers a rooftop pool, fitness center and multiple food and beverage options. Jeffrey Davis, K.C. Patel, Nikhil Chuchra and Desmund Delaney of JLL represented the seller, Stabilis Capital Management LP, in the transaction. Greg Labine and Martha Nay of JLL arranged fixed-rate acquisition financing on behalf of the buyer, Linchris Capital Partners LLC.

May 13, 2021

Acquisitions Massachusetts Northeast Office

MCRE, Taconic Capital Buy Downtown Boston Office Building for $23M

by Taylor Williams May 13, 2021

BOSTON — A joint venture between owner-operator MC Real Estate Partners LLC (MCRE) and an affiliate of New York City-based Taconic Capital Partners LP has acquired 11 Avenue de Lafayette, a 57,000-square-foot office building in downtown Boston. Scott Dragos and Tim Mulhall of CBRE represented the seller, nonprofit educational travel organization Elderhostel, in the transaction. As part of the deal, Elderhostel will now occupy a full floor of the five-story building via a sale-leaseback. The remaining 40,000 square feet of space is available for lease.

May 13, 2021

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