NEW YORK CITY — Marcus & Millichap Capital Corp. has arranged a $15 million loan for the refinancing of 521-523 W. 48th Street. The 45-unit multifamily property is located in the Hell’s Kitchen neighborhood and was originally built in 1940. Steven Rock and Christopher Marks of Marcus & Millichap arranged the seven-year loan, which carried a 3.1 percent fixed interest rate and a 75 percent loan-to-value ratio, on behalf of the undisclosed borrower.
NEW YORK CITY — A partnership between Australian multinational developer Lendlease and New York-based L+M Development Partners has secured Daiwa House Texas Inc. as a new equity partner for the development team’s 42-story mixed-use tower in Manhattan’s Morningside Heights area. Daiwa House Texas is a U.S. subsidiary of Daiwa House Industry Co., Japan’s largest homebuilder that is pursuing an initiative to expand across the United States. The project, which will be located at 100 Claremont Ave., will feature 165 residential condominiums, 54,000 square feet of academic space for the Union Theological Seminary and 49,000 square feet of faculty housing. Completion is slated for spring 2023.
MANHEIM AND LITITZ, PA. — Ziegler has arranged a $53 million construction loan for two seniors housing expansion projects in Pennsylvania. The first project, West Lawn Apartments, will consist of two buildings containing 18 independent living units located on Pleasant View’s existing continuing care retirement community in the South Central Pennsylvania borough of Manheim. This community was originally built in 1954 and features 152 independent living apartments and cottages, 95 personal care units and 115 skilled nursing beds. The second project, the Lofts at Lititz, will consist of 32 independent living units on the site of the historic Wilbur Chocolate Factory in downtown Lititz, a neighboring town. The borrower was Pleasant View Communities.
UPPER DARBY, PA. — A&E Real Estate has sold a 60,278-square-foot office building located at 6800-6816 West Chester Pike in Upper Darby, located about five miles west of downtown Philadelphia. The property, which was originally built in 1929, is located across the street from the SEPTA 69th Street transit station and features a two-story atrium with a surrounding balcony corridor. Michael Barmash, Despina Belsemes and Eric Grad of Colliers International represented A&E Real Estate in the transaction. The buyer was not disclosed.
NEW YORK CITY — Transwestern has negotiated a 14,889-square-foot office lease at 626 Sheepshead Bay Road in Brooklyn. Stephen Powers, Lindsay Ornstein, Thomas Hines and Jake Cinti of Transwestern represented the tenant, Selfhelp Community Services, in the lease negotiations. David Ofman of The Lawrence Group represented the landlord, Cammeby’s International.
13,556-square-foot residential development site at 3602 Holland Ave. in the Williamsburg neighborhood of Brooklyn. The property is zoned for the development of a 20-unit multifamily building. Menachem Babayov of Westbridge Realty represented the buyer, SHG 3602 LLC, and Steven Westreich represented the seller, Chukwuemeka Dike.
BEDFORD, MASS. — Total nonresidential construction starts across the United States increased by 6 percent from May to June, registering an aggregate value of about $641 billion, according to a new report from Massachusetts-based Dodge Data & Analytics. June marks the second consecutive month of elevated commercial construction activity; however, the volume of residential starts decreased by 6 percent from May to June. According to the report, total nonresidential construction starts were down 14 percent for the first six months of the year relative to that period in 2019, despite construction generally being considered an essential business during the COVID-19 shutdown. Richard Branch, Dodge’s chief economist, said that the uptick in construction activity in May was tied to a handful of very large projects, but June’s gains appeared to be “much more organic in nature.” Branch added that he expected the volume and monetary value of construction starts to grow in the coming months contingent upon the degrees of severity of new COVID-19 cases surges in states like Florida, Texas and California.
MECHANICSBURG, PA. — Cushman & Wakefield has arranged a $20.3 million loan for the refinancing of 6345 Brackbill Boulevard, a 507,634-square-foot industrial asset in Mechanicsburg, located outside of Harrisburg. The property was fully leased at the time of sale and features proximity to several major thoroughfares, including Interstates 81, 76, 83 and 283. John Alascio, Sridhar Vankayala and Maya Steinberger of Cushman & Wakefield placed the loan through Univest Bank & Trust Co. on behalf of the borrower, Penwood Real Estate Investment Management LLC.
NEW YORK CITY — Global One Real Estate Fund II, an affiliate of locally based investment firm Nelson Management Group, has acquired The John Adams, 115-unit apartment building in the Forest Hills neighborhood of Queens. The sales price was $26.5 million. The six-story building offers proximity to several public transit lines and amenities such as bike storage space, package lockers and onsite laundry facilities. The seller was not disclosed.
ORANGE, CONN. — Marcus & Millichap has brokered the $7.2 million sale of an 84,200-square-foot retail property in Orange, a southern suburb of New Haven. The property is situated on eight acres and is net leased to Urban Air Adventure Park, an entertainment concept that features trampolines, zip lines, laser tag and virtual reality games. Derrick Dougherty and Mark Krantz of Marcus & Millichap represented the seller, Bull Hill Associates, in the transaction. Brian Kaplan, also with Marcus & Millichap, represented the buyer, a limited liability company.