NEW YORK CITY — Greystone has provided a $40 million bridge loan for the acquisition of Kittay House, a 295-unit affordable seniors housing property in The Bronx. Kittay House offers dozens of onsite social, recreational and educational programs, as well as meals, housekeeping and easy access to healthcare and supportive services. Eric Rosenstock and Jeff Englund of Greystone originated the nonrecourse, interest-only financing on behalf of the owner, a joint venture between Metropolitan Realty Group and Citadel Care Centers. The loan also carried a 24-month term with two six-month extension options.
KING OF PRUSSIA, PA. — The hotel financing arm of New Jersey-based intermediary Cronheim Mortgage has arranged a $30.3 million loan for the refinancing of a 327-room hotel in King of Prussia, located north of Philadelphia. The hotel is operated under the Alloy Suites banner, which is part of Hilton’s family of brands, and offers amenities such as a fitness center, meeting rooms and an onsite restaurant. Beau Williams and Drew Gilligan of Cronheim arranged the loan on behalf of the borrower, Concord Hospitality. The direct lender and specific loan terms were not disclosed.
YORKTOWN HEIGHTS, N.Y. — Marcus & Millichap has brokered the $15.7 million sale of York Farm Estates, a 77-unit multifamily property located about 45 miles north of New York City. Built in 1996, the property offers townhouse-style units in one-, two- and three-bedroom floor plans. The average unit size is 847 square feet, and the property has value-add potential. Matthew Gault, Seth Glasser, Michael Turkiewicz and Michael Fusco of Marcus & Millichap represented the seller, HVT Realty, in the transaction. The team also procured the buyer, Westchester Management LLC.
SOMERDALE, N.J. — NAI Mertz has negotiated the $6.4 million sale of a 44,055-square-foot industrial building in Somerdale, located outside of Philadelphia in Southern New Jersey. According to LoopNet Inc., the building at 900 Kennedy Blvd. was originally constructed in 1980 and features a clear height of 12 feet and five loading docks. Scott Mertz of NAI Mertz represented the buyer, plumbing and HVAC products distributor F.W. Webb, in the transaction. Jonathan Klear, also with NAI Mertz, represented the seller, locally based investment firm Faropoint.
NEW YORK CITY — The Conference Board Inc. has signed a 30,171-square-foot office lease in Midtown Manhattan. The global think tank and nonprofit organization is relocating to the entire ninth floor of 875 Third Avenue, a 29-story building, via a 20-year lease. Erik Schmall and Scott Weiss of Savills represented the tenant in the lease negotiations. Paul Glickman, Diana Biascotti, Kristen Morgan and Harris Potter of JLL, along with internal agents Craig Panzirer and Alex Radmin, represented the landlord, Global Holdings.
JERSEY CITY, N.J. — JLL has arranged a $255 million loan for the refinancing of Journal Squared III, a newly constructed, 58-story multifamily apartment building in the Journal Square neighborhood of Jersey City. The borrower was a joint venture between Kushner Real Estate Group (KRE) and National Real Estate Advisors. Located at 595 Pavonia Ave., adjacent to the Journal Square PATH station, Journal Squared III is the third and final tower in the $900 million Journal Squared mixed-use development, which has a combined 2.3 million square feet and 1,840 residential units, according to Wikipedia. A decade in the making, construction of Phase I of Journal Squared began in 2014. Journal Squared II, which rises 68 stories and houses 538 units, opened in summer 2021. Construction of Journal Squared III topped out in May 2023. Completed in 2024, Journal Squared III features 598 luxury apartment units with a mix of studio, one-, two- and three-bedroom floor plans averaging 719 square feet. The development also offers 100,000 square feet of amenity space across the three buildings, such as a boxing ring, multiple fitness centers, recording studio, theater and a variety of coworking spaces and resident lounges that serve as an extension of …
NEW YORK CITY — A joint venture between two locally based development and investment firms, Domain Cos. and Silverstein Properties, has received a $205 million bridge loan for 420 Carroll Street, a 360-unit apartment complex located in the Gowanus area of Brooklyn. The property consists of two buildings that rise 16 and 21 stories and house 35 studios, 150 one-bedroom units, 64 two-bedroom residences and 20 three-bedroom apartments, 25 percent of which are reserved as affordable housing. Amenities include a resident clubroom and library, media and game room, demonstration kitchen with private dining space, a fitness center with a yoga studio, waterfront park, outdoor grilling and dining areas and a rooftop terrace. The property also features 12,000 square feet of ground-floor retail space, as well as 14,700 square feet of second-floor commercial space. Christopher Peck, Peter Rotchford and Nicco Lupo of JLL arranged the loan through global investment management firm AllianceBernstein.
DERRY, N.H. — Newmark has provided a $143.1 million Fannie Mae loan for the refinancing of The Fairways, an 849-unit apartment community in Derry, located outside of Manchester near the Massachusetts-New Hampshire border. Built on 108 acres in 1984, the garden-style property features two-, three- and four-story buildings. Units come in one- and two-bedroom floor plans, and amenities include a pool, fitness center, great room, tennis courts, playground and a dog park. Ed Belz led the Newmark team that originated the financing on behalf of the owner, Makor Capital. The debt was structured with an early rate lock on a 10-year term with full-term, interest-only payments and a 35-year amortization schedule.
SAYREVILLE, N.J. — JLL has arranged a $36 million construction loan for Camelot on Main Street, a 142-unit multifamily project that will be located in the Central New Jersey community of Sayreville. The complex will comprise six buildings that will house 134 market-rate units and eight affordable housing units with an average size of 1,068 square feet. Floor plans were not disclosed, but residences will be furnished with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities will include a fitness center, pool, lounge area with a coffee bar, parcel room, fire pit, barbecue area, playground and a dog park. Michael Klein, Jim Cadranell and John Cumming of JLL arranged the floating-rate loan through Provident Bank on behalf of the developer, Kaplan Cos.
BERKELEY HEIGHTS, N.J. — Locally based developer The Connell Co. has topped out RT500, an 11-story multifamily project located within The Park, a 185-acre mixed-use development in the Northern New Jersey community of Berkeley Heights. Minno & Wasko Architects and Planners, in collaboration with David M. Sullivan Inc., designed RT500, which will be one of two buildings at The Park under Connell’s Round Table (RT) Residences brand. Upon completion, which is slated for next summer, the building will offer 179 units and amenities such as an outdoor pool, entertainment lounge, game room, fitness center and coworking space.