TAUNTON, MASS. — Cornerstone Realty Capital has arranged a $3.4 million acquisition loan for a 30-unit multifamily asset in Taunton, located south of Boston. The property was built in 1987 and offers an equal mix of one- and two-bedroom units. Patrick Brady of Cornerstone arranged the loan, which was structured with a fixed interest rate, 24 months of interest-only payments and a 30-year amortization schedule. The undisclosed borrower is planning a capital improvement program.
LOWELL, MASS. — SVN | Parsons Commercial Group has brokered the sale of a 44,472-square-foot industrial property in the northern Boston suburb of Lowell. The sales price was approximately $2.8 million. Marci Alvarado of SVN | Parsons Commercial Group represented the seller, Pagson LLC, and procured the buyer, 4th Corner LLC.
PARSIPPANY, N.J. — Onyx Equities has begun the renovation of 4 and 6 Campus Drive, a two-building, 300,000-square-foot office complex located in the Northern New Jersey city of Parsippany. Onyx will upgrade the lobbies and exteriors and expand amenity spaces. Renovations will also include a new conference center and cafeteria, as well as upgraded outdoor space. Cushman & Wakefield leases the complex. Onyx Equities acquired 4 & 6 Campus Drive in 2020. The buildings are located in The Arbors @ Parsippany office park. Tenants can utilize the amenities located throughout the campus, including new fitness centers, a golf simulator, game room, conference centers, training rooms and a cafeteria.
WILMINGTON, MASS. — Homans Associates, a distributor of HVAC supplies and equipment, has signed a 202,435-square-foot industrial lease at 613 Main St. in Wilmington, a northern suburb of Boston. Tony Coskren, Ed Jarosz, Richard Ruggiero, Torin Taylor, Rick Schuhwerk, Brian Pinch, and Lizzie Kusbit of Newmark represented the landlord, a joint venture between The Seyon Group and Connecticut-based Wheelock Street Capital, in the lease negotiations. The representative of the tenant was not disclosed.
BELMONT, MASS. — A partnership between two development firms, Pennsylvania-based Toll Brothers Inc. (NYSE: TOL) and Boston-based Davis Cos., has opened The Bradford, a 112-unit apartment building in the western Boston suburb of Belmont. The property offers studio, one- and two-bedroom floor plans with keyless entry systems, quartz countertops, stainless steel appliances and individual washers and dryers. Balconies are also available in select units. Amenities include a private courtyard with grilling stations, a roof deck and a resident lounge. Rents start at $2,000 per month for a studio unit, according to Apartments.com.
LEVITTOWN, PA. — JLL has negotiated the $21.3 million sale of a 149,180-square-foot industrial property in the northern Philadelphia suburb of Levittown. The Philadelphia Business Journal reports that the last-mile distribution center is leased to Amazon. The property was originally built in 1963 and renovated in 2018-2019. John Plower, Ryan Cottone, Larry Maister and Jeff Lockard of JLL represented the seller, Alliance HP, in the transaction. The buyer was an undisclosed, publicly traded REIT.
WELLS, MAINE — Alliant Credit Union has provided a $16.5 million acquisition loan for a pair of adjacent RV parks in Wells, a suburb of Portland. The properties were fully occupied at the time of sale and feature shared amenities such as a clubhouse, pool, fitness center and a basketball court. Matt Gentile of Monroe & Giordano placed the loan, which was structured with a five-year term and a 30-year amortization schedule, with Alliant. The borrower was not disclosed.
Student housing demonstrated its resilience in the face of COVID-19 challenges, but what can the industry expect going forward? Timothy S. Bradley, founder, TSB Capital Advisors, and principal, TSB Realty, sat down with Finance Insight to discuss financing and expectations for student housing in the fall of 2021 and beyond. Finance Insight: How was 2020 for TSB? Bradley: We were fortunate. Many observers assumed the student housing industry would be devastated by COVID-19-forced school closures and campus clusters. Instead, thanks in large part to the rational and institutional nature of our major operators, investors and lenders, the industry proved its resiliency once again. We were affected by the pandemic, of course, and had to adjust some of our early year projections, but TSB companies still closed on a total transaction volume of approximately $4 billion, including construction loans, stabilized term loans and interim loans, as well as sales, and joint venture partnership consultations. There will be other challenges our industry faces in the years to come, but it’s difficult to imagine a more challenging singular event than the one we experienced this year with COVID-19. All things considered, we felt very good about 2020, and we’re even more optimistic about 2021. …
YONKERS, N .Y. — Marx Realty, a division of Merchants National Properties, has broken ground on a 130,000-square-foot project for Target in the New York City suburb of Yonkers. The store will be located at the site of a former Sears that closed in 2019 within Cross County Center, a 1.1 million-square-foot open-air shopping and dining destination. In addition to Target, H&M recently signed a long-term renewal for its 28,000-square-foot space that is currently undergoing a $5 million remodeling. Target, which has committed to a 40-year lease, expects to open its new store in 2022.
HACKENSACK, N.J. — Heritage Capital Management has completed 210 Main, an 89-unit multifamily project located just outside New York City in Hackensack. The 11-story former bank building, which was originally constructed in the 1910s, houses studio, one- and two-bedroom units and 5,500 square feet of ground-floor retail space. Units feature stainless steel appliances, walk-in closets, workspaces and terraces. Amenities include a media room and game lounge and onsite storage units. Rents start at approximately $1,850 per month for a studio unit.