CHESTNUT HILL, MASS. — Berkadia has provided a $42.9 million Freddie Mac loan for the refinancing of Hancock Estates, a garden-style apartment community located in the western Boston suburb of Chestnut Hill. The property totals 88 units, according to Apartments.com. Hancock Estates offers one- and two-bedroom floor plans and amenities such as a community garden, resident lounge, fitness center and outdoor picnic areas. Robert Lipson of Berkadia originated the 15-year loan on behalf of the borrower, Massachusetts-based Chestnut Hill Realty.
NEW YORK CITY — Ariel Property Advisors has arranged a $6.9 million loan for the refinancing of a 20-unit portfolio of multifamily and retail properties in Brooklyn and Queens. Dime Community Bank provided the loan, which carried a 3.65 percent interest rate with $3 million in cash-out proceeds. Matt Dzbanek and Matt Swerdlow of Ariel Property Advisors arranged the financing on behalf of the undisclosed borrower. The names and addresses of the properties were also not disclosed.
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Build-for-Rent Space May Outperform Conventional Multifamily on Occupancy, Rents
The past few years have seen a surge in interest in single-family rental (SFR) and build-for-rent (BFR) spaces in commercial real estate. Traditionally the domain of small- and medium-sized investors, the SFR/BFR space has begun to attract institutional investors. BFR, in particular, can often offer higher occupancy levels and rents while promising lower capital and operating costs than traditional multifamily housing. Keaton Merrell, managing director, Capital Markets, Walker & Dunlop, spoke to REBusinessOnline about debt and equity in BFR, as well what to know when it comes to agency involvement. First, Merrell briefly clarifies the terminology: “Oftentimes, people use SFR and BFR interchangeably. They are two totally separate asset classes and are looked at differently by capital. SFR is defined as a cluster of homes in various geographies that are pooled together for investment purposes. BFR is purpose-built housing within contiguous rental communities, much like traditional multifamily properties.” For a more in-depth look at the SFR and BFR in general, read more on the asset class here. REBusinessOnline: What is the current state of debt and equity capital in the market when it comes to BFR? Merrell: I will start with equity and then move on to debt. The equity that is coming into the …
BOSTON — IQHQ Inc., a developer of life sciences real estate with offices in Boston and San Diego, has begun construction on Fenway Center, a $1 billion project in Boston. IQHQ is co-developing the project with locally based firm Meredith Management. The initial phase of construction centers on the development of a 90,000-square-foot air rights deck that overlooks the Massachusetts Turnpike between Beacon Street and Brookline Avenue. The construction of the air rights deck will be the largest air rights structure built in Boston since Copley Place in 1980 and will take approximately 24 months to complete. Upon completion, Fenway Center will consist of more than 960,000 square feet of life sciences space with 10,000 square feet of retail space across two towers. Construction of the life sciences buildings is expected to be complete in early 2025. The campus will also feature 1.6 acres of landscaped green space and a parking garage that will be accessible from both buildings. The green space will include a large plaza and a public pedestrian walkway. The site is adjacent to BOWER, a new 312-unit luxury apartment complex that contains 38,000 square feet of amenity-oriented retail, the Lansdowne MBTA Commuter Rail Station, Fenway Park …
PATERSON, N.J. — BAW Development has broken ground on the redevelopment of Hinchliffe Stadium, an athletic venue in the Northern New Jersey city of Paterson that was originally built in 1932 as the home field of the New York Black Yankees of the Negro Leagues. Once the redevelopment is complete, the site will house a 7,800-seat venue with an upgraded field and seating areas, as well as a 75-unit affordable seniors housing complex, a 12,000-square-foot restaurant and event space, a 5,200-square-foot preschool and a 314-space parking garage. The ballpark, which fell into disrepair in the late 1990s and has been largely unused since then, is most often associated with Paterson native Larry Doby, the first player to break the American League color barrier in 1947. BAW Development is the lead developer and majority owner. RPM Development Group is BAW’s development partner. Construction is being funded, in part, through local, state and national funding via historic tax credits, low-income housing tax credits, new market tax credits and a bond issued by the Passaic County Improvement Authority. Goldman Sachs also recently provided $60 million in construction financing.
PHILADELPHIA — Black Bear Capital Partners has arranged a $17.5 million loan for the refinancing of a portfolio of five multifamily properties totaling 239 units in Philadelphia. The properties are located at 4619-4621 Chester Ave.; 4601 Chester Ave.; 419-429 S. 48th St.; 241 S. 47th St.; and 4416-18 Osage Ave. Peapack-Gladstone Bank provided the loan, specific terms of which were not disclosed, to New Horizons Housing, an owner-operator of more than 800 units in Philadelphia and Columbus, Ohio. Emil DePasquale, Brandon Harris and Phil Bowman of Black Bear Capital Partners arranged the financing.
CAMBRIDGE, MASS. — MassDevelopment has issued $18.7 million in tax-exempt bond financing for Cambridge Housing Authority’s acquisition and renovation of Harry S. Truman Apartments, a 59-unit affordable seniors housing community in Cambridge. In addition to the tax-exempt bond financing, MassDevelopment assisted the Massachusetts Department of Housing and Community Development with the approval of federal low-income housing tax credits, which will provide approximately $13.8 million in equity for the project. Boston Private Bank purchased the bonds.
NEW YORK CITY — CBRE has brokered the $3.9 million sale of a 35-unit multifamily building at 215 McClellan St. in The Bronx. The property offers one- and two-bedroom units and includes three retail spaces totaling 35,000 square feet. Elli Klapper and Charles Berger of CBRE represented the seller, 215 McClellan Realty LLC, in the transaction. Mike Fusco and Seth Glasser of Marcus & Millichap represented the buyer, Minford Associates.
NORTH PLAINFIELD, N.J. — Levin Management Corp. has negotiated four lease renewals for Virginia-based discount retailer Dollar Tree in New Jersey and Pennsylvania. The New Jersey locations include a 14,500-square-foot space at Brunswick Shopping Center, a 10,300-square-foot shop in Watchung and a 9,400-square-foot store in Franklin Township. The Pennsylvania location is situated in Middletown and spans 9,000 square feet.
PHILADELPHIA — New Jersey-based Saxum Real Estate Cos. will develop Fishtown Kensington Village, a 297-unit apartment community in the Fishtown neighborhood of Philadelphia. The property will feature loft, studio, one- and two-bedroom units with stainless steel appliances, tile backsplashes and quartz countertops. Amenities will include a coworking café, two clubrooms, an industrial kitchen, lounge, two rooftop terraces and a fitness center. Thomas Didio, Michael Klein and Ryan Ade of JLL arranged a three-year, floating-rate construction loan in the amount of $46.5 million for the project through Valley Bank. Completion is slated for summer 2022.