NEW YORK CITY — Real estate advisory and consulting firm SitusAMC Holdings Corp. has acquired the third-party loan servicing and asset management platform of New York City-based Cohen Financial, a division of Truist. Under the terms of the deal, Cohen Financial’s clients and employees will be integrated into SitusAMC. As of August 31, Cohen’s portfolio totaled approximately 6,900 loans with more than $34 billion in unpaid principal balances. SitusAMC will now have a special servicing and asset management portfolio comprised of roughly 10,000 loans totaling more than $130 billion. Truist will retain Cohen’s debt advisory placement platform.
HINGHAM, MASS. — Callahan Construction Managers has delivered The Residence at Penniman Hill, a 90-unit seniors housing project that is located in the southern Boston suburb of Hingham. Designed by The Architectural Team Inc., the property spans 90,000 square feet and offers assisted living and memory care services. Units come in studio, one- and two-bedroom formats, and amenities include an activity room, beauty salon, café and bistro, exterior planting areas and a memory garden. LCB Senior Living LLC developed the property and will also serve as the operator.
UNION, N.J. — Locally based developer American Landmark Development has completed Phase I of Centurion Union, a project that delivered 80 multifamily residences to the supply of Union, a suburb of Newark. The property features a mix of one- and two-bedroom units with wood-style plank flooring, quartz countertops and glass-enclosed showers. Amenities include a fitness center, resident lounge, coworking space, children’s play area and a dog run. Phase I of the project is now fully leased, and American Landmark may begin construction of Phase II by the first quarter of next year.
BERKELEY HEIGHTS, N.J. — A partnership between Hana, the coworking brand of CBRE, and locally based investment firm The Connell Co. will open Round Table Studios, a 40,000-square-foot coworking space in Berkeley Heights, located about 20 miles west of New York City. The space will be located within Connell’s building at 200 Connell Drive and is scheduled to open by the end of the year. Members may enjoy access to the building’s onsite health clinic, fitness center, dining services and surrounding network of parks and trails.
ROSELLE, N.J. — SRS Real Estate Partners has arranged the $6.7 million sale of a retail asset that is occupied by convenience store chain Wawa in Roselle, located south of Newark. Patrick Nutt and Andrew Fallon represented the seller in the transaction. The buyer was an undisclosed private investor. The store opened in May 2019.
NEPTUNE CITY, RED BANK AND MATAWAN, N.J. — Walker & Dunlop has provided an $87.4 million Fannie Mae loan for the refinancing of a 792-unit workforce housing portfolio located in northern and coastal New Jersey. The portfolio includes Brighton Arms Apartments in Neptune City; Grandville Towers in Red Bank; and Tree Haven Apartments in Matawan. John Banas, Kris Wood, John Wilson and Rhett Saltiel of Walker & Dunlop originated the financing on behalf of the borrower, The PRC Group.
KEARNY, N.J. — Pennsylvania-based investment firm Seagis Property Group has received a $65 million loan for the refinancing of a 415,533-square-foot industrial building located at 50 Central Ave. in Kearny, located west of New York City. The newly built property features 40-foot clear heights and 88 overhead doors and was fully leased at the time of the loan closing. New York Life Real Estate Investors provided the loan.
MAHWAH, N.J. — Ascena Retail Group, the parent company of Ann Taylor and Lane Bryant, will sell its plus-size chain Catherines to FullBeauty Brands Operations LLC for $40.8 million, according to a new report from The Wall Street Journal. FullBeauty Brands is a New York City-based holding company whose brands include plus-size chains such as Woman Within, Jessica London Inc. and Swimsuits for All. Ascena Retail Group filed for Chapter 11 bankruptcy in July with plans to close an unspecified but “significant” number of stores.
LONG ISLAND CITY, N.Y. — Newmark Knight Frank (NKF) has negotiated the $40 million sale of a 196,000-square-foot industrial development site located at 24-02 Queens Plaza in Long Island City. Brian Ezratty and Scott Ellard of NKF represented the seller, Atlas Capital Group, in the transaction. Bill Harvey, also with NKF, represented the undisclosed buyer, which plans to develop a 270,000-square-foot facility on the site.
STAMFORD, CONN — Berkeley Insurance Co., a subsidiary of Fortune 500 company W.R. Berkeley Corp., has signed a 63,173-square-foot office lease at Metro Center, a 285,258-square-foot building in Stamford. James Ritman of Newmark Knight Frank, along with internal representative Jeffrey Newman, handled the lease negotiations on behalf of the landlord, Empire State Realty Trust (NYCE: ESRT). Belinda Scanlon of Bernard Realty represented the tenant.