PHILADELPHIA — Bellwether Enterprise Real Estate Capital has acquired Philadelphia-based Maher Commercial Mortgage LLC, effectively expanding its presence in the Southern Pennsylvania and New Jersey region. The acquisition will add more than $900 million in annual loan volume and $3 billion in servicing to Bellwether Enterprise’s existing portfolios. Firm leader Thompson Maher will join Bellwether Enterprise as an executive vice president, and his six support staff and five loan producers will also join the acquiring entity.
NEW YORK CITY — The Howard Hughes Corp. (NYSE: HHC) has unveiled plans for a $1.4 billion multifamily project in Manhattan’s Seaport District. The proposal calls for the transformation of a full-block surface parking lot along the boundary of the South Street Seaport Historic District into a mixed-income development that would include some of the area’s first new affordable housing in decades. The development would ultimately feature 360 apartments, about 25 percent of which would be affordable, as well as 260 condominium units. In terms of the multifamily component, the centerpiece is 250 Water Street, where Dallas-based HHC plans to develop at least 100 affordable apartments that would be reserved for households earning 40 percent or less of the area median income. Only 2.5 percent of all housing in the Seaport District qualifies as affordable, and the median household income is more than $150,000. The project would also rehabilitate the historic South Street Seaport Museum, which has faced numerous obstacles over the past two decades, including a two-year closure following 9/11, flooding from Hurricane Sandy in 2012 and an existential threat to attendance from COVID-19. In addition, HHC would develop a new museum building on an adjacent vacant lot. The …
RIDGEFIELD PARK, N.J. — Cushman & Wakefield has brokered the sale of a 269,720-square-foot office building located at 55 Challenger Road in Ridgefield Park, located across the Hudson River from Harlem. The Class A building is located within Overpeck Corporate Center, a 60-acre mixed-use development that houses Samsung’s North American headquarters. Amenities include a fitness center, full-service cafeteria and a conference center. David Bernhaut, Andrew Merin, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Ryan Larkin of Cushman & Wakefield represented the sellers, KABR and Kushner, and procured The Birch Group as the buyer. Cushman & Wakefield also serves as the leasing agent for the building.
NEW YORK CITY — Centric Brands Inc., which sources, markets and sells apparel for men, women and children, has signed a 212,154-square-foot office lease at the Empire State Building. The space was previously leased to Global Brands Group and occupied by Centric Brands under a sublease. Peter Riguardi, Joseph Messina and Cynthia Wasserberger of JLL represented Centric Brands in the lease negotiations. Anthony Malkin, Ryan Kass and Shanae Ursini represented the landlord, Empire State Realty Trust, on an internal basis.
PISCATAWAY, N.J. — BNE Real Estate and Sterling Properties have begun leasing The Grove at Piscataway, a 110-unit apartment community in Northern New Jersey. The property offers one- and two-bedroom units that feature quartz countertops, tile backsplashes, custom cabinetry, stainless steel appliances and individual washers and dryers. Amenities include a fitness center, coworking lounge, children’s play area, Amazon package lockers and a dog spa, as well as an outdoor pool and grilling areas. Rents start from high $1800s, and limited-time incentives of up to two months free are currently available based on a 26-month lease.
LONG BEACH, N.Y. — Inland Real Estate Acquisitions has purchased 10 West Apartments, a 109-unit oceanfront multifamily property in Long Beach. The 11-story property features one studio, 67 one-bedroom, 38 two-bedroom and three three-bedroom units that are furnished with quartz countertops, stainless steel appliances, individual washers and dryers and private balconies. Amenities include a pool, fitness center, library and a lounge area. The building was renovated between 2013 and 2018 following Hurricane Sandy and was 99 percent occupied at the time of sale. The seller was not disclosed.
NEW YORK CITY — JLL has arranged a $27.5 million loan for the refinancing of a 44-unit apartment building located at 812-814 Amsterdam Ave. on Manhattan’s Upper West Side. The 15-story building was completed in March and houses 12,302 square feet of retail space. Units come in studio, one- and two-bedroom formats and range in size from 414 to 1,167 square feet. Scott Aiese, Peter Rotchford, Alex Staikos and Andrew Cohen of JLL arranged the loan through MetLife on behalf of the borrower, a partnership between Invictus Real Estate Partners LLC and MJM Associate Contracting LLC. Proceeds were used to retire the original construction loan and mezzanine financing.
NEWVILLE, PA. — Metro Philadelphia-based investment and development firm Exeter Property Group has purchased a 1.2 million-square-foot warehouse and distribution center located at 3419 Ritner Highway in Newville, located west of Harrisburg, for $85 million. The property is situated on 85.3 acres just off Interstate 81 and features a 60-foot loading bay, a 200-foot truck court, 249 automobile parking spaces and 243 trailer parking spaces. Gerry Blinebury, Gary Gabriel and Adam Campbell of Cushman & Wakefield represented the seller, Artemis Real Estate Property, in the transaction. The asset was constructed on a speculative basis and is currently vacant.
NEW YORK CITY — A partnership between Strategic Capital, Cape Advisors and Forum Absolute Capital Partners has opened Greenwich West, a 170-unit multifamily condominium project located at 110 Charlton St. in the West Soho neighborhood of Manhattan. Designed by Parisian architecture firm Loca Anima and interior designer Sebastien Segers, Greenwich West features studio, one-, two- and three-bedroom floor plans, with prices ranging from $1.1 million to $7.9 million. Amenities include a 24-hour attended lobby, a rooftop terrace with multiple outdoor seating areas, a fitness center with a yoga studio and a children’s play area. Plaza Construction served as the general contractor for the 30-story building.
BOSTON — MassHousing has provided $67.4 million in acquisition financing for Blue Mountain Apartments, a 217-unit historic affordable housing property located in the Roxbury neighborhood of Boston. The borrower, NHP Foundation, will use a portion of the proceeds to rehabilitate the property and preserve its affordability through 2045. Blue Mountain Apartments consists of 105 one-bedroom apartments, 73 two-bedroom apartments, 18 three-bedroom apartments, 16 four-bedroom apartments and five five-bedroom apartments. Among the improvements planned for the property are concrete and masonry repairs, roof repairs, fire system upgrades, exterior door and window replacements, kitchen and bathroom upgrades and upgrades to the buildings’ HVAC, plumbing and electrical systems.