NEW YORK CITY — New York City-based development and investment firm Innovo Property Group (IPG) has received a $155 million construction loan for a 900,000-square-foot industrial project in the Long Island City area of Queens. The site previously housed the warehouse of online grocer FreshDirect. Innovo will redevelop the property to function as a last-mile distribution facility with elevated truck courts and a vertical parking structure. An affiliate of Starwood Property Trust provided the loan. IPG acquired the asset in January 2019 with Atalaya Capital Management and Nan Fung Group for $75 million. Since then, the partnership has demolished the existing warehouse.
HACKENSACK, N.J. — JLL has arranged a $60 million loan for the refinancing of Excelsior II, a 267-unit apartment building located just outside of New York City in Hackensack. According to Apartments.com, the property was built in 1999, features one-, two- and three-bedroom units and offers amenities such as a pool, spa and a fitness center. Greg Nalbandian and Michael Lachs of JLL arranged the 30-year, fixed-rate loan through John Hancock Investment Management on behalf of the borrower, Tidewater Real Estate Co.
AUBURN, MASS. — Pennrose and the Town of Auburn, located just south of Worcester, have broken ground on the historic rehabilitation of the Julia Bancroft School, a 60-unit, mixed-income development for seniors age 62 and older. Plans for the redevelopment include renovating the original 1920s school building, demolishing the later-built addition and replacing it with a new, four-story building. The project is slated for completion in summer 2022. The Massachusetts Department of Housing and Community Development provided 9 percent federal low-income housing tax credits for the project.
NEW YORK CITY — Locally based developer The Georgetown Co. has signed leases with two tenants to its 200,000-square-foot life sciences project at 787 11th Ave. on Manhattan’s Far West Side. The property is now fully preleased. Healthcare provider Mount Sinai signed a long-term lease for 165,000 square feet, and scientist and designer Neri Oxman inked a deal to operate a 36,000-square-foot space. The property houses space for lab, office, research and biomedical uses.
MOUNT LAUREL, N.J. — NAI Mertz has brokered the sale of a 61,000-square-foot industrial building in Mount Laurel, located outside Philadelphia in Bergen County. The property is located just off I-295 near the New Jersey Turnpike and Routes 70 and 73. Jonathan Klear, Fred Meyer, Roy Kardon, Jeff Licht and Jared Licht of NAI Mertz represented the buyer, industrial investment firm Faropoint, in the transaction. The seller was not disclosed.
WEST HARRISON, N.Y. — Toll Brothers Inc. (NYSE: TOL), in a joint venture with J.P. Morgan Global Alternatives, has completed Carraway, a 421-unit apartment community in West Harrison, about 30 miles north of New York City. The property offers studio, one- and two-bedroom units that are furnished with quartz countertops, marble-style backsplashes and wood-style flooring. Communal amenities include a pool, fitness center, private workspaces, resident clubroom and a private dining room. Rents start at $1,275 per month for a studio unit, according to Apartments.com.
NORTHBOROUGH, MASS. — A joint venture between Connecticut-based Wheelock Street Capital and Camber Development has purchased Sanofi Genzyme’s Northborough Global Operations Center, a 212,000-square-foot life sciences building in Northborough, located outside of Worcester. The sales price was $33 million. The property is situated on a 19.3-acre site and was fully leased at the time of sale. Coleman Benedict, Matthew Sherry, Ben Sayles, Michael Restivo and Corbin Stall of JLL represented the buyer in the deal. The seller was Chicago-based Capri EGM.
LYNN, MASS. — Locally based developer The Procopio Cos. has begun leasing Caldwell, a 259-unit apartment complex in the northern Boston suburb of Lynn. The property offers studio, one- and two-bedroom units with quartz countertops and individual washers and dryers. Amenities include a pool, fitness center, rooftop terrace and a lounge area with a bar. Rents start at roughly $1,600 per month for a studio unit.
WOODLAND PARK, N.J. — Cushman & Wakefield has brokered the sale of Lackawanna Business Park, a 140,548-square-foot industrial complex located at 86 Lackawanna Ave. in Woodland Park in the northern part of the state. The sales price for the three-building complex was $10.2 million. Andrew Schwartz, David Bernhaut, Gary Gabriel, Kyle Schmidt, Frank DiTommaso and Jordan Sobel of Cushman & Wakefield represented the seller, Lackawanna Associates LLC, and procured the buyer, Lackawanna Woodland LLC.
WEYMOUTH, MASS. — JLL Capital Markets has arranged the sale of the former Colonial Nursing Center in Weymouth, a South Shore suburb of Boston. The buyer plans to convert the property into a workforce housing asset. The seller and sales price were not disclosed. Located on 2.1 acres and totaling 72,999 square feet, the current layout includes 93 units with various amenities, including a commercial kitchen, dining room, activity areas, outdoor courtyard, common gathering areas and outdoor walking trails. Jason Skalko, Zach Rigby, Brannan Knott and C.J. Kodani of JLL represented the seller in the transaction.