BOSTON — A joint venture led by Taurus Investment Holdings and Northbridge Cos. has acquired six Class A seniors housing properties located in suburban Boston submarkets for approximately $200 million. The 507-unit portfolio consists of assisted living and memory care. Northbridge, a developer, owner, operator and asset manager of senior living communities, already manages the properties. The seller was Welltower, the largest REIT in the seniors housing space. The acquisition marks Taurus’ first investment in the seniors housing sector. The specific names and locations of the properties were not disclosed. Newmark Knight Frank represented Welltower in the transaction and also arranged acquisition financing for the buyer.
NEW YORK CITY — JLL has negotiated the $110.8 million sale of 1 Java Street, a waterfront development site in Brooklyn that offers 610,000 square feet of buildable space across a full city block. The site is located in the Greenpoint neighborhood and is zoned for mixed-use development. Stephen Palmese, Brendan Maddigan, Winfield Clifford, Michael Mazzara, Ethan Stanton and Patrick Madigan of JLL represented the sellers, JZ Capital Partners and Redsky Capital, in the transaction. Melissa Burch and Christie Walker represented the buyer, Lendlease, on an internal basis.
NEWARK, N.J. — Development and investment firm Paramount Assets is nearing completion of a two-building, 47-unit historic multifamily redevelopment project in Newark. The building at 30 Clinton St. was constructed in 1910 and is complete, and the building at 40 Clinton St. was constructed in 1914 and is nearing completion. Residents at both buildings have access to a fitness center, lounge and storage spaces. The development also includes ground-floor retail space, 2,500 square feet of which is occupied by the U.S. Post Office.
ABINGTON, PA. — Mediplex Property Group has delivered a 20,000-square-foot medical office building in Abington, located north of Philadelphia. The two-story building is fully leased to Abington Neurological Associates, LabCorp, Wink Optical & Eyecare and RMA-Jefferson Health. Pennsylvania-based firms Linn Architects and Axis Construction Management served as the architect and construction manager of the project, respectively. Bryn Mawr Trust Corp. provided construction financing.
PITTSBURGH — ACRES Capital Corp. has provided a $33 million loan for the construction and stabilization of a 161-unit multifamily project located at 5803 Centre Ave. in the Shadyside neighborhood of Pittsburgh. The property will house 6,000 square feet of retail space and offer amenities such as a fitness center with a yoga studio, coworking office space with indoor and outdoor workstations and a self-checkout convenience mart. The borrower, Colorado-based Charles Street Investment Partners, expects to complete the project in the third quarter of 2022.
SYRACUSE, N.Y. — Colliers International has arranged the $13.5 million sale of a 33,836-square-foot medical office building in Syracuse. The property is leased to regional healthcare provider Associated Medical Professionals, which houses its urology and oncology centers in the building. The sale also included a medical office building in Auburn, New York, that is also occupied by Associated Medical Professionals. Eric Grad of Colliers brokered the deal in conjunction with Britt Raymond and Kyle Fant of SRS Real Estate Partners. The seller was a locally based developer, and the buyer was a Missouri-based family office specializing in medical office properties.
CHALFONT, PA. — Binswanger has brokered the sale of a 151,220-square-foot industrial building located at 90 Hamilton St. in Chalfont, about 30 miles north of Philadelphia. The sales price was approximately $6 million. The property sits on 13.7 acres and features 23-foot clear heights and 6,000 square feet of office space. Chris Pennington and Tim Pennington of Binswanger represented the seller, specialty gifts maker Harriet Carter, in the transaction. The buyer was not disclosed.
PINE BROOK, N.J. — Newmark Knight Frank (NKF) has negotiated a 65,000-square-foot industrial lease renewal at 19 Chapin Road in Pine Brook, about 30 miles west of New York City. The property offers 20- to 22-foot clear heights, 76 dock-high doors and ample car parking space. Kevin Murphy and Trevor Patterson of NKF represented the tenant, global manufacturer Doosan Machine Tools, in the lease negotiations. The landlord, Cohen Asset Management, was represented internally.
NEW YORK CITY — Real estate investment sales specialist and capital markets advisor Hodges Ward Elliott has signed a 12,692-square-foot office lease at One Vanderbilt Avenue, a 1.7 million-square-foot skyscraper in Manhattan. The company will occupy part of the 50th floor of the 1,400-foot building, which is 70 percent leased to tenants such as TD Securities, The Carlyle Group, KPS Capital Partners and Oak Hill Advisors. Robert Alexander, Ryan Alexander, Emily Jones and Alex D’Amario of CBRE represented the landlord, SL Green Corp., in the lease negotiations.
NEW YORK CITY — Greystone has provided a $289 million Freddie Mac loan for the refinancing of The Summit, a 429-unit apartment community located at 222 E. 44th St. in Midtown Manhattan. About 25 percent of the residences are designated as affordable housing. Residential amenities include a fitness center, basketball and squash courts, indoor pool, sauna, theater room, game lounge and an outdoor entertainment area. Drew Fletcher, Matthew Klauer and Cassandra Connolly of Greystone originated the loan, which carried a 10-year term and a fixed interest rate, on behalf of the borrower, BLDG Management Co. Inc. Bank of China provided the original $251 million construction loan for the project in 2015.