NEW YORK CITY —Gardiner & Theobald, an independent construction and property consulting firm, has signed a 27,500-square-foot office lease renewal at 535-545 Fifth Avenue in Midtown Manhattan. The lease term is five years. Omar Sozkesen of The Moinian Group represented the landlord in the lease negotiations on an internal basis. Evan Fiddle of CBRE represented the tenant.
NEW ROCHELLE, N.Y. — Twining Properties will undertake an 850,000-square-foot mixed-use redevelopment project in New Rochelle, a northern suburb of New York City. Known as Pratt Landing, the project will convert a 11.5-acre waterfront industrial site into a destination with 383 apartments, 99 condos, a 150-room hotel, 40,000 square feet of retail and restaurant space and a public park. Robert A.M. Stern Architects is leading the design of Pratt Landing, which will house the aforementioned uses within four buildings and across four city blocks. Twining Properties has received full site plan approval from the City of New Rochelle and will soon commence demolitions of existing structures on the site.
LEVITTOWN, PA. — Lument has provided a $24.8 million Freddie Mac acquisition loan for an affordable housing complex in Levittown, a northeastern suburb of Philadelphia. The name of the property, which was built in 1972 and offers amenities such as clubhouse, fitness center, playground and outdoor grilling stations, was not disclosed. John Hurley of Lument originated the financing, which carried a five-year term and a 35-year amortization schedule, on behalf of the buyer, an affiliate of New Jersey-based owner-operator Silverstein Properties. Zach Schwartz of Brook Hollow Capital acted as the mortgage broker on the deal.
WINTHROP, MASS. — Marcus & Millichap has brokered the $10.7 million sale of Shore Drive Apartments, a multifamily complex in Winthrop, located northeast of Boston. Shore Drive Apartments currently houses 71 units in studio, one- and two-bedroom formats, and plans are underway for the addition of another 27 units as part of a reconstruction effort following a fire at the property last year. Evan Griffith, Tony Pepdjonovic and Will Sanborn of Marcus & Millichap Boston represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
WALL TOWNSHIP, N.J. — New Jersey-based brokerage firm Sitar Realty Co. has arranged the sale of a 27-unit apartment building in Wall Township, located near the Jersey Shore. The sales price was $3.1 million. According to the property website, the building at 2538 Allaire Road exclusively houses one-bedroom units that are reserved for residents age 55 and above who meet certain income restrictions. Ronald Schrader Jr. of Sitar Realty represented the buyer and seller, both of which were limited liability companies, in the transaction.
PARAMUS, N.J. — German discount grocer Lidl has opened a 25,000-square-foot grocery store in the Northern New Jersey community of Paramus. The store is housed within a freestanding building at 651 U.S. Route 17 and offers Lidl’s traditional selections of cured meats and cheeses, as well as a bakery. Lidl expects the store opening to create about 25 new jobs within the community.
NEW YORK CITY — Dwight Mortgage Trust, the affiliate REIT of New York City-based Dwight Capital, has provided a $148 million construction loan for Sutphin II, a 524-unit multifamily project that will be located in the Jamaica area of Queens. The 24-story building will consist of 366 market-rate units and 158 affordable units that will come in studio, one-, two- and three-bedroom formats, as well as 7,750 square feet of ground-floor retail space. Amenities will include a gym and yoga studio, business center, game room, theater, resident lounge, children’s playroom, pet spa and a library. Steven Hersko of SHB Group arranged the loan on behalf of the developer, a partnership led by local investor Moshe Braver.
ORANGE, N.J. — Reynolds Asset Management has received a $30.5 million Fannie Mae loan for the refinancing of The Mural, a 103-unit apartment complex located in the Northern New Jersey community of Orange. Completed last spring, The Mural offers studio, one- and two-bedroom units and amenities such as a fitness center, courtyard plaza, outdoor grilling and dining stations and an outdoor lounge. Thomas Didio Jr. and Max Custer of JLL originated the five-year loan on behalf of Reynolds. Miami-based Pensam Capital also provided a preferred equity investment as part of the asset’s recapitalization.
PRINCETON, N.J. — Blackrock has signed a 10-year, 176,000-square-foot office lease extension in Princeton. The global private equity firm will continue to occupy the entire third and fourth floors, as well as part of the fifth floor and a street-level space, at the 330,000-square-foot building at 1 University Square Drive. Tim Greiner, Tom Romano, Vinny DiMeglio, Mike Pietrowicz and Jonathan Ortiz of JLL represented the landlord, Argent Ventures, in the lease negotiations. Peter Riguardi, Matt Astrachan, Nicole Tiger, George Gemelos and Hannah Bernstein, also with JLL, represented Blackrock.
CHESTER, N.Y. — Marcus & Millichap has brokered the sale of an 80-room hotel in Chester, located near the New York-New Jersey border. The Holiday Inn & Suites Chester-Monroe-Goshen, which sold for $10.5 million, offers amenities such as an indoor pool, fitness center and a business center. Jerry Swon of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.