NEW YORK CITY — Monticello Asset Management LLC has provided a $40 million loan for the refinancing of an assisted living facility in The Bronx. The borrower and name of the facility, which features 256 beds, were not disclosed. The borrower recently completed an extensive renovation of the facility, including updates to the resident rooms, lobby, common areas and landscaping. Monticello provided the long-term financing for the borrower after it received full licensure in New York and has since stabilized the operations and performance of the facility.
ORANGE, CONN. — Scannell Properties is underway on construction of a 47,178-square-foot distribution center in Orange, a western suburb of New Haven. Located at 161 Marsh Hill Road, the facility will feature 76 loading docks, 5,858 square feet of office space and an additional 9,680-square-foot maintenance facility. Meridian Design Build is the general contractor. Construction is slated for completion in June 2020.
PARSIPPANY, N.J. — NAI James Hanson has negotiated a 12,000-square-foot retail lease for specialty grocer Indian Stream LLC in Parsippany, located approximately 30 miles west of New York City. The building features 122 feet of highway frontage as well as attached warehouse space. Darren Lizzack and Randy Horning of NAI James Hanson represented the landlord, Peak Realty Associates LLC, in the lease negotiations. The duo also represented Indian Stream.
With older, pure-play retail space being repurposed into mixed-use developments and e-commerce-resistant users growing their regional footprints, the Boston retail market is evolving in lockstep with that of the United States. At the same time, new, trendy retailers and restaurant concepts are vying to get their feet in Boston’s door, drawn to the market’s healthy fundamentals and above-average levels of disposable household incomes. The net result of all this activity is a revitalized retail landscape that is defined by rapid absorption and rent growth within quality existing spaces, the repurposing of older spaces into different uses and the rise of mixed-use developments as backdrops for new supply additions. According to World Population Review, Boston, a city spanning some 100 square miles, is the fourth-most densely populated metro area in the country. Fueled by a vibrant education scene that includes more than 20 colleges and universities, as well as the addition of 25,000 new jobs in 2019, the population is growing. These geographic and demographic fundamentals have all but ensured that demand for retail space in Boston is perpetually strong, even during economic downtimes. According Marcus & Millichap, the city proper’s retail vacancy rate currently sits at 3.3 percent, though it …
NEW YORK CITY — Facebook has signed a 1.5 million-square-foot office lease at Hudson Yards in Manhattan. The social media giant will occupy space across 30 floors and three buildings at the mixed-use development, including approximately 1.2 million square feet in 50 Hudson Yards, 265,000 square feet in 30 Hudson Yards and 57,000 square feet in 55 Hudson Yards. Related Cos. and Oxford Properties Group developed 30 Hudson Yards. Related Cos., Mitsui Fudosan America and Oxford Properties Group developed 50 and 55 Hudson Yards. Cushman & Wakefield represented Facebook in the lease negotiations. Related Cos. was self-represented.
PLAINFIELD, N.J. — Paramount Assets is underway on Netherwood Flats, a 70-unit multifamily project that will include 4,000 square feet of ground-floor retail space in Plainfield, located approximately 25 miles west of New York City. The building will offer one- and two-bedroom apartments and close access to Netherwood transit station. Construction is slated for completion in spring 2021.
WARRINGTON, PA. — LCS Real Estate has acquired The Solana Doylestown, a 98-unit seniors housing community in Warrington, located approximately 20 miles north of Philadelphia. LCS Real Estate brokered the transaction, and Life Care Services will provide management services; both are LCS companies. The community opened in 2016 and has a total of 70 personal care apartments and 28 memory care residences. Financial details and the name of the seller were not disclosed.
NEW YORK CITY — Greystone has arranged a $50 million bridge loan for the refinancing of House No. 94, a recently constructed 75-unit multifamily building in the Williamsburg neighborhood of Brooklyn. An affiliate of Ares Management LLC provided the five-year, variable-rate loan to the borrower, an affiliate of Hudson Cos. Inc. Completed in 2018, the property offers mixed-income housing, ground-floor retail space and amenities including a 12,000-square-foot courtyard, tenant lounge and fitness center.
WILMINGTON, DEL. — Evergreen Apartment Group Inc. has acquired River Commons Apartments, a 116-unit multifamily property in Wilmington, located approximately 25 miles southwest of Philadelphia. River Commons, which was redeveloped in 2004, offers two- and three-bedroom apartments with a community clubhouse. Andrew Townsend of Marcus & Millichap represented Evergreen in the transaction, the seller in which was not disclosed. Key Bank Real Estate Capital provided a Fannie Mae acquisition loan, and AMA Financial was the mortgage broker.
BOSTON — A partnership between Olshan Properties, CV Properties and Harbinger Development is underway on construction of a 212-room Canopy by Hilton hotel in downtown Boston. The $125 million hotel will be located across from the Rose Fitzgerald Kennedy Greenway parks near the city’s Haymarket and North End Districts and will add 12,711 square feet of ground-floor retail and restaurant space to the local supply. Olshan Properties will manage the hotel, which is slated for delivery by mid-2021.