JERSEY CITY, N.J. — Wallabout Realty Holdings is developing Parkview Apartments, a 170-unit multifamily project in Jersey City. The project will consist of two adjacent, seven-story buildings located at 87-99 Van Horne St. and 72-78 Woodward St. near Berry Lane Park. The buildings will feature a total of 65 one-bedroom, 95 two-bedroom and 10 three-bedroom units. Dresdner Robin and Montefiore Architectural Studio are serving as project and landscape architects, respectively. Construction is slated to complete by the end of 2021.
DARTMOUTH, MASS. — Marcus & Millichap has arranged the sale of Big Value Plaza, an 85,000-square-foot retail center in Dartmouth, Massachusetts, approximately 30 miles southeast of Providence. Located at 718 Dartmouth St., the property is leased to tenants including Big Value Outlet Stores and Planet Fitness. Adam Cohen of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors that requested anonymity. The sales price was also undisclosed.
NEW YORK CITY — CBRE has negotiated a 30,900-square-foot office sublease in Midtown Manhattan. Financial crime, risk and compliance solutions company Exiger Holdings Inc. signed an 11-year lease for the entire 15th floor and a portion of the 16th floor at 1675 Broadway, a 35-story office tower. The company will relocate from its previous space at 1095 Avenue of the Americas later this year. Gregg Rothkin, John Maher and Paul Myers led a CBRE team that represented the undisclosed sublandlord in the lease negotiations. Rudin Management owns the building.
DOVER, PA. — Lancaster Pollard has provided $11 million in Fannie Mae financing for Providence Place Senior Living of Dover, located approximately 25 miles south of Harrisburg. The community offers independent living, assisted living and memory care services to the Central Pennsylvania borough of Dover. The number of units was not disclosed. The borrower and owner is Providence Place Senior Living, headquartered in nearby Hershey. Miles Kingston, Doug Harper and Casey Moore of Lancaster Pollard arranged the long-term, fixed-rate financing.
JERSEY CITY, N.J. — Progress Capital has arranged $120 million in construction financing for The Element, a multifamily project located at 400 Claremont Ave. in Jersey City. Tall Pines Capital provided an $84 million construction loan while private investors contributed $36 million in equity. The Element will include 631 units, including 277 studios with less than 500 square feet, which are also known as “micro-units.” The six-story building will also include approximately 70,000 square feet of amenities, including a fitness center, heated pool and rooftop terrace, as well as 15,500 square feet of additional retail space. The borrower was 400 Claremont Urban Renewal LLC.
YORK, PA. — ROCK Commercial Real Estate has brokered the sale of a 215,344-square-foot industrial property in York, located approximately 100 miles west of Philadelphia. Situated at 441 East Market St., the property was originally built in 1900. The buyer was Mark Lane LLC, a company that acquires aged buildings for the purpose of redeveloping them for storage space, artist studios and industrial uses. Ted Turnbull, Jason Turnbull, Damian Reed and Heather Kreiger of ROCK Commercial represented the seller, IWM International LLC, in the transaction. The team also represented Mark Lane LLC.
BILLERICA, MASS. — Third party logistics (3PL) company Omni Logistics has signed a 115,822-square-foot industrial lease in Billerica, located approximately 20 miles northwest of Boston. The space is situated within Billerica Commerce Center, a 612,685-square-foot facility located at 90 Salem Road. The property was built in 1982, renovated in 2007 and features 38-foot clear heights, 17 loading docks and convenient access to Interstate 495. David Corkery, Steve Clancy and Rachel Marks of CBRE represented Omni Logistics in the lease negotiations. The team also represented the landlord, New York City-based Clarion Partners.
WEST NEW YORK, N.Y. — Marcus & Millichap has closed the $6.5 million sale of a retail and office property in West New York, a western suburb of New York City. Located at 4912 Bergenline Ave., the property is leased to 7-Eleven and Telco. The upper floors are occupied by office tenants on a month-to-month basis. Fahri Ozturk and Richard Gatto of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors that requested anonymity.
HUNTINGTON, N.Y. — Sunrise Senior Living has completed construction of Sunrise of Huntington, a 90-unit seniors housing community located in the Long Island town of Huntington. The community features assisted living and memory care services, as well as convenient access to Syosset Hospital and Plainview Hospital. Sunrise held a ribbon-cutting ceremony on Wednesday, Feb. 19, for the .
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Berkadia: Affordable housing concerns require local solutions
David Leopold, Senior Vice President and Head of Affordable Housing at Berkadia, speaks with reporter Nellie Day about the ever-growing need for affordable housing and the challenges of meeting increasing demand. As Leopold discusses the differences between subsidized affordable housing and “organic,” workforce housing that is not driven by subsidies, he looks at the short- and long-term impacts of each approach. “Like all real estate, affordable housing challenges are very local. And the solutions to affordable housing are also local,” Leopold says. Developers have different tools available to them depending on where they are doing deals. Watch the video to hear more from Leopold about the challenges of affordable housing and how Berkadia is helping to tackle the issue. This video is posted as part of REBusinessOnline’s Finance Insight series, covering MBA CREF 2020. Click here to subscribe to the Finance Insight newsletter, a four-week newsletter series, followed by video interviews from MBA CREF.