STAMFORD, CONN. — Recycling and sustainability organization Keep America Beautiful has signed an 8,500-square-foot office lease renewal in Stamford, located approximately 35 miles northeast of New York City. As part of the renewal agreement, the landlord agreed to pay for interior renovations, including a kitchen and restroom remodel and enhancements to the lighting and HVAC systems at the property, which serves as the organization’s headquarters. John Hannigan and Adam Cognetta of Choyce Peterson Inc. represented Keep America Beautiful in the lease negotiations. Larry Kwiat of SL Green Realty Corp. represented the landlord on an internal basis.
NEW YORK CITY — ORIX Corp. USA, the U.S. and Latin American business hub of Tokyo-based ORIX Corp., has agreed to acquire multifamily finance firm Hunt Real Estate Capital LLC, an affiliate of Hunt Cos. Inc. The deal calls for the merging of New York-based Hunt Real Estate Capital with the two brands that comprise ORIX Real Estate Capital, Lancaster Pollard and RED Capital Group. Hunt currently offers the full suite of Fannie Mae, Freddie Mac and FHA financing packages, as well as proprietary bridge, term and subordinated product. Upon closing of the deal, which is expected to occur before year’s end, James Flynn, president and CIO of Hunt, will become CEO of the new entity. Branding of the new entity will be addressed after the close of the deal.
LOWELL, MASS. — WinnCompanies plans to develop a $38.3 million residential project in the Hamilton Canal Innovation District of Lowell, located approximately 25 miles northwest of Boston. The Hamilton Canal Innovation District is a collection 17 master-planned development parcels in the city’s downtown area. WinnCompanies will develop adjacent vacant parcels into two five-story buildings comprising 125 apartments and 5,000 square feet of commercial space. The development will offer 15 studio units, 63 one-bedroom apartments and 47 two-bedroom residences. Of those residential units, 54 workforce apartments will rent at 100 percent of area median income (AMI), 39 apartments will be affordable up to 60 percent of AMI and 32 apartments will rent at market rates. ICON Architecture is designing the project. Construction will begin in December and is slated for completion by September 2021.
NEW YORK CITY — Marcus & Millichap has brokered the $19 million sale of Perch Harlem, a 34-unit apartment building located at 542 West 153rd St. in the Hamilton Heights neighborhood of Manhattan. Eric Anton, Justin Natalizio and Christopher Warner of Marcus & Millichap represented the seller, a joint venture between Taurus Investment Holding and Synapse Development Group. The team also represented the buyer, the Olnick Organization.
NEW YORK CITY — Agency for the Performing Arts (APA) has signed a 21,000-square-foot office lease for its New York headquarters in Midtown Manhattan. The talent agency will relocate from its current location at 135 West 50th Street to its new space on the 21st floor of 3 Columbus Circle in December. Marketing firm Young & Rubicam anchor the building and other tenants include office rental agency Emerge212, Nordstrom and Jazz at Lincoln Center. Savills represented APA in the lease negotiations. John Fanuzzai and Harley Dalton of JLL represented the landlord, The Moinian Group.
NEW YORK CITY — JLL has negotiated a 15,361-square-foot office lease for private investment firm Newlight Partners LP at the Mutual of America Building in Manhattan. Newlight Partners is relocating from 390 Park Avenue, also known as The Lever House, to the 25th floor of the 750,000-square-foot, Class A office building. The term of the new lease is 10 years. Alexander Chudnoff and Daniel Turkewitz of JLL represented Newlight Partners in the lease negotiations. Frank Doyle, David Kleiner and Betsy Buckley of JLL represented the landlord, Mutual of America Life Insurance Co.
BREWSTER, MASS. — Walker & Dunlop has provided a $28.3 million bridge loan for the acquisition of Pleasant Bay, a 25-acre seniors housing campus in the Cape Cod town of Brewster. The campus comprises The Woodlands at Pleasant Bay, a 59-unit assisted living community, as well as the 134-bed Pleasant Bay Nursing and Rehabilitation Center. Point Group Care operates the community. The specific borrower was not disclosed. The financing will cover approximately 90 percent of the acquisition costs, and the borrower plans to conduct renovations at the property. Featuring flexible prepayment options, the two-year loan includes interest-only payments for the entire life of the loan.. Joshua Rosen structured the debt using Walker & Dunlop’s bridge lending program, which utilizes the company’s own balance sheet to offer short-term, nonrecourse loans for properties that are being acquired or repositioned as part of a new business strategy.
WIND GAP, PA. — JLL has arranged a $23 million construction loan for the development of Dream Lehigh Valley, a 200-unit apartment complex in the Lehigh Valley community of Wind Gap, located approximately 70 miles north of Philadelphia. A regional bank provided the floating-rate construction loan to the project’s developer, DLP Capital Partners. Dream Lehigh Valley will include nine residential buildings comprising one-, two- and three-bedroom apartments, as well as a two-story clubhouse with a lounge, game room, fitness center and pool. Construction is slated for completion in 2021. Michael Pagniucci and Jason Bond of JLL arranged the loan for DLP Capital Partners.
ELIZABETH, N.J. — Refrigerated warehouse user Superior Cold Storage & Logistics LLC has renewed its 30,000-square-foot industrial lease in Elizabeth, a western suburb of New York City. The property, located at 1161 E Broad St., offers 20-foot clear heights, three dock-high doors and three drive-in doors. Ed English, Ron Ganter, Tom Giannone and Paul Errigo of Avison Young represented Superior Cold Storage in the lease negotiations. Jason Crimmons of The Blau & Berg Co. represented the landlord, Linden Realty.
JERSEY CITY, N.J. — Levin Management Corp. (LMC) has negotiated two new retail leases totaling 10,000 square feet at Twin City Shopping Center, 95,000-square-foot shopping center in the western New York City suburb of Jersey City. Hook & Reel Cajun Seafood and Bar leased 8,350 square feet, and Apple Nail salon leased 1,650 square feet. The property’s dining options also include Taco Bell, Popeye’s Louisiana Kitchen, Wendy’s and Dunkin’. E.J. Moawad of LMC represented the landlord in both lease negotiations. Igal Nassim of Mason Asset Management represented Hook & Reel.