LANCASTER, PA. — Presbyterian Senior Living (PSL) will build LongCrest, a $19 million affordable seniors housing apartment complex in Lancaster, located roughly midway between Philadelphia and Harrisburg. A groundbreaking ceremony for the four-acre, 52-unit project is slated for today (Tuesday, May 14). Units will be available to residents earning between 20 to 60 percent of the area median income. LongCrest will also offer both fully handicap-accessible units, as well as units that are accessible for individuals with hearing and/or vision difficulties.
LYNN, MASS. — Multifamily development and management firm WinnCompanies has completed the $18.7 million rehabilitation of Cobbet Hill, an affordable housing community located in the northern Boston suburb of Lynn. The 18-month project upgraded the interior features of 117 units, created new common areas and amenity spaces and modernized the property’s security and utility systems. The building was originally constructed in the 1930s as a public school and converted to a residential use in 1988.
MANSFIELD, MASS. — Colliers International has brokered the $15 million sale of Village at Cedar Heights, a 66-unit apartment community in Mansfield, located south of Boston. Bruce Lusa, Jonathan Bryant, John Flaherty and Maggie Collins of Colliers represented the seller and developer, Turner Brothers, in the transaction. The buyer, Manhattan-based Corigin Real Estate Group, will implement a value-add program.
NANUET, N.Y. — Cronheim Mortgage has secured $7 million in financing for a 51,815-square-foot self-storage facility in Nanuet, about 30 miles north of Manhattan. Self-storage REIT CubeSmart operates the facility, which was built in 1980 as a retail property and converted into self-storage in 2015. An undisclosed New Jersey bank provided the loan, which included a 4.74 percent interest rate, six months of interest-only payments and a 30-year amortization schedule. The borrower and owner of the facility is self-storage developer DealPoint Merrill. The facility has 685 climate-controlled units and was 83 percent occupied at the time of sale.
LAWRENCE, MASS. — Unitex Healthcare Laundry Services has signed a 188,653-square-foot industrial lease at 155 Shepard St. in Lawrence, located just south of the New Hampshire border. The property previously served as a plant for beverage can manufacturer Crown Cork & Seal. Greg Klemmer, Tim Brodigan, Tim Allen and Daniel Driscoll of Colliers International represented Elmsford, New York-based Unitex in the lease negotiations. James Lipscomb, Michael Ciummei and Joe Fabiano of JLL represented the landlord, The Seyon Group, which will raise the building’s clear height from 17 feet to 32 feet to accommodate the needs of the new user.
NEW YORK CITY — A joint venture between an affiliate of The Carlyle Group and full-service real estate firm Stonehenge NYC has begun renovations of The Ritz Plaza, a 479-unit apartment building located within Times Square in Manhattan, to the tune of $235 million. Deutsche Bank provided the financing for the project, which will fund capital improvements to unit interiors and common areas. Hodges Ward Elliot arranged the funds. Stonehenge has owned and managed the property, which offers studio, one- and two-bedroom units plus amenities like a pool, fitness center and rooftop terrace, since 1996.
NEW YORK CITY — PGIM Real Estate Finance, the commercial mortgage banking arm of Prudential, has provided a $72 million Fannie Mae loan for the refinancing of Olympia House, a 240-unit apartment complex located in Manhattan’s Turtle Bay neighborhood. The 21-story property, which is within two blocks of Grand Central Station, includes ground-floor commercial space and offers studio, one-, two- and three-bedroom units. The loan features a 10-year term and an unspecified period of interest-only payments. The borrowers in the transaction were real estate investors Isaac Hakim, Steven Elghanayan and Michael-Henry Krayem.
NEW YORK CITY — Janus Property Co., a developer and manager of residential and mixed-use properties, has broken ground on the Taystee Lab Building, a 350,000-square-foot life sciences property in West Harlem. The 11-story building, located at the site of the former Taystee bread bakery, will be marketed to firms in the life sciences, technology, academic, and arts sectors. Specific features will include floor plates ranging in size from 36,000 square feet at the base to 15,000 square feet at the penthouse level, floor-to-ceiling glass and 20,000 square feet of outdoor space. Designed by architecture firms LevenBetts and SLCE, the project is expected to be complete by late 2020.
MANAHAWKIN, N.J. — Locally based developer Walters has completed Cornerstone at Stafford, a 100-unit seniors housing community in Manahawkin, located east of Philadelphia in coastal New Jersey. The development is open to adults age 55 and above earning less than 60 percent of the county’s median income. Monthly rents range from $874 to $994 for one-bedroom units and from $1,048 to $1,250 for two-bedroom residences. Units feature granite countertops and full appliance packages, washers and dryers and emergency alarm systems. Amenities include a full kitchen, outdoor grilling areas, exercise areas and a resident clubhouse.
PORTLAND, MAINE — Huntington, New York-based URS Capital Partners has acquired seven acres within a qualified opportunity zone in Portland, Maine, for the development of a 256-unit multifamily project. Local lender Bar Harbor Bank provided an undisclosed amount of construction financing for the project, the groundbreaking of which is slated to occur this month. Following stabilization of the property, URS plans to hold the asset for 10 years. Opportunity zone legislation provides tax breaks and incentives for developers who deliver affordable housing within economically distressed neighborhoods.