NEW YORK CITY —Madison Realty Capital has provided a $27 million first mortgage loan for the development of 93 Linden Street, a 68-unit multifamily project in the Bushwick neighborhood of Brooklyn. The undisclosed borrower has completed 35 percent of the project and expects the full completion to occur during the first quarter of 2020. Upon completion, 93 Linden Street will offer studio, one- and two-bedroom units, 70 percent of which will be priced at market rates. The remaining 30 percent will be affordable housing units.
SYRACUSE, N.Y. — New York City-based Juniper Capital has arranged a $14 million bridge loan for the acquisition of Orchard Estates, a 300-unit apartment complex in Syracuse. The property, which was 85 percent occupied at the time of the loan application, offers units in a variety of formats and amenities such as a pool, picnic area and onsite laundry facilities. Arbor Realty Trust Inc. originated the loan, which carries a three-year term and an 85 percent loan-to-cost structure. The borrower, New Jersey-based Vintage Management, will use a portion of the proceeds to fund capital improvements to unit interiors and add new amenities.
PARAMUS, N.J. — The Goldstein Group, a brokerage firm based in New Jersey, has negotiated the sale of a 17,661-square-foot retail asset in Paramus, located directly across the Hudson River from The Bronx. Outdoor furniture store Harrow’s most recently occupied the property. Before Harrow’s, Maurice Villency Furniture leased the space for more than 30 years. Lew Finkelstein and C.J. Huter of The Goldstein Group represented the seller, 685 LLC, in the transaction. The buyer was a subsidiary of J&M Furniture.
BOSTON — PGIM Real Estate Finance has provided a $30.4 million Freddie Mac loan for the refinancing of Barclay on Beacon, a high-rise apartment complex located in the Brookline neighborhood of Boston. The property consists of 111 units and offers amenities such as a pool, fitness center and onsite laundry facilities. The loan carries a 15-year term and a fixed interest rate. The borrower was not disclosed.
CORAOPOLIS, PA. — Tapestry Senior Living will open Tapestry Moon Township, a 224-unit community that will be located in Coraopolis, about 12 miles northwest of Pittsburgh. The community will offer 93 memory care units and 131 assisted living units. A timeline for the opening was not provided, but the company has announced that the property is currently accepting deposits.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of two commercial development sites located on 31st St. in the Astoria neighborhood of Queens for a combined total of $2.9 million. Each site is zoned for mixed-use development and will include a residential component. Stephen Preuss and Andreas Efthymiou of Cushman & Wakefield represented the undisclosed sellers in the transaction. A trio of private investors purchased the property.
BURLINGTON, MASS. — R.W. Holmes Commercial Real Estate has negotiated a 14,011-square-foot lease for flex space at 141 Middlesex Turnpike in Burlington, about 20 miles northwest of Boston. The tenant was Zimmer Northeast, a subsidiary of Zimmer Biomet (NYSE: ZBH), which manufactures and distributes orthopedics products. Mike Ogasapian and Garry Holmes of R.W. Holmes represented the tenant in the lease negotiations. Jordan Yarboro and Madison Chambers of JLL represented the landlord, The Berman Cos.
NEW YORK CITY — Goldfish Swim School, which operates more than 80 swimming schools for children around the country, has signed a 10-year, 9,660-square-foot lease at Glen Oaks Shopping Center in Queens. The center, which is owned by local firm The Feil Organization, spans 187,650 square feet. Burlington Coat Factory and Key Food anchor the property, and other tenants include Walgreens and Subway. Goldfish Swim School includes party facilities, a snack bar and heated pools.
WELLESLEY, MASS. — Burlington, Mass.-based Linear Retail Properties LLC has acquired two buildings totaling 17,900 square feet in downtown Wellesley, a western suburb of Boston. The sale, which included the adjoining 60-space parking lot, closed at a price of $17.6 million. Tenants at the buildings include CVS Pharmacy, Coldwell Banker Residential Brokerage, J.P. Licks and Vision Optics. The seller was a private family trust.
NUTLEY, N.J. — NorthMarq Capital has arranged a $16 million Freddie Mac loan for the refinancing of Village Manor, a 227-unit multifamily community in the western Manhattan suburb of Nutley, N.J. The garden-style property features one- and two-bedroom units and is located near a variety of retail and restaurant establishments, as well as public transportation lines. Robert Ranieri of NorthMarq arranged the loan, which was structured with a 10-year term and 30-year amortization schedule, on behalf of an undisclosed borrower.