FRAMINGHAM, MASS. — JLL has arranged $123.6 million in financing for a portion of Shoppers World, a 752,000-square-foot retail power center located in the western Boston suburb of Framingham. Details on the nature of the financing and the portion of the center covered by it were not disclosed. Shoppers World was 99 percent leased at the time of the loan closing to tenants such as T.J. Maxx, Marshalls, HomeSense, Sierra Trading Post, Best Buy and Dick’s Sporting Goods. Scott Aiese, Alex Staikos, Amy Lousararian and Parker Morrison of JLL arranged the four-year, fixed-rate loan on behalf of the borrower, Urban Edge Properties. The direct lender was not disclosed.
NEW YORK CITY — Douglaston Development has topped out Rialto West, a 158-unit affordable housing project in Manhattan’s Hell’s Kitchen neighborhood. The eight-story building will offer studio, one-, two- and three-bedroom units that will be reserved for households earning up to 140 percent of the area median income. In addition, 15 percent of the units will be dedicated to serving formerly homeless households. Rialto West will also feature a fitness center, onsite laundry facilities and a bike storage area. Levine Builders, a Douglaston affiliate, is the general contractor for the project, full completion of which is slated for the fourth quarter of next year.
GLENOLDEN, PA. — CBRE has negotiated the sale of MacDade Commons, a 102,071-square-foot shopping center in Glenolden, a southwestern suburb of Philadelphia. Walmart anchors the center, which is also home to tenants such as Quest Diagnostics, Verizon Wireless and Work ‘N Gear. Christopher Munley, Colin Behr, Casey Smith and Ryan Sciullo of CBRE represented the undisclosed seller in the transaction. The team also procured the buyer, Agree Realty Corp.
UNION, N.J. — Local developer LANDMARK has begun leasing CENTURION Union Center, an 85-unit multifamily project located in Northern New Jersey. Designed by Comito Associates PC with interiors by Lita Dirks & Co., CENTURION Union Center rises five stories and offers one- and two-bedroom units, as well as 107 parking spaces. The first move-ins are scheduled to commence in October. Specific amenities and starting rents are still being finalized.
JACKSON TOWNSHIP, N.J. — SRS Real Estate Partners has brokered the $7.5 million ground-lease sale of a newly constructed Wawa convenience store in Jackson Township, located near the Jersey Shore. The site spans 1.9 acres, and the building totals 4,736 square feet. Patrick Nutt and William Wamble of SRS represented the seller, an East Coast-based developer, in the transaction. The buyer was a New Jersey-based private investor. Both parties requested anonymity.
NEW YORK CITY — Lendlease has begun preleasing and revealed new renderings for The Riverie, an 834-unit apartment development in the Greenpoint neighborhood of Brooklyn. The project is slated to open in October. Of the total unit count, 30 percent are designated as affordable housing. The development will also feature 13,000 square feet of retail and restaurant space, state-of-the-art amenities and new public greenspace. Spanning an entire city block along the East River, The Riverie features two towers rising 37 and 20 stories, as well as a mid-rise podium with frontages along India, West and Java streets. Residences range from studios to three bedrooms, including select penthouses and townhomes. Marvel was the project architect. INC Architecture & Design handled the interior design, while Crème designed the townhomes. At the core of The Riverie’s sustainability strategy is its vertical closed-loop geothermal system, comprised of 320 boreholes beneath the site. This feature makes it the largest geothermal residential building in New York state and is believed to be the largest high-rise geoexchange system in the country, according to Lendlease. Combined with its fully electric design, The Riverie is expected to reduce annual carbon emissions from heating and cooling by 53 percent when …
WATERTOWN, MASS. — JLL has arranged the $119.2 million refinancing of 500 Forge, a 158,683-square-foot life sciences property in Watertown, located just west of Boston. The financing consists of a $94 million senior loan from Landesbank Baden-Württemberg and a $25.2 million mezzanine loan from Tishman Speyer. The property, which is located within the Arsenal Yards mixed-use development, was fully redeveloped in 2023 to feature 60 percent lab/research-and-development space and 40 percent office space. The property was fully leased at the time of the loan closings to three tenants: Mariana Oncology, Orna Therapeutics and AvenCell Therapeutics. Brett Paulsrud, Henry Schaffer and Geoff Goldstein of JLL arranged the financing on behalf of the borrower, a partnership between Boylston Properties and institutional investors advised by J.P. Morgan Asset Management.
NEW YORK CITY — Locally based owner-operator The Altmark Group has received a $96 million loan for the refinancing of The Motto, a 24-story apartment building located in the Mott Haven area of The Bronx. Designed by Woods Bagot, The Motto offers 264 units, 80 of which are reserved as affordable housing, in studio, one- and two-bedroom floor plans. Amenities include coworking lounges, a resident sky lounge, rooftop terrace with barbecue grills and fire pits and a fitness center. Brad Domenico, Gideon Gil, Jack Subers and Frank Stanislaski of Cushman & Wakefield arranged the five-year, fixed-rate loan through Morgan Stanley on behalf of The Altmark Group.
NEW YORK CITY — PCCP LLC has provided a $65 million loan for the refinancing of Pearson Court Square, a 197-unit apartment complex in the Long Island City area of Queens. Built in 2014, the transit-served property offers studio, one- and two-bedroom units and amenities such as a resident lounge, coworking space, rooftop sky deck and an outdoor basketball court. The borrower was an affiliate of L+M Development Partners. Pearson Court Square was roughly 98 percent occupied at the time of the loan closing.
NEW YORK CITY — A joint venture between Namdar Realty and Klosed Properties has acquired a retail and parking condo located at 85 Jay St. in the Dumbo area of Brooklyn for $54 million. The retail component totals 128,410 square feet, and the space is located beneath Front & York, a 21-story, 727-unit residential building. The retail space was 84 percent leased at the time of sale to tenants such as CVS, Devoción, Petit Poussins and Lazy Sundaes. Daniel O’Brien of Newmark brokered the deal. The seller was CIM Group. Max Ralby and Jordan Roeschlaub, also with Newmark, arranged $41.3 million in acquisition financing for the deal through Blue Owl Capital.