LONG ISLAND CITY, N.Y. — Maquette, a New-York based fine art logistics company, has signed a 46,000-square-foot industrial lease in Long Island City. The property, 48-49 35th Street, is a 260,000-square-foot warehouse originally built in 1949. Forrest Mas and Chris Pachios of North River Co., the landlord, negotiated the lease directly with the tenant.
FRANKLIN, MASS. — TMC Holdings & Development LLC will develop a 50,000-square-foot industrial property in Franklin, about 30 miles southwest of Boston. Formerly the site of a glass recycling facility, the property is located in the Marijuana Overlay District with frontage on I-495. TMC Holdings plans to demolish the facility and build a 50,000-square-foot warehouse with 22 to 24-foot clear heights. Construction is slated to begin in fall 2019. John Eysenbach of R.W. Holmes represented TMC Holdings in the transaction, as well as the seller, Strategic Materials Inc.
LYNN, MASS. — Fantini & Gorga has arranged $12.6 million in permanent financing for Marian Gardens, a 94-unit affordable housing multifamily property in Lynn, about 12 miles northeast of Boston. The property was built in the 1960s and includes two-, three- and four-bedroom townhouse units. Tim O’Donnell, Jason Cunnane and Lindsay Feig of Fantini and Gorga arranged the loan. The borrower and lender in the transaction were undisclosed.
BASKING RIDGE, N.J. — JLL has secured an undisclosed amount of acquisition financing for a 104,000-square-foot office portfolio in Basking Ridge, about 30 miles west of New York. TD Bank provided the loan, which carries a seven-year term and a fixed interest rate. The property, 180-188 Mount Airy Road, consists of two adjacent buildings and an ancillary structure. At the time of the closing, the buildings were 98 percent leased to a variety of tenants, including Global Bankers Insurance Group and Microchip Technology. The borrower was a partnership between PAG Investments and CIG Properties.
PITTSBURGH — Amazon will construct a 1 million-square-foot distribution center in Pittsburgh, a move that will create 800 new full-time jobs. The property will be Amazon’s 15th operations facility in Pennsylvania. The Pittsburgh Post-Gazette reports that Amazon will invest $30 million in the facility and that once the jobs are in place, Amazon will receive $1.6 million in job creation tax credits from the state Department of Community and Economic Development. Hillwood, a Fort Worth-based industrial firm, will lead the development of the project, a construction timeline for which has not yet been established.
BOSTON — Foundation Medicine Inc., a manufacturer of medical tests and supplies, has signed a 580,000-square-foot lease for laboratory and office space at 400 Summer Street in Boston. Massachusetts-based WS Development is currently developing the 16-story building, which will total 625,000 square feet, including 30,000 square feet of ground-floor retail. Foundation Medicine will move its headquarters to the building and occupy all of the laboratory and office space. WS Development expects to begin construction later this year and for tenants to move in by 2023. New York-based Morris Adjimi Architects and the Boston office of Stantec are the architects.
MONTVALE, N.J. — Cushman & Wakefield Markets has arranged $26.5 million of institutional equity capital from a private equity fund for the development of a 203-unit seniors housing project in Montvale, about 30 miles north of New York City. The community will feature a four-story building on an 11.5-acre site. Cushman & Wakefield acted as exclusive advisor to a joint venture between Pike Properties, Thrive Senior Living and Gallium Real Estate. Construction debt financing of $54.6 million has been secured an undisclosed seniors housing lender and is expected to close in late August. Richard Swartz, Jay Wagner and Jim Dooley of Cushman & Wakefield handled the debt placement.
STRATFORD, CONN. — Northeast Private Client Group (NPCG) has brokered the $14.2 million sale of Sherwood and Shakespeare Apartments, a 128-unit multifamily property in Stratford. The property consists of three adjacent buildings at 112 Stratford Ave. Brad Balletto of NPCG represented the seller, Stratford-based Stratcon Properties LLC, in the transaction, and procured the buyer, a Bridgeport-based private investor.
NEW YORK CITY — Meridian Capital Group has arranged $5.7 million in acquisition financing for three multifamily properties in Queens. The three properties are located at 84-47 Lefferts Blvd., 83-35 Lefferts Blvd. and 84-10 120th Street. A balanced sheet lender provided the five-year loan, which features an interest rate of 3.88 percent and two years of interest-only payments followed by a 30-year amortization schedule. Gandolfo DiFiore of MDM Development is the borrower. Aaron Lerman and Sam Shifer of Meridian handled the transaction.
BRIDGETON, N.J. — WinnCompanies, a Boston-based multifamily developer, has completed renovations of a 156-unit affordable housing community in Bridgeton, about 40 miles south of Philadelphia. The project, which was valued at $34 million, upgraded appliances and HVAC systems of every unit, replaced roofs on all residential buildings and constructed a new community building with a management office and gym.
