NEW YORK CITY — JLL has arranged a $20 million refinancing loan for 16 West 36th Street, a 67,271-square-foot office building with ground-floor retail in Midtown Manhattan. An undisclosed life insurance company provided the loan to the borrower, Windsor Management Corp., which has owned the building since the 1940s. Windsor recently invested in renovations of the building’s office suites with new glass walls, new bathrooms, polished concrete floors and finished kitchens. Steven Klein and Alex Staikos of JLL arranged the loan.
ORONO, MAINE — Tremont Mortgage Trust has provided an $18.1 million loan for the refinancing of Orchard Trails, a 576-bed student housing community located near the University of Maine in Orono. The floating-rate loan includes an initial funding of approximately $17 million and a future funding allowance of approximately $1.1 million for property improvements. The loan is structured with a three-year initial term and two one-year extension options. Originally built in 2006, the community offers four-bedroom units alongside shared amenities including a study lounge, clubhouse, game room, state-of-the-art fitness center, basketball and volleyball courts and an outdoor grilling station. The borrower was undisclosed.
STAMFORD, CONN. — Stone Harbour Capital will redevelop One Atlantic, a 94,000-square-foot office and retail building, into a 77-unit multifamily property in Stamford, located approximately 45 miles northeast of New York City. The community will comprise 19 studios, 40 one-bedroom apartments, 18 two-bedroom apartments and ground-floor retail space. Construction is slated for completion in 2022. Marty Reasoner of ACRES Capital Corp. provided a $33 million construction loan,which carries a term of three years, for the project.
BOSTON — L.E.K. Consulting, which consults with private and public sector organizations, private equity firms and emerging entrepreneurial businesses, has renewed and expanded its lease at 75 State Street in Boston’s Financial District by 15,000 square feet for a total footprint of 78,000 total square feet. The company will occupy floors 18 through 21 of the 1.1 million-square-foot, Class A office building. Nat Kessler and Kevin Kennedy of CBRE represented L.E.K. Consulting in the lease negotiations. Rockpoint Group and DivcoWest are the landlords.
NEW YORK CITY — JLL has arranged a $47.5 million loan for the refinancing of The 80th Street Residence, an assisted living facility in Manhattan. The property specializes in enhanced memory care and comprises 61 units and 70 beds. IDB Bank, a New York-based private and commercial bank, provided the loan. Peter Rotchford, Zach Rigby, Jason Skalko and Dillon Donald of JLL arranged the loan on behalf of property owners Wayne Kaplan and Larry Morehead.
WASHINGTON, N.J. — Italian restaurant Jenaro’s and Bison Coffee Co. have signed two retail leases totaling 6,400 square feet at Washington Square Town Center, a mixed-use development in Washington, located approximately 65 miles west of New York City. Jenaro’s will occupy 4,600 square feet and Bison Coffee Co. will occupy 1,800 square feet. Both restaurants plan to open in spring 2020. Rothman Medical Building occupies 40,000 square feet of the development, which also comprises 330 apartments, 100 townhomes, 30,000 square feet of retail space and a seniors housing community. The developer is a joint venture between Atkins Co. and Woodmont Properties.
NEWARK, N.J. — The Kislak Co. Inc. has brokered the $5.8 million sale of a four-property multifamily portfolio totaling 69 units in Newark.. The portfolio comprises four three-story apartment buildings within close proximity of each other, including 12 units at 48 Millington Ave., 16 units at 51 Summit Ave., 21 units at 535 Hawthorne Ave. and 20 units with a developable lot at 291 Wainwright St. Collectively, the properties were 100 percent occupied at the time of the sale. Robert Squires and Michael Kossak of Kislak represented the undisclosed seller in the transaction. Jeff Squires of Kislak procured the undisclosed buyer.
NEW YORK CITY — Apparel and shoe retailer Kith has signed a 57,679-square-foot industrial lease at 25 Kent, a building in Brooklyn with both office and manufacturing space. Kith will occupy approximately two thirds of the building’s 87,000 square feet of manufacturing space. A partnership of Rubenstein Partners and Heritage Equity Partners developed the building, and Hollwich Kushner and Gensler designed it. Michael Yadgard of Compass represented Kith in the lease negotiations. A team from Lee & Associates in collaboration with JLL represented Rubenstein Partners.
WEST DEPTFORD, N.J. — Novaya Foxfield Industrial LLC has completed construction of a 122,000-square-foot industrial project in West Deptford, a southern suburb of Philadelphia. Located at 301 Grove Road, the Class A property offers 32-foot clear heights, 10 loading docks, two drive-in doors and office space. NAI Mertz is handling leasing efforts on behalf of Novaya Real Estate Ventures.
MOUNT LAUREL, N.J. — NAI Mertz has brokered the sale of East Gate Business Center, a 116,000-square-foot office complex in Mount Laurel, an eastern suburb of Philadelphia. The complex comprises eight buildings that were 94 percent leased at the time of sale. Tenants include NJ Default Group LLC, pest control company Terminix International Co. and employee recruitment firm The McSweeney Agency. Scott Mertz, John Adderly, Rebecca Ting and Julie Kronfeld of NAI Mertz represented the seller, Eastgate Business Center LLC, in the transaction. The buyer was Strategic Funding Alternatives LLC. The sales price was undisclosed.