BELLEVILLE, N.J. — JLL has arranged a $31.5 million loan for the refinancing of Storage Rentals of America, a self-storage facility located in Belleville, located due north of Newark. The facility, which was approximately 85 percent occupied at the time of sale, comprises 2,064 units totaling approximately 400,000 gross square feet. The property also houses 83,464 square feet of light industrial space. Griffin Guthneck and Wes Wallace of JLL arranged the nonrecourse loan, which includes a seven-year term and a fixed interest rate, through an undisclosed life insurance company. The borrower is Florida-based SROA Capital.
NEWARK, N.J. — Levin Johnston, a division of Marcus & Millichap, has brokered the $30 million sale of FlatRate Storage, a 1,777-unit self-storage facility in Newark. The property is situated on 6.2 acres and consists of three buildings offering a total of 101,161 net rentable square feet. The property recently underwent a $3 million capital improvement program that upgraded the roofs, fire alarms, signage, sprinklers, security systems and HVAC systems. Adam Levin of Levin Johnston represented the seller, a private investor, in the transaction. Levin also procured the buyer, SmartStop, which owns 129 self-storage facilities across the country.
BURLINGTON, MASS. — The Gutierrez Co., a development and management firm that is active in the Boston area, will convert Burlington BioCenter, located about 15 miles northwest of Boston, into a 109,500-square-foot lab facility. The repositioning project is expected to be complete by 2019. The new facility will offer four stories of lab space, interconnecting stairways, abundant parking and an open design aesthetic. JLL is handling leasing and marketing of the new space.
HAMDEN, CONN. — Arbor Realty Trust Inc. has provided $7.5 million in Fannie Mae DUS financing for Meadow Mills Assisted Living & Memory Care in Connecticut. Located on two acres in Hamden, just north of New Haven near Long Island Sound, the property offers 60 units of assisted living and memory care. The loan includes a 10-year, fixed-rate term on a 30-year amortization schedule and will be used to refinance existing debt. Ari Short of Arbor’s New York City office originated the loan.
MAINE, MASSACHUSETTS and NEW HAMPSHIRE — HFF has provided an undisclosed amount of financing for a portfolio of eight seniors housing properties totaling 565 units in New England. Northbridge Strategic Senior Housing Fund II was the borrower. Freddie Mac provided the capital, and HFF will service the loans. The intended use of the proceeds was not disclosed. The properties in the portfolio are Avita of Brunswick in Brunswick, Maine; Avita of Stroudwater in Westbrook, Maine; Avita of Wells in Wells, Maine; Carriage House at Lee’s Farm in Wayland, Massachusetts; Laurelwood at the Pinehills in Plymouth, Massachusetts; Ledgewood Bay at Milford in Milford, New Hampshire; Stroudwater Lodge in Westbrook, Maine; and Sunnybrook in Brunswick, Maine. The properties have an average completion date of 2014 and comprise a mixture of 49 independent living, 256 assisted living and 260 memory care units that were nearly 90 percent occupied at closing.
WAYNE, N.J. — Axiom Capital Corp., a real estate finance and advisory firm with offices in New York and New Jersey, has arranged $52 million in permanent financing for a 473,670-square-foot warehouse in Wayne, located northwest of Newark. Situated on 31 acres, the property features 40-foot clear heights, 42 dock doors and proximity to I-80 and U.S. Route 46. A life insurance company provided the loan, which features a 10-year term, a fixed interest rate and a 30-year amortization schedule. The borrower was Peykar Family Properties of Wayne.
BROOKLYN, N.Y. — CBRE has negotiated an 83,051-square-foot office lease at 10 Jay Street in the Dumbo area of Brooklyn for Rent the Runway, an online company that provides clothing rental services. The tenant will relocate its headquarters from 345 Hudson Street to the 10-story, 200,000-square-foot property, which was developed by Glacier Global Partners. Frederick Fackelmayer, Alex Benisatto and Sam Mann of CBRE represented Rent the Runway, which plans to move in to its new space in 2020, in the lease negotiations.
NEW YORK CITY — Cosentini Associates, a division of engineering and consulting firm Tetra Tech Inc., has signed a 60,000-square-foot office lease at 498 Seventh Avenue, a 25-story, 960,000-square-foot tower in Midtown Manhattan. Cosentini plans to relocate its headquarters from 2 Penn Plaza to the new space in the first quarter of 2020. Justin Aronson, Michael Liss, Christopher Mansfield and Adele Huang of CBRE represented the tenant in the lease negotiations. Andrew Conrad and Matt Coudert represented the landlord, George Comfort & Sons, on an internal basis.
GLEN RIDGE, N.J. — Locally based developer JMF Properties has broken ground on Clarus Glen Ridge, a 110-unit multifamily community in Glen Ridge, located northwest of Newark. The transit-served property will offer one- and two-bedroom units and an array of amenities, including a fitness center with a yoga studio, business center, library, billiards room and outdoor grilling and seating areas. JMF Properties expects to open the property in spring 2020.
NEW YORK CITY — A partnership between The Moinian Group, a privately held real estate group based in Manhattan, and locally based developer Bushburg Properties is nearing completion of its $160 million multifamily project located at 123 Linden Blvd. in Brooklyn. The property, known simply as 123 Linden, will include 467 units across 26 stories. The Moinian Group’s lending arm provided construction financing for the deal, and the company will also operate the property. Upon completion later this year, 123 Linden will feature 50,000 square feet of amenity space, including indoor and outdoor pools and fitness centers, a basketball court and a dog run.