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.
PITTSBURGH — LG Realty Advisors, a privately held development and management firm, has unveiled plans for Liberty East, a $50 million office and retail project in Pittsburgh. Liberty East, which is a redevelopment of the nine-story Penn Plaza building, will ultimately house 246,000 square feet of Class A office space with a 50,000-square-foot retail space on the ground floor that will be occupied by Whole Foods Market. The development will also include an additional 4,600 square feet of retail space and 700 parking spaces. Construction of Phase I of the project, which also includes a $1 million contribution to the upgrading of nearby Enright Park, is expected to begin this summer and wrap up in summer 2021.
LIVINGSTON, N.J. — Locally based development and management firm Eastman Cos. has refinanced The Shoppes at Livingston Circle, a 95,809-square-foot retail center in Livingston, an eastern suburb of Newark. Built in 1993 and anchored by German discount grocer Aldi, the property was 80 percent leased at the time of sale to tenants such as Olive Garden, Goldfish Swim and Club Pilates. Jon Mikula and Jim Cadranell of HFF placed the loan, which features a 12-year term and a fixed interest rate, on behalf of Eastman. The lender was not disclosed. There are more than 150,000 residents earning an average annual household income in excess of $190,000 living within a five-mile radius of the center, which has been extensively redeveloped over the past two years.
CANADAGUIA, N.Y. — ACRES Capital, a New York-based real estate hedge fund, has provided a $37 million construction loan for the Hilton Tapestry Collection hotel in Canadaguia, a hospitality project located near Rochester. The project, which includes the development of a 44-unit condominium building, is valued at $53 million. Miami-based GenX Capital Partners and Boston-based Capstack Finance sourced the loan through ACRES Capital on behalf of the undisclosed borrower.
MAPLEWOOD, N.J. — G.S. Wilcox & Co., a New Jersey-based mortgage banking firm, has arranged a $32 million loan for the refinancing of Maplewood Crossing, a 151-unit apartment community located about 10 miles southwest of Newark. Robert Logan and Al Raymond of G.S. Wilcox placed the loan, which included a 20-year term and a 30-year amortization schedule, on behalf of the borrower, local developer Elite Properties.
KeyBank Originates $65.9M Loan for Refinancing of Two Seniors Housing Properties in Western New York
ORCHARD PARK AND PITTSFORD, N.Y. — KeyBank Real Estate Capital has originated two Freddie Mac loans totaling $65.9 million for the refinancing of a pair of seniors housing properties in Western New York. In the first transaction, KeyBank provided $45.8 million for Orchard Heights, a community in the city of Orchard Park that features 114 assisted living units, 32 independent living residences and 16 memory care units. In the second deal, KeyBank provided $20.1 million for Heather Heights of Pittsford, which offers 72 assisted living units and 24 memory care units. Both properties were built in the 1990s. Carolyn Nazdin of KeyBank secured the loans, both of which carry fixed interest rates, 15-year terms and five years of interest-only payments. The borrower was not disclosed, but Buffalo-based Hamister Group LLC developed both communities.
NEW YORK CITY — Arizona-based Avana Capital has provided a $65 million loan for the construction of a 26-story AC Marriott Hotel in the Chelsea neighborhood of Manhattan. Designed by Danny Forster & Architecture, the 168-room hotel will be located at 842 Sixth Ave. and will be the tallest hotel in the world to feature modular construction. The borrower was locally based firm 842 Enterprises Inc. Bloomberg reports that guest rooms will be assembled in Poland and shipped to New York, with the opening of the property slated to occur some time next year.