LAKEWOOD, N.J. — Hotels Unlimited, an affiliate of New Jersey-based developer TFE Properties, has completed the $5 million renovation of the 110-room Hilton Garden Inn hotel in Lakewood, located in Ocean County. The renovation delivered an overhaul of all guestrooms and suites, as well as the lobby and amenity spaces, which include meeting rooms, an indoor pool, fitness center and an onsite restaurant. In addition, the project team applied fresh paint to the building’s exterior. A grand re-opening ceremony will take place on Tuesday, May 13.
WEST NEW YORK, N.J. — A joint venture between Black Bear Asset Management, Bettina Equities Management and Echevarria Industries is underway on construction of an 80-unit multifamily project in West New York, located across the Hudson River from Manhattan. The site is located at 6205–19 Madison St., and the building will rise six stories and offer amenities such as a rooftop terrace, solarium lounge, fitness center, indoor garage parking with electric vehicle charging stations and a community center with grills and entertainment space. Completion is slated for some time next year.
PARSIPPANY, N.J. — B&G Foods has signed a 46,000-square-foot office headquarters lease in the Northern New Jersey. The food supplier is consolidating and relocating its operation from the nearby building at 4 Gatehall Drive to the entire second and partial third floors of 8 Sylvan Way, a 166,039-square-foot building that also supports life sciences uses. Tim Greiner and David Stifelman of JLL represented the landlord, Orion Properties, in the lease negotiations. Josh Cohen and Ben Brenner of Cushman & Wakefield represented the tenant.
CHICOPEE, MASS. — MassHousing has provided $37.3 million in financing for Singing Bridge Residences, a 105-unit affordable housing project in Chicopee, located near the Massachusetts-New York border. The borrower, a joint venture between Sydney Capital Group LLC and Brisa Builders Development, will develop the complex on a four-acre, riverfront site at 400 Main St. that was previously owned by the city. Other portions of the site will be developed separately to feature a sports complex, brewery and an office building. The unit mix will consist of 16 studios, 21 one-bedroom apartments, 57 two-bedroom residences and 11 three-bedroom apartments and will feature a range of income restrictions. Paul A. Castrucci Architects is designing Singing Bridge Residences, and Western Builders is serving as the general contractor. Completion is slated for summer 2027.
TEMPLETON, MASS. — A partnership between metro Boston-based MPZ Development and Capstone Communities will undertake a $36 million multifamily adaptive reuse project in Templeton, about 65 miles northwest of Boston. Designed by ICON Architecture, the project will convert the historic Baldwinville Elementary School, which was originally built in 1923, into a 54-unit apartment complex that will be known as Baldwinville School Apartments. Residences will come in studio, one-, two- and three-bedroom floor plans, and the majority (49) of the units will be reserved for households earning between 30 and 60 percent of the area median income. Amenities will include a children’s playground, fitness center, electric vehicle charging stations, onsite laundry facilities and a community walking trail and green space. Rockland Trust provided $21.5 million in construction financing for the project. A groundbreaking ceremony will take place in May.
TINICUM TOWNSHIP, PA. — Cushman & Wakefield has arranged a $34 million loan for the refinancing of Airport Logistics Center, a 627,252-square-foot industrial facility located within the Philadelphia metro area. The property, which was 83 percent leased to 20 tenants at the time of the loan closing, consists of four buildings with clear heights ranging from 30 to 65 feet and three acres of outdoor storage space. John Alascio, Chuck Kohaut and Meredith Donovan of Cushman & Wakefield arranged the loan through private equity firm Blue Owl Capital on behalf of the borrower, a partnership between Ivy Realty and institutional investment firm Lubert-Adler.
BALA CYNWYD, PA. — Federal Realty Investment Trust (NYSE: FRT) and CBG Building Co. have topped out a 217-unit multifamily redevelopment project in Bala Cynwyd, a northwestern suburb of Philadelphia. The project, which represents the second phase of a larger redevelopment known as Bala Cynwyd on City Avenue, is a conversion of the former 120,000-square-foot Lord & Taylor department store into an apartment complex with 16,000 square feet of ground-floor retail space. Federal Realty received zoning approval for the project in February 2024 and broke ground a few months later. The company expects to complete construction of this phase next summer.
NEW YORK CITY — Whole Foods Market will open a 10,000-square-foot store in Manhattan’s East Village on Wednesday, May 14. The small-format store will be located within the StuyTown development at 409 E. 14th St. At the opening, Whole Foods will present Harlem-based supplier Uncle Waithley’s with a low-interest loan to help grow its operations and support expansion to more Whole Foods Market stores.
CAMP HILL, PA. — Rite Aid has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of New Jersey and is exploring opportunities to be acquired by outside entities. The announcement marks the second time in 24 months that the Pennsylvania-based convenience and drugstore chain has filed for voluntary Chapter 11 bankruptcy protection. The previous filing in October 2023 preceded the closure of hundreds of stores across the country. The company did not explicitly say in this filing how many of its stores would be immediately impacted, only noting that it would “divest or monetize any assets that are not sold through the court-supervised process.” To facilitate a potential sale, Rite Aid has secured commitments from some of its existing lenders to access approximately $1.9 billion in new financing, which will be used to fund existing operations prior to and during a court-supervised sales process. According to USA Today, Rite Aid operated about 1,200 stores across 15 states at the time of the latest filing.
DALLAS — Newmark has arranged a $125 million loan for the refinancing of a portfolio of 19 self-storage properties that are primarily (13 facilities) located in Pennsylvania. The other six properties are scattered across Maryland, New Jersey, Indiana and Kentucky. Collectively, the portfolio totals roughly 1.2 million net rentable square feet of space across nearly 10,000 units and has maintained an average occupancy rate of 91 percent over the past decade. Jonathan Firestone, Jordan Roeschlaub, Nick Scribani, Clint Frease, John Caraviello, Aaron Swerdlin and Andrew Warin of Newmark arranged the fixed-rate loan on behalf of the borrower, Dallas-based Rosewood Property Co. PGIM Real Estate provided the debt.