TOMS RIVER, N.J. — Developer DXD Capital has completed construction of a 761-unit self-storage facility in Toms River, located on the Jersey Shore. The four-story building spans 62,818 net rentable square feet and features multiple elevators and a drive-in loading area. DXD Capital acquired the site in summer 2022. Public Storage will operate the facility. Jayeff served as the general contractor on the project, and Century Bank was the construction lender.
PARAMUS, N.J. — HKS Real Estate Advisors has arranged a $46.5 million CMBS loan for the refinancing of a 140-unit multifamily property located in the Northern New Jersey community of Paramus. The newly built property consists of three buildings on a 35-acre site. According to Apartments.com, the property is named Soldier Hill Commons and exclusively houses two-bedroom units. John Harrington of HKS Real Estate arranged the loan through Citigroup on behalf of the undisclosed borrower.
WORCESTER, MASS. — Trinity Financial, a developer with offices in Boston and New York City, has begun a multifamily redevelopment project in Worcester. The firm, in partnership with the Worcester Housing Authority, is redeveloping The Curtis Apartments, a 372-unit property that was originally built in the 1950s. The first phase of the project consists of 129 units in two buildings, replacing 90 former public housing units and adding 39 additional affordable units that will be reserved for households earning up to 60 and 80 percent of the area median income.
DELRAY BEACH, FLA. — BBX Logistics Properties, along with joint venture partner PCCP LLC, has broken ground on The Park at Delray, a new 40-acre industrial park located along U.S. Highway 441 in Delray Beach, about 20 miles south of West Palm Beach. Phase I of the project includes the construction of a 200,000-square-foot building, with plans for two additional buildings to follow. The first phase can accommodate tenants seeking spaces as small as 50,000 square feet. City National Bank provided a $31.3 million construction loan for The Park at Delray. The timeline for construction was not disclosed.
NEW YORK CITY — Savills has brokered a 27,761-square-foot office sublease at 250 Hudson St. in Manhattan’s Hudson Square area. The subtenant, EvolutionIQ, a platform that serves the insurance industry, is relocating from a 10,705-square-foot space at 27 W. 24th St. Zev Holzman, Christopher Foerch and Will Joumas of Savills represented EvolutionIQ in the lease negotiations. Holzman and Foerch also secured a subtenant for EvolutionIQ’s old space. Gabe Marans, Mitti Liebersohn and Maxine Rosen, also with Savills, represented the sublandlord, TMRW Life Sciences. Jack Resnick & Sons owns 250 Hudson Street.
SANFORD, FLA. — Working on behalf of Crescent Communities, Doster Construction Co. has completed Novel Parkway, a 325-unit apartment community situated along International Parkway in Sanford, a northeast suburb of Orlando. The property features a mix of one-, two- and three-bedroom apartments ranging in size from 656 to 1,527 square feet. Monthly rental rates range from $1,700 to $3,437, according to Apartments.com. Novel Parkway features 10,000 square feet of amenities, including a pool, fitness center, clubhouse, business center and walking/biking trails.
DENVILLE, N.J. — Locally based brokerage firm The Goldstein Group has negotiated the sale of an 8,800-square-foot retail building in the Northern New Jersey community of Denville. The owner, Orkin’s Premier Properties LLC, sold the building to Spark Properties LLC for an undisclosed price. Lew Finkelstein, C.J. Huter, Marc Palestina and Roy Paret of Goldstein Group represented both parties in the transaction.
PEMBROKE PINES, FLA. — Atlanta-based Cortland has acquired Harbour Cove, a 240-unit, Class B apartment community located in Pembroke Pines, a city in South Florida’s Broward County. Cortland has renamed the property as Cortland Harbour Cove. The community features two-bedroom apartments and three-bedroom units with dens, as well as a fitness center, clubhouse, playground, tennis courts and volleyball courts. Cortland plans to make capital improvements to the property, including full kitchen renovations, new lighting and plumbing fixtures, cosmetic upgrades to the clubhouse and fitness center and the addition of a new dog park and pickleball court. Nearby attractions to Cortland Harbour Cove include Pembroke Pines City Center and Miramar. The seller and sales price were not disclosed. With this acquisition, Cortland now owns and operates four assets in Broward County alone and 46 assets spanning more than 16,000 units across Florida.
ANN ARBOR, MICH. — The life sciences group of Sartorius has opened its new Center of Excellence for bioanalytics in Ann Arbor. Sartorius invested about $100 million for the state-of-the-art facility, consolidating existing sites and functions in Ann Arbor. The number of employees at the 130,000-square-foot property is expected to double over time. The facility houses a modern manufacturing and services area, biology labs, a warehouse, office and training spaces and a Customer Interaction Center. Sartorius will develop and manufacture a range of bioanalytical instruments at the site. Sartorius provides bioanalytical solutions that are used in the discovery and development of biopharmaceutical drugs. The company employs about 2,600 people at 12 sites in North America.
MARIETTA, GA. — BWE has arranged a $35 million bridge loan for the refinancing of Sedgefield Apartments, a 280-unit multifamily community located at 1136 W. Commons Lane in Marietta, a northwest suburb of Atlanta. Alan Tapie, Thomas Wiedeman, Brad Walker and Hanley Long of BWE arranged the interest-only loan on behalf of the borrower, RPM Living. Sedgefield Apartments features one-, two- and three-bedroom floor plans, as well as a fitness center, playground, green space, swimming pool, laundry facility and a grilling area.
