Property Type

Partnership Breaks Ground on 477-Unit Multifamily Project in Jersey City

by Taylor Williams December 15, 2023

JERSEY CITY, N.J. — West Side Square Development Fund, which is a partnership between LanTree Developments, Altree Developments Inc., Lanterra Developments Inc. and Westdale Properties, has broken ground on a 477-unit multifamily project in Jersey City. West Side Square will be located in the Journal Square area and will house studio, one- and two-bedroom units, as well as 9,841 square feet of retail space. Amenities will include an outdoor deck with a pool and grilling stations, fitness center, coworking space, a community room and a dog run. Marchetto Higgins Stieve is the project architect, with Childs Dreyfus Group handling interior design. Completion is slated for summer 2026.

December 15, 2023

Development Massachusetts Multifamily Northeast Seniors Housing

Kisco Senior Living to Develop 159-Unit Complex in Boston

by Taylor Williams December 15, 2023

BOSTON — California-based owner-operator Kisco Senior Living will develop The Newbury at Brookline, a 159-unit complex that will be located on the west side of Boston. The site is located on the historic former Newbury College campus. The facility will ultimately comprise 81 independent living units, 38 assisted living residences and 40 memory care units via 190,000 square feet of new construction and 20,000 square feet of restoration to the historic Mitton House. The complex is scheduled to open next fall.

December 15, 2023

Acquisitions Civic New York Northeast

Joyce Theater Acquires Civic Building in Manhattan’s East Village for $16M

by Taylor Williams December 15, 2023

NEW YORK CITY — The Joyce Theater Foundation has acquired a civic building located at 287 E. 10th St. in Manhattan’s East Village for $16 million. The seven-story, 58,000-square-foot building formerly housed a Boys & Girls Club facility, and the Joyce Theater plans to use the space for rehearsal, performance and administrative purposes. Paul Wolf of nonprofit advisory firm Denham Wolf Real Estate Services negotiated the sale of the building. The seller was not disclosed.

December 15, 2023

Civic Development Michigan Midwest

University of Michigan Breaks Ground on Center for Innovation in Detroit

by Kristin Harlow December 15, 2023

DETROIT — The University of Michigan (U-M) has broken ground on its Center for Innovation in downtown Detroit. The satellite campus will serve as a graduate school facility, offering masters’ degrees and workforce development programs that will focus on technology and innovation. The center will be funded by a $100 million gift from prominent U-M donor Stephen Ross, $100 million from the state of Michigan, a two-acre land donation from Olympia Development of Michigan, and an additional $50 million will be raised from donors. The project site is near the proposed $1.5 billion, 10-building mixed-use development in The District Detroit from Related Cos. and Olympia Development. Ross is a Detroit native, alum of U-M and chairman of Related Cos. Olympia Development is the real estate development business of the Ilitch family.

December 15, 2023

Affordable Housing Indiana Loans Midwest Multifamily

BWE Arranges $19.7M in Acquisition, Rehabilitation Financing for Trio of Indiana Affordable Housing Properties

by Kristin Harlow December 15, 2023

ARCADIA, RENSSELAER AND FOWLER, IND. — BWE has arranged $19.7 million in financing for the acquisition and rehabilitation of three affordable housing properties in rural Indiana. Lundat Kassa and Bob Morton of BWE arranged the financing on behalf of Vita Investment Holdings LLC, an Indiana-based developer of affordable and seniors housing communities. Vita acquired the properties to preserve their long-term affordability for residents. The financing consisted of two loans, including a construction loan from Fifth Third Bank. BWE also secured a $17.1 million loan through the USDA 538 Forward Permanent Loan program. The nonrecourse loan features a 40-year amortization schedule. Vita also utilized 4 percent Low-Income Housing Tax Credits to finance the project. The three properties include: Hamilton Place, which totals 54 units in Arcadia; Madison Cottage of Rensselaer, which includes 71 units in Rensselaer; and Madison Cottage of Benton County, a 51-unit building in Fowler. The developments will be preserved as affordable to residents who earn up to 60 percent of the area median income. All three properties will receive improvements to mechanical systems and the unit interiors will be enhanced. Community amenities will also be upgraded.

December 15, 2023

Acquisitions Connecticut Northeast Retail

Chozick Realty Arranges $11M Sale of Retail Center in Rocky Hill, Connecticut

by Taylor Williams December 15, 2023

ROCKY HILL, CONN. — Locally based brokerage firm Chozick Realty has arranged the $11 million sale of Hillview Plaza, a 33,799-square-foot retail center located in Rocky Hill, roughly 10 miles south of Hartford. Tenants at the property, which was built in 1990 and was 97 percent leased at the time of sale, include Webster Bank, Salute Restaurant and Dunkin’. Tom Boyle and Jordan Pinto of Chozick Realty represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

December 15, 2023

Acquisitions Illinois Industrial Midwest

Entre Commercial Realty Brokers Sale of 111,594 SF Industrial Building in Schaumburg, Illinois

by Kristin Harlow December 15, 2023

SCHAUMBURG, ILL. — Entre Commercial Realty has brokered the sale of a 111,594-square-foot industrial building located at 933 Remington Road in the Chicago suburb of Schaumburg. The sales price was undisclosed. The property, which features modern office finishes, is located within the Woodfield Business Center. Dan Benassi, Dan Jones and Sam Deihs of Entre represented the seller, a private investor who wished to sell the building in advance of a pending lease expiration in early 2024. Phil Reiff of JLL represented the buyer, NBS Corp., which plans to relocate from its current facility in Elk Grove Village.

December 15, 2023

Affordable Housing Loans Midwest Minnesota Multifamily

Colliers Mortgage Provides $3.2M HUD-Insured Loan for Refinancing of Affordable Housing Community in Minnesota

by Kristin Harlow December 15, 2023

BROOKLYN CENTER, MINN. — Colliers Mortgage has provided a $3.2 million HUD 223(f) loan for the refinancing of Ewing Square Townhomes in the Minneapolis suburb of Brooklyn Center. The 23-unit affordable housing community features three- and four-bedroom units, all of which are covered by a Section 8 HAP contract. Amenities include a playground and a clubhouse with a business center. Frank Hogan of Colliers Mortgage originated the 35-year loan, which features a 35-year amortization schedule. The borrower was Ewing Square Acquisition Partners LP, an affiliate of Vitus Group LLC.

December 15, 2023

Acquisitions Midwest Restaurant Retail South Dakota

Upland Negotiates Sale of Two Arby’s-Occupied Properties in South Dakota

by Kristin Harlow December 15, 2023

SIOUX FALLS AND BROOKINGS, S.D. — Upland Real Estate Group has arranged the sale of two properties net leased to Arby’s in South Dakota for an undisclosed price. The buildings are located in Sioux Falls and Brookings. Arby’s has 20-year leases with 5 percent rent increases every five years on both properties. The tenant on the leases, DRM Inc., is one of the largest Arby’s franchisees and operates 109 Arby’s locations in seven Midwest states. Deborah Vannelli, Keith Sturm and Amanda Leathers of Upland represented the undisclosed seller. Both properties sold to cash buyers completing 1031 exchanges.

December 15, 2023

Acquisitions Multifamily New York Northeast

Ariel Property Advisors Negotiates $4.5M Sale of Multifamily Development Site in The Bronx

by Taylor Williams December 15, 2023

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $4.5 million sale of a 39,130-square-foot multifamily development site in the Bedford Park area of The Bronx. The site at 3165 Villa Ave. is approved for up to 57 units of residential development. Victor Sozio, Benjamin Vago, Daniel Mahfar and Jason Gold of Ariel Property Advisors brokered the deal. The buyer and seller were not disclosed.

December 15, 2023

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