OKLAHOMA CITY — Dallas-based brokerage firm The Multifamily Group (TMG) has negotiated the sale of Pelican Hill Apartments, an 89-unit multifamily complex in Oklahoma City. Built in 1973, the property offers one- and two-bedroom units and amenities such as a pool, outdoor grilling and dining areas and onsite laundry facilities. Danny Wieland of TMG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
HOUSTON, KATY AND LEAGUE CITY, TEXAS — Gordon Food Service, which provides packaged and fresh food products to restaurant owners and other foodservice professionals, will open six new stores in metro Houston. The stores will represent the first Texas locations for the brand and will span between 25,000 and 30,000 square feet. Four stores are opening today in Houston, Katy and League City, with the other two stores debuting in Houston at a later date.
NEW YORK CITY — Newmark has placed a $90 million loan for the refinancing of 1245 Broadway, a 23-story, 200,000-square-foot office building in Manhattan’s NoMad district. German bank Deutsche Pfandbriefbank AG provided the loan to the borrower and developer, a partnership between Swedish developer Corem Property Group AB and locally based firm GDS Development LLC. Jordan Roeschlaub, Dustin Stolly and Nick Scribani of Newmark originated the debt. Ownership will use a portion of the proceeds to fund capital improvements.
NEW YORK CITY — New York City-based development and investment firm Lightstone has completed the 216-room Moxy Hotel in Brooklyn’s Williamsburg neighborhood. Moxy is part of the Marriott family of brands. Designed by Stonehill Taylor with interiors by BASILE Studio, the boutique establishment houses four food-and-beverage concepts, including a fine dining restaurant and a rooftop bar. Other amenities include a fitness center, coworking spaces and meeting and event rooms. Rates start at $179 per night.
EAST BRUNSWICK, N.J. — Locally based financial intermediary G.S. Wilcox has arranged a $20 million construction loan for a 146,570-square-foot industrial project in the Central New Jersey community of East Brunswick. The speculative warehouse will feature a clear height of 36 feet, 18 loading docks and parking for 91 vehicles and 15 trailers. Bridget Wilcox and Al Raymond of G.S. Wilcox arranged the three-year loan through an undisclosed regional bank. The borrower/developer was also not disclosed.
BROCKTON, MASS. — Lument has provided a $15 million HUD-insured loan for the refinancing of Alliance Health at West Acres, a seniors housing property located in the southern Boston suburb of Brockton. Built in 1965 and renovated in 2017, the property offers 130 beds. Aaron Becker of Lument originated the financing, which was structured with a 35-year term and fixed interest rate, on behalf of the owner-operator, Alliance Health & Human Services.
AVON, MASS. — Solar energy provider Navisun has signed a 60,282-square-foot industrial lease in the southern Boston suburb of Avon. According to LoopNet Inc., the property at 61 Strafello Drive was built in 1974 and renovated in 2022. Ovar Osvold, Sean Hannigan and Kevin Brawley of Colliers represented Navisun and the landlord, DH Property Holdings, in the lease negotiations.
JERSEY CITY, N.J. — Greystone, a privately held commercial real estate financial services firm, has provided a $257.2 million loan for The Beacon, a six-building apartment complex in Jersey City totaling 1,155 units. The borrower, Building and Land Technology (BLT), is using the loan to refinance the construction loan stemming from the project’s adaptive reuse of a historic hospital. The Beacon opened as the Jersey City Medical Center Complex in 1936 before its conversion to high-end apartments between the early 2000s and 2016, according to Jersey Digs. Judah Rosenberg of Greystone originated the Freddie Mac loan, which features a 10-year term and fixed interest rate. John Alascio, Alex Hernandez, Alex Lapidus, Mitch Rothstein, Brian Whitmer, Niko Nicolaou and David Bernhaut of Cushman & Wakefield arranged the financing on behalf of BLT. “The property is ideally located at the intersection of three of Jersey City’s most populated neighborhoods and features unparalleled views of the New Jersey Gold Coast and Manhattan,” says Alascio. “The recently redeveloped complex features best-in-class amenities and a thoughtful community design offering tenants a convenient live-work-play environment.” Situated on 14 acres near Jersey City’s Journal Square, McGinley Square and Bergen Lafayette neighborhoods, The Beacon is located within two …
— By Glen Collins, founder of Autside — Many people care deeply about their own wellness — not just fitness and nutrition, but overall physical, emotional and mental health. This has spurred multifamily property decisionmakers to reimagine how amenities can be leveraged to enhance vitality and well-being. The push to improve quality of life for residents offers additional advantages by bolstering tenant retention and making properties more desirable and competitive. Active social spaces enhance well-being According to the Urban Land Institute, top-ranked amenities that appeal most to today’s consumers include those located outdoors where people can meet and socialize, as well as amenities promoting healthy lifestyles. Outdoor living spaces that encourage activeness and social interaction can have powerful impacts on human health and happiness. In fact, numerous studies point to the mood-lifting benefits of recreational fun out in nature, unplugged from technology and dynamically engaged with other people. This much-needed mental break from day-to-day stressors can go a long way toward improving emotional well-being and relationships. The positive effects of physical activities on mind and body are also endorsed by the Office of Disease Prevention and Health Promotion, a public health authority. “Physical activity’s implications for significant positive effects on …
CHICAGO — Related Midwest has begun pre-leasing at The Row Fulton Market, a 43-story, 300-unit luxury apartment tower under construction at 164 N. Peoria St. in Chicago’s Fulton Market district. The first residents are expected to take occupancy in June. Designed by Morris Adjmi Architects, with interiors by March and White Design, The Row will offer floor plans ranging from 617 to 1,933 square feet. Monthly rents will start at $2,565. Six penthouse units will start at $14,395 per month. Amenities at The Row will include a fitness center and wellness studio, entertainment suite, study, children’s play area and a pool deck with outdoor grilling areas, green space and fire pits. The Row’s fireplace lobby will be staffed by a 24-hour concierge and door attendant. Residents will have access to services such as move-in coordination, housekeeping, package storage, onsite dry cleaning and pet care. As one of Chicago’s first 80/20 buildings, created under recently passed Affordable Illinois legislation, 20 percent of The Row’s apartment units will be designated as affordable.