Property Type

Partnership Buys 442-Unit Monterey Multifamily Community in Corona, California

by Amy Works September 21, 2021

CORONA, CALIF. — An investment group led by Ocean West Capital Partners, Tiger Alternative Investors and NH Investment & Securities has purchased The Monterey, a newly built apartment property in Corona. Completed in 2021, The Monterey features 442 apartments in a mix of one-, two- and three-bedroom units ranging from 726 square feet to 1,520 square feet. Community amenities include two resort-style swimming pools; clubhouses with roof decks; fitness, yoga and spin studios; co-working space with conference rooms and soundproof privacy pods; an outdoor movie theater; and a community garden and citrus orchard. Camden Pacific Partners is also a part of the consortium that owns the property. The seller and price were not disclosed.

September 21, 2021

Development New York Northeast Office

EJME, J.P. Morgan Break Ground on 240,000 SF Office Project in Brooklyn

by Taylor Williams September 21, 2021

NEW YORK CITY — Edward J. Minskoff Equities Inc. (EJME) and J.P. Morgan Global Alternatives have broken ground on a 240,000-square-foot office project at 29 Jay St. in Brooklyn’s Dumbo neighborhood. The site originally housed the distribution operations of Arbuckle Coffee & Tea and was rezoned in 2018 to allow for higher-density office use. Architecture firm Marvel designed the building, which will also house 12,000 square feet of retail space. Construction is expected to last about two years.

September 21, 2021

Affordable Housing Loans Massachusetts Multifamily Northeast

MassHousing Provides $31.4M for Refinancing, Preservation of Boston Affordable Housing Community

by Taylor Williams September 21, 2021

BOSTON — MassHousing has provided $31.4 million for the refinancing and preservation of Franklin Park, an affordable housing community in Boston’s Dorchester/Roxbury neighborhood. The unit mix consists of 95 one-bedroom units, 99 two-bedroom apartments, 10 three-bedroom residences, five four-bedroom apartments and 10 five-bedroom units. The financing will preserve the affordable status for 155 of the property’s 219 units for another 29 years. In addition, the borrower, The Community Builders Inc., will use a portion of the proceeds to fund capital improvements.

September 21, 2021

Loans Multifamily New Jersey Northeast

Progress Capital Places $31M Loan for Refinancing of Northern New Jersey Apartments

by Taylor Williams September 21, 2021

HAMBURG, N.J. — Progress Capital has placed a $31 million loan for the refinancing of Carlton Village Apartments, a 240-unit multifamily complex located in the Northern New Jersey community of Hamburg. The property consists of 21 buildings that are situated on a 37-acre site and that house studio, one- and two-bedroom units. Brad Domenico and Gabby Cali of Progress Capital arranged the debt on behalf of the undisclosed borrower, a private investor who has owned the property since 1985 and made various capital improvements since that time.

September 21, 2021

Connecticut Industrial Loans Northeast

EagleBridge Capital Arranges $14.5M Permanent Loan for Industrial Flex Property in Stamford

by Taylor Williams September 21, 2021

STAMFORD, CONN. — Boston-based mortgage banking firm EagleBridge Capital has arranged a $14.5 million permanent loan for a 140,000-square-foot industrial flex property in Stamford, located in the southern coastal part of the state. The property consists of six warehouse buildings that include office space and that range in size from 3,800 to 45,150 square feet. Tenants include CenturyLink, Lowa Boots, Site One, Kaster Moving and Alba Stone. Brian Walsh of EagleBridge Capital arranged the loan through an undisclosed national bank. The borrower was also not disclosed.

September 21, 2021

Acquisitions Multifamily New Jersey Northeast

Marcus & Millichap Brokers Sale of Multifamily Development Site in Howell, New Jersey

by Taylor Williams September 21, 2021

HOWELL, N.J. — Marcus & Millichap has brokered the sale a multifamily development site in Howell, located in Monmouth County, that can accommodate the construction of 360 multifamily units. Chez Eider and Jason Petrick of Marcus & Millichap’s represented the undisclosed seller in the transaction and procured a private developer as the buyer. Both parties requested anonymity.

September 21, 2021

Acquisitions Development New York Northeast Office Top Stories

Google to Acquire St. John’s Terminal Office Redevelopment in Manhattan for $2.1B

by John Nelson September 21, 2021

NEW YORK CITY — Google has announced plans to acquire St. John’s Terminal, a 1.3 million-square-foot office redevelopment underway in Manhattan that will anchor the search engine giant’s Hudson Square campus. Google (NASDAQ: GOOGL) intends to purchase the development site at 550 Washington St., which the company signed a lease agreement for in 2018, for approximately $2.1 billion. The company is exercising its purchase agreement with the landlord and developer, an ownership group comprising Toronto-based Oxford Properties Group and CPP Investments, according to The Wall Street Journal. The Journal also reports the transaction is the most expensive sale of a single U.S. office building since the start of the COVID-19 pandemic, citing data from research firm Real Capital Analytics. The sale is also among the priciest for a single office property in U.S. history. Google plans to open its offices at 550 Washington by mid-2023. Although the company expects to operate the office with a flexible hybrid approach to in-office versus work-from-home concepts in the wake of the COVID-19 pandemic, Google says that “coming together in person to collaborate and build community will remain an important part of our future.” The St. John’s Terminal transaction is expected to close in …

September 21, 2021

Conference Coverage Features Multifamily Texas Texas & Oklahoma Feature Archive

InterFace Panel: Supply Chain Issues Continue to Challenge Multifamily Developers

by Taylor Williams September 20, 2021

By Taylor Williams Facing extended construction timelines and elevated costs of materials due to COVID-19’s disruption of global, national and local supply chains, multifamily developers are being forced to pivot, improvise and forge new relationships with suppliers in order to manage overall risk levels within their projects. Even before the pandemic, real estate developers and users across all asset classes understood how crucial competent supply chain management was to their budgets. But the global health crisis has reinforced that fact, especially for developers whose product type remains in high demand, such as housing providers in the rapidly growing state of Texas. In terms of basic economics, when COVID-19 hit and ground global commerce to a halt, suppliers across a range of industries decreased their inventories in response to sluggish demand for sundry goods and services. With vaccines now widely available, travel picking back up and businesses reopening at full capacity, pent-up demand is being unleashed on these industries, including real estate development, forcing suppliers to rebuild their inventories. Yet this process is not a simple matter of flipping a switch back on. Furthermore, being aware of a problem is very different from actually solving it. And a global pandemic that …

September 20, 2021

Hospitality Loans Mixed-Use Multifamily Washington Western

Gantry Secures $102.7M Refinancing for Arrive Apartments, Sound Hotel Tower in Seattle

by Amy Works September 20, 2021

SEATTLE — Gantry has secured $102.7 million in permanent financing from life company sources to retire and replace construction financing for The Arrive Apartments and The Sound Hotel in Seattle. Situated in the Belltown neighborhood, the mixed-use, high-rise development features 344 apartments above the 142-key Sound Hotel. George Mitsanas, Josh Natker and Pat Taylor of Gantry secured the loan on behalf of the undisclosed property owners.

September 20, 2021

Development Multifamily Seniors Housing Washington Western

Ryan Cos. Completes 405,992 SF Seniors Housing Property in Bonney Lake, Washington

by Amy Works September 20, 2021

BONNEY LAKE, WASH. — Wesley Homes, Presbyterian Homes & Services (PHS) and Ryan Cos. US have completed construction of Wesley at Tehaleh, a 405,992-square-foot senior living community within the master-planned community of Tehaleh by Newland in Bonney Lake, a suburb of Seattle. The two-building property sits on 16.8 acres and features 18 memory care apartments, 168 independent living apartments and 42 “catered living” apartments. “This new community has been in the works for over three years,” says Kevin Anderson, president and CEO of Wesley. CGA was architect on the project. The 4,700-acre, master-planned Tehaleh development has flourished over the past decade and has seen an increased demand for senior living.

September 20, 2021

Newer Posts

Older Posts