SLEEPY HOLLOW, N.Y. — Houston-based developer Hines, in partnership with MetLife Investment Management, has broken ground on NorthLight at Edge-on-Hudson, a 246-unit multifamily project in Sleepy Hollow. The property will offer studio, one- and two-bedroom units ranging in size from 565 to 1,406 square feet with high-end finishes. Amenities will include a pool, outdoor kitchens, fire pits, open green spaces and lounge areas for social or coworking use, two penthouse terraces and a roof deck, an indoor clubhouse with coworking space, fitness center, kid’s play area and a communal kitchen and wine lounge. Leasing is scheduled to begin in the first quarter of 2022, with full completion slated for the third quarter of 2022. Santander Bank provided construction financing.
Property Type
Highland Realty Capital Secures $41M Financing for 976-Bed Student Housing Community Near Washington State
by Amy Works
PULLMAN, WASH. — Highland Realty Capital has secured a $41 million bridge loan for The Ruckus, a 976-bed student housing community located near Washington State University in Pullman. The company secured financing — $2 million of which will be used to convert 89 four-bedroom units into three-bedroom units with bed-to-bath parity — through a Los Angeles-based debt fund on behalf of the borrower, NB Private Capital (NBPC). “Bed-to-bath parity is always an issue, and with COVID-19, it became an obvious upgrade for us to make,” says Blake Wettengel, president of NBPC.
BOSTON — MassHousing has provided a $36 million construction loan for the development of The Loop at Mattapan Station, a 135-unit affordable housing community located in the Mattapan area on the south side of Boston. Preservation of Affordable Housing, a nonprofit organization, is developing the building, which will house 10,000 square feet of ground-floor retail space and is expected to be complete in June 2022. The unit mix will include six studio apartments, 38 one-bedroom apartments, 81 two-bedroom apartments and 10 three-bedroom apartments. Approximately 30 percent of the units will be designated as workforce housing.
VISTA, CALIF. — US Divers Co. has completed the disposition of an industrial property located at 2340 Cousteau Court in Vista. Elion ACQ acquired the asset for $22 million. Situated on 8.9 acres, the 134,299-square-foot building features 24,000 square feet of office space, heavy power, eight dock doors, four grade-level doors and 26-foot clear heights. The seller intends to leaseback the facility for one year before relocating to a new location. Rusty Williams, Chris Roth, Greg Pieratt and Jake Rubendall of Lee & Associates Commercial Real Estate Services – North San Diego County represented the seller and buyer in the transaction.
BOSTON — Newmark has brokered the sale of One Alewife Center, a 90,000-square-foot life sciences facility located adjacent to the MBTA Alewife station on the city’s north side. The facility is situated within the 290,000-square-foot Alewife Park office and life sciences campus. Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell of Newmark represented the seller, James Campbell Co., in the transaction. The team also procured life sciences REIT IQHQ as the buyer. IQHQ also purchased the larger Alewife Park campus in July.
BRIGHTON, COLO. — NitNeil Partners has purchased a self-storage property located at 850 Baseline Road in Brighton. Terms of the transaction, which is the company’s first acquisition in the metro Denver market, were not released. Situated 20 miles northeast of Denver, the single-story, drive-up facility features 450 self-storage units, totaling 64,850 rentable square feet. The property will operate under the CubeSmart brand.
CANTON, MASS. — Mortgage banking firm Fantini & Gorga has arranged a $19.9 million construction loan for Millside at Heritage Park, a 60-unit multifamily project in the southern Boston suburb of Canton. The age-restricted community will offer one- and two-bedroom units averaging 1,076 square feet, with 25 percent of the units reserved for households earning 80 percent or less of the area median income. Casimir Groblewski and Lindsay Feig of Fantini & Gorga arranged the loan through HarborOne Bank and Bristol County Savings Bank on behalf of the borrower, 104 Revere Street LLC.
PISCATAWAY, N.J. — JRM Construction Management New Jersey LLC has completed the renovation of a 12,000-square-foot office building located at 371 Hoes Lane in the Northern New Jersey city of Piscataway. The project included a facelift of the lobby and atrium and the addition of new amenities such as a grab-and-go café and a fitness center with locker rooms. Greenway Properties LLC owns the three-story building.
By Taylor Williams The unimpeachable role of technology in multifamily operations has been growing for some time, but COVID-19 has accelerated the importance of these platforms to a level that is unlikely to change even after the pandemic has fizzled out. Particularly with regard to leasing units to new renters and hiring and retaining talented management professionals, multifamily operators have had little choice but to embrace new technologically advanced ways of doing business. And since competition for tenants and staff are equally intense within the major apartment markets of Texas, operators that have developed proficiencies with new apps, platforms and equipment are pulling away from the pack. A panel of multifamily owner-operators and leasing agents discussed these topics at length during the first day of the ninth-annual InterFace Multifamily Texas conference. The two-day virtual event, which was hosted and organized by Atlanta-based France Media, was held Nov. 18-19 in lieu of the fall gathering that usually brings multifamily professionals from across the state together in Dallas. The Customer Side The panelists provided anecdotal evidence of just how important technology has become to the leasing and management aspects of their operations. “We’ve used basic equipment like video-stabilizing pods, which can be …
By Kevin Stratman, CCIM, SIOR, Investors Realty Like many metropolitan areas, new construction has been the recent theme in Omaha’s industrial market. Since 2015, the Omaha market has delivered almost 5 million square feet of new flex, industrial and warehouse properties. This is significant, considering the market as a whole is only about 90 million square feet. Equally impressive, the market has kept the vacancy rate below 4 percent despite all this growth. A bulk of this development has taken place in the popular Sarpy West submarket on the southwest side of the metro area along the I-80 corridor. Notwithstanding all of this construction, the market continues to have a lack of opportunities for users of all sizes. At the time of this writing, there are only 10 vacancies in existing properties for lease that are greater than 50,000 square feet. Only one of those vacancies is in a modern warehouse building. Both national and local tenants alike are shocked to find the limited number of spaces available to them. Which begs the question, why is there so little speculative construction in Omaha? Omaha has always been a more conservative economy. The market might not see the high of highs …