Property Type

Larken Associates Begins Leasing 198-Unit Apartment Community in Lopatcong, New Jersey

by Taylor Williams July 9, 2020

LOPATCONG, N.J. — Development and management firm Larken Associates has begun leasing Autumn Ridge, a 198-unit apartment community in Lopatcong, located near the New Jersey-Pennsylvania border. The 14-building property consists of 148 multifamily residences and 50 units that are reserved for renters age 55 and older. Floor plans feature one-, two- and three-bedroom units that are equipped with quartz countertops, stainless steel appliances, vinyl plank flooring and individual washers and dryers. Amenities include a pool, package concierge system, game area, conference room, fitness center, playground and a lounge with a dry bar. The first units are expected to be available for occupancy later this year.

July 9, 2020

Development Multifamily Northeast Seniors Housing

Pennrose to Repurpose Historic Mary Stone School in Massachusetts as Affordable Seniors Housing

by Taylor Williams July 9, 2020

AUBURN, MASS. — Pennrose has received financing for the redevelopment of the Mary D. Stone school building in Auburn, a suburb of Worcester. The project will involve the repurposing of the three-story, 1920s-era property into a 55-unit affordable seniors housing community. Plans call for the renovation of the historic school, demolition of some later-built wings and construction of new units in studio, one- and two-bedroom formats. The property sits on 1.3 acres, and construction is set to begin before the end of the month. Eighty percent of the units will be reserved for seniors earning up to 60 percent of area median income. The remaining units will have market-rate rents. As part of the development plan, Pennrose has contributed $25,000 to the Town of Auburn for new equipment for the public playground on the property.

July 9, 2020

Illinois Leasing Activity Midwest Office

Parent Company of Blue Cross & Blue Shield Illinois Signs 103,533 SF Office Lease in Chicago

by Kristin Harlow July 9, 2020

CHICAGO — Health Care Service Corp. (HCSC), the parent company of Blue Cross & Blue Shield of Illinois, has signed a 103,533-square-foot office lease at Mural Park in Chicago. Located at 920 W. Cullerton St., the two-building office project is now 63 percent leased. Mural Park is a redevelopment of two historic 100,000-square-foot industrial loft buildings in Chicago’s Pilsen neighborhood. It was completed in January 2019. HCSC will fully occupy one of the buildings and join existing tenants Puratos Group, Noble Forward, Relay Chicago and Back of the Yards Coffee. Jeff Dowdell and Katie Steele of Transwestern Real Estate Services represented the landlord, Condor Partners, in the lease transaction with HCSC. Sean Reynolds, Meredith O’Connor, Matthew Carolan and Amy Berg of JLL represented HCSC.

July 9, 2020

Development Illinois Midwest Multifamily Seniors Housing

McShane Underway on 166-Unit Senior Living Development in Algonquin, Illinois

by Kristin Harlow July 9, 2020

ALGONQUIN, ILL. — McShane Construction Co. is underway on the construction of a new senior living development in suburban Chicago known as The Oaks at Algonquin. The 166-unit project will incorporate independent living, assisted living and memory care units. Spectrum Retirement Communities is the developer and Vessel Architecture is the architect. The three-story community will feature amenities such as three restaurants, a salon, media lounge, theater, health club, community center and doctor and therapist offices. Completion is slated for January 2022.

July 9, 2020

Acquisitions Midwest Missouri Multifamily

JVM Realty Acquires 121-Unit Luxury Apartment Community in Suburban St. Louis

by Kristin Harlow July 9, 2020

CLAYTON, MO. — JVM Realty Corp. has acquired Ceylon Apartments, a 121-unit luxury apartment community in Clayton, a suburb of St. Louis. The purchase price was undisclosed. Built in 2017, the transit-oriented property features 13,421 square feet of ground-floor retail space. This is the first acquisition for JVM in the St. Louis area. JVM Management Inc. will manage the asset.

July 9, 2020

Development Industrial Kansas Midwest Self-Storage

StorageMart Opens 784-Unit Self-Storage Facility in Metro Kansas City

by Kristin Harlow July 9, 2020

OLATHE, KAN. — StorageMart has opened a 784-unit self-storage facility in East Olathe within metro Kansas City. The Class A, climate-controlled facility features several elevators. All access is controlled with individual codes and cameras. Customers also have access to an online tenant portal. StorageMart now operates approximately 225 locations in three countries.

July 9, 2020

Illinois Industrial Leasing Activity Midwest

H. Betti Industries Signs 41,168 SF Industrial Lease in Bensenville, Illinois

by Kristin Harlow July 9, 2020

BENSENVILLE, ILL. — H. Betti Industries Inc. (HBI) has signed a 41,168-square-foot industrial lease at 350 N. York Road in Bensenville near O’Hare International Airport. HBI distributes amusement, vending and audio-visual equipment, including parts and services for video games, pinball machines, jukeboxes, pool tables and currency changers. Beginning in August, the company will consolidate two of its existing operations — a 25,000-square-foot distribution center in Bensenville and a smaller satellite location in Wood Dale — at the new location. Owned by Prologis, 350 N. York Road features a clear height of 32 feet, 10 loading docks and office and showroom space. John D’Orazio of Colliers International represented HBI in the lease.

July 9, 2020

Affordable Housing Loans Massachusetts Multifamily Northeast

MassHousing Provides $22.6M in Financing for Affordable Housing Project in Metro Boston

by Taylor Williams July 9, 2020

MATTAPAN, MASS. — MassHousing, an independent public agency that funds affordable housing projects in Massachusetts, has provided $22.6 million in financing for the construction of Cote Village. The affordable housing project is located in Mattapan on the southern outskirts of Boston. The project involves the redevelopment of a vacant structure into a 76-unit mixed-income residential building with one-, two- and three-bedroom units. The borrower and developer is a partnership between the Planning Office for Urban Affairs and Caribbean Integration Community Development. Bilt-Rite Construction is the general contractor, and Davis Square Architects is designing the project. A construction timeline was not released.

July 9, 2020

Company News New Jersey Northeast Retail Top Stories

Bed Bath & Beyond to Close 200 Stores Over Next Two Years Following 49 Percent Decline in Sales Due to Pandemic

by Alex Tostado July 9, 2020

UNION, N.J. — Bed Bath & Beyond (NASDAQ: BBBY) plans to close 200 stores over the next two years. The Union-based company made the announcement during its earnings statement for its fiscal first quarter, which runs from March through May. The report shows sales plummeted in the quarter due to the novel coronavirus pandemic and subsequent shutdowns affecting non-essential retailers. For the three-month period, net sales were approximately $1.3 billion, a 49 percent year-over-year decrease. Bed Bath & Beyond reports that 90 percent of its physical locations were closed for the majority of the quarter, causing in-store sales to decline 77 percent. During the same period, sales on the digital platform grew 82 percent. “From the beginning of this crisis, we have taken measured, purposeful steps to help keep our people safe and our customers serviced, and we are proud of the way our teams have navigated this unprecedented challenge with speed and agility,” says Mark Tritton, president and CEO of Bed Bath & Beyond. “At the same time, our actions to strengthen our financial position and liquidity are enhancing our flexibility and capacity to invest and rebuild our business for long-term success.” As of May 30, Bed Bath & Beyond operated 1,478 …

July 9, 2020

Features Student Housing

Student Housing Q&A: Tim Bradley Provides Capital Markets Update, Post-Pandemic Outlook

by Katie Sloan July 9, 2020

In June, Student Housing Business, sister publication to REBusinessOnline, reached out to Timothy Bradley, founder of TSB Capital Advisors, for an update on the market for financing in the student housing sector and the outlook for the year ahead. SHB: How would you describe the market for financing student housing at present? Tim Bradley: The market is challenging but not impossible for the right deal with strong sponsorship. For cash-flowing student housing assets, there is still an element of “wait and see until fall” for refinancings and acquisitions in the debt markets. We are still receiving quotes from agencies on student housing transactions, but they include conditions such as heads in beds, school starting and upfront interest reserves. It’s also important to note that agencies are focused on best-in-class owners and operators and sound real estate at this time. All-in rates are still in the low- to mid-3 percent range for fixed-rate quotes. National banks are being very selective on new originations for existing clients and we have found regional banks to be more active in the current market. Life companies are mostly on the sidelines for student housing until the fall semester plays out. For construction, we’ve been able to secure …

July 9, 2020

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