HO-HO-KUS, N.J. — Vertical Real Estate Capital has completed 619 North, a 67-unit multifamily project located in the Northern New Jersey community of Ho-Ho-Kus. The property offers one- and two-bedroom units and amenities such as a residential lounge, coffee bar, coworking center with private conference rooms, fitness center, sport simulator and a rooftop lounge. Mary Cook Associates handled interior design of the project. Jon Mikula, Max Custer and Michael Donohoe of JLL arranged permanent financing for the project through an undisclosed life insurance company. Rents start at $3,400 per month for a one-bedroom apartment.
STERLING, MASS. — Marcus & Millichap has brokered the $4.2 million sale of a 37,000-square-foot industrial flex building in Sterling, about 50 miles west of Boston. The building sits on a 6.6-acre site at 86 Leominster Road and features four loading docks, a drive-in door and 150 parking spaces. Harrison Klein of Marcus & Millichap represented the seller, which will retain occupancy of a portion of the building, in the transaction. Alan Ringuette of The Stubblebine Co. represented the buyer, which will occupy the remainder. Both parties requested anonymity.
NEW YORK CITY — Massumi + Consoli has signed a 57,988-square-foot office lease in the Bryant Park area of Midtown Manhattan. The law firm has committed to three full floors at 1133 Avenue of the Americas, a 45-story, 1.1 million-square-foot building. Jim Schoolfield and Andrew Coe of JLL represented Massumi + Consoli in the lease negotiations.Tom Bow, Rocco Romeo and Nora Caliban represented the landlord, The Durst Organization, on an internal basis.
LOS ANGELES — Sonnenblick-Eichner Co. has arranged $126.1 million in first mortgage debt for Pacifica Hotels to refinance a portfolio of seven hotels in Southern California. The three- and five-year fixed-rate loans were funded by a Wall Street investment bank and an insurance company. Totaling 601 rooms, the portfolio includes The Wayfarer San Diego; Sandcastle Hotel on the Beach, Spyglass Inn and Cottage Inn by the Sea in Pismo Beach; Inn at Venice Beach, The Kinney Venice Beach in Venice; and The Belamar Hotel, a Tapestry Collection by Hilton, in Manhattan Beach.
PHOENIX — Vestar has received approval from the Village Planning Committee to develop Laveen Towne Center, an open-air shopping center in Phoenix’s southwest submarket of Laveen. Set to break ground in summer 2026 with grand opening targeted for winter 2027, Laveen Towne Center will feature 500,000 square feet of retail, dining and entertainment space on 90 acres. Vestar plans to preserve the character and charm of the area through the project’s design and programming. The development will reuse existing materials and features found onsite, including from Hudson Farmhouse and informational plaques will inform visitors about the site and Laveen’s agrarian heritage. Additionally, the project will include a landscaped community space named Laveen Village Green that will host seasonal events, outdoor entertainment and public gatherings throughout the year. Laveen Towne Center is one of five ground-up projects that Vestar has brought to the Phoenix metro area since 2020, with an additional 1.5 million square feet of new projects in pre-development, set to be completed by 2031.
BROOMFIELD, COLO. — Hamilton Zanze has sold Harvest Station in Broomfield, 17 miles north of Denver. According to the Denver Business Journal, Four Peaks Multifamily Partners bought the property, developed in 2014, for $85 million. San Francisco-based Hamilton Zanze bought the property in 2016. Situated at 11775 Wadsworth Blvd., Harvest Station features 119 one-, two- and three-bedroom units. Amenities include a resort-style pool and hot tub, grilling stations, an outdoor fireplace and TV lounge, a clubhouse with a gaming lounge, business center, dog park and dog wash and a 24-hour fitness center with a yoga room. Residents also have access to digital package lockers, bike repair and electric vehicle charging stations.
CARLSBAD, CALIF. — Archway Capital has provided a $42.9 million loan to Steerpoint Capital for the acquisition of a major portion of The Shoppes at Carlsbad. Steerpoint purchased a 727,000-square-foot portion, which is 74 percent occupied by Yard House, The Cheesecake Factory, Hollister, American Eagle Outfitters, Dave & Busters, 24 Hour Fitness and Regal. The acquired property is part of a 1.1 million-square-foot retail asset located at 2525 El Camino Real in Carlsbad. The borrower allocated and capitalized $4 million for improvements to the property, including upgrading the entrances, enhancing common area seating, adding digital signage and bathroom renovations. The Shoppes at Carlsbad was renovated in 2017.
NORTH LAS VEGAS, NEV. — The NRP Group has broken ground on North & Valley, an affordable housing development in North Las Vegas. Completion is slated for April 2027. The community will offer 105 units reserved for tenants earning between 50 and 60 percent of the area median income. According to the City of North Las Vegas, residents’ average yearly income is $75,459. The development site spans 5 acres and will comprise two four-story buildings with a mix of one-, two- and three-bedroom residences. Amenities will include a resort-style pool, a rooftop terrace lounge on the fourth floor with seating and views, and an outdoor playground. Financing for North & Valley includes tax credit equity from US Bank, a construction-to-permanent loan from Deutsche Bank, funds from the Nevada Housing Division, Clark County HOME and CHF funds, and City of North Las Vegas HOME funds. By the end of this year, The NRP Group will have broken ground on approximately 1,200 units across four developments in the Las Vegas market.
DOWNERS GROVE, ILL. — Conor Commercial Real Estate and LCI Development Partners, in partnership with Bailard, have unveiled plans to develop a 138-unit luxury apartment complex in the Chicago suburb of Downers Grove. The six-story project at 750 Curtiss St. will be a three-minute walk to the Main Street Metra Station and two blocks from the Main Street commercial corridor. Units will average 851 square feet. Amenities will include a coffee bar, clubroom, fitness center, coworking hubs, a pool, dog wash and parking garage. The project team includes SGW Architecture & Design and McShane Construction Co. Completion is slated for spring 2027.
INDIANAPOLIS — Realterm has acquired a 79-door truck terminal located at 2612 W. Morris St. in Indianapolis for an undisclosed price. The 10-acre property features a 37,965-square-foot truck terminal with 7,635 square feet of office space and a 7,626-square-foot maintenance shop. The truck terminal includes 124 trailer parking stalls and two points of ingress and egress. It recently underwent significant renovations, including a roof replacement, repaved parking lot, interior improvements to the terminal and maintenance facility, and enhanced security measures. The property offers immediate access to I-70 and the Indianapolis International Airport.