BURLINGTON, N.J. — New Jersey-based financial intermediary Cronheim Mortgage has arranged $31 million in financing of a 358,000-square-foot shopping center in the Southern New Jersey community of Burlington. Walmart Supercenter anchors the center, which was 99 percent leased at the time of the loan closing. Other tenants include Planet Fitness, Ross Dress for Less, Marshalls, Five Below, AutoZone and McDonald’s. Brandon Szwalbenest, Dev Morris and Andrew Stewart of Cronheim arranged the 10-year loan through an undisclosed life insurance company on behalf of the owner, National Realty & Development Corp.
KING OF PRUSSIA, PA. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a 190-unit seniors housing community located in King of Prussia, roughly 20 miles northwest of Philadelphia. The unnamed property, which according to Blueprint was not stabilized at the time of sale, opened in 2021 and offers assisted living and memory care services. Alex Florea, Kevin Lukehart, Steve Thomes and Kory Buzin of Blueprint represented the seller, an undisclosed private equity investor, in the transaction. The buyer was also not disclosed.
NEW YORK CITY — Skarzynski Marick & Black has signed a five-year, 28,307-square-foot office lease renewal in Lower Manhattan. The insurance law firm will remain the sole occupant of the 32nd floor at One Battery Park Plaza, a 35-story, 870,000-square-foot building that was originally constructed in 1971. Andrew Peretz of Newmark represented the tenant in the lease negotiations. Thomas Keating and Kevin Daly represented the landlord, Rudin, on an internal basis.
INDIANAPOLIS — Roche, a Swiss biotechnology company whose U.S. headquarters is in Indianapolis, has announced its intention to invest $50 billion in the United States over the next five years. The investment will include new and expanded life sciences facilities across the country, as well as a new 900,000-square-foot manufacturing facility, the location of which will be announced soon. This project will be a manufacturing facility for Roche’s portfolio of next-generation weight loss medicines. The other new developments will include a gene therapy manufacturing facility in Pennsylvania, a new plant in Indiana for continuous glucose monitoring and a new research-and-development (R&D) center in Massachusetts. Roche will also expand and upgrade its existing pharmaceutical manufacturing facilities in Kentucky, Indiana, New Jersey, Oregon and Pennsylvania as part of the investment, as well as expand R&D centers in Arizona, California and Indiana. Roche’s investment is expected to create more than 12,000 new jobs, including nearly 6,500 construction jobs and 1,000 permanent jobs at the new and expanded facilities. The construction timeline for these projects was not announced. Once Roche’s new and expanded facilities come on line, the firm says it will be able to export more medicines from the United States than it …
— By Rawley Nielsen and Mark Jensen of Northmarq — The Salt Lake City apartment market has undergone significant shifts over the past few years, shaped by broader economic headwinds and local supply dynamics. Fortunately, optimism is returning to the market as interest rates stabilize, supply is absorbed and buyers see new opportunities to enter at attractive pricing. Over the past 36 months, rising interest rates have created challenges for multifamily investment, which have impacted underwriting and transaction velocity. However, recent weeks have provided a reprieve as Treasury rates have come down, bringing renewed energy to the market. Volatility remains a factor, but there is a growing sense that we are at or near the bottom, leading to increased investor interest. One of the biggest headwinds in Salt Lake City has been the supply wave, particularly in the downtown market where an influx of new multifamily deliveries has made it difficult for buyers to underwrite rent growth. Both 2022 and 2023 brought unit deliveries totaling more than 4,000 units, nearly triple the average annual delivery count from the past 10 years. We saw nearly 3,000 units delivered last year, and our team is tracking a similar amount for 2025. …
ATHENS, GA. — Mesa Capital West has provided a $134 million loan to refinance Rambler Athens, a newly constructed, 750-bed student housing complex located adjacent to the University of Georgia in Athens. The four-year loan will refinance the existing construction loan for the property. Harrison Reid of TSB Capital Advisors arranged the financing on behalf of the borrower, Austin-based developer LV Collective. Brian Hirsh and Jonah Sacks of Mesa Capital West’s Chicago office, alongside Russell Frahm from the firm’s New York office, originated the loan. Situated along Broad Street, Rambler Athens was completed in August 2024. The residence offers 342 units across eight floors, ranging from studio to five-bedroom apartments. Amenities at the property include a resort-style pool and hot tub, sun deck with a Jumbotron, fitness center, saunas, workspaces and private study rooms, grilling area and a secured-access parking garage. Additionally, the ground floor includes an integrated coffeeshop, as well as a variety of study spaces. Preleasing at the property is currently available for the 2025/2026 academic year.
JACKSONVILLE, FLA. — Thorofare Capital has provided a $74 million bridge loan for the refinancing of The Residences at Enso, a 304-unit multifamily community located 20 miles east of downtown Jacksonville along the Saint Johns River. Jeff Kinney and Phil Rachels of CBRE’s Jacksonville office arranged the loan on behalf of the borrower, Trevato Development Group, which will use the 2.5-year floating-rate loan to repay the original construction loan on the property. The Residences at Enso is more than 90 percent leased and features nine, four-story buildings across 22 acres. Floorplans range from 669 square feet to 1,599 square feet in size, with carriage houses, studios and one-, two- and three-bedroom apartment options, according to Apartments.com. Amenities include a walk-in swimming pool with a sun shelf, 24-hour fitness and training studio, resident clubhouse with private event space, conference room and workspace seating, summer kitchen with seating, coffee bar and a pet spa. The property also offers a courtyard with landscaping, open-air pavilion and cabanas, outdoor fireplace and a nature trail.
JACKSONVILLE, FLA. — JLL Capital Markets has negotiated the $53.8 million sale of Imeson Commerce Center, a newly constructed, 422,136-square-foot distribution center in Jacksonville. Situated within Imeson Industrial Park near Jacksonville International Airport, the rear-load building features 36-foot clear heights, 81 dock-high doors, 260 car parking spaces and 180 trailer parking spaces. The facility is fully leased to RoadOne IntermodaLogistics, North America’s largest intermodal trucking provider, with 103,000 square feet of the property providing air-conditioned warehouse space. Luis Castillo, Cody Brais, Taylor Osborne and David Orta Jr. of JLL’s Investment Sales and Advisory team represented the sellers, North Signal Capital and Fox Capital Partners, in the transaction. CIP Real Estate was the buyer.
HANOVER, MD. — Pearlmark has provided a mezzanine loan for the refinancing of Bristol Court Apartments, a 311-unit multifamily property in Hanover, roughly 12 miles south of Baltimore. Pearlmark originated the loan via its investment fund, Pearlmark Mezzanine Realty Partners VI LP. Benefit Street Partners provided the senior loan for the refinancing. Kevin Tehan of Columbia National Real Estate Finance LLC arranged the financing on behalf of the owner and developer, Preston Scheffenacker Properties. Located within the Oxford Square planned community near the Dorsey MARC passenger rail station, Bristol Court comprises one-, two- and three-bedroom apartments. The property features a swimming pool, two-story fitness center, yoga studio, lobby with coworking spaces and a clubroom with an entertainment kitchen and fireplace. Additional amenity offerings include a library, lounge with a pool table, pet spa, foosball and shuffleboard, courtyard with a fire pit and grills, as well as a playroom for children.
NORTH MIAMI FLA. — Avison Young has arranged the $16 million sale of Sans Souci Plaza, a 47,350-square-foot retail property located at 2104 and 2222 NE 123rd St. in North Miami. This acquisition marks the first time the center has been sold. The property — which is anchored by Zaika Indian Cuisine and Catch Specialty Fish Market — comprises two buildings constructed in 1974 and 1976. Michael Fay, John Crotty, David Duckworth, Brian de la Fé and Philip Shapiro of Avison Young represented the seller, Matthews Real Estate Partners, in the transaction. Mario Borda of BCRE (Borda Commercial Real Estate) represented the Aventura, Fla.-based buyer.