Property Type

JLL Arranges $119.2M Refinancing of Life Sciences Property in Watertown, Massachusetts

by Taylor Williams August 19, 2025

WATERTOWN, MASS. — JLL has arranged the $119.2 million refinancing of 500 Forge, a 158,683-square-foot life sciences property in Watertown, located just west of Boston. The financing consists of a $94 million senior loan from Landesbank Baden-Württemberg and a $25.2 million mezzanine loan from Tishman Speyer. The property, which is located within the Arsenal Yards mixed-use development, was fully redeveloped in 2023 to feature 60 percent lab/research-and-development space and 40 percent office space. The property was fully leased at the time of the loan closings to three tenants: Mariana Oncology, Orna Therapeutics and AvenCell Therapeutics. Brett Paulsrud, Henry Schaffer and Geoff Goldstein of JLL arranged the financing on behalf of the borrower, a partnership between Boylston Properties and institutional investors advised by J.P. Morgan Asset Management.

August 19, 2025

Loans Multifamily New York Northeast

Altmark Group Receives $96M Loan for Refinancing of Bronx Apartment Building

by Taylor Williams August 19, 2025

NEW YORK CITY — Locally based owner-operator The Altmark Group has received a $96 million loan for the refinancing of The Motto, a 24-story apartment building located in the Mott Haven area of The Bronx. Designed by Woods Bagot, The Motto offers 264 units, 80 of which are reserved as affordable housing, in studio, one- and two-bedroom floor plans. Amenities include coworking lounges, a resident sky lounge, rooftop terrace with barbecue grills and fire pits and a fitness center. Brad Domenico, Gideon Gil, Jack Subers and Frank Stanislaski of Cushman & Wakefield arranged the five-year, fixed-rate loan through Morgan Stanley on behalf of The Altmark Group.

August 19, 2025

Loans Multifamily New York Northeast

PCCP Provides $65M Loan for Refinancing of Queens Apartment Building

by Taylor Williams August 19, 2025

NEW YORK CITY — PCCP LLC has provided a $65 million loan for the refinancing of Pearson Court Square, a 197-unit apartment complex in the Long Island City area of Queens. Built in 2014, the transit-served property offers studio, one- and two-bedroom units and amenities such as a resident lounge, coworking space, rooftop sky deck and an outdoor basketball court. The borrower was an affiliate of L+M Development Partners. Pearson Court Square was roughly 98 percent occupied at the time of the loan closing.

August 19, 2025

Acquisitions New York Northeast Retail

Namdar, Klosed Acquire Brooklyn Retail, Parking Condo for $54M

by Taylor Williams August 19, 2025

NEW YORK CITY — A joint venture between Namdar Realty and Klosed Properties has acquired a retail and parking condo located at 85 Jay St. in the Dumbo area of Brooklyn for $54 million. The retail component totals 128,410 square feet, and the space is located beneath Front & York, a 21-story, 727-unit residential building. The retail space was 84 percent leased at the time of sale to tenants such as CVS, Devoción, Petit Poussins and Lazy Sundaes. Daniel O’Brien of Newmark brokered the deal. The seller was CIM Group. Max Ralby and Jordan Roeschlaub, also with Newmark, arranged $41.3 million in acquisition financing for the deal through Blue Owl Capital.

August 19, 2025

Delaware Leasing Activity Northeast Office

WSFS Bank Renews 74,000 SF Office Lease in Wilmington, Delaware

by Taylor Williams August 19, 2025

WILMINGTON, DEL. — WSFS Bank has renewed its 74,000-square-foot office lease in Wilmington, Del. The subsidiary of WSFS Financial Corp (NASDAQ: WSFS) has been the namesake tenant at the building at 500 Delaware Ave., which is known locally as WSFS Bank Center, since 2006, accounting for about 92 percent of the leased space. Jeff Gannett of Virtus Realty Advisors represented the landlord, Buccini Pollin Group, in the lease negotiations. Ryan Connor of Tactix Real Estate Advisors represented WSFS Bank.

August 19, 2025

California Development Loans Multifamily Western

JLL Arranges $28.5M Construction Financing for 104-Unit Multifamily Project in Santa Maria, California

by Amy Works August 19, 2025

SANTA MARIA, CALIF. — JLL Capital Markets, on behalf of Santa Barbara, Calif.-based Vernon Group, has secured a $28.5 million construction financing for The Lofts, a Class A multifamily property in downtown Santa Maria. The project is a component of Phase I in the Santa Maria Town Center redevelopment, a master-planned expansion initiated by the City of Santa Monica to revitalize the downtown core. The Lofts will feature 104 loft-style apartments ranging from 600 square feet to 1,200 square feet. Located at 201 Town Center East, the existing building will be converted to a courtyard format with double-loaded corridors for apartments. Constructed is slated for completion in June 2027. Matt Stewart, Alex Olson, Ace Sudah, Kyle White and Jacob Michael of JLL represented the borrower in the financing.

August 19, 2025

Acquisitions California Multifamily Seniors Housing Western

Steadfast Senior Living Sells 67-Unit Community in Morgan Hill, California

by Amy Works August 19, 2025

MORGAN HILL, CALIF. — Steadfast Senior Living has sold Loma Clara, a 67-unit seniors housing community located in Morgan Hill, for an undisclosed price. LTC REIT was the buyer. Completed in 2018, Loma Clara features 42 assisted living units and 25 memory care units. The property was roughly 92 percent occupied at the time of sale. Units total 529 square feet on average. Amenities at the community include a theater, fitness center, activity and game rooms, a library, outdoor courtyard, physical therapy space and bistro. Discovery Management will continue to operate the property. Aaron Rosenzweig and Dan Baker of JLL arranged the sale on behalf of the seller.

August 19, 2025

California Development Loans Multifamily Western

Gantry Secures $11.7M Construction Loan for South Lake Tahoe Townhome Project

by Amy Works August 19, 2025

SOUTH LAKE TAHOE, CALIF. — Gantry has secured an $11.7 million construction loan for the development of a 14 for-sale townhome project in South Lake Tahoe. Located at 3708 Lake Tahoe Blvd. and 3709 Osgood Ave., South Lake Tahoe Townhomes will offer 14 for-sale townhomes within walking distance of the lake, stateline casinos and other amenities. Peter Hillakas, Robert Slatt and Keegan Bridges of Gantry represented the borrower, a private real estate investor. The 18-month loan was provided from Gantry’s extensive roster of lenders specializing in construction financing.

August 19, 2025

Acquisitions California Multifamily Western

Marcus & Millichap Brokers Sale of 31-Unit Glencrest Apartments in Anaheim, California

by Amy Works August 19, 2025

ANAHEIM, CALIF. — Marcus & Millichap has arranged the sale of Glencrest Apartments, a multifamily property in Anaheim. A local family sold the asset to a limited liability company for $7.6 million. Glencrest Apartments offers 31 apartments, a swimming pool, two onsite laundry facilities and ample garage parking. Drew Holden, Nick Kazemi and Tyler Leeson of The Leeson Group of Marcus & Millichap represented the seller, while Christian Tait procured the buyer in the deal.

August 19, 2025

California Industrial Loans Western

PSRS Arranges $6.5M Refinancing for Outdoor Storage, Parking Facility in Gardena, California

by Amy Works August 19, 2025

GARDENA, CALIF. — PSRS has secured $6.5 million in refinancing for an outdoor storage and parking facility totaling 117,250 square feet in Gardena. Michael Warner of PSRS arranged the 100 percent cash-out refinance to create liquidity for the beneficiaries on an irrevocable trust. The trust holds the property on behalf of third-generation beneficiaries, both of whom reside out of state. A bank provided the recourse loan, which features a two-year interest-only term and a 55 percent loan-to-value ratio.

August 19, 2025

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