PATERSON, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $4.2 million sale of Redwood Apartments, a 16-unit, newly constructed apartment building located in the Northern New Jersey community of Paterson. The unit mix comprises two studios, six one-bedroom apartments and eight two-bedroom residences. Joni Sweetwood of Kislak represented the seller in the transaction, and Robert Squires, also with Kislak, procured the buyer. Both parties were limited liability companies.
NEW YORK CITY — Walker & Dunlop has arranged the recapitalization of Hub, a 55-story multifamily tower located at 333 Schermerhorn St. in downtown Brooklyn. The borrower, Steiner NYC, bought out a majority stake in the high-rise from its equity partner, J.P. Morgan Asset Management (JPMAM), giving the company full ownership. The sales price was not released, but Walker & Dunlop disclosed the transaction was done at a valuation of $420 million for the tower. Developed by locally based Steiner, the building totals 750 units, with studio, one- and two-bedroom floor plans. Upon its completion in 2018, Hub was the tallest building in Brooklyn. Walker & Dunlop advised Steiner on the recapitalization and secured $62.5 million in preferred equity from Meadow Partners to facilitate the purchase. Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Michael Ianno and Christopher de Raet of Walker & Dunlop represented Steiner NYC in the financing. “This deal stands apart from traditional financings due to its complex structure, which involved an equity buyout and the sourcing of preferred equity to help capitalize the transaction,” says Appel. Walker & Dunlop previously arranged construction financing, JPAMM’s equity investment and institutional permanent financing for Hub back in 2019 for …
NEW CANEY, TEXAS — The Signorelli Co. will undertake an 850,000-square-foot retail expansion project at Valley Ranch, the local developer’s 1,400-acre master-planned community in the northeastern Houston suburb of New Caney, according to reports from Community Impact Newspaper and Kingwood.com. According to the former publication, the new retail development will be known as Marketplace and will house a mix of grocery, soft goods and service retailers, as well as food-and-beverage concepts. The latter publication reports that Marketplace will feature a central green area and that Signorelli has tapped Palo Duro Commercial Partners as the leasing agent. Construction is set to begin in early 2026, according to both news outlets.
SAN ANTONIO — JLL has brokered the sale of Nova Apartments, a 412-unit multifamily community in northwest San Antonio. The property was built on 31 acres in 2009 and offers one-, two- and three-bedroom units. Amenities include multiple pools and dog parks, as well as a fitness center, business center, coffee bar, game room and outdoor grilling and dining stations. Robert Arzola, Ryan McBride and Robert Wooten of JLL represented the seller, Metlife Investment Management, in the transaction. The buyer and sales price were not disclosed.
LOS ANGELES — Los Angeles-based Thorofare Capital has provided a $48.3 million acquisition loan for an 838,214-square-foot manufacturing facility in the Dallas-Fort Worth (DFW) area. The name and address of the property were not disclosed. The facility features 50-foot clear heights, and the undisclosed owner secured a new, 20-year lease at the time of the loan closing. The tenant was also not named. Felix Gutnikov, David Perlman, Andrew Kim and Jonathan Hart of Thorofare originated the floating-rate loan.
MESQUITE, TEXAS — A partnership between local developer Cavalry Real Estate Partners and a fund advised by Crow Holdings Capital has broken ground on a 203,488-square-foot warehouse in the eastern Dallas suburb of Mesquite. Known as Mesquite 80 Logistics Center, the building will feature 32-foot clear heights, 130-foot truck court depths and parking for 173 cars and 86 trailers. Dallas-based MYCON General Contractors is leading construction of the project, which is expected to be complete by December.
FORT WORTH, TEXAS — Lee & Associates has negotiated a 20,000-square-foot industrial lease renewal in Fort Worth. The building at 391-399 N. Beach St. is located northeast of the downtown area. Phillip Rosenfeld of Lee & Associates represented the landlord, Tarrant County Properties, in the lease negotiations. Todd Hubbard of NAI Robert Lynn represented the tenant, National Bolt & Industrial Supply.
SOMERSET, PA. — Marcus & Millichap has brokered the sale of Edgewood Grove Storage, a 265-unit self-storage facility in Somerset, about 65 miles southeast of Pittsburgh. The property, which also features a residential component of seven houses and five apartments, was built in phases beginning in 1997 and totals 35,100 net rentable square feet of storage space. Jared Houck, Kevin Bledsoe and Matthew Junkin of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
PARSIPPANY, N.J. — Signature Acquisitions has purchased a 100,010-square-foot office building in the Northern New Jersey community of Parsippany. Built on 8.5 acres in 2009, the building was fully leased at the time of sale to law firm Day Pitney, which is in the process of relocating. Jose Cruz, Jeremy Neuer, Ryan Robertson and Bradley Wachenfeld of JLL represented the seller, Office Properties Income Trust, in the transaction and procured Signature Acquisitions as the buyer.
RALEIGH, N.C. AND KNOXVILLE, TENN. — A joint venture between The Preiss Co. and FD Stonewater has acquired sites for two student housing developments in North Carolina and Tennessee. Projects will includes Signature on Grand, located near the University of Tennessee in Knoxville; and Signature on Varsity, which will serve students attending North Carolina State University in Raleigh. The communities will offer over 1,200 beds in studio through five-bedroom configurations. Shared amenities will include resort-style pools, state-of-the-art fitness centers, study lounges and social spaces. The communities will be developed in partnership with Monarch Alternative Capital and are scheduled for completion in fall 2027. Ian Walker and Ben Roelke of Newmark secured debt and construction financing for the communities. Teddy Leatherman and Jayme Nelson of JLL secured additional equity for the projects.