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Benchmark-at-East-Islip-Long-Island
LoansMultifamilyNew YorkNortheastSeniors Housing

JLL Arranges $41.1M Construction Loan for Long Island Seniors Housing Project

by Taylor Williams

EAST ISLIP, N.Y. — JLL has arranged a $41.1 million construction loan for Benchmark at East Islip, a seniors housing project on Long Island. Benchmark at East Islip will offer 64 assisted living units and 26 memory care apartments across 104 licensed beds. Amenities will include multiple dining venues, a theater, fitness center, salon and various outdoor spaces. Jim Dooley led the JLL team that arranged the debt on behalf of the borrower, a joint venture between National Development and an affiliate of Benchmark Senior Living. The direct lender was not disclosed. Construction is underway and expected to be complete in early 2028.

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DevelopmentMixed-UseNortheastPennsylvania

Partnership to Undertake Mixed-Use Redevelopment Project in Lititz, Pennsylvania

by Taylor Williams

LITITZ, PA. — A group of real estate investors doing business as Lititz Run Partnership LLC will undertake a mixed-use redevelopment project in the town of the same name, which is located about 75 miles northwest of Philadelphia. The partnership has purchased the 98,000-square-foot former Morgan Paper Mill, which was originally built in 1930, renovated in 1989 and fully restored in 2018. The converted development will be known as The Morgan and will feature residential, commercial and hospitality uses. Stephen Marzullo, Adam Silverman, Jeremy Shyk, David Sickler and Scott Miller of CBRE represented the seller, Penn Medicine Lancaster General Health, in the sale of the property.

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LoansNew YorkNortheastRetail

Northmarq Places $13.5M in Financing for Retail Property in Middle Island, New York

by Taylor Williams

MIDDLE ISLAND, N.Y. — Northmarq has placed $13.5 million in financing for Strathmore Commons Shopping Mall, a 146,381-square-foot retail property in the Long Island community of Middle Island. Built in 1991, Strathmore Commons is a grocery-anchored center that is also home to tenants such as McDonald’s, Giunta’s Meat Farms, NYU Langone Health, Gold’s Gym, Subway, Dollar Tree and Carvel. Robert Delitsky and Dylan Hamer of Northmarq arranged the financing through WoodmenLife on behalf of the undisclosed borrower.

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AcquisitionsDevelopmentLee & AssociatesMultifamilyNew YorkNortheastSeniors Housing

Sunrise Senior Living Acquires Development Site on Long Island for $7.5M

by Taylor Williams

OCEANSIDE, N.Y. — Sunrise Senior Living has acquired a 2.8-acre development site in the Long Island community of Oceanside for $7.5 million, with plans to develop an 84-unit assisted living and memory care facility.  Kelly Koukou of Lee & Associates represented Sunrise in the land acquisition. Marlon Matza of Strategic Realty Advisors represented the seller, a partnership between Grossman Nurseries and Breslin Development. A construction timeline was not disclosed.

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Rechler-Business-District-Medford-New-York
IndustrialLoansNew YorkNortheast

JLL Arranges $75M in Financing for Industrial Park in Medford, New York

by Taylor Williams

MEDFORD, N.Y. — JLL has arranged $75 million in financing for Rechler Business District, a master-planned industrial business park in Medford, located on Long Island. Rechler Business District encompasses a newly constructed, 140,875-square-foot logistics facility that is fully leased, 9.8 acres of industrial outdoor storage (IOS) space that are also fully leased and approximately 45 acres of shovel-ready land. Peter Rotchford and Tyler Peck of JLL arranged the financing through AllianceBernstein on behalf of the owner, Rechler Equity Partners.

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AcquisitionsAffordable HousingMultifamilyNew YorkNortheast

Ariel Property Advisors Negotiates $75M Sale of Two Manhattan Apartment Buildings

by Taylor Williams

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $75 million sale of two Section 8 apartment buildings totaling 126 units in Manhattan. The properties are located at 200 Manhattan Ave. and 133 W. 104th St. in the Manhattan Valley area on the borough’s Upper West Side. Victor Sozio, Shimon Shkury and Remi Mandell of Ariel represented the undisclosed seller in the transaction. The name and representative of the buyer were also not disclosed.

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AcquisitionsMassachusettsNortheastRetail

Atlantic Capital Partners Negotiates $10.2M Sale of Shopping Center in Springfield, Massachusetts

by Taylor Williams

SPRINGFIELD, MASS. — Regional brokerage firm Atlantic Capital Partners (ACP) has negotiated a $10.2 million sale of Boston Commons Plaza, a 103,494-square-foot shopping center in the Western Massachusetts city of Springfield. Boston Commons Plaza was 98 percent leased to six tenants at the time of sale, with Kohl’s serving as the anchor. Justin Smith, Chris Peterson, Danielle Turpin and Matt Ericson of ACP brokered the deal. The buyer and seller were not disclosed.

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Leasing ActivityNew YorkNortheastOffice

Loeb & Loeb Signs 18,908 SF Office Lease Expansion, Extension in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Loeb & Loeb has signed an 18,908-square-foot office lease expansion and 16-year extension at 345 Park Avenue in Midtown Manhattan. The law firm is taking partial space on the 13th floor of the 1.9 million-square-foot building, where it has been a tenant since 1993, bringing its total footprint to 178,959 square feet. Lewis Miller, Ken Rapp, Michael Wellen and Alex Kucera of CBRE represented Loeb & Loeb in the lease negotiations. Robert Steinman represented the landlord, Rudin, on an internal basis.

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Plaza-Greene-Fair-Lawn-New-Jersey
DevelopmentLoansMultifamilyNew JerseyNortheast

PCCP Provides $66.8M Construction Loan for Northern New Jersey Multifamily Project

by Taylor Williams

FAIR LAWN, N.J. — Los Angeles-based PCCP LLC has provided a $66.8 million senior construction loan for Plaza Greene, a 145-unit multifamily project that will be located in the Northern New Jersey community of Fair Lawn. Floor plans were not disclosed, but about 12 percent (18) of the residences will be reserved as affordable housing, and all residences will be subject to age restrictions. Amenities will include a fitness center, spa and a landscaped courtyard, and a 22,300-square-foot Sprouts Farmers Market will anchor the building’s ground-floor retail space. The borrower is a partnership between regional owner-operator Sterling Properties and New Jersey-based Danbro Properties.

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AcquisitionsIndustrialNew YorkNortheastSelf-Storage

JLL Negotiates Sale of 405-Unit Self-Storage Facility in Jefferson Valley, New York

by Taylor Williams

JEFFERSON VALLEY, N.Y. — JLL has negotiated the sale of a 405-unit self-storage facility in Jefferson Valley, about 50 miles north of New York City. Built on 3.6 acres in 2022, Jefferson Valley Self Storage is a conversion of a former big box retail store that features 55,311 net rentable square feet of space. CubeSmart operates the facility, which was 87 percent occupied at the time of sale. JLL represented the seller, Columbia Pacific Advisors, in the transaction. Horizon Storage Group purchased the facility for an undisclosed price. Andover Lending, a joint venture between Andover Properties and TPG Angelo Gordon, provided acquisition financing for the deal.

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