NEW CITY, N.Y. — New Jersey-based financial intermediary Cronheim Mortgage has arranged $33.2 million in financing for a 128,801-square-foot shopping center in New City, located about 40 miles north of New York City. Anchored by grocer ShopRite, New City Center is a recently renovated property that is also home to tenants such as Sakura Japan, Bank of America and Smoothie King. Dev Morris, Allison Villamagna, Brandon Szwalbenest and Andrew Stewart of Cronheim arranged the loan, which carries a three-year term with two one-year extension options, through Voya Investment Management. The borrower was a joint venture between KABR Group and BTF Capital Fund.
LYNN, MASS. — MassDevelopment has provided $29 million in tax-exempt bond financing for a 150-unit affordable seniors housing project in Lynn, located northeast of Boston. The financing will support construction of 105 units for the project at 500 Lynnfield St., which is being developed by an affiliate of 2Life Communities. The development will consist of three buildings with 138 one-bedroom units and 12 two-bedroom units that will be reserved for renters earning between 30 and 60 percent of the area median income. Eastern Bank purchased the bond.
EDISON, N.J. — JLL has brokered the $24.5 million sale of a 5.5-acre industrial service facility in the Central New Jersey community of Edison. The facility at 76 National Road features a 25,000-square-foot warehouse with a clear height of 16 feet, four dock doors and two drive-in doors. Jason Lundy, Nicholas Stefans and Luke Ceccoli of JLL represented the seller, K Group, in the transaction. Michael Klein, Max Custer, Kevin Badger and Matthew McManus, also with JLL, arranged an undisclosed amount of acquisition financing through an unnamed regional bank on behalf of the buyer, regional owner-operator Ridgecut Road.
NEW YORK CITY — The Hudson Cos. Inc. and its affiliate, Broadway Builders LLC, have signed an 18,200-square-foot office lease in Manhattan’s Flatiron District. The joint tenancy will occupy the entire 12th floor at 902 Broadway under an 11-year lease. Benjamin Waller and Daria Ghasemi of ABS Partners Real Estate represented the tenants in the lease negotiations. Max Koeppel of Koeppel Rosen represented the landlord on an internal basis.
CLAYMONT, DEL. — JLL has arranged $70 million in bridge financing for Tri-State Distribution Center, a 525,000-square-foot industrial building located about 25 miles outside of Philadelphia in Claymont, Delaware. The property features a clear height of 40-feet, an ESFR sprinkler system, 130-foot truck court depths, four drive-in ramps with overhead doors and “ample” trailer and car parking allotments. Construction began in August 2023. Michael Pagniucci, Chad Orcutt, Chris Drew, Ethan Rodgers and Michelle Morgenstern of JLL arranged the debt through Chicago-based Pearlmark on behalf of the owner, a joint venture between New York City-based KPR Centers LLC and Los Angeles-based PCCP LLC.
NEW YORK CITY — Hyatt Hotels Corp. has opened The Livingston, a 104-room hotel in Brooklyn’s Boerum Hill neighborhood that is part of the Chicago-based hospitality giant’s JdV by Hyatt collection of brands. The pet-friendly hotel offers a range of accommodations, including suites and 15 rooms with private balconies. Amenities include a rooftop terrace and multiple onsite food-and-beverage options. A partnership between St. Louis-based Midas Hospitality and ACRES Capital developed The Livingston.
LYNDHURST, N.J. — Northcott Silk USA has signed a 38,728-square-foot industrial lease in the Northern New Jersey community of Lyndhurst. The textile company is taking about half the space at the building at 1050 Valley Brook Ave., which according to LoopNet Inc. features a clear height of 24 feet, seven exterior dock doors and 70 car parking spaces. Robert Adams of Garden State Realty brokered the deal. Saddleback Real Estate Developers owns the building.
SOMERSET, N.J. — Sprouts Farmers Market will open a 28,750-square-foot grocery store in the Central New Jersey community of Somerset. The Phoenix-based grocer is taking space at the 219,000-square-foot Somerset Shopping Center. Vanessa Kelty and Ed Vasconcellos of Levin Management Corp. represented the undisclosed landlord in the lease negotiations. Mike Horn and Steven Winters of RIPCO Real Estate represented Sprouts. A tentative opening date has not yet been announced.
JERSEY CITY, N.J. — Locally based developer Panepinto Properties has begun leasing 505 Summit, a 53-story apartment tower in the Journal Square area of Jersey City. The building offers 605 units in studio, one-, two- and three-bedroom floor plans. The property also features 4,000 square feet of street-level retail space, a landscaped public plaza, parking garage and 304 bicycle storage spaces. Residential amenities include an outdoor terrace with a pool, grilling stations, a resident lounge, coworking spaces, sports simulator and a fitness center. Pacific Life financed construction of the project, which began in the third quarter of 2023 and topped out last summer. Rents start at $3,350 per month for a studio apartment.
NEW YORK CITY — Local investment firm Jonathan Rose Cos. has purchased The Caroline Apartments, a 126-unit affordable housing building in the Inwood section of Upper Manhattan, for $53 million. The building was constructed in 1980 and last renovated in 2008. Income restrictions were not disclosed. The new ownership plans to invest nearly $20 million in capital improvements to the property, including upgrades to building systems and unit interiors, enhancements to the community center and energy-efficiency upgrades. Jonathan Rose Cos. also plans to bring in a full-time resident services coordinator. Th seller was Related Cos.
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