NORTH BERGEN, N.J. — Madison Realty Capital has provided a $61 million bridge loan for Braddock Park West, a 10-story apartment building located outside of New York City in North Bergen. Completed earlier this year, Braddock Park West features 135 units in studio, one- and two-bedroom floor plans with an average size of 801 square feet. Amenities include a fitness center, coworking lounge and a rooftop terrace. Jordan Casella, Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Cole Grims of Walker & Dunlop arranged the floating-rate loan on behalf of the owner, Sanz Property Management.
NEW YORK CITY — A joint venture between Slate Property Group and Thorobird Cos. has broken ground on a 213-unit multifamily project in Brooklyn. Designed by Think! Architecture + Design PLLC, the building will be located on a city-owned site at 570 Eldert Lane in the borough’s Cypress Hills area. Of the 213 units, which will come in one-, two-, three- and four-bedroom floor plans, 66 will be set aside for formerly homeless residents. The remaining units will be reserved for households earning between 40 and 80 percent of the area median income. Completion is slated for summer 2028, with full occupancy planned for 2029.
HALFMOON, N.Y. — JLL has negotiated the sale of The Kensington at Halfmoon, a 200-unit apartment complex located on the northern outskirts of Albany. Built in 2014, the property features one- and two-bedroom units with an average size of 1,228 square feet. Amenities include a pool, fitness center, dog park, movie theater, coffee bar and a resident clubhouse. Steve Simonelli, Jose Cruz and Austin Pierce of JLL represented the seller, Richbell Capital, in the transaction. JLL also arranged an undisclosed amount of acquisition financing for the deal on behalf of the buyer, MLG Capital.
BUFFALO, N.Y. — Locally based financial intermediary Largo Capital has arranged a $17.5 million permanent loan for a 275,000-square-foot industrial building in Buffalo. The building, the address of which was not disclosed, was built in the early 2000s and can support both warehouse and manufacturing uses. The direct lender and borrower were not disclosed. Jack Phillips led the transaction for Largo Capital. The building was fully leased at the time of the loan closing.
By Rebecca Gandour, executive vice president, Buffalo Urban Development Corp. America’s economic engine was once largely fueled by its industrial might, with manufacturing powerhouses found throughout the Midwest and Northeast producing billions of dollars worth of goods. But when factories closed and production moved overseas, many communities were left staring at empty buildings, foreclosed homes and decaying public infrastructure. By losing massive employment anchors, neighborhoods were unable to attract private investments, with developers hesitant to invest in communities that did not provide a clear route to profit. As hesitancy began, the situation grew worse, eroding confidence even further. Unable to fully rely on traditional real estate developers, Buffalo has found opportunities to embrace a nonprofit-led redevelopment for restoring long-overlooked industrial assets and creating conditions where future private investment becomes possible. The Northland Corridor on Buffalo’s East Side in particular demonstrates what can happen when a mission-driven organization is given the flexibility to think long term, assemble funding and prioritize community outcomes to provide financial stability and opportunity. Private developers serve an essential role in urban revitalization, but they also operate under a model that prioritizes profitability and providing returns for investors. In distressed markets, where redevelopment may provide limited promise …
HILLSBOROUGH, N.J. — JLL has arranged an undisclosed amount of construction financing for a 709-unit self-storage facility that will be located in the Northern New Jersey community of Hillsborough. The site spans 8.6 acres at 35 Bedle St., and the facility will feature 76,119 net rentable square feet of climate-controlled space. Michael Klein, Nazario Paragano and Michael Donohoe of JLL arranged the financing through Provident Bank on behalf of the developer, Shadowbrook Capital. Extra Space Storage will operate the facility. Completion is slated for 2027.
NEW YORK CITY — Sagard Real Estate, the Denver-based firm formerly known as EverWest Real Estate Investors, has completed One Nassau Place, a 331,700-square-foot warehouse on Staten Island. The site is located less than a mile from State Route 440, and the building features a clear height of 36 feet, 60 dock doors, 175 car parking spaces, rooftop solar panels and an ESFR sprinkler system. Construction began in summer 2024. Sagard has tapped Cushman & Wakefield as the leasing agent.
BAYONNE, N.J. — Regional brokerage firm Hudson Atlantic Realty has negotiated the sale of a 59-unit affordable seniors housing community in Bayonne, roughly 10 miles outside New York City. Senior Horizons at Bayonne features units that carry a range of income restrictions, including for residents earning 40 to 60 percent of the area median income. Adam Zweibel of Hudson Atlantic brokered the deal. The buyer and seller were not disclosed.
NEW YORK CITY — Marcus & Millichap has brokered the $16 million sale of a development site in the Prospect Heights area of Brooklyn. The 16,500-square-foot site at 863 Dean St. is zoned for residential or mixed-use development. Matt Fotis of Marcus & Millichap represented the seller, a local family, in the transaction, and procured the buyer. Both parties requested anonymity.
RANDOLPH, N.J. — A partnership between Woodmont Properties and Canoe Brook Development has completed WoodBrook at Randolph, a 199-unit apartment complex in Northern New Jersey. The property comprises a four-story mid-rise building with 97 flats and seven buildings with 102 multi-story townhome-style residences. Unit feature one- to three-bedroom floor plans and dual-sink vanities, soaking tubs, full-size washers and dryers, private patios or balconies and keyless entry systems. Amenities include a sports simulator, pool, coworking space, yoga room and a fitness center. Leasing began last August.
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