NEWARK, N.J. — PGIM Real Estate has funded a $140.5 million, floating-rate acquisition loan for a national portfolio of six cold storage facilities totaling approximately 853,000 square feet. The names and addresses of the properties were not disclosed, but the locations are scattered across Boston, Philadelphia, Orlando, Tampa and California’s Inland Empire. The borrower is a partnership between Artemis Real Estate Partners and Provender Partners.
PHILADELPHIA — Los Angeles-based Thorofare Capital has provided $54.5 million in financing for a 624,912-square-foot, newly redeveloped industrial property in Philadelphia. The address of the property was not disclosed, but the multi-level facility includes secured trailer parking and is in the process of being leased up to a mix of credit and institutional tenants. The debt was structured with a floating interest rate. The borrower was also not disclosed.
WEST ORANGE, N.J. — Local investment firm Invel Capital has purchased a 70-unit apartment complex in West Orange for $40.8 million. Completed in 2023, the property at 555 Northfield Ave. offers one-, two- and three-bedroom units with an average size of 1,305 square feet. Amenities include a fitness center, rooftop terraces, resident lounges and a dog run. Oliver, Steve Simonelli, Jose Cruz, Ryan Robertson, Elizabeth DeVesty and Austin Pierce of JLL brokered the deal. Invel partnered with Chicago-based Pearlmark on the acquisition. The seller was a joint venture between Varma Real Estate and Garas Development.
CAMDEN, N.J. — Inland Private Capital Corp. and Devon Self Storage, which are both part of The Inland Real Estate Group of Cos., have completed a 1,070-unit self-storage project in the Southern New Jersey community of Camden. The site at 1501 Admiral Wilson Blvd. formerly housed a warehouse and distribution facility, and the new storage building features 110,000 net rentable square feet of climate-controlled space. The Camden project marks the 19th collaboration between the two groups.
DUMONT, N.J. — Sage Investment Real Estate Advisors has negotiated the sale of Madison Apartments, a 32-unit multifamily complex in Dumont, about 20 miles northwest of Manhattan. The four-building complex offers one- and two-bedroom units and was fully occupied at the time of sale. Steve Tragash and Greg Pine of Sage represented the seller and procured the buyer, both of which were limited liability companies, in the transaction.
NEW YORK CITY — JLL Capital Markets has arranged $175 million in construction financing for 155 Third Street, a 22-story, 300-unit apartment tower to be built along the Gowanus Canal in Brooklyn. JLL secured the loan on behalf of the borrower, locally based Monadnock Development. Situated at the confluence of the Carroll Gardens, Gowanus, Park Slope and downtown Brooklyn neighborhoods, 155 Third Street will encompass more than 250,000 net rentable square feet, including 225 market-rate apartments, 75 affordable housing units and more than 30,000 square feet of retail, artist and commercial space. The project is vested in the Affordable New York (421-a) tax abatement. Completion is slated for the fourth quarter of 2027. Amenities will include a pool and terrace, sky lounge, fitness and yoga studios, coworking spaces, a cocktail lounge with fireplace, movie and party rooms and multiple outdoor areas with views of New York Harbor and downtown Brooklyn. The development’s retail frontage along the Gowanus waterfront will tie directly into the planned 7-acre Gowanus Greenway Esplanade, which is part of the larger Brooklyn Waterfront Greenway, a protected route for pedestrians and cyclists connecting the neighborhoods, parks and open spaces of Brooklyn’s waterfront. The project site is also steps …
PHILADELPHIA — Miami-based lender 3650 Capital has provided a $37.5 million senior construction loan for Viking Mill Apartments, a two-building, 177-unit multifamily conversion project that will be located in Philadelphia’s East Kensington neighborhood. The borrower, Delaware-based Chatham Bay Group, will redevelop the site of a former mill structure that dates back to the 1870s into a 77-unit complex and also construct a 100-unit building from the ground up. The new complex will offer a fitness center, coworking space, lounge areas and 7,750 square feet of retail space. Christopher Garzone, Ken Wellar and George Johnson of Global Real Estate Advisors (GREA) arranged the debt through 3650 Capital on behalf of the developer.
WATERTOWN AND EVANS MILL, N.Y. — Connecticut-based investment firm Storage Ventures has acquired a portfolio of five self-storage facilities totaling more than 2,100 units in upstate New York. The portfolio spans approximately 273,000 net rentable square feet, and the sale also included a 12,000-square-foot retail center. All properties are located within the communities of Watertown and Evans Mill. Storage Ventures acquired the portfolio in partnership with SmartStop Self Storage REIT. The seller and sales price were not disclosed.
WORCESTER, MASS. — Kelleher & Sadowsky Associates Inc. has arranged $14 million in financing for a multifamily conversion project in downtown Worcester. The borrower, CMK Development Partners, will use the proceeds to acquire and convert a historic three-building complex known as One Exchange Place into 44 apartments and ground-floor retail space. Units will feature a mix of floor plans, and nine residences will be set aside as affordable housing. Amenities will include a fitness center, business center and a revitalized outdoor courtyard. Meghan Liddy and Chris Naff led the debt placement for Kelleher & Sadowsky. The direct lender was not disclosed.
NEW BEDFORD, MASS. — CBRE has brokered the $12.2 million sale of Fieldstone Marketplace, a 192,003-square-foot shopping center in New Bedford, located at the base of Cape Cod. Restaurant Depot and discount retailer Ollie’s anchor the newly repositioned center. Nat Heald, Connor Scott and Jordana Roet of CBRE represented the seller in the transaction and procured the buyer. Both parties requested anonymity.
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