EAST LYME, CONN. — Newmark has provided a $115.6 million Freddie Mac loan for the refinancing of The Cove at Gateway Commons and Sound at Gateway Commons, two multifamily properties located in the southern coastal Connecticut city of East Lyme. The number of units was not disclosed. Both properties offer one-, two- and three-bedroom units, while Sound at Gateway Commons also has studio apartments. Avi Kozlowski of Newmark originated the 10-year, fixed-rate loan. The sponsor was not disclosed, but both communities are listed on the website of Berkley Properties.
PHILADELPHIA — North Palisades Partners, a California-based investment firm, has purchased a portfolio of two self-storage facilities in the Northern Liberties neighborhood of Philadelphia. The properties are located at 40 Spring Garden St. and 510 N. Christopher Columbus Blvd. and total 199,288 net rentable square feet of space. The portfolio also includes 6,907 square feet of retail space. The seller and sales price were not disclosed. One property was roughly 90 percent occupied at the time of sale, and the other is in lease-up. Extra Space Storage will manage the facilities.
RAHWAY, N.J. — Cushman & Wakefield has arranged a $56 million construction loan for a 277,818-square-foot industrial project in the Northern New Jersey community of Rahway. The 25.6-acre development will consist of two buildings totaling 201,616 and 76,202 square feet. Building features will include clear heights of 40 feet, 49 dock doors, three drive-in doors and parking for 230 cars and six trailers. John Alascio, Chuck Kohaut and T.J. Sullivan of Cushman & Wakefield arranged the loan through BMO on behalf of the developer, a partnership between Sagard Real Estate and Woodmont Industrial Partners.
LYNN, MASS. — A partnership between two locally based investment firms, A.W. Perry and Foxfield, has sold Lynnway Industrial Park, a 252,000-square-foot development in Lynn, located on the northeastern outskirts of Boston. Lynnway Industrial Park is a 17-acre redevelopment of the former Garelick Farms and West Lynn Creamery facilities that houses three buildings that were fully leased at the time of sale. Tenants include Global Protection Corp., LSG SkyChefs and Wash Cycle Laundry. Frank Petz, Matthew Sherry, Rob Schlesinger, Jack Barrett, Daniel Hincks and Joe Gaziano of Colliers represented the seller in the transaction. The buyer was North River Co.
NEW YORK CITY — Avison Young has arranged a $404 million Freddie Mac permanent loan for The Archive, a 479-unit historic apartment building located at 666 Greenwich St. in Manhattan’s West Village submarket. PNC Bank provided the loan to the borrower, an affiliate of Rockrose Development, and will also act as the loan servicer. The 11-story building occupies a full city block and offers amenities such as a zen room, rooftop terrace and a children’s playroom. Scott Singer, Andy Singer, Kevin Swartz and Kathleen McSharry led the transaction for Avison Young.
Washington Trust Provides $47.6M in Financing for Worcester Office-to-Residential Conversion Project
WORCESTER, MASS. — Washington Trust Co. has provided $47.6 million in financing for an office-to-residential conversion project in Worcester. The project will convert the former Fallon Community Health Plan headquarters at 10 Chestnut St. into a 198-unit, market-rate apartment complex. Units will come in studio, one- and two-bedroom floor plans, and amenities will include a pool, fitness center and a rooftop deck. Construction began last year and is expected to be complete this fall. MassDevelopment also provided $3.6 million in financing for the project.
CARLSTADT, N.J. — Cresa has negotiated a 249,640-square-foot data center lease in the Northern New Jersey community of Carlstadt. The tenant was not disclosed. The deal is for the entirety of the building at 600 Commerce Blvd., which was originally constructed in 2008 for a major banking institution. Michael Morris, Sumner Putnam, Kensey Gawne and Matt Deutsch of Cresa represented the landlord, local owner-operator Russo Development, in the lease negotiations.
BRISTOL, CONN. — Glory Tempering Glass has signed a 77,000-square-foot industrial lease in Bristol, located southwest of Hartford. The provider of specialty glass products and services will relocate from New York to the building at 575 Broad St., expanding its manufacturing capacity and footprint in the process. David Sherman and Sean Cahill of Avison Young represented the tenant in the lease negotiations. Ed Godin and Michael Grieder of Godin Property Group represented the undisclosed landlord.
POUGHKEEPSIE, N.Y. — A partnership between Mega Development Group, Ametrine Group and social services provider Mental Health America of Dutchess County has broken ground on Wallace Campus, a $147 million affordable housing redevelopment project in Poughkeepsie, located north of New York City. An adaptive reuse of the site of the former Wallace Department Store, the property will offer 187 units in studio, one-, two- and three-bedroom floor plans that will be reserved for households earning 80 percent or less of the area median income. In addition, the development will have 30 supportive housing units and 22,000 square feet of commercial space. Social services will include home health care management, community education and family support and advocacy. The amenity package will comprise a game room, fitness center, movie screening room, coworking space and a study hall. Financing for the project is supported by New York State Homes & Community Renewal’s federal tax credit program, which is expected to generate $46 million in equity, as well as a range of other public subsidies.
RIDGEFIELD, N.J. — Marcus & Millichap has brokered the sale of a self-storage development site in the Northern New Jersey community of Ridgefield. The site at 1099 Hendricks Causeway is fully entitled and permitted, and the facility is planned to feature more than 73,000 net rentable square feet of space across approximately 1,200 climate-controlled units. Nathan Coe, Gabriel Coe and Brett Hatcher of Marcus & Millichap represented the seller, local owner-operator StorageBlue, in the transaction. The team also procured the buyer, Safely Store. Jim McGuckin of Marcus & Millichap assisted in closing the deal as the broker of record.
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