PHILADELPHIA—PREIT has completed the refinancing of the mortgage loan secured by Woodland Mall in Michigan, and extended and modified the terms of the existing mortgage loan secured by Viewmont Mall in Scranton, PA.
ASBURY PARK, NJ—Madison Marquette has named industry veteran Peter Tomai as managing director, investments. He'll focus initially on the firm's New Jersey projects.
ORANGE, NJ—RPM Development Group's Linc 52 at Orange Station, a new five-story condominium building, has opened, with creative financing opportunities for former renters and first-time buyers under the New Jersey Housing and Mortgage Finance Agency's CHOICE program.
SADDLE BROOK, NJ—Thanks to negative interest rate environments in Europe and Asia and some of the lowest historical cap rates ever, foreign investment capital is flowing into industrial assets in the Garden State, according to Kevin Welsh, who leads capital markets activity for CBRE in New Jersey.
BASKING RIDGE, NJ—Daiichi Sankyo, a Japanese pharmaceutical firm, has signed a long-term lease for the entire 305,000 square foot, former Avaya headquarters at 211 Mount Airy Road in Basking Ridge, NJ.
LEONIA, NJ—Oritani Bank, in a deal brokered by Meridian Capital, is financing Kushner Companies acquisition of the 106-unit Lakeview multifamily complex in Leonia, NJ. The $18.4 million financing transaction follows Kushner's purchase of the property last month from Home Properties.
PARSIPPANY, NJ—After being robust for several quarters, office leasing “stalled” in the first quarter of 2016, but industrial properties continued to set new records – including rental rate increases that could reach twice the level of previous lease deals, according to research by Colliers International's John Obeid and David Simon.
