News

The 278-unit class-A apartment community is located in a master-planned community featuring more than 10 million square feet of retail and 5 million square feet of office space within a five-mile radius.

The workspace provider, valued at $1 billion, now leads the market in New York, San Francisco and Paris.

The firm will lead advisory efforts for the 250,000-SF development site in the Mott Haven neighborhood.

Healthy lifestyle brand, Life Time will occupy the space, opening its first Brooklyn location at the mixed-use, residential and retail development.

The joint-venture transaction, facilitated by five Fannie Mae loans, consists of five apartment communities totaling 1,156 units.

PREIT says it has recognized the growing demand in this segment and has strengthened its portfolio to include a variety of health-oriented concepts, most recently incorporating Onelife Fitness at the Valley Mall, Peloton at the Cherry Hill Mall and Edge Fitness opening this fall at the Plymouth Meeting Mall.

The brokerage firm reports the non-recourse loan for the Jersey City-based REIT was funded by Apollo Global Management through Athene Annuity & Life Assurance Co.

“Once in a generation, if ever, does a portfolio of this magnitude come to market in such desirable locations offering value-add appreciation opportunities through unit renovations and capital-improvement implementations on a grand scale,” Uranowitz says.