Author

Lynn Peisner

J-Centra-Philadelphia
DevelopmentLeasing & MarketingNew JerseyNewsNortheast

JAG Opens J Centra Near Philadelphia

by Lynn Peisner

BURLINGTON TOWNSHIP, N.J. — Jefferson Apartment Group (JAG) has begun leasing J Centra in Burlington Township, about 23 miles east of Philadelphia. The 500-unit property includes 100 units designated as affordable. Income restrictions were not disclosed. Individual buildings are opening gradually, about once per month starting in July, and the property will be fully complete in 2026. J Centra is operated by JAG’s property management division. SpringHarbor Financial Group and H.I.G. Realty Partners are joint venture and equity partners, respectively, with financing provided by United Bank. This development marks JAG’s …

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fannie-mae-building
FeaturesFinance

Why GSEs Believe the Wind is at Their Back

by Lynn Peisner

By John Nelson Fannie Mae and Freddie Mac are adopting a more pro-business approach when it comes to closing multifamily loans in 2025 than in recent years, when sources say they were more selective. The two government-sponsored enterprises (GSEs) combined to produce 33 percent more multifamily loans in first-quarter 2025 compared with first-quarter 2024. “There is definitely a ‘volume on’ mindset at both shops,” says Landon Litty, director of agency sales at BWE. “This is a real positive for borrowers.” For Fannie Mae, the volume of multifamily loans totaled $11.8 …

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Brownsville-arts-center
Affordable HousingDevelopmentNew YorkNewsNortheast

Gilbane Developing $254 Million Brooklyn Affordable Housing Anchored by Arts Center

by Lynn Peisner

NEW YORK — Gilbane Development, in partnership with Blue Sea Development, Artspace and the City and State of New York, has secured $254 million to finance the development of a mixed-use, affordable housing property in Brooklyn’s Brownsville neighborhood. Brownsville Arts Center & Apartments (BACA) will include about 263,000 square feet of residential space and a 28,000-square-foot arts center, the centerpiece of which is a 3,440-square-foot multi-purpose performance, rehearsal and studio space for community arts groups. The 283-unit BACA development will include a mix of studios and one-, two- and three-bedroom …

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The-Mira-Apopka
Affordable HousingNewsNortheastWashington, D.C.

One Big Beautiful Bill Act Expands LIHTC, Resurrects Opportunity Zones

by Lynn Peisner

WASHINGTON, D.C. — The One Big, Beautiful Bill Act (OBBBA), signed into law on July 4, contains provisions to incentive affordable housing investment and development, namely expansions of the 4 and 9 percent Low-Income Housing Tax Credit (LIHTC) programs and Opportunity Zone (OZ) codes. The bill provides a permanent 12 percent increase in the allocation of 9 percent LIHTC. Previously, each state received a limited amount of these credits to award each year to affordable housing projects. The law has increased that amount by 12 percent, which raises the chances …

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Camelot-On-Main
DevelopmentFinanceNew JerseyNewsNortheast

Kaplan Cos. Locks in Construction Financing for Sayreville, New Jersey, Project

by Lynn Peisner

SAYREVILLE, N.J. — JLL Capital Markets has arranged a $36 million construction loan on behalf of Kaplan Cos. The Highland Park, New Jersey-based, family-owned developer is using the loan to finance construction of Camelot on Main, a 142-unit property in Sayreville, about 34 miles south of Midtown Manhattan. Provident Bank provided the funds. Kaplan has already begun site work, having spent about $5 million on the project so far. Construction is slated for completion in 2027. Camelot on Main will feature 134 market-rate and eight affordable units within six buildings. …

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Level-at-Sixteenth-Phoenix
ArizonaInvestment SalesNewsWestern

Sares Regis Multifamily Sells Phoenix Asset for $61.5 Million

by Lynn Peisner

PHOENIX — Steve Gebing and Cliff David of Institutional Property Advisors (IPA) have arranged the $61.5 million sale of Level at Sixteenth in Phoenix. IPA represented the seller, Sares Regis Multifamily Investment Management, and procured the buyer. IPA didn’t disclose the buyer, but TA Realty is listed as the owner on the property website. Sares Regis Multifamily bought the asset from Abacus Capital Group in 2021. Level at Sixteenth opened in 2010 and was a redevelopment of a former retail center. The 240-unit property sits on four acres at the …

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VC-Flats-Kettering-Ohio-
DevelopmentMidwestNewsOhio

Vision Cos. Buys Land for Ohio Development to Serve Office Park Workers

by Lynn Peisner

KETTERING, OHIO — Vision Cos. has acquired a 28.5-acre parcel located within the Miami Valley Research Park in Kettering, about eight miles southeast of Dayton, Ohio. On this land, the buyer plans to develop VC Flats, a community with 264 units housed within nine three-story buildings. The property is adjacent to the 36-acre Sixth River Office Park owned by Industrial Commercial Properties. A multifamily development is included in the Sixth River master plan and is meant to provide housing options for the approximately 4,400 employees working within the office park. …

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1154-Ward-Ave
Investment SalesNew YorkNewsNortheast

Marcus & Millichap Arranges Sale of 97-Unit Property in The Bronx

by Lynn Peisner

NEW YORK CITY — Two unnamed private investors have traded a 97-unit property in Bronx, New York, for $7.5 million. Michael Fusco, Seth Glasser and Benjamin Myerow of Marcus & Millichap’s Manhattan office marketed the property on behalf of the seller and procured the buyer. Built in 1929, the six-story elevator building totals 90,000 square feet and is located at 1154 Ward Ave. in the Soundview neighborhood of the Bronx.

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Harlow-on-Main-Columbus
Investment SalesMidwestNewsOhio

Abide Capital Group, MCB Buy Harlow on Main in Columbus, Ohio

by Lynn Peisner

COLUMBUS, OHIO — Abide Capital Group and MCB Real Estate have acquired Harlow on Main, a 120-unit asset in Columbus for $16.5 million. WesBanco provided acquisition financing. Newmark arranged the transaction, representing the undisclosed seller. The project was developed in 2020 by Homestead Cos. The asset was approximately 86 percent leased at the time of the sale. Harlow on Main includes 7,000 square feet of ground-floor retail.

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Sunflower-Terrace-Houston
Affordable HousingDevelopmentInvestment SalesNewsTexas

Fairstead Buys, Plans Remodel of Houston Affordable Housing Community

by Lynn Peisner

HOUSTON — Fairstead has closed on a $20 million financing package to acquire and renovate Sunflower Terrace, an affordable housing property in Houston. The Houston Housing Finance Corp. (HHFC) also has an ownership stake. R4 Capital was the mortgage lender. Fairstead will lead redevelopment efforts and will serve as the property manager. Sunflower Terrace consists of 160 units under a project-based Section 8 contract. Homes are reserved for low- and very low-income families, with rents capped at 50 percent of area median income (AMI) for half the units and at …

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