Thursday, January 16, 2025
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Affordable Housing

499 President St. in Brooklyn, New York
Affordable HousingDevelopmentFinanceNew YorkNewsNortheast

Joint Venture Secures $80 Million to Construct Mixed-Use Development in Brooklyn, New York

by Channing Hamilton

BROOKLYN, N.Y. — A joint venture consisting of The Brodsky Organization, Avery Hall Investments and Battery Global Advisors has secured an $80 million land recapitalization and equity capitalization to build a mixed-use community located at 499 President St. in Brooklyn’s Gowanus neighborhood. The property is slated for completion in 2025 and will rise nine stories, with 20,000 square feet of retail space on the ground floor. Of the total 350 units, 262 will be market rate units and 88 will be affordable. Details regarding rent restriction were not disclosed. Christopher …

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Affordable HousingConnecticutNewsNortheast

Greystone Provides $35 Million to Refinance Barnbeck Place Apartments in Brookfield, Connecticut

by Channing Hamilton

BROOKFIELD, CONN. — Greystone has provided a $35 million Fannie Mae loan to refinance Barnbeck Place Apartments, a 165-unit property in Brookfield in Fairfield County, Connecticut. The new Fannie Mae loan includes a fixed-rate, five-year term with a 35-year amortization and is interest-only for the first three years. The financing was originated by Dan Sacks and Avi Kozlowski of Greystone, with Platinum Capital Group acting as correspondent on the transaction. Barnbeck Place Apartments offers studio, one- and two-bedroom units. Twenty percent of units are reserved for residents earning at or below …

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Affordable HousingCaliforniaNewsOperationsPeople NewsWestern

Alta Housing Adds Stephanie Shipe as Vice President of Property Management

by Channing Hamilton

PALO ALTO, CALIF. — Alta Housing has selected Stephanie Shipe as Vice President of Property Management. In this role, Shipe will manage over 1,000 units and a team of 35 professionals. Shipe previously served as the Director of Portfolio Management for the Housing Authority of the City of Alameda, California. Prior to this, she served as Director of Operations at MidPen Housing, a non-profit developer, owner and of affordable housing in California and was appointed to the City of Alameda Housing Authority’s Board of Commissioners. Shipe received a Bachelor of Science …

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Sea Park Apartments in Brooklyn, New York
Affordable HousingDevelopmentInvestment SalesNew YorkNewsNortheast

Joint Venture Acquires $150M Sea Park Apartment Complex on Coney Island in Brooklyn, New York

by Channing Hamilton

BROOKLYN, N.Y. — Tredway, Gilbane Development Co. and ELH Mgmt. have jointly acquired Sea Park Apartments, an affordable community in Brooklyn’s peninsular neighborhood of Coney Island. The sale price was not disclosed, but several media sources are reporting the property traded hands for $150 million. Berkadia and Deutsche Bank are the lenders. ELH Mgmt will serve as property manager. Victor Sozio, Shimon Shkury, Benjamin Vago and Remi Mandell of Ariel Property Advisors arranged the sale on behalf of the undisclosed seller. Sea Park Apartments comprises 816 apartments across three buildings. Of the …

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Ho'omalu at Waikoloa Beach Resort in Waikoloa, Hawaii
Affordable HousingDevelopmentHawaiiNewsWestern

Waikoloa Vacation Rentals to Develop Affordable Housing Community in Waikoloa, Hawaii

by Channing Hamilton

WAIKOLOA, HAWAII — Waikoloa Vacation Rentals will develop Ho’omalu at Waikoloa Beach Resort, a 229-unit affordable community in Waikoloa. Ho’omalu at Waikoloa Beach will offer one-, two- and three-bedroom floor plans, as well as amenities such as a day care, pool, fitness center, barbeque area and community center. The community will be available to households earning between 30 and 100 percent of the area’s median income. The project is listed on the county of Hawaii’s website as being currently under development, and Waikoloa Vacation Rentals plans to break ground before the end of 2024.

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Affordable HousingDevelopmentNew JerseyNewsNortheast

The NRP Group, Adenah Bayoh Open Affordable 722 Chancellor Apartments in Irvington, New Jersey

by Channing Hamilton

IRVINGTON, N.J. — A partnership consisting of The NRP Group and Adenah Bayoh has opened 722 Chancellor Apartments, a 56-unit affordable community in Irvington, 3 miles west of Newark, New Jersey. Financing Partners for the project include the New Jersey Housing Mortgage Finance Agency, JPMorgan Chase Bank, Hudson Housing, The Township of Irvington and Greater Newark LISC. In addition, the Irvington Housing Authority provided five project-based vouchers. 722 Chancellor Apartments rises five stories and offers one-, two- and three-bedroom units to households earning at or below 60 percent of the …

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Affordable HousingInvestment SalesNew YorkNewsNortheast

Nuveen Acquires 12,000-Unit Affordable Housing Portfolio from Omni Holding Co.

by Channing Hamilton

NEW YORK CITY — Chicago-based investment manager Nuveen has acquired a 12,000-unit affordable housing portfolio from Omni Holding Co. The deal increases the Nuveen’s affordable housing assets under management to $6.4 billion. Financial terms were not disclosed. Omni Holding was advised by CBRE Affordable Housing and CBRE Capital Advisors. Paul Hastings and Nixon Peabody acted as transaction and regulatory counsel to Nuveen. The portfolio is largely focused in the New York city metropolitan area, including properties located in the Bronx, Brooklyn, Queens, Manhattan and Long Island. Nuveen’s affordable housing portfolio …

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Affordable HousingDevelopmentNew JerseyNewsNortheastPeople News

The Michaels Organization Selects Rosa Estrada as Regional Vice President

by Channing Hamilton

CAMDEN, N.J. — The Michaels Organization (Michaels), a property development, investment and management firm based in Camden, has selected Rosa Estrada as regional vice president. Estrada succeeds Larry Padilla, following his departure from Michaels. Estrada has 20 years of urban planning, placemaking and affordable housing development experience. She joined Michaels in March 2022 as a vice president in the Mid-Atlantic Region. In this role, Estrada will serve as lead developer for all Michaels’ development activities in Puerto Rico, including Los Alamos, a 365-unit affordable housing community in Guaynabo City. Michaels …

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Affordable HousingDevelopmentNew JerseyNewsNortheast

Klein Enterprises Breaks Ground on New Jersey Mixed-Income Development

by Lynn Peisner

METUCHEN, N.J. — Klein Enterprises will develop a multifamily property in Metuchen, which is about 30 miles south of New York City. The project has not been named. Demolition of existing structures on the site was completed in April. The project is slated for completion by fall 2025. The new apartments are being built on a former industrial site that has undergone remediation in the years preceding the development, according to Klein. The community will include 272 studio, one-, two- and three bedroom floor plans. Fifteen of the units will …

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A 3D render of the Italic, a contemporary style high-rise building.
Affordable HousingDevelopmentFinanceNew YorkNewsNortheast

American Lions Secures $350 Million to Build The Italic In New York City

by Channing Hamilton

NEW YORK CITY — American Lions, a joint venture between Fetner Properties and the Lions Group, has secured a $350 million debt and equity capitalization to develop The Italic. JLL represented the borrower to secure the loan. JLL also arranged the joint venture equity. Christopher Peck and Alex Staikos led JLL’s Capital Markets Debt Advisory team. Rob Hinckley, Steven Rutman and Nicco Lupo led JLL’s Capital Markets Equity Advisory team. The Italic will be a 363-unit mixed-use community in New York City’s Long Island City neighborhood. The project comprises 283,000 …

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