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737 4th Ave in New York City
DevelopmentNew YorkNewsNortheast

Partnership Tops Out $143 Million Mixed-Income Development in Brooklyn

by Channing Hamilton

NEW YORK CITY — A partnership consisting of BEB Capital, Totem / Ailanthus and SK Development has topped out 737 4th Ave, a $143 million mixed-income development in the Sunset Park neighborhood of Brooklyn. Once completed, the building will comprise 193,000 square feet across 14 stories. The property will comprise 187 units. Of the total unit count, 46 units will be permanently affordable at an average of 48 percent of the area median income. Amenities will include a coworking lounge, fitness center, private dining and entertainment areas, a game and …

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Affordable HousingDevelopmentFinanceMassachusettsNewsNortheast

MassDevelopment Provides $7.5 Million Bond Financing for Affordable Housing Conversion Project Near Boston

by Channing Hamilton

LYNN, MASS. — MassDevelopment has provided $7.5 million in tax-exempt bond financing for an affordable housing development located in the northeastern Boston suburb of Lynn. The project will convert the upper portion of a commercial building into a 24-unit community. Units will be reserved for formerly homeless adults between the ages of 18 and 24 who earn 30 percent or less of the area median income. Eastern Bank purchased the bond. The developer, nonprofit organization Harborlight Homes, will also utilize $6.4 million in federal low-income housing tax credits to finance …

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515 Parkwood Ave in Charlotte, North Carolina
DevelopmentFinanceNewsNorth CarolinaSoutheast

JLL Capital Markets Secures $94 Million Financing for Project in Charlotte, North Carolina

by Channing Hamilton

CHARLOTTE, N.C. — JLL Capital Markets has arranged $25 million in joint venture equity and $69 million in construction financing for 515 Parkwood Ave, a 287-unit project located in the Mill District region of Charlotte. The complex will comprise 235,480 square feet across eight stories. Units will come in studio, one-, two-, three- and four-bedroom layouts. Planned amenities include a rooftop deck, courtyard, electric bikes, fitness center, shared dining area and coworking spaces. The property will also feature 2,945 square feet of ground-floor retail space. JLL worked alongside the developer, …

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Franklin at Hancock Village in Boston
DevelopmentMassachusettsNewsNortheast

Chestnut Hill Realty Delivers 250-Unit Franklin at Hancock Village in Boston

by Channing Hamilton

BOSTON — Chestnut Hill Realty has delivered Franklin at Hancock Village, a 250-unit project in the Brookline neighborhood of Boston. The building rises eight stories and houses one-, two- and three-bedroom apartments. Of the total unit count, 20 percent have been set aside as affordable housing. Rent restrictions for the Franklin at Hancock Village units were not available, but Chestnut Hill reserves units for renters who make at or below 50 percent of area median income at the adjacent John Adams property. Amenities include an outdoor putting green, grilling and …

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An unnamed project in Somersworth, New Hampshire
DevelopmentNew HampshireNewsNortheast

Tidemark, BOD Holdings Break Ground on 135-Unit Project in Somersworth, New Hampshire

by Channing Hamilton

SOMERSWORTH, N.H. — A partnership between developers Tidemark and BOD Holdings has broken ground on a 135-unit project in downtown Somersworth, a city located on the Maine-New Hampshire border. The property will offer studio, one-, two- and three-bedroom units. Amenities will include a fitness center, package room, leasing office and onsite parking. New Hampshire-based PROCON designed the community. Construction is slated to complete in spring 2026.

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A mixed-use community in Oceanport, New Jersey
DevelopmentNew JerseyNewsNortheast

Public-Private Partnership to Develop 80-Acre, $200 Million Mixed-Use Project Near Racetrack in Oceanport, New Jersey

by Channing Hamilton

OCEANPORT, N.J. — JEMB Realty has begun the design and development process for an 80-acre mixed-use property situated adjacent to the Monmouth Park Racetrack in Oceanport, a borough roughly 42 miles south of Newark, New Jersey. JEMB Realty will develop the multi-phase project in partnership with the State of New Jersey and Darby Development LLC. Construction is slated to begin in the fourth quarter of 2025. Plans for the site include a 298-unit residential building, as well as 200-room hotel and a sports community center to support local youth athletes. …

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DevelopmentIllinoisMidwestNews

Mia Rose Holdings Breaks Ground on 144-Unit The Meridian in Glen Carbon, Illinois

by Channing Hamilton

GLEN CARBON, ILL. — Mia Rose Holdings has broken ground on The Meridian, a 144-unit development in the St. Louis suburb of Glen Carbon. The Meridian will comprise 110,000 square feet across four three-story buildings and a one-story clubhouse. Planned amenities include a pool, fitness center, dog park, garages and walking paths. Completion is slated for spring 2025 Midas Construction is the general contractor. Rosemann & Associates is the architect. The project team also includes civil engineer TWM Inc. and mechanical, electrical and plumbing engineer Engenuity. 2B Residential will be …

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57 Main in Marlborough, Massachusetts
DevelopmentFinanceMassachusettsNewsNortheast

Colliers Arranges $41.4 Million in Construction Financing for 57 Main in Metro Boston 

by Channing Hamilton

MARLBOROUGH, MASS. — Colliers has arranged $41.4 million in construction financing for 57 Main, a 92-unit project in the western Boston suburb of Marlborough. 57 Main will feature an 8,600-square-foot amenity and mezzanine space. Amenities will include a fitness center, pool, sundeck with lounge seating and an 84-space parking garage for tenants. The property will also feature 3,500 square feet of ground-floor retail space.  The financing consists of joint venture equity supplied by TwinFocus Real Estate Partners and a construction loan provided by a syndicate of lenders led by HarborOne …

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Bill Ketcham, The Mogharebi Group
DevelopmentFinanceInvestment SalesLeasing & MarketingMarket ReportsNevadaWestern

Development Boom has Turned Nevada into a Renter’s Market

by Channing Hamilton

The Nevada multifamily market, which is primarily made up of Reno and Las Vegas, faced significant challenges in 2023, particularly due to rising interest rates and a slowdown in sales volume.  Rents declined by approximately 8 percent since their peak in the fourth quarter of 2021. Despite these setbacks, investors remain attracted to multifamily properties in Nevada, buoyed by the state’s favorable economic indicators and potential for long-term returns.  However, supply constraints and rising construction costs pose ongoing challenges that could impact future market growth. Nonetheless, the Nevada multifamily market …

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DevelopmentLeasing & MarketingNew JerseyNewsNortheast

The Hampshire Cos., The Pinnacle Cos. Open 40-Unit The Clair in Montclair, New Jersey

by Channing Hamilton

MONTCLAIR, N.J. — A partnership between The Hampshire Cos. and The Pinnacle Cos. has opened The Clair, a 40-unit community located at 37 Orange Road in the New York City suburb of Montclair, which is 20 miles northwest of lower Manhattan. The asset is located adjacent to the 159-room MC Hotel, which The Hampshire Cos. and The Pinnacle Cos. completed in 2019. The Clair offers studio, one- and two-bedroom apartments. Amenities include valet parking, package service, community Wi-Fi, EV charging stations, a clubhouse and business center, courtyard with grills, roof …

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