WORCESTER, MASS. — MassDevelopment, Massachusetts’ development finance agency and land bank, has issued a $38 million tax-exempt bond to Tremont Development Partners to finance the first phase of the redevelopment of the Worcester Housing Authority’s Lakeside Apartments community in Worcester. The site’s existing buildings that were originally built in 1949 will be demolished and replaced with two new buildings containing 116 units. Twenty-nine units will be reserved for households earning up to 60 percent of area median income (AMI) and 87 units will be earmarked for households earning no more …
PHILADELPHIA — Walker & Dunlop has arranged a $44 million Fannie Mae acquisition loan for GY Properties’ purchase of The Lofts at 1835 in Philadelphia. The sale was first announced in November. Originally built in 1928 and redeveloped in 2000, the 17-story, 191-unit building was sold by Brookfield Properties and acquired by an affiliate of locally based GY Properties, which owns a portfolio of assets concentrated in the Mid-Atlantic. According to the Philadelphia Business Journal, the total acquisition cost was $60 million. The new ownership plans to add units to …
ARLINGTON, VA. — Crescent Communities, in its first partnership with Rockefeller Group, has closed on a land sale for the future development of NOVEL Arlington. Early plans for the community call for 493 apartments and 37 townhomes rented at both affordable and market rates. Rent caps were not disclosed. The site, 5.5 acres at 2480 South Glebe Road, is about 3 miles west of Ronald Reagan Washington National Airport. Two existing hotels on the parcel are expected to be demolished to make way for the LEED Gold-targeted project. Completion is …
BALTIMORE — WinnDevelopment, along with nonprofit partners BRIDGES Community Development Corp. and Bon Secours Unity Properties, have secured financing for the $44 million Residences at Belvedere Place in northwest Baltimore. The development includes 83 units of affordable housing as well as 8,442 square feet of commercial space. Financing partners for the project include the Maryland Department of Housing & Community Development (MD-DHCD), which delivered Low-Income Housing Tax Credits (LIHTC), tax-exempt bond financing and a subordinate loan; the City of Baltimore, which provided additional gap financing; Bank of America, which is …
PHILADELPHIA — Capano Residential, a developer/owner based out of Wilmington, Delaware, has acquired Rittenhouse Row Apartments in Philadelphia’s Center City for $23.7 million. The building was constructed in 1910 and converted to residential in the early 1990s. Capano is planning to invest approximately $2 million in renovations to the second floor, where the fitness and leasing centers are currently located. The entire floor will be demolished making way for four additional apartments, renovated leasing and fitness centers and an amenity space for coworking and social gatherings. The upgrades are slated …
PHILADELPHIA — Brown Hill Development has hired Rose Associates to lease and manage Bridge on Race in Philadelphia. This deal marks the New York City-based development and property management company’s first third-party management assignment in Philadelphia. The LEED Gold-certified, 145-unit building opened in 2017. Located in the Old City area of Center City, Bridge on Race is comprised of studios, one- and two-bedroom units as well as four street-level retail spaces, an 8,000-square-foot landscaped terrace with private grilling and dining areas, a fitness center, resident lounge with billiards, a pet …
By Christine Faverio When it comes to adaptive reuse, the opportunities to preserve cultural heritage, promote sustainability and provide affordable housing are undeniable. But while these projects are immensely rewarding, they also come with complex regulatory, financial and design challenges. In the Northeast, projects such as the Ellis Block Apartments in New Britain, Connecticut, designed by JCJ Architecture, reveal several key strategies that can help developers and design teams successfully navigate adaptive reuse. Recognize Buildings with Adaptive Reuse Potential Identifying the right candidate building is the first step. Recognizing the …
CAMBRIDGE, MASS. — Walker & Dunlop has arranged the $53.6 million sale of 929 MASS, a mixed-use, two-building property in the Central Square area of Cambridge. Walker & Dunlop represented the unnamed institutional seller in the deal with a team led by Travis D’Amato, Michael Coyne, Brendan Shields, Kevin Gleason and Maggie McFarland. Concurrently, Andrew Gnazzo and Mike Darling secured acquisition financing for buyer John M Corcoran & Co. (JMC), arranging a $37.1 million fixed-rate, interest-only Fannie Mae loan. JMC has partnered with Stars REI, a global, privately held company …
NEW YORK CITY — Affordable housing investment and development firm Jonathan Rose Cos. has appointed Brandon Kearse president, managing partner and chief investment officer. Kearse joined the company in 2015 as an associate director. In his new role, he will drive strategy and oversee operations across acquisitions, recapitalizations and investor relations. Jonathan Rose Cos. was founded in 1989. Its portfolio includes approximately 20,000 units across 14 states and Washington, D.C.
BALA CYNWYD — Alliance Residential of Scottsdale, Arizona, and Los Angeles-based PCCP have acquired Luxor Bala Cynwyd in the township of Bala Cynwyd 7 miles north of Philadelphia. Patrick McGlohn, Brian Gould, Hunter Wood, Patrick Cunningham and Natalie Hershey of Berkadia DC Metro arranged a $37 million acquisition loan from ACRE Capital on behalf of the joint venture buyer. The 173-unit property was developed in 2021 by Westrum Development Co. (the seller) and includes studios and one- and two-bedroom floor plans and amenities such as a pool, fitness center, yoga …
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