HARRISON, N.Y. — RM Friedland, a commercial real estate brokerage firm based in Harrison, about 30 miles north of New York City, has hired Thomas Ashforth and Nathaniel Barnum as co-managing directors of Connecticut. In their new roles, Ashforth and Barnum will oversee the firm’s expansion into the southern Connecticut commercial real estate market. Ashforth previously held senior roles at Lincoln Property Co., Transwestern, The Ashforth Co. and Hines, where he specialized in the sale and leasing of properties located in Connecticut. Prior to joining RM Friedland, Barnum held senior …
MOUNT HOLLY, N.J. — Universe Holdings has purchased Mi-Place at West Rancocas 108, a 108-unit property in Mount Holly, 30 miles east of Philadelphia. Feenmoor Homes sold the asset for $33.6 million. Chez Eider and Andrew Townsend of Marcus & Millichap’s New Jersey office represented the seller in the deal. Mi-Place at West Rancocas 108 consists of 96 apartments and 12 two-story townhomes. Amenities include a clubhouse with a resident lounge, fitness center, game room, pool and dog park.
WASHINGTON, D.C. — The Federal Housing Finance Agency (FHFA) has increased the multifamily loan purchase caps for Fannie Mae and Freddie Mac for their 2025 production. The government-sponsored enterprises (GSEs) will each have caps of $73 billion, or $146 billion combined, which is a four percent increase from the 2024 caps of $70 billion each. Bob Broeksmit, president and CEO of the Mortgage Bankers Association (MBA), states that the move to increase the cap is fitting due to recent moves by the Federal Reserve, which has twice reduced the federal …
FORKS TOWNSHIP, PA. — Larken Associates has broken ground on Trailside Village, a 420-unit development situated on 37 acres along Sullivan Trail in Forks Township, 20 miles east of Allentown, Pennsylvania. The community will consist of 21 buildings, including 12 garden-style apartment buildings, seven garage buildings and two mixed-use buildings with 26,795 square feet of retail space. Development slated to complete in 2026. Tenants will have access to indoor amenities such as a clubhouse with game room, lounge, work pods, fitness center, pet spa, mailroom package concierge and storage space. …
JERSEY CITY, N.J. — Kushner is nearing completion of The Journal, a roughly $1 billion project positioned adjacent to the Journal Square PATH station in Jersey City’s Journal Square area. Kushner broke ground on the development in 2022. The Journal consists of two 64-story towers, which have been topped out. Pre-leasing efforts are slated to begin in early 2025. Upon completion, The Journal will consist of more than 2 million square feet, including 1,723 apartments and 45,000 square feet of amenity space. The property includes 40,000 square feet of ground-floor …
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $31.5 million sale of an affordable housing building located at 34 W. 139th St. in the Harlem neighborhood of Upper Manhattan. Built in 2007, the property consists of 127 apartments. Victor Sozio, Shimon Shkury, Remi Mandell and Gabriel Elyaszadeh of Ariel represented the undisclosed seller in the deal. Income restrictions for the property, as well as the identity of the buyer, were also not disclosed.
JERSEY CITY, N.J. — KRE Group has secured a $175 million senior construction loan for the development of Artwalk Towers, a 49-story high-rise project located in Jersey City’s Journal Square neighborhood. Beverly Hills, California-based Kennedy Wilson provided the funding. Artwalk Towers will comprise 595 units. Upon completion, the building will feature a street connector to a PATH train station, pool, barbecue area, gym, coworking spaces and a sky lounge with views of the New York City skyline. The project is slated for completion by the fourth quarter of 2027. KRE …
Amenities are the personality of a multifamily property. They proclaim a community’s individuality and lure tenants with promises of a fun, relaxing or convenient lifestyle. What counts as a multifamily amenity today? If most renters and homeowners are accustomed to robust Wi-Fi or controlling their heating and air conditioning through their phones, is a smart thermostat or bulk internet something to advertise as an “extra,” or are these features a given nowadays, like a fridge or a microwave? “Want versus need is a spectrum when it comes to multifamily amenities,” …
SAUGUS, MASS. — Chicago-based Waterton has acquired Residences at Stevens Pond, a 326-unit community in Saugus, approximately 10 miles north of Boston. The seller and sales price were not disclosed. Constructed in 2003, Residences at Stevens Pond consists of 25 three-story buildings, as well as a clubhouse. The community features one-, two- and three-bedroom units, including apartments, lofts and townhomes. Amenities include a pool and spa, outdoor pavilion with fireplace, fitness center, arcade, indoor half-basketball court and golf simulator. The property is surrounded by the Breakheart Reservation, a 652-acre public …
Last year, developers in Philadelphia built hundreds of new row houses on vacant, city-owned lots. The houses would sell to new homeowners at affordable prices. Many housing advocates say it’s not nearly enough. While new, luxury apartments charge record-high rents in neighborhoods around Center City, other streets in Philadelphia are still lined with vacant lots strewn with trash. As rents rise across the city, Philadelphia’s new mayor, Cherelle Parker, has promised to produce 30,000 new units of affordable housing over four years. That’s more than 8,000 units of housing per …
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