Northeast

Twining Properties to Break Ground on 850,000-Square-Foot Mixed-Use Project in New Rochelle

by Channing Hamilton January 31, 2025

NEW ROCHELLE, N.Y. — Twining Properties has received site approval for the development of Pratt Landing, an 850,000-square foot mixed-use project, from the City of New Rochelle’s Planning Board. The approval, which concludes the entitlement phase of the project, allows for pre-construction demolition, environmental and other site work to begin. Located about 25 miles north of New York City along the Long Island Sound, Pratt Landing will consist of 383 rental apartments, as well as 99 condominiums, a 150-room hotel, 40,000 square feet of restaurant and retail space, 845 parking …

January 31, 2025

The Eastwalk in Braintree, Massachusetts

Affordable Housing Development Finance Massachusetts News Northeast

WinnDevelopment Breaks Ground on $47 Million Mixed-Income Project in Braintree, Massachusetts

by Channing Hamilton January 30, 2025

BRAINTREE, MASS. — WinnDevelopment and development partner Arch Communities have broken ground on The Eastwalk, a $47-million mixed-income project in Braintree, roughly 12 miles south of Boston. The five-story community will be built on the former location of the Braintree Electric Light Department. The project also includes the creation of a pedestrian riverwalk along the Monatiquot River, which will provide public access to the river. The Eastwalk will feature a mix of one-, two- and three-bedroom apartments. Of the total 56 units, 30 will be set aside for households earning …

January 30, 2025

Development Finance New York News Northeast

Merchants Capital Provides $129.1 Million for Renovation of NYCHA Projects in East Bronx

by Channing Hamilton January 29, 2025

NEW YORK CITY — Merchants Capital has provided $129.1 million in financing for the New York City Housing Authority’s $419.6 million renovation of Boston Road Plaza, Boston Secor and Middletown Plaza (BBM) in the East Bronx. The three communities total 952 apartments across six residential buildings. The Bronx Revitalization Collaborative (BRC), a joint venture between Beacon Communities, Kalel Cos. and MBD Community Housing Corp., is leading the renovations. The project is currently underway and is slated for completion in 2026. Units will receive improvements to bathrooms and kitchens, as well …

January 29, 2025

Three Bridges affordable housing development

Affordable Housing Berkadia Development New Jersey News Northeast

Berkadia Arranges $11.9 Million in LIHTC Equity for New Jersey Development

by Lynn Peisner January 29, 2025

READINGTON, N.J. — Berkadia has arranged $11.9 million in low-income housing tax credit equity for Apartments at Three Bridges, an affordable housing development in Readington. Conifer Realty is the developer. Senior Vice President and Head of Acquisitions Chris McGraw of Berkadia Tax Credit Solutions led the financing effort. Apartments at Three Bridges will consist of 80 townhome units across seven buildings. The homes are reserved for tenants earning between 20 and 60 percent of the area median income. Additional financing for the project will include a construction loan through Fulton …

January 29, 2025

Development New Jersey News Northeast

LCOR Breaks Ground on 386-Unit Development in Hoboken, New Jersey

by Channing Hamilton January 28, 2025

HOBOKEN, N.J. — Locally based developer LCOR has broken ground on Charlie, a 386-unit project in Hoboken. The 27-story building will be located within the $900 million Hoboken Connect mixed-use development. Consigli Construction Co. is the general contractor for Charlie, a tentative completion date for which was not disclosed. Units will come in studio, one-, two- and three-bedroom floor plans. Twenty percent of the units will be set aside as affordable housing, although specific income restrictions were not disclosed. Amenities will include a resident lounge with package room, concierge and …

January 28, 2025

Prospect Union Square in Somerville, Massachusetts

Finance Massachusetts News Northeast

Joint Venture Secures Loan for Refinancing of 450-Unit Property Near Boston

by Channing Hamilton January 27, 2025

SOMERVILLE, MASS. — A joint venture between affiliates of Magellan Development Group, RAS Union Square Development LLC, Cypress Equity Investments and Affinius Capital has secured a loan for the refinancing of Prospect Union Square in Somerville, roughly 5 miles northwest of Boston. Danny Kaufman, Brett Paulsrud, Madeline Joyce and Ali Howard of JLL Capital Markets arranged the loan through Northwestern Mutual. Located at 20-50 Prospect St. in Somerville’s Union Square neighborhood, Prospect Union Square spans two buildings on a 1.3-acre site. The property consists of a 25-story high-rise tower and …

January 27, 2025

Investment Sales Massachusetts News Northeast

CBRE Brokers Sale of 133-Unit Boston Apartment Complex

by Channing Hamilton January 26, 2025

BOSTON — CBRE has brokered the sale of a 133-unit apartment complex located in the Dorchester Lower Mills area of Boston. The site originally housed the Baker Chocolate Factory, and the building was converted to residential usage in the 1980s and subsequently renovated in 2008. Units come in studio, one- and two-bedroom floor plans and have an average size of 793 square feet. Amenities include a fitness center and a business center. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller, a partnership created …

January 26, 2025

Shore Drive Apartments in Winthrop, Massachusetts

Investment Sales Massachusetts News Northeast

Marcus & Millichap Brokers $10.8 Million Sale of Property Near Boston

by Channing Hamilton January 24, 2025

WINTHROP, MASS. — Marcus & Millichap has arranged the sale of Shore Drive Apartments, a 71-unit property in Winthrop, roughly 7 miles north of downtown Boston, for $10.8 million. Evan Griffith, Tony Pepdjonovic and Will Sanborn of Marcus & Millichap’s Boston office marketed the property on behalf of the seller and procured the buyer. Neither party’s identity was disclosed. Located at 91 Veterans Road, Shore Drive Apartments offers studio, one-, and two-bedroom units. The property sustained fire damage in 2024, and plans for reconstruction have been developed. Plans include the addition …

January 24, 2025

CityLine East in Jersey City, New Jersey

Finance New Jersey News Northeast

The PRC Group Receives $68.5 Million for Refinancing of Two Communities in Jersey City

by Channing Hamilton January 22, 2025

JERSEY CITY, N.J. — The PRC Group has received four loans totaling $68.5 million for the refinancing of CityLine East and West, two communities totaling 342 units in Jersey City. John Banas and Kris Wood of Northmarq arranged the debt on behalf of the borrower. All loans carried fixed interest rates. The direct lenders were not disclosed. Northmarq arranged a $34 million senior loan and an $8 million mezzanine loan for CityLine East, which was completed in 2021 and comprises 198 apartments. Additionally, Northmarq placed a $21.5 million senior loan …

January 22, 2025

Harvard Avenue Apartments in Brookline, Massachusetts

Investment Sales Massachusetts News Northeast

Pine Realty Associates Sells Suburban Boston Complex for $10 Million

by Channing Hamilton January 21, 2025

BROOKLINE, MASS. — Pine Realty Associates has sold Harvard Avenue Apartments, a 24-unit property located at 48-50 Harvard Ave. in Brookline, roughly 6 miles west of downtown Boston. Built in 1950, Harvard Avenue Apartments features studio and one-bedroom units. Residents have access to off-street parking and an on-site laundry facility. Matthew Pierce of Marcus & Millichap’s Boston office marketed the property on behalf of the seller and procured the buyer, a private investor. Additionally, Robert Damigella of Marcus & Millichap Capital Corp. arranged $3.3 million in acquisition financing through a …

January 21, 2025

Newer Posts

Older Posts