EAST ORANGE, N.J. — Locally based ICON Real Estate Advisors has arranged the sale of a 26-unit property at 76 E. Park St. in East Orange, N.J. The asset traded between two LLCs for approximately $2.6 million. The deal was completed by David Oropeza, who advised the seller on the purchase more than 20 years prior. The seller was also advised by attorney Khoren Bandazian of Giordano, Halleran & Ciesla. The property comprises a two-story, 26-unit garden style building.
ATLANTIC CITY, N.J. — WinnDevelopment has begun a $33 million renovation at Garden Court Apartments in Atlantic City, a 177-unit, 20-building complex that has been housing much of the city’s workforce since it was constructed in 1985. WinnCos. secured Low-Income Housing Tax Credit equity through the New Jersey Housing and Mortgage Financing Agency, which will enable the units to remain affordable to renters earning no more than 80 percent of area median income for the next 45 years. Boston Financial Management purchased the tax credits. The scope of work includes …
PARAMUS, N.J. — Mill Creek Residential has broken ground on Modera Garden State Plaza, a mixed-use community in Paramus. Two separately branded residential buildings will contain a total of 575 units as well as 48,000 square feet of ground-floor retail space. The community will serve as a residential component of the redevelopment of Unibail-Rodamco-Westfield’s Garden State Plaza mall. Amenities will include a rooftop deck, resort-style pool, sauna, outdoor kitchen and dining space, grilling areas, fire pits, landscaped courtyards, resident clubhouse, coffee bar, game room, pool table and a fitness center …
COLUMBIA, MD. — Enterprise Community Partners, a national nonprofit affordable housing developer, has hired Kim Darga as vice president and New York market leader. In this role, Darga will lead Enterprise’s work across New York State, including New York City. Prior to joining Enterprise, Darga most recently served as deputy commissioner for the Office of Development at the New York City Department of Housing and Preservation (HPD), the municipal housing agency serving the five boroughs of the New York City metro area. Darga worked for HPD for 18 years in …
NEW YORK CITY — Global Holdings and MAG Partners have formed a joint venture to develop a ground-up project in Manhattan’s Hudson Square neighborhood at 122 Varick St. The 149-unit residential tower is being developed under a long-term ground lease with Trinity Church. The development will comprise approximately 192,000 square feet, including about 5,000 square feet of ground-floor retail. The project is being built under the 485-x program, which provides tax breaks to developers of buildings with six or more units that include affordable housing. Specific rent restrictions were not …
NEW BEDFORD, MASS. — Marcus & Millichap has arranged the $8.7 million sale of Roosevelt Apartments in downtown New Bedford, about 58 miles south of Boston. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap marketed the property on behalf of the seller, a family office based in New Jersey, and procured the undisclosed buyer. Roosevelt Apartments consists 73 studio, one- and two-bedroom units. The six-story brick apartment building was built in 1924, sits on about a half-acre lot and includes 26 off-street parking spaces. The property is located at …
WASHINGTON, D.C. — Marcus & Millichap has arranged the sale of 4107 Connecticut Ave. NW, a 37-unit apartment building in the Van Ness neighborhood of Washington, D.C. The asset sold for approximately $4.7 million. Marcus & Millichap also arranged $3.5 million in acquisition financing. The seller and buyer were identified as two LLCs, Sirius and White Crest, respectively. The four-story apartment building totals approximately 14,400 rentable square feet. The unit mix includes 21 studios, seven one-bedroom units and nine two-bedroom units. Built in 1957, the building has undergone recent renovations, …
SCARBOROUGH, MAINE — JLL has arranged a $13.6 million Fannie Mae loan to acquire Carrier Woods, an 84-unit property in Scarborough, about seven miles south of Portland, Maine. Chestnut Realty Management acquired the asset. Carrier Woods was developed in 2018 and is comprised of seven three-story buildings featuring 80 market-rate units and four affordable units in a mix of one- and two-bedroom floor plans. Rent restrictions were not disclosed. Amenities include on-site parking, garden plots, an enclosed dog park and rentable storage units. JLL Capital Markets’ Debt Advisory team was …
WASHINGTON, D.C. — Walker & Dunlop has arranged two loans totaling $119.7 million for an acquisition as well as a refinancing for locally based buyer and borrower WC Smith. The developer and operator refinanced Crest at Skyland Town Center with a $67.2 million Fannie Mae loan and acquired The Albemarle with a $52.5 million Freddie Mac loan. Crest at Skyland Town Center is a 263-unit mixed-use property at 2219 Town Center Drive SE. The Albemarle is a 235-unit property at 4501 Connecticut Ave. It was built in 1958 and renovated …
LONG ISLAND CITY, N.Y. — Marcus & Millichap has arranged $3.4 million in acquisition financing for an undisclosed buyer to purchase two 16-unit multifamily properties in Queens, located at 41-49 45th St. and 45-07 43rd Ave. in Long Island City. The properties are located adjacent to one another and feature a mix of one- and two-bedroom units. The ground floors of both buildings include retail space. Steve Filippo, managing director in Marcus & Millichap’s New York City office, secured 15-year financing at 70 percent loan-to-value with a national bank.
